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HomeMy WebLinkAbout2218 1. Tbs aortgagor covenant acct asses a• foUosra: a 8s will Promptly Pal the indebtedness evidenced by said promissory note at the times sad is the manner thee+sia provided 6. 8e wlil pay all taus, aressn~eats, water ratan, and othee goverameatal or mnnidpal charges, floes, oc impositions, for which provision bas sot hem made hereiabefore, and wiU promptly deliver the oicial receipts therefor to the said mortgagee. . c. He will pay such ezpenses and fees as may- be incurred is the protection and maintenance of said prop'riy, including the fees of any attorney employed by the mortgagee [or the collection of any or all of the indebtedness hereby secured. or for [oreclosnre by mortgagee's sale, or court proceedings, or in any other litigation or prooceding agecting said premises. Attorneys' fees reasonably incurred in any other way shall be paid by the mortgagor. d For better security of the indebtedness hereby secured, upon the request of the mortgagee, its sne- cesson or assigns, he shall ezecute and deliver a supplemental mortgage or mortgages covering any additions, improvements, or betterments made to the property hereinabove described :.od all property acquired by it after the date hereof (all in form satisfactory to mortgagee). Furthermore, should mortgagor fail to cure any default in the payment of a prior or inferior encumbrance on the property described by this instrument, mortgagor hereby agrees to permit mortgagce to cure such default, but mortgagee is not obligated to do so: and such advances shall become part of the indebtedness secured by this instrument, subject to the same t terms and conditions. e. The right created by this rnnveyance shall remain in full force and effect during any postponement or eztension of the time of payment of the indebtedness evidenced by said promissory note or any part thereof secured hereby. f. He will continuously maintain hazard insurance; of such type or types and in such amounts as the mortgagee may from time to time require on the improvement now or hereafter on said property, and . Wy P~Ptly whoa dne any pr+emiwns therefor. All insaraaoe shall be carried is companies aooeptable to mortgagee and the policies and reaewaL thereof -stall be held b7 mortgagee and have attached thereto loss payable clauses is favor of and in form aeoeptabk to the m_ ortgagee. Ia event of loss, mortgagor will give imasediate notice in writing to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company eoneeraed is hereby authorized and directed to make payment for suet loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the inwraaoe proceeds, or say part thereof, may be applied by mortgagee at it optics either to the reduction of the indebtcdaas hereby secured or to the restoration or repair of the property damaged or destroyed. Ia event of foreclosare of Ibis mortgage, or other transfer of title to said property in eztinguiahment of the indebtedness assured hereby. all ~ right, title, and interest of the mortgagor is and to any insurance polides then in force shall par to the purchaser or mortgagee or, at the option of the mortgagee, may bt surrendered [or a refund. a. He will keep all buildings and other improvement on said Property in good repair and conditioa; will permit, commit, or sager no waste, impairment, deterioration of said property o1r' any part_t]iereof; in the event of failure of the mortgagor to keep the buildings on said premises -and those stetted on said premises, or improvement thereon, in good repair, the mortg(iEee shay make such repairs as in it~diseretion it may deem necxesary for the proper preservation thereof; and=tl+re full autotmt df each sad every such pagmeat a shall be immediately due and payable and shall be secured by the lien of this mortgage. h. He will not voluntarily create or permit to be created against the property subject to this mortgage any lien or liens interior or superior to the lien of this mortgage without the written consent of the mort- = gages: and further, he will keep and maintain the same free from the claim of all persons supplying labor or materials for construction of any and all buildings or improvements now being erected or to be erected on ~ said premises. $ i. He will not rent or assign any part of the rent of said mortgaged property or demolish, or remove, or substantially alter any building without the written consent of the mortgagee. _ _ j. All awards of damages in connection with any condemnation for public use of or injury to any of the r property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who map apply the same to payment of the installment last due under acid note, and mortgagee is hereby authorized, in the name of the mortgagor, to ezecute and deliver valid acquittances thereof and to appeal from any such award. k. The mortgagce shall have the right to inspect the mortgaged premises at any reasonable time. 2. Default is any of the covenant or conditions of ihia instrument or of the note or loan agreement secured hereby shall terminate the mortgagor s right to poaaeasion, use, and enjoyment of the property, at the option of the mortgagee or his assigns lit being agrced that the mortgagor shall have such right until default). Upon any su h , default, the mortgagee shall become the owner of all of the rent and pro6ta accruing after default as seen y ~ for the indebtedness secured hereby, with the right to enter upon said property for the purpose of collecting h ~ rent and profit. This instrument shall operate as an assignment of any rentab on acid property to that extent. 3 go~K 3U`7 2218 _s3 _ x"