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HomeMy WebLinkAbout0984 ' ! ; ~ _ ' . t ~ ; 8. T'l~at tbe Mortgag~x wlll keep ths mort6a8~ P~th' ~red agatnst foss by fire, windstorm and.other ha:ar~. ca:ual- ~ tiea u~d ooatingoade: (a ax:h~~~~iods aad for not lat chan nicb amouab as the Mortgagee may require and Pa~r Prou' Y ~ whea due . all p~iu~ fa iasurmoe. '1'6e Mortgagor :hall maiataln ~ch in:uranoe w may be n~eeuary to comP~Y ~Y ~ with all oo-Luuranoe requirea~enb oontatned in wid polides to tbe eud tlwt said Mortgagor b not a oo-Ia:ur~ t}?enu~der. ; tnsurance shall be written by a oanpw y or ~oompaoia ap~oved by the Moitgagee aad all Folides ~ and repew~it thereof ~wU ~ ( without 1labiHty therefo:) be 1~W by tbe Matgagee. AII d~d desigastio~s by the Mortgagor which are accepted by t6e Mortgagoe and all agreemeAts 6etweea Mortg~go: and Mortgagee relating to insumnce, now or hereafter ~wll be in , 4 writing s~nd ' be a part of th4 mortgsge a t u fully as thougFi set Eorth verbatim hecetn. N~ lien~ be granted u~g an~ af policies of iaturance nar i~y refund or return recnium yable on- the cancaltstion or temnlnaHoa thereof be paid to other tb4a ortgagee exoept y~ropei onemea o po sPP Y q 8A8 • Each.P°licl' of i~uranoe shall Lave affiud thereto a Stu~dard New York Mortg,ago Clause wi t Coatribution, making all loss ~ laasea under such polic~' P~Y+~ble to the Mortgagee s~ Ib interest may appeAr. In the eveut any sum or sums of money ; become payable tbenunder tbe Mortgages ~all bave the optton to roceive aad apply the aaa~e on account of the indebtedness ~ n i~ereby securod. or top~nit the Mortgagor to reoxive aad ute s~me. ot any ~rt thereof. withaut thenby waivin or ianpoiring ; ,?ny equity, lien or dg6t under u?d by viriue af t}~is matgage. In event of loss or physical damage to the mort~ag P~ropercy~e ; Mortgagor sball glve 3mmediate notioe thereof by mdl to the Morig4gee and the Martgagee may make praof bas tlre j is not msde pranp~y by the Mortgagor. U foreclasure of this mortgage or other traasfer oE title to tbe mortgaged property in ~ eztiaguishment of tlie itrdesbtedaess secured~bereby, all stght, tltb and interest oE the Mottgagor la and to aay icuuranoe polides then in foroe shall pass to tbe purcbaser or transferee. 9. It shall ~not be neo ryor requitite that tbe Mortgagee firstpa y any ta~c auasment, liability, obligat~a or encum• ~ braaee upon aaid propercy ia~order to aQOderate the maturity af tbe indebtedness hereb~• ~ecured. 10. T6e Moitgagea may, at ib option, ancl without waivlog its right to aooekrate the indebtedness hereby secund and to forecbse this mort either before or afber ue~y an obli arion uired b the temns hereaf to be d b the ' 8a8~ P4Y d~~9 Y 8 ~4 Y ~ Y ~ 4tortgagor for the protection oE tbe.mortgage savdty ar fo~ the collec~on of the indeMedn~ bereby s~rod. sums so advanced or paid by tbe Mortgagee shall be added to ancl become an integral part of the mortgage account as fully and to i the same ezten[ as though apa rt ~ the orig~nal mdebtedness evidence~ by said note and secured by this aartgage, excepting. ~ howe~~er, tl~at said sums shall be repaid the M«tgagee forthwtth upon demand in additioa to the regular monthty instaW~nents f prov[ded by thC ~a8e note. - ~ l l. The Moitgagor ahall fumiah unto the Mo~tgagee an abs~act or abstracts of title covering the mortgaged pro~cty, wh~h ; abstract or abstr~cts shall at ali times, during tbe teim of tbis mortgage remaia in the po~ion of the Mortgagee aod in tbe ' event of the foreclaaum of t6i: matg,sge or othe~ tramfer oE title to tbe moitga8od Properh' in e~ng,u~~l~eat af the indebt- edness secured hereby, all rigbt, tltle and intarat of the Mo~tgagor in and m any such abstracts af title al p~ss to tbe purd~aser ~ or graatee. 1 ~ 12. No waiver of any cavenant heraln, any obliga?tion secured 6ereby, or acceptance by Mortga8ee of anY PaYme°+s s~'b~C' quent to defau3t. shall at any time thereafter be held Eo be a waiver of any of the tenns hereof or of ihe note secured lureby. ~ : 13. To ibe e:tent af the i~ebtedness secured hereby, the Mortgagee is hereby subrogated to every lien and right of the ; ow-ners and holders of each and every mottgage, lien or oRber encumbrance on the modgaged property wWch is paid aad/or satisfied, in whole or in paxt. out af the procoe~s of the nofe described herein and secured hereby, and the respectiv~e lteas of ~ said mortgages, lieas or other encumbrances, :hall be and tLe same and each of theiu hereby ts preserved and shall pass to and be held by the Mortgagee her~in as secarity for the indebteclnesa to the Mortgagee herein described or hereby secured, to the same extent that same waild i~ave baen preserved and wanld have been passed to aud been held by the 1Nortgagee had same + been duly and~1~ ly assigned, transferred, set over. aad delivered uato the Mortgagee by separate azsig~ ent notwithstand- ~ ~ ing the fact that the same may be sattsfied and c~ncelled of reoord, it being the intention of the parties hereto that the same will be satisfied ar,d canc~elled af zeoord by the hoWeis d,ereof at or about the tin?e of the recording of this mortgage. ~ ~ 14. If any of the sums of money herein referred to be not prompdy paid withia _thirty (30) days nest after the same ; become due and payable, or if each atipulation, ag~n ent, condition and coverwnt ~ said promissory note and this mortgage ; or either, ia not duly ep do~med. coa?p~ied with and abided by. the aggregate sum mentioned in said pmmissory note or otherwise ~ ; secured hereby shall become due and psyable foithwith or tbereafter at the option of the Mortgagee, as fully as if said smm was . ; ~ originally stipulated to be paid on s~ch daY~ ~Y~DB in said pr~missory note. or herein to the contrary notwithstanding. ± 1 f 15. The Mortgagee shall have the dght to advanoe the Mortgagor additional monies. w long as said advanceinents, together = ~ with the balance due on d~is instnuaent, do not eacoeed the orig~inal indebtedness, and the amounts so advanced shall becane a r i debt due hereunder and secarai hereby. 4 ~ e ~ 18. That in the event t}~e mortgaged pr~perty, or any p~t thereof, sha11 be condemned or taken for public use under the ~ power of emineat domain. the Modgagee sbaD hav~e the dg~?t to demand that all daa?ages awarded for the taking of or damages ~ ~ to said mortgaged praperty shall be paid to the Matgagoe, up to the amount secured hereby, then unpaid, and, at the optioa of the Mortgagee auc6 auma may be: applied upon tbe payment o~ PaYments lut payable hereon. 'Tbe Mortgagor shall also repay unto the Mortgagce a reasonabk attomey's fee w~ tbe Moitgagee may have incurced in such proceeding~. ~ 17. The :Nortgagors shall not erect or pennit to be erected any new buildings or other improvements on the mortgaged ; P''°Perh'- or add to or permit to be addai to acry oE the e~dsring improvements thereon without the written ooiuent of tbe f !~iortgagee, and in the event of any vtolation or attempt M violate this cavenant shall constitute a default hereunder< ` 18. That if the Mortgagee and the Mortgagors agree, the Mortgagors will carry a policy or policies of insurance upcm their livea, or the life of az~y Mortgagar. in amounts muhu~lly agreeable to the Mortgagor and Mortgagee, makiiig Mortgagee ~ beneficiary tbereundet, and Mortgagee may p~y the premiams for such iacuranoe (in -the event Mortgagors do not) and add ; ~ each such premium payment to the unpaid balanoe of the ban, and such premiums wheo paid by the Mortgagce s}wll become } addiNonal Lndebtedness secured by this mortga6e Payabk upan demand. ~ j . 19. That, in order to more f~il1y protect d~e security of this mortgage, the Mortgagor, togethtr with, and in a~ditioa to, ~ " the monthly paymenb under the terms of tfie note set~ued hereby, on die apecifkd payment date of each monih until the said ~ ~ note is fuUy paid. w~l pay to tbe Mcntgagee, tbe folbvving sums: ~ An installn~ent of t}~e tanes and a~nenes levied or to be levied against the mort8~8~ P1OP~rh' and an installment of d~e ~ premivm or premiuias that wUi beoo~ne dne andpa yable to rene.wv the insurance on the mortgaged property agau~st loss as ~ ~ pmvided for bl' P~~Pb 8 Preaeding, or sncb otl~er hazard as anay reasonably be required by tbe Mortgagce. Sucb iastallments S; ~ shall be equal,~~p~; ve1y, to one-twelfth (1/12ih) of the estimated premium or premiums for such insurance, and ts~aes and ; a.ssessmenb neact due (aa esHnnated by the Mortgagee) less all installmenb already paid therefor, divided by t6e number of ~ months that arc to elapse oae manth prior to the date _ when such premi~un or preminms and tazes and ass~ments bernme due_ ~ and payabk. Tbe Mortgagee shall hold such-montlilY P'Y1°ents to pay such premium or premiuAS, and taxes and ss~smer?b, before the same beoome delinquent. ~ Alt paj?rnents mentioned in the preoeding sub~ec.~tion of this paragraph and all ~vments to be made under the note ~ secured hereby shall be added together and the aggre8ate amount thereof sfiall be pa+id by the Mortgagor each month in a single peymen~ The provisions of this Article 19 shall, at the option ot the Mortgagee, supereede the provisions of Article = ~ 3 hereof. ' ' ~ ~ ~ 8 a ~ ~ ao~K2 9 PAGE 9~ ~ ~ . 4_ 4 . - . . } . 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