HomeMy WebLinkAbout1761 . . 1 s : ) t'T
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l. The aQOrt~os oovaa~na ~ad aareeo as iollo~n:
s. He~ will Proaaptl~ pu~ the indebtednas evideace;d b~ ~aid pr~ni~ws~ aote at t6a tima md in tbe
maouer theraia pro.ided • ~ `
b. 8e ~rill pa~ all ta~, aNasment+. ~vater rate~. and ot6u 6o~ernmental or ~nunicipil eharsa, 6ae~, or
impwition~, tor ~rhich pravision ha~ not been made heninbefore, and Mrill prompdr dellver t6a oicial reoelpts
thenfor to tLe ~aid mortaaaoe. .
c. He will pay euch expenaea and [ees aa may ba incurred in the protection aad maiatenance of said ~
prnpetty, including the [ces of aay attorney employcd by the raurtgagee [or the collection ot my or all of
the indebtednese hereby secured, or for [orecloeure by mortgagee's eale. or oourt praxedinge, or ia anq other
litigation or proceeding affecting aaid premieea. Attotneys' fcea reawnably ipcurred ia any other way ehall be
paid by the mortgagor.
d. For better security o! the indebtedne~s hereby secured. upon the nquat of ihe mort6a6ee, its sna
ceeson or aasigaa, he shall eacecute and deliver a sapplemmt~l mort~e or mortaagq coverina aay additions,
imprnvdnents, or betteraeents m~de to ths pmpertJ~ hereiuabove described and all propert~ acqaieied by
it after the date hereoi (a11 in torm satisfactory to mortaaace). Farthcrmore, shoqld dort~a6or lai~ to eure
any default ia the paymcnt of a prior or inferior encumbrance on the pmperty deacribed by this iastrumeat,
mort6agpr hereby agteee to permit mort~agee to cure sucL default, bnt moftgagce is not obligxte~ to do eo;
and such ad~ancea shall become part of the indebtednesa aecured by this instrument, subject to ihe aame
terma and conditions. ' ~ ~ -
e. The ri~hts created bp this convevance ahall remain in full force and eBect durin6 any postponement
or exteneion of tl~e time of payment oi the indebtedness evidenced by aaid pmmiasory• note or any part thereof
eecured hereby.
He will continuoual~ maintsin hasard insnrance, of such ty pe or typea and in such stno.unts as the
mortgagee ma~~ [rom time to tiu~e require on the improvementa now or hereaiter on aud property, and
wiU W~ pmmptly when dne an~ premi~uu thereEor._ All insnraaoe ~hall be carried ia oompanies aooeptabk
to mortaaaee and the policie~ and rEac~?aL t6ereof sLall be held b~ mort~a~ee and have aqached t6ereto
loss pa~able clan~es in f~vor of and in form aooeptabla to t6e mortaaae,e. In event of loM, mortaasor ~rill 6ive
immediue notice ia writia6 to mortaaaee, and mortaagee n?a~ u?~?ke prooi of loM. it.not made P~P~T bl'
mortaa6or, and`each imw~aaoe oompaay eoacerasd is ~ereby anthorised attd directe~ to make pa~meat tor snch
las directl~ to moet6aaoe;instead oi to mort;,~or.aad mortaa~e joiatl~. an~l tbe iowr;noe prooecd~. or an~
part t~iereof, maJr be applied ,~.mortaa6ee at ib optioa Qither to tlte roda,ctioo of tbe indeLtetlneq henbJr
secured,or tg the natoration or l+ep~ir ot tl~e property dam,~aed ar dutm~ed.'Lt etreat..9f.~forec~~s of this
mQrtaa~e, or o~her tr~a~sfer of title to said ro in. ez t of tha inde6t~a~e~a ~ecwbd hee+eb~, al1
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riaht, tid~ and ~ntere.c of t6e mortaaaor in and to aap insaranoe policies. ~ben ia toroe a6ai1. pa~s to t6a.
~ purchaser or mortgagee or, qt _tbe optioa of the mortaagee, may be surr~ada~ed- for a refnnd.
g. Ae will keep s11 bnildin~ye and ~other impro~eaienta 'on •said 'propert~ in aood repair and condition;
w~ll permit, commit, or att$er no wast~ iinpairment, deterioration of said pfoperty ot "any part thereof;
. in 1he event ot failure o! the mort~sgc?r to keep th~ bnildinge .oe said pcemisea and thoie erected on said
premieea, or impTOremente thcreon, in good repair, the mortgaaee may make anch npain aa in its discretion it
may deem neceesary fdr the proper preeervation thcreof; and the fnil amonnt of eiei~ and ev~r~ euch pa~ment
; shall be im~nediately rlne and payable and ahall be secured bp t6e lien of thia awrtga~Ce.
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~ k. He will not voluntarily create or permit to be created aaainai the property inbject to tliia mortgaae
f any lien or liena inferior .ot euperior to the lien of this martgage without ths writtea oonsent uf the mort-
j ~agee; and further, he wi11 keep and maintain the eame free from the claim of all pereoaa snp~lyins labor or
~ materiale for conatruction of any and a11 buildings or unpmvementa now being erected ~or "to be erected on
~ eaid premiaes. . _ . .
E i. He will not rent or aseign any part of the rent oE eaid mortgaged property or demolieh, or nmove,
~ or substantially alier any bnilding without tLe wriuen consent of the mortgagee.
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€ j. All awarda of dunages in connection with any eondemnatian for pnblic nee of or injnry to any of t1~e
€ property eubject to this mortgage are hereby aasigned and ehall be paid to mortga~ee. who may apply the
3 same to payment of the inatallmenta laat due under eaid note, and mortgagee is hereby anthorised, in the
` name of the morigagor. to execute and deliver valid acquittancea thereof and to appeal from any such award.
ic. The mortgagee ehall have the right to in~pect the mortgaged premisea at any ressonahle time.
2. Default in any of the covenanta or coaditiona of thia instrument or of the note or loan agnement aecured
~ hereby ehall terminate the mortgagor
a ri~ht to poeseaaion, use, and enjo~ ment o~ the property, at~ the option of tl?e
; mortgaaee or his aaeigna (it being agreed that the mortgagor ahall have such right vntil default). Upon any such
F default, the mortgagee ahall beeome the owner of all of the renta and pro6ta accniing after default as eecurit~
' tor the indebtedness secured l~ereb?, with the right to enter npon said property for the purpoee of collectip~euch
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~ c+eata and pmfita. This inatrument ehal! operate as an aeeianment of any rentale on said property to that extent.
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