HomeMy WebLinkAbout1812 the event of the passage after the date of this r.rortgage of any statute or or~inance
,'~:ctucting from the value of real prnperty for purposes of taxation any lien thereon or
~:h~~nc~ing in any way the laws now in force for the taxation of mort~ages or debts secured
t.i„~~~by, for state or local purposes, or the manner of the collection of any such taxes,
;o as to affect this mor~gage or the interest of Mortgagee hereunder, the ~•lortgagor agr-ees
~o ~~ay any such levy or, the whole of the principal sum secured by this mortgage, with
i~~te.:rest and charges, if any, thereon, at the option of Mortgagee, shall become ir~~~ediate'y
~lue, payable and collectible without ~otice or demand.
5. rtortgagor will procure, deliver to and maintain~for the benefit of Mortgagee during the
~ontinuance of this mortgage and until the same is fully satisfied and released, a policy ~
o~- policies of insurance ~nsurin~ the buildings and improvements now existing or hereafter
erected on the said premises aga~nst loss or damage by fire, lightning, windstorm, hail,
c•xplosion, riot, civil conmation, aircraft, vehicles, smoke, and such other hazards,
c:asualties, and contingencies as Mortgagee may designate, including, but without limitation,
risks (as, when and to the extent insurance against war rusks is obtainable from the
!!nited States of America or any agency thereof). All-policies of insurance required here-
u,~cler shall be in such form, companies, and amounts as may be acceptable to Mortgagee, and
sl~all contain a mortgagee clause acceptable to Mortgagee, with loss payable to Mortgagee.
!'~~rtgagor will promptly pay when due any premiums on any policy or policies of insurance
r~~c~uired hereunder, and will deliver to Mortgagee renewals of such policy or policies at ~
lE~ast ten (10) days prior to the expiration date (s) thereof; the said policies and renewals '
to be ma.rked "paid" by the issuing company or agent. Upan Mortgagor's failure to comply ~
~~rith the requirements of this paragraph, Nortgagee may, in its discretion, effect any ~
insurance required hereunder and pay the premiums due therefor, and any amounts so paid by
~'~~rtgagee shall be come immediately due and payable by Mortgay or with interest at the
~~i~~l~est lawful rate and shall be secured by this nartagage. f'o~~~.E: w~« ~ror
EXGEEl~ Tf~E /¢/lldc~NT o/~ Ti`,?E ~El,~T.
I11 the event of any loss or damage, Mortgagor will give immediate notice thereof to
",,rtgagee, and Mortgagee may thereupon make proof of such loss or damage if the same
uot promptly made by Mortgagor. All proceeds of insurance, in the event of such :
;oss or damage, shall be payable to Mortgagee, and any affected insurance company is ~
autiiorized and directed to make payment thereof directly to Mortgagee. Mortgagee is ~
a~thorized and empowered to settle, adjust, or compromise any claims for loss, damage, ~
o?~ destruction under any policy or policies of insurance. All such insurance proceeds
~~~ay, at the sole discretion of Mortgagee, be applied to the restoration, repair, _
r~eplacement, or rebuilding of the premises, or to and in reduction of any indebtedness ;
secured by this mortgage. The delivery to Mortgagee of any policy or policies of '
i~~surance hereunder, or renewals thereof, shall constitute an assignment to Mortgagee of ~
all unearned premiums thereon as further security for the payment of the iridebtedness
secured hereby. In event of foreclosure of this mortgage ar other transfer of title
~o the proPerty covered hereby in extinguishment of the indebtedness secured hereby, all
; riyht, title and interest of Mortgagor in and to any insurance policies then in force
~ sl~all pass to the purchaser of Grantee.
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~ 6. t'ortgagor will maintain the premises in good condition and repair and will not commit or :
suffer any waste thereof, reasonable wear and tear excepted. Mortgagor will comply with, s
ur cause to be complied with, all statutes, ordinances, regulations, or requirements of any ~
~;overnmental authority relating to the premises, and will promptly repay, restore,
rr~place, or rebuild any part of the premises now or hereafter subject to the lien of this
~~;ortgage which may be damaged or destroyed by any casualty or as the result of any
E~roceeding hereinafter referred to in paragraph 8. None of the buildings, structures,
o~- improvements now or hereafter erected or located on the above described premises shall
~,e r•enroved, demolished, or substantially or structurally altered in any respect without
t.l~e prior arritten consent of Mortgagee. Mortgagee, and any person authorized by ~~tortgagee,
~~!~all have the right to enter upon and inspect the premises at all reasonable times.
7. t'ortgagor will not create or suffer to be created any charge, lien or encumbrance upon the
premises, or any part thereof, excepting the lien hereof, and the lien of general and special
taxes duly levied and assessed, without the prior written consent of Mortgagee. Niortgagor
4•11~~ pay promptly when due ail charges for utilities or services including-but not limited
to electricity, gas and water, and in event Mortgagor fails to pay such charges, Mortgagee ;
~ ~n~~y pay the same and any amount so paid by mortgagee shall become immediately due and pay-
~ a~~le by Mortgagor with interest at the highest lawful rate until paid and shall be secured
~ hy this mortgage.
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~ If all or any part of the premises are damaged, taken, or acquired, either temporarily or
permanently, in any condemnation proceeding, or by exercise of the right of eminent domain,
- or by the alteration of the grade of any street affecting the said premises, the amount
of any avrard or other payment for such taking or damages made in consideration thereof,
to the extent of the full amount of the the remaining unpaid indebtedness secured hereby,
is i~ereby assigned to Mortgagee, who is er~drered to collect and receive the same and to
~ ~iive proper receipts therefor in the name of Mortgagor, and the same shall be paid forth
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