HomeMy WebLinkAbout2608 tribution, and shall be held by the Association; and, in the event
any sum of money becomes payable under such policy or policies, the
Association shall have the option to receive and apply the same on
account of the indebtedness hereby secured, or to permit the mort-
gagor to receive and use it, or any part thereof, for other purposes,
without thereby waiving or impairing any equity, lien or right under
and by virtue of this mortgage; and the Association may place and
pay for such insurance, or-any parE thereof, without waiving or
affecting its option to foreclose, or any right hereunder, and each
and every payment so made shall bear interest from the date thereof .
at the rate of nine per c~nt (9$) per annum.
4. To permit, commit, or suffer no waste, impairment or
. .deterioration of said property, or any part thereof, and upon the
failure of the mortgagor to keep the improvements on said property
in good condition of repair, the Association may demand the immedi-
ate repair of said improvements or the immediate repayment of the debt
hereby secured, and the failure of the mortgagor to comply with said
demand of the Association for a period of thirty (30} days, shall con-
stitute a breach of this mortgage, and, at the option of the Association,
immediately mature the entire amount of principal and interest hereby
secured, and the Association, immed~_ately and without notice, may
institute proceedings to foreclose this mortgage and apply for the
appointment of a Receiver, as hereinafter provided; or the mortgagee
may make and pay for such repairs as in its discretion it may deem
necessary for the proper p~eservation thereof, and the full amount of
such payments shall be secured by the lien of this mortgage and shall
at the option of the~mortgagee be immediately due and payable, or pay-
able in such monthly installments as the mortgagee may determine.
5. To perform, comply with and abide by each and every the
stipulations, agreements, conditions and covenants in said promissory
note and deed set forth. If any of the sums of money herein referred
to be not promptly and fully paid as the same severally come due and
payable, or if each and every the stipulations, agreements, conditions
and covenants of said promissory note and this deed, or either, are
not duly performed, complied with and abided by, the aggregate sum
mentioned in said promissory note shall bec~me due and payable forth-
; with or thereafter at the option of the Assoc~ation, as fully and
completely as if said aggregate sum of money was originally stipulated
i to be paid on such day, anything in said promissory note or herein to
j the contrary notwithstanding.
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~ 6. To deliver to the Association on or before March 15th of
~ each year, tax receipts evidencing the payment of all lawfully imposed
~ taxes for the preceding calendar year; to deliver to the Association
receipts evidencing the payment of all liens for public improvements
within ninety (90) days after the same shall become due and payable,
and to pay or discharge within ninety (90) days after due date, any
and all governmental levies that may be made on the mortgaged property,
on this mortgage or note, or in any other way resulting from the
mortgage indebtedness secured by this mortgage.
7. Until default in the performance of the covenants and agree-
ments of this mortgage, the mortgagor shall be entitled to collect the
~ rents, issues and profits from the premises hereinbefore described,
but in case of a default in any of the terms of this mortgage, or the
~ filing of a complaint to foreclose this or any other mortgage encumber-
~ ing the within described property, the Association shall immediately
~ and without notice be entitled to the appointment of a Receiver of the
~ mortgaged property,- and of the rents, issues and profits thereof, with
~ the usual power of Receivers in such cases, and such Receiver may be
~
~ continued in possession of the said property until the time of t~e
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.4,~~ FEE, PARKER 8c FEE, P. A.
~ ATTORNEYS AT LAW
POST OFFICE BOX f000
FOT ~NOH
~~13051 46t-S020~ ~yyR~~
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