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Home My WebLink About0141 ~ t 8. That the Mortgagor will keep tha mortgaged property insured agai~ut loss by fire, windstorm and other hazards, casual- tic~s and conting,encies for suchpe riods and for ~wt less than such amounts as the I~tortgagee may rec~ui~e and p:+y promptly when due ull premiums for such insurance. The Mortgagor shall maintain such insu~a~ce :u may be ncressary to comply fully ~~~ith all co-insurance requirements contained in said policies to the end that said ~lortgagor is not a co-insuror thereunder. Insurance stwll be written by a company oi compar~es approved by the l~tortgagee and all policies and renewals the~eoE shall ( without liability therefor) be held by the Mortgagee. AA detailec! designatiau by the \iortgagor which are accepted by the :1lortgagee and all agreements between Mortgagor and Moctgagee relating to insura~~ce, now or i~ereafter existing shall be in writing and s6all be a part of this mortgage agreement as fully as though set forth ~~erbatim herein. I~~ lien shall be granted upon uny of said policies oE insurance nor shall any refund or return premium ~ay:ible on the cancellation or termination thereof be paid to other than the :1lortgagee e:cept by proper endorsement aEfixed to such policy and approved by I~lortgagee. [:ach poiicy of insurance shap'have affixed thereto a Standard New York !~tortgage Clause without Contribution, making all i~~ss or losses under such policy payable to the Mortgagee as Its interest may appear. ln the event any sum or sums of money l:rcome payable thereunder the Afortgagee shall have the option to receive and apply the same on account oE the indebtedness i~~•reby secured, or to permit the Mortgagor to receive and use same, or any part thereof, without thereby waiving or impairing :~uy equity, lien or right under and by virtue of this mortgage, ln event of loss or physiczl damage to the mortgaged property the \fortgagor sbaA give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not made promptly by the I?iodgagor. Upon forecloaure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the hfortgagor in and to any iruurance policies then in force shall pass to the purchaser or transferee. 9. It shall not be necessary or requisite that the Mortgagee first ~y any tax assessment, liability, obligation or encum- brance upon said property in order to accelerate the maturity of the indebtedness hereb~• secured. 10. The Mortgagee may, at its option. and without watving its right to accelerate the indebtedness hereby secured and to foreclose this mortgage. pay either before or after delinquency any obligation required by the terms hereof to be paid by the \fortgsgor for the protection of the modgage security or for the collection of the indebtedness hereby secured. All sums so advanced or paid by the Mortgagee shall be added to and become an integral part of the mortgage account as fully and to the same extent as though a part of ihe 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 regular monthly installments pro~~ded by the mortgage note. . - 11. The Mortgagor shall fumish unto the Modgagee an abstract or abstracts of title covering the mortgaged property, which abstract or abstracts shall at all times. during the term of this mortgage remain in the possession of the 1?tortgagee and in the event of the for~ecloavre of this mortgage or other transfer of title to the mortgaged propeity in extinguishment of the indebt- eciness secured hereby, all right, title and interest of ihe Mortgagor in and to any such abstracts of title shall pau to the purchaser or grantee. . 12. No waiver of any covenant herein, any obligation secured hereby, or acceptance by I?tortgagee of any pay~rnents snbse- ~~uent to default, shaD at any time thereafter be held to be a waiver of any of the terms hereof or of the note secured hereby. 13. To the extent of the indebtedness secured hereby, the Mortgagee is hereby subrogated to every lien and right of the owners and hotden of each and every mortgage, lien or other encumbrance on the mortgaged property which is paid and/or - satisfied, in whole or in part, out of the proceeds of the note described herein and secured hereb}', and the respective liens of s:~id mortgages, liens or other encumbrances, shall be and the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee herein as security for the indebtedness to the :lfortgagee herein described or hereby secured, to the same extent that same would have been preserved and would have been passed to and been held by the Mortgagee had same . been dulv and regularly assigned, transferred, set over, and deli~~ered unto the r~ortgagee by separate assignment notwithstand- in~ the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same a•ill be satisfied and cancelled of record by the holders thereof at or about ihe time of the recording of this mortgage. j 14. If any of the sums of money herein referred to be not promptly paid within thirty (30) days next after the same ~ become due and payable, or if each stipulation, agreement, condition and covenant of said promissory• note and this mortgage or either, is not dulype rformed, complied with and abided by, the aggregate sum mentioned in said promissory note or otherwise ~ secured hereby shall become due and payable forthwith or thereafter at the option of the ~tortgagee, as fully as if said sum was ! ~~riginallv stipulated to be paid on such day, anything in said promissory note or herein to the contrary nohvithstanding. 4 15. The Mortgagee shall have the right to advance the ~4ortgagor additional monies, so long as said advancements, together ~ «~ith the balance due on this instrument, do not e:ceed the original indebtedness, and the amounts so ad~•anced shall become a debt due hereunder and secured hereby. ~ ' ~ 16. That in the event the mortgaged property, or any part thereof, shall be condemned or taken for public use under the poK•er of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to said mortgagcd property shall be paid to the Mortgagee, up to the amount secured hereb}', then unpaid, and, at the option of ~ the ~tortgagee such sums may be applied upon the payment or payments last payable hereon. The Mortgagor shall also repay ~ unto the Aiortgagee a reasonable attorney's fee which the Mortgagee may have incurred in such proceedings. 17. The Mortgagors shall not erect or permit to be erected any new buildings or other improvements on the mortgaged ~ property or add to or permit to be added to any of the euisting improvements thereon without the written consent of the ~tortgagee, and in the event of any violation or attempt to viol3te this covenant'shall constitute a default hereunder. ~ 18. That if the ;Nortgagee and the '.1lortgagors -agree, the '~tortgagors will carry a policy or policies oE insurance upon ~ their lives, or ihe life of any blortgagor, in amounts mutually' agreeable to the Aiortgagor and Aiortgagee, making :~iortgagee ~ beneficiary thereunder, and I?tortgagee may pay the premiums for such insurarxxe (in the event Aiortgagors do not) and add each such premium pa}~nent to the unpaid balance of the loan, and such premiums ~~•hen paid by the b4ortgagee shall become ~ additional indebtedness secured by this mortgage payable upon demand. ~ 19. That, in order to more fully protect the security of this mortgage, the 1ltortgagor, together with, and in addition to, i; the monthly payments vnder the terms of the note secured hereby, on the specified payment date of each month until the said = note is fully paid, will pay to the Mortgagee, the following sums: - An instaltment of the taxes and assessments levied or to be levied against the mortgaged property and an installment of the premium or premiums that will become due and payable to renew the insurance on the modgaged property against loss as ``b ~rovided for by paragraph 8 preceding, or such other haTard as may reasonably be required by the Mortgagee. Such installments ~ shall be eyual, respectively, to one-hvelfth (1/12th) of _the estimated premium or premiums for such insurance, and taxes and y assessments next due (as estimated by the Mortgagee) less all installments aiready paid therefor, divided by the number of :Y months that are to elapse one month prior to the date when such premium or premiums and taxes and assessments become due and payable. The Mortgagee shaU hold such monthly payments to pay such premium or premiums, and taxes and azsessments, r~ before the same become delinquent. All payments mentioned in the preceding subsection of this paragraph and all paymen~s to be made under the note y secured hereby shall be added together and the aggreRate arru~unt chereof shall be paid by the Mortgagor each month in a - single payment. 'I'he provisions of this Articie 19 shall, at the option of the Mortgagee, supersede the provisions of Article 3 hereof. ~ 3;~~ ~ ~4~ _ _ ~ T r_ ~ - - ~r_ ~ _ r ~ ~ c~ Y'~ +~y ~ Y~ ~+.~}~A ~ ~ ^b ~n Y C . mra .F ~ ~~~ia~~ ~ ~ _ a13 .v. ; '''..~1..$,~.~ ' ~ ~4 ~