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Home My WebLink About1503 It i~ s~oeed tLat Lender m~y ct~arge and oollec! a labe char;ge not oo esoeed fous oente far each dollar at eech mon~hly pe~ya~eut e~ooepced by Lendez which ie more Wa~ ten d~r in arresre bo oover, amar?Q other things, t6s estrs e:peoes iavolvln~ the bandling at delinquent pa4Ymeab. Wl~e~reaer Graa~oe ao~easats aad ast+ee~ wltb Le~ndet, ita aiooe~eon and a~eigue, as follo~ws: (1) Zb d~a~e~d tbs title b and poeeeesion ot said reel esta~e and said improven~eat8 and appiutenanoes, k,eep eame iree from All liea claims of every kind, and jaia ia aqy other IeBa1 Prooeedin8 which mqy adversely aiteot t6e valns of said proper~y, at their awn ea~penee; but as an alternat3v~e Lender. it and when it shall ~e~n it neoeeearY. at its ~ ehaU be authorir,ed to employ oounsel and defend such title and poe~eeasion and oppose sudi lieu claims in atqr suit or prooeeding and aball be eecured ~d reimbuiaed for attomey's fees, court aosts andlor otbe~ espe~nditure~ eo iacun+ed. in tLe manner hereinafter pravided. (2) 'To neither oo~osut nor euffer aRy wasbe on said prernieee; to do ~thing whic~ ehall impair the pres- ~ ent oondition ana valus wereot ana b~ oo~nplete atv? impm~vem~ts no~. under oo~4uctio~ thereo~, inee of liens. (3) Zb pe~y on deanand all tazes aud aaseeB~nents, 8eneral and special, aaw pe~yeble and a liea against eeid la~td and innpnrn?emoe~ts, and t~ p~y all euch tazee and aseee~mmeaba. 8eneral and special. he~'eafter to beoome ~yable, vehethsr naw or heree~fter a lie~ _th8reon, beiore aay pea~alty for tt~e iwnp~yment oi such ~es shall be ~ (4) 'lb ~~s improvemeats aaov looated or hee+euker ersc0ed on ~aid lsnd consbsntly insured 3n oom- pani~ deeign~bed 60? sJSd eatisfacbo~y? tio tbe bolder of aaid aobe~ uattil t~e dobt l~bY ~~lY P~, against loee bY ffi~ ~via~arma. or aqy other ~ity rec~uestsd by Lend~er for sud~ amounts ae tbe holc~er ot said a4te mqy hvo4 time to tuune i+e4uire, and b~ ~Oee~ all policies of ineuranoe oi whateoever nat~ue and what~ ever am~amt taloe~ out an aeid property ~mtil eaid debt be peid, oanstant~y a~ig~ed or pledged and delivered or d~s amoumt ot such i~os ms~is available tn Ieader, i~ a~ooeaeo:s or aeei~ in sud, manner as it or they may raqwire,, to tnrt6er secure tbs dsbt hereic?be~ocs descn'bed. In Ws sv~eut o[ 1oes {~rantar will Biv~e immediate notioe by meu't tio the Lender, who is hereby authori~ed and empo~v~ered bo malc,e proof of loee ii same not be made P~P~Y bY GrantAr, and es~~ i~a~e compaqy ooncemed is hereby suthorized arui directed to make p~y- meat ~ for auch loes direatj~r b tbs Lqide~r inebead of to ths Giaatior and the Le~nder jointly, snd the ins~ra~e pnooeeds or aqy? P~st thereof m~? bs applied by ms Lender eit ita o~ptian either to_ tlye redactiaa~ ot the indebtsd- nees herebY aecared or tio tbe res~osat~oa or repeir of tl~e Pe+nPertY dsnaag~e. Until tlie debt eecured hereby is ~illy Paid, Granbor shall not bav~e aqy in~u~anoe canvelled ~mless in each inst~oe new or renewal policies aooeptable to the I~ender, tu113? Paid f~, have l~een delivered tio the Le~ncier, and 'm the e~tt of foreclo~ure l~et~eunder, ~ustee, his suooeesozs ar a~igna, are herehy grantied tull poaer b~ assiga tio the purcheser or purcha~ers at such foreclosure sa1~ an,q and all policies ot insutanoe tben in foroe upon the aforesaid pre~mises and improvements, for the un- ~apired tmm tl~ereo~. (5) It Granb~r ahall fail to peiform the abrnre onvenanta, or any oi the eame or any part thereaf, then the owner(s) and holder(s) of said note may discharge any or all ot tl~e tazes aforesaid~ which may bec~ome delin- 9uent; Procure ins~ranoe as hereinbefore required (or insuranoe in favor of Lender alone) and pay the oost thereoi. and diecharge any lien or eztinguish aqy claim of title possibly snperior bo the lien hereof, including any judpnent for the eaforoeznent of any such lien or claim with oosts of sudi suit, to the eat,ent that such action shall be nec~sary bo mtike good the detault oi Grantar in complying with the aovenante hereof, r* any other default an the part of Grantor; and all money so paid, aa w~ell as aqy and all moneY ~ bY I.en~r by suthority of the optian hereinbetore granted as bo d~efease ot title and poeeesaian and against lien clAims. with ut~erest thereon traan date of euch payme~t at eigbt l~ercent per annum, shall.be an additional debt secured here- by, and shall be repe~id by GYantor on demand. Nothing herein oontained, h~awe~ver, shali require the I~ender to defend said httl~ to eztinguish sac6 claima of liens a~ainat said pt+emiees or to sdvanoe any mo~ney for any PurPose °..~ave mention+ed. Ia the e~nent Lender shall make any payment as provided ander the terms of thia ParaBraPh, Lender shall be subt~ated bo the 1ien, whether relea.9ed of recard or not, of any and all encumbrances and liens upon the afozesaid premises or aqy part thereot which it m~sy in any man~r dischatge. (6) That tbe aforesaid note and indebtedness shaU be paid sooording bo their terms; and that this instru- ~ ; meat shall create a Cust and paramount lien on the property hereby wnvey~ecl, which shall be pt~served until full > ; pe~yment of said noba sind inciebtednees or wntil fee simple tit.~e to said property shall be vested in the ptuchaser ' ; thereof an fameclaa~ure of esid lien. To p~y for and leave wiffi Lender umt~ full payment oi seid secured indebtedness, oomptete ab- ; i atract(s) oi title to the above deecribed renl estate, with all customary oertificates thereto, or in lieu thereof, at ~ ~ the optian of Lencier, a mortgag~ee's title insuranae policy issued by a title oomp~ny sooeptable to the Lender. ~ which shall beoo~~e the property of the purchsset at any foreclosure sale hereunder_ ? g . ~ ~ (8) 1b fnrthet eecure paymeat of ihe aforeeaid intlebtedneeB, Grantor hereby assi~.v to the ~LStee and ~ any suooeeso~r in ttvst, all reats and 'mc~ome to socrue to Grantor under all preeecit sad fubue leases and renting~ , ~ af said Premiees and everY Pert thereof, and directs~ all lessees and benAr?ts thereunder to pay all rents which they ; may owe therewnder, to tbe Tiv~tee a~d aqy s~ch suooes~or, aad on tl~e oocuranoe oi an~y default in paying said ~ indebtednesa or perfornaing ttre oavenanta made by Grantor; then the troste~e or his suooessor may enter into pos- : see~siaa oi said premises and ool~ct tha rents, inoome and pm6ta thereof ~n the name and behalf oi the Grantor # r (but withoat beouming a mortgag~ee in poe~essian t~ereby) sud apply the net prooeeds therefrom on said secured ~ i indebtedneee. ar a reoeiver may be appointed for such purPoee ~vlthout impairing eny other rights of the Lender ~ : herewncier, Pro'vidcd, bo~eeer, tl~at eo lang as there shall be no default, in the noatters aforesaid, and the agree- ~ ments herein are faithfully pertormed, Grautor shall retain po~ssion of said gretnises. and hav~e and apply to the = uee of the G=snt~r aU renfs, inoome and proGta from said premises. All leases and rentings aforesaid shall be sub- ject bo thia cZeeti and not binding an either the 15rus~tee or Lender. . € (g) Granf~r furt6er asaigns and tranafers to the Lender all awards of c~ommpensf?tion for injury or damage ' bo the mortgaBed~ P~~Y which may be made at any time to any owner oi such ProPertY in the oourse of taldng ~ ~ and oo~ndemnation thereof by exercise of the po~vv~er of eminent domain, or aoq~ired for a public use~ and all ver- ~ dicta, jut~,eats and decrees awsrding ~ damages, as aciditional and o~llateral securitY for the p~yment of the ' note and any other indebtednees secured bereby from tinne to tim~, and the I.ender shall be and hereby is em- g po~wered and authori~ed to reodve and oollect such oompensation aad to applq the same upon the indebtedness and ; interest hereby secured; but the Leader shall be cmder no obligatian to eaercise the option to oollect and apply said money oA ~e sec~red indebbe+idne8s. 'I7ie Lender, in the event af such ~llection by it, also shall have the op- ~ tioa to permit t6e application oi aU or 8ny p~rt of such oondetnnation pmc~eeds to the repairing. restoration or ° rebuilding oi improvements on any po~rdo~n oi said pro~etly not eo takes and oondemned, and in such event this 5 p 80~~ ~44 PACf 15~4 ' 4 ~ ~ _ ~ _y ^ _ '°`t"' sr~ S ' .~~r..,r~J S~~ ~ "z"we~'~'°~~i: .~=[Z'-~ . ~