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HomeMy WebLinkAbout0146 8. That the Mortgagor will keep the matgaged pmperty insured against loas by firc. windstorm and other hazards, casual- ~ ties and contingoncles fu ~chpe ciods and fa not kss than such amounts as the Mortgagee ~nay reyuire and pay pmmptly when due aU premiuma fot such insuraaoe. Tha Mortgagor ~all mai~tain such insu~noe as may be necessary to comply fuUy ~vith all co-insurance requirements contained In aaId policiea to the end that said Mortgagor is not a co-insuror 11?ereunder. Insurance shall be wdtten by a comp~ny or ootnpades approved by the Mortgagee and all policies and reaewals thereaf shall ( without liability therefor) be held by the Mottgagee. AA detailed designations by the Mortgagor which are accepted by the ~lortgagee and all agrecments betwce~ Moctgagot and Mortgagee relating to insuranee, now or hereafter existing sh~A be in writing and shull be a part of ihfs mortgage agrce r?t as fulty as thougFi sct Eorth verbatim herein. N~ lien shaU be granted upon any_ of satd policies of lnsuraace nor slhall amny refuad or return pmmium paya61e on the cancellation or termination thereof be paid to other than tha Mortgagee ~oept by proper eadorsement afEixed to such policy and approved by Mortgagee. Each policy of insuraace shall have affixed thereto a Standard New York I?lortgs~ge Clause w~thout Contribution, making all luss or loases under such poticy payxbk to tbe Mortgagee as its interest may appear. In the event any sum or sums of money t>ctibme payable ihereunder the MortgAgee shall have the optioa to receive and apply the same on account of the indebtedneu 1~creby secured, or tope rmit the Mortgagor to receive aad use same, or any part thereof, without thereby waiving or impairing any eqaity, lien or dgFit under and by virtue oE this mortgage. In event of bss or physical damage to the mortgaged pmperty the !?iortgagor shall giv~e Imm~dfate notice therecaf by mail to the Mortgagee and the Mortgagee "ma make roof of loss if the. same ~ a is not made pmmptly by the Mortgagor. Upon forecloswe of this mortgage or other transfer o tiNe to t e mortgaged property in extinguishment of the indebtedness securEd I~eteby, aA right, title and interest of the Mortgagor tn and to any insuranee policies then in force shall psss to the purchaser or transferee. . ~ 9. It shall iwt be necessary or requisite that tbo Mortgagea first pay any tax assasment. Uability, obligation or encum- ; brance upon said property in order to accelerate the mateuity of the indebtedness hereb~~ secnred. 10. The Modgagee may, at ib optioq and without waiviag its right to secelerate the indebtedness hereby secured and to foreclose this martgage, pay either before or after delinquency any obUgation required by the terms hereof to be paid by tbe iiortgagur far the protection of the mortgage securlty or for tbe couection of the indebtedness heeeby secured. All sums so advanced or paid by the Mortgagee shall be added to and become an integral part of the .mortgage account as fu11y 'and to the same eutent as though apa rt of the original _indebtedness evidenced by said note and secured by this mortgage, excepting, however. that said sums shall be repaid the Mortgagee forthwith upon demand in addition to the regulaz monthly installments provided by the mortgage note. 11. The Modgagor shall fumish unto the Mortgagee an abstract or abatracts of title rnvering the mortgaged properiy, which abs~tract or.abstracts shall at all times, during the te~rn of this m~rtgage remain in the possession of the Mortgagee and in the event oE the foreclosure oE this mortgage or other trander of iide to che mortgaged property in extinguishment of the indebt- i edness secured heieby, all right, title and iaterest of the r~ortgagor in and to any snch abstracts of tide shall pass to the purct?aser ~ or grantee. ; 12. 1Vo waiver of any covenant herein, any obligation secvred hereby, or acceptance by Mortgagee of any payments subse-, ~ quent to default, sball at any time thereafter be beld to be a waiver of any of the temu hereof or of the ewte secured hereby. 13. To the extent of the indebteclness securEd hereby, the Mortgagee is hereby subrogated to every liea and right of the owntrs and holders of each and every mortgage, lien or other encumbrance on the mortgaged pmperty which is paid and/or satisfied, in whole or in part, out of ihe pmeeeds of the note described herein acxi secured hereby. and the respective lieru oE said modgages, liens or other encumbranc~es, shall be and the same and each of them hezeby is preserved and shall pass to and ~ be held by the Mortgzgee herein as serurity for the indebtedne"ss to the Mort agee herein described or hereby secured, to the ~ same extent that same would have been presenred and wauW have been ~ to and been held by the Mortgagee had same been duly ~and ~arty assigned, transferred, set over, and delivered unto the Mortgagee by separate assignmeni notwithsiand- ing the fact that e same may be satisfied and rancelled of re~ord, it being the intendon of the parties hereto that the same wiU be satisfied and cancelled of reeord• by the holders thereof at or about the time of the recording of this mortgage. 14. If any of the sums oE money her~ein referned to be no! piomptly paid within thirty (30) days next after the same become due and payable, or if each stipulation, a ent, condiHon aad covenant of said promissory note and this mortgage or either, is not dulype rformed, complied with a abided by, the aggregate sum mentioned in said promissory note or othecwise secured hereby shaA become due and payabie fotthwith or thereafter at the option of the Mortgagee, as fully as if said sum was originally stipulated to be paid on such day~ anything in said promissory note or herein to the contrary notwithstanding. 15. The Mortgagee shaA have the right to advance the Mortgagor additiona) monies, so long as said advancements, together with the halance due on this ir~strument, do not e:ceed the original indebtedness, and the amounts so advanced shall become a- debt due hereunder and secured hereby. ~ 18. That in the even! the mortgaged property, or any pazt thereof, shall be condemned or taken for public use under the power of eminent domaia, the Moctgagee shall bave the right to demand that all damages awarded for the taking of or damages to said mortgaged pmperty shaU be paid to the Mortgagee, up to ihe amopnt secured hereby, then unpaid, and, at the option of = the biortgagee such sums may be applied upon the paym ent or payments last payable hereon. The Mortgagor shall alco repay i unto the Mortgagee a reasonable attorney's fee which tbe Mortgagee may have incurred in such proceedings. 17. The .L(ortgagors shall not erect or permit to be ererted any new buildings or other improvements on the modgaged property or add to or permit to be added to any oE the existing improvements thereon without the written consent of the ~tortgagee, and in the event of any violation or attempt to violate this covenant shall rnnstitute a default hereunder. . 18. That if the Mortgagee a~ the Mortgagors agr~, the Mortgagors will carry a policy or policies of insurance upon ~ their lives, or the life of any Mortgagor, in amounts mutually agrceable to the Mortgagor and Mortgagee, making Mortgagee beneficiary thereunder, and btortgagee may pay the premiums for such incurance (in the event Mortga~ors do not) and add _ each such premium payment to the unpaid balanee of the ban, and such premiums when paid by the Mortgagee shall become additional' indebtedness secured by this modgagie payable upon demand. 19. That, in ord'ec to more fu11y protect the security of this mortgage, the Mortgagor, together with, and in addition to, 4 the monthly payments under the terms of the note secured hereby, on the specified payment date of each month until the said . note is fuliy paid, will pay to the Mortgagee. the following sums: ' An installment of the ta:es and assessments levied or to be kvied against the mortgaged property and an installment of the ~ premium or premiums that will become due and payable to renew the insurance on the mortgaged pmperty a gatnst losx as ~ provided for by paragraph 8 preceding. or such other hazard as may rrasonably be required by the Mortgagee. Such imtallments shall be equal, respecfively, to one-twelfih (1/12th) of the estimated premium or premiums for such insurance, and taxes and assessments nezt due (as estimated by the Mortgagce) less all installments already paid therefor, divided by the number of ~ months that are- to elapse one month prior to the date when such premium or premiums and taues and assessments become due ~ and payabk. The Mortgagee shall hold such monthly payments to pay such premium or premiums, and tazes and assessments, before the same become deliaquent. AIt payments mentioned in the preceding sabsec,Kion of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagor each month in a single paymen~ The provisions of this Article 19 shall, at the option of the Mortgagee, supersede the provisions of Article ~ 3 hereof. • - - ~ R: 288 146 ~ . ~ ~ ~ 7~~ ? ht,. ~`.e.',~~y4~ . _z._~£s- y,.~:~, .ic. .r-t 3 . . . . ~..~e:~ 1.s.~ a fi~~