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HomeMy WebLinkAbout0547 . . • - . . 8. Tbat the Mortgagos wiU keep the moct8a8~ -ProPe~tY insured against loss by firc, windstorm and other hazards. casual- ' ties and contingencjes f~ suchpe riocls and for uot less tha~ auch amow?b ss the Mortgagee may require and paY P~p~1Y when due all premiumt fo~ such iusurance. The Mortgagor :haU maintain such iasurac~oe as may be necessary? to comply fuUy with all co-insuraY~ce requirements oontained in said policies to the end that said Mortgagor Is not a co-iasuror thereunder. Insuranca sJ~aA be written by a oompaay or oompanies approved by the Mortgagee and alC policies and nnewals thereof ahall (without liability therefor) be hcld by the Mo~tgagee. AA detailed designations by the Mortgagor which are acrepted b tbe ± o g Mongagoe and all agreements betweea Mortgagor and Mottgagee relating to insurance, now or hereafter euisting shall in writing and shall be a pad of this mortgage a ment as fully as thougFi set forth verbatim herein. N~ liea shall be granted upon any of said policies of insurance nor ~any refwnd or retum premium payable on the eancellation or terminatio~n thereof be paid to other than the Mortgagee e:oept by proper endorseme~t affuced to such policy and approved by Mortgagee. Eacb poiicy of insurance shall have affixecl tbereto a Standard New York A~ortgage Clause v+ntbout Contribution, making all loss or losses uader such policy payable b the Mortgagee as its intecest may appear. In the event any sum or sums of money Lecome payable thereunder the Mortgagee shall have the option to receive and apply the same on accouat of the Indebtedness };ereby secured, or tope rmit the Mortgagor to receive and use same, or any part thereof, without thereby waIviag or unpairing any equity, lien or rigFit uader and by virtue ~ this mortgage. In eveat of loss or physical damage to the modgaged pmpgrty the !~tortgagor shall give immediate noticc thereof by mail to the Mortgagee and the Mortgagee may make prooE of bss if tAe same is not made promptly by the Mortgagor. Upon foreclos~re of this mortgage or other transfer of title to the mortgaged property in extinguishment oE the indebtednas secured hereby, all right, title and interest of the Modgagor in and to any iasurance policies then in force shatl pass to the pumhaser ~ traasferee. . . - 9. It shstll not be n~ecessary or requisite that the Mortgagee fint pay a~y tax assecsment, liability, obligation or encum- brance upon said property ia order to aocelenete the mahu3ty af the indebtedness hereb~~ secured. 10. The Mortgagee may, at Its optioq and withvut wai~-ing its right to accelerate the indebtedness hereby secured and to foreclose this mortgage, pay either befora ~ after delinque~y any o6ligation required by the temu hereof to be paid by the ~ ~tortgagor for the prote~ction of the mortgage security or for the collection oE the indebtedness hereby secured. AA 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 e~ctent as though apa rt of the origU?al iadebtedness evidenced by said note and secured by this mortgage, e:cepting, ; however, that said svms shall be repaid the Mottgagee fodhwith upon demand in addition to the regular montlity instaWnents provided by_ the mortgage note. 11. The Mortgagor shall furnish unto the Mortgagee an abstract or abstracts of tide covering the mortgaged property, which abstract or abstracts shall at all times, during the term of this mortgage remain in the pcusessioa of the Mortgagee and in the event of the foreclasure of t}ds mortgage or other transfer of titk to the mortgaged praperty in e:tinguishment of the indebt- edness secured hereby, all right, Htle and intereat of the Mortgagor in and to any such abstracts of tide shall pa~s to the pum.haser or grantee.~ 12. No waiver oE any covenant her~ein, any obligation secured hereby, or acceptance by Mortgagee of any payments snbse- ~ qnent to default, shall 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 c~tent of ihe indebtedness secured hereby, the Mortgagee is hereby subrogated to every lien and right of the owners and holders of each and every modgage, lien or other encumbrance on the modgaged property which is paid and/or - satisfied, in ~vhole or in pad, out of the prooeeds of the note de.uribed herein and secured hereby, and the respective liens of ' said mortgages, liens or other encumbrances, shall be and the same and each of them hereby is preserved and shall pasx to and ~ be held by the Mortgagee herein as security for the indebtedness to the Mort agee herein described or hereby secured, to the F same eztent that same would have been preserved and wotild have been ~ to and been heW by the Mortgagee had same been duly andregularly assigned, traasierned, set over, and deiivered unto the Mortgagee by separate assignm ent notvvithsiand- ing the fact that the same may be satis[ied and caneelled of ~ord, it being the intention of the parties hereto that the same will be satisfic~d and cancelled of record by the lwlders thereof at or about the time of the reeording of this mortgage. 14. If any of the sums of money herein referred to be not promp[ly paid within ihirty (30) days next after the same become due and payable, or if each stipulation, a~e ment, 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 beco~ne due and payable foithwit6 or thereafter at the option of the Nortgagee, as fully as if said sum was originatiy stipulated to be paid on such day~ aaything in said promissory note or herein to the contrary notwithstanding. ~ 15. The Mortgagee shaU have the right to advance the Mortgagor additional monies, so long as said advancements, together with the balance due on this instrument, do not e:ceed the original indebtedness, and ihe amounts so advanced shall become a debt due hereunder and secure~i hereby. ~ 16. Thai in the event the mortgaged p»perty, or any part thereof, shall be condemned or taken for public use under the power of eminent domain, the Mortgagee shall have the right to demand that all da?nages awarded #or the taking of or damages to said mortgaged property shall be paid to the Moztgagee, up to the amount secured hereby, then unpaid, and, at the option of ~ the riortgagee such sums may be applied upon the paymeat or payments last payable hereon. The 11lortgagor shall also repay unto the Modgagee a reasonable atiorney's fee whicb 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 ezisting improvements thereon without the written consent of the E ~lortgagee, and in the event of any violation or attempt to violate this covenant shall constitute a default hereunder. 18. That if the Mortgagee and the Modgagors agree. the Mortgagors will carry a policy or policies of insurance upon their tives, or the life of any Mortgagor, in amounts mutually agrceable to the Mortgagor and Mortgagee, making Afortgagee beneficiary thereunder, and biortgagee may pay the premiuans for such insurance (in the event Mortgagon do not) and add each such premium payment to the twpaid batance of the loan, aod s~ch premiums when paid by the Mortgagee ahaU become ~ addiHonal indebtedness secured by this morcgage payable upon demand. ; ; 19. '1't~at, in order to more fully protect the security of this mortgage, the Mortgagor, together with, and in addition to, ~ the monthly payments under 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 follawing sums: An installment of the taues and assessments levied or to be levied agaiiut the mortgaged property and an instaliment of the premium or premiums that will beoome due and payable to renew the inrurance on the mortgaged property agaiast loas as provided for by paragraph 8 preceding, or such other hazacd as may reasonabiy be reyuired by the Mortgagee. Such installments shall be equal, respectively, to one-twelfth (1/12th) of the estimated premium or premiums for such insuranc~e, and taxes and ` assessments nezt due (as estimated by the Mortgagee) less all installments already paid therefor, divided by the number of t montbs 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 shall hold such monthly payments to pay such precnium or premiums, and tazes and assessments, ~ before ihe same beeome delinquen~ AlI payments mentioned in the pre~eding subsection 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 s ~ single payment. The provisions of ~this Article 19 sha11, at the option of the Mortgagee~ supersede the provisions of Article ~ 3 hereof. np ~ ' ~JCl~~~ ~^i~ ~ ~ , _ . ~ - - - _ _~t