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HomeMy WebLinkAbout0450 ` , 1. The mortga6or aovenants and a;rea u tollows: s. He will pma~ptly pay the indebtednas evideaced by said promiwory aote 'at the tima ~nd in the manner therein provided 6. He will pay :11 tues, aeeeesments. water ntca, and other aoveramental or mwucipal chu6es, &nes~ or impoeitioAa, for which provisiou has not been m~de hereinbefore, and will pmmptly delive~ the o~cial receipts therefor to the said mortgagee. c. He will pay ~:uch expenae~ and f~ex as ma}• be incurred in tlte proteciion and maintenance of saiJ property, iactuding the tees of an~- attorney en~ployed by the mortgagee for the collection o[ any or all oi the indebtedne3a hereb}• secureJ, or for foreclosure b~• mortRa~;ee's eale, or court proceedin~e, or in any other litiKation ur f?roceedinK ati'ectinK e+ai~i ~?ren?iacs. AttorneyR fees rcaaonably incurred i~t an~~ other wa?• shall be paid by the n~ortga~or. d. For better eecwity of the indebtednea+ hereb~ aecared. upon the reque~t of the mortgagee, ita suc- ~ cec~ors or as:~i~ns, he shall e~xrcotP and deliver a aupplemental mort~cage or mort~aRea co~ering any additiona, improt•ementa, or bc~tterment• madP to the propert~ hereinabove described and all property acquired b~ ii after thp date hereof (all in form aatisfactory to mort~aRce). Furthermore, should mort~a~or fail to cure any default in the pa~•ment o[ a prior or inferior encumbrance on the property dr.cribed bv ihis instrument, mori~a~or hereb}• a~rees to permit mori~aKee to cure such default, but mort;:a~ee is not obli~ated to clo so; and auch advancee ~ahall become part of the indebtedness secured by this instn~ment, subject to the same terms and conditions. i•. The ri~l~ta created b~• this cona~e~•ance shall remain in full iorre and eBect durin~ anJ~ postponement or e~tension of the time uf pa~~ment af the indebtedue~~ e~~idenced b~• said promisKOr~ note or any part thereof secure~] herebv. J. He will continuoash• maintain haxard insurance, of such t~•pe or types and in such amounts as the mort~a~ee mav ironi time to time reguire on the impro~•ements now or hereafter on said propertv, and will pay promptly when dae any premiums therefor. AI! inaurance ehall be carried in com~aniee acoeptable ~ to mort~agee and the policiea and renewals thereof ahall be held by mortgagee aad have attached thereto loee payable cl~ueea in favor of and in fonm acceptable ta the mortgagee. In eveat of lose, mortgagor will give ; immediate notice in ariting to mortgagee, +~ad mortgagee may malce proof of loes if not ~made prnmptly by ~ mortgagor, utd each inaurance company concesned ia hereby anthorized and d"uected to make payment for anch F loee dinctly to mortgagce inatead of to mortgagar and mortgaaee jointly, and the ineuranoe proceeds, or any `°r ~ part thenwf, may be applied by mortgagee at its option either to the reduction of the indebtedneas hereby '"r secured or to the restoratioa or repair of the property damr.ged or deetmyed. In event oi forecloenre of thie ~ mortga~e, or other tranefer of title to eaid propetty in eztiaguiabment of the indebtedness atcured hereby, all F right, title, and intereat of the mortgagor in and to any inaurance policiea then in force ahall paee to the ' purchaser or mort~aKee or, at the option of the mort~a~ee, ma~ be surrendered for a refund. ~ ~ g. He will keep all buildings and other impro.•~ments on said propert} in ~ood repair and condition; , ~ will permit, commii, or suffer no haste, impairnient, deterioration of said properi} or an} part thereof; ; in the e~-ent of failure of tl~e mori~agar to kecp the buildings on said premises and thoee erected on eaid ' ~sremise4, or improvement: thereon, in good repair, the mort~agee may make such repairs as in its,discretion it ~ ma~ deem nece~gar} [or the proper presen•ation thereof; and the ful) amount of each and every such pa~-ment shall E~e immcdiateh• due and pa}ablP and shalt be secured b~- the lien of this ~nortga~e. : h. He will not voluntarilv create or permit to be created aRainst the propert} subject to this mortgage ` an~• lien or liena inferior or cuperior to the lien of this mort~a~e w•it6out ihe written con~ent of the mort- ; ~aKee; and lurther, he will keep and maintain the Fame free trom the claim of al) persons supplti•in~ labor or ~ materials for constniction of an~~ and ali huil~iin~a or improvenients now bein~ ereeted or to be erected on ' said premise~. ~ i. He will not rent or aesiRn am• part of the rent of said mort~aged propert~ or demolish, or remo~•e, or sobstantiallc alter an~• building Nithout the written consent of the mort~agee. > j. All a~cards of damaKes in connection ~.ith an~• condemnatiore for pi~blic u•e of or injur~ to an~ of the ; propem• subjeet to thi4 mort~a~e are hereb~ a~i~ned and shall be paid to mort~a~ee, Mho ma} appl~ the ~ same to pa~•ment of the in~tallmente last due under said note, and mortga~ee is hereby authorized, in the ' name of the mortKagor, lo execute and deli~•er ~•alid acquittances thereof and to a~~~?eal from an} auch award. k. The mort~agee shall have the ri~ht to inepect the mort~a~ed premises at an~• reasonable time. 2. Default in an~ of the covenant~ or conditionR of thi4 inatniment or ~f thP notP or loan a~re~mPnt ~ec+tre~l hereb}- shall terminate the mortRaRor A ri~ht to pos~e:4ion, u~e, and en jo. ment of the ~~roperlJ-, at the oplian o( the i mort~a~ee or hia a~~i~nz (it l?ein~ a€reed that the mort~a~or shaN ha~e such ri~ht un1i1 dPfault). L~pon an~• ~uch defatilt, the mort~a~FP cl~all become the o~-ner of all of the rent• an~l profitw acrn~in~ after default aa secu~it~- _ for tlie indebtPdt~ea~ s~~e~rFd hFrebv, h~ith the ri~:ht to enter upon ~ai~l ~?ropert~- ~or the purpoae of collectin~ s~ch t rFntR and profiis. Thi~ in~trununt shall operate as an a~ignment of an~ rentals on said propert}• to ihat extent. # r : ~ ~ 224 P~~~ 449 3 - ~ i .