HomeMy WebLinkAbout1231 i `
1. The mortgagor covenaata and agrees a. follows:
ss. He will promptly pay the indebtedness evidenced by acid promiswry note at the times and in the
manner therein provided
6. Se will pay all tares, assessments„ water rates, and other governmental or municipal charges, fines, or
impositions, for which prevision has not been made hereinbefore, and will promptly deliver the official receipts
therefor to the said mortgagee
c. He will pay such expenses and fees as may be incurred in the protection and maintenance of said
property, including the teen o[ any attorney employed by the mortgagee for the collection of any or all of
the indebtedness hereby secured, or for foreclosure by mortgagee a sale, or court proceedings, or in any other
litigation or proceeding aQecting said premises. Attorney a' 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 auc-
ceaaors or assigns, he shall execute and deliver a supplemental mortgage or mortgages covering any additions,
improvements, or betterments made to the property hereinabove described : nd all property acquired by
it after the date hereof (all in form aatiafactory to mortgagee). Furthermore, ai:ould 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 mortgagee to cure such clefault, but mortgagee is not obligated to do so;
and each advances shall become part of the indebtedness secured by this instrument, subject to the name
terms and conditions.
e. The rights created by this conveyance shall remain in full force and effect during any postponement
or extension of tl~e time of payment of the indebtedness e~•idenced by said promissory note or any part thereof
secured hereby.
He will continuously maintain hazard insurance, of ouch type or types and in ouch amounts as the
mortgagee .may from time to time require on the improvements now or hereafter on said property, and
will pay promptly when due any premiums therefor. All insurance shall be carried in companies aceeptabh
to mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto
lose payable clauses in favor of and in form acceptable to the mortgagee. In event of lose, mortgagor will give
immediate notice in writing to mortgagee, and mortgagee may make proof of loos if not made promptly by
mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such
loos directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any
part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby
secured or to the restoration or repair of the property damaged or destroyed. In event of foreclosure of this
mortgage, or other transfer of title to said property in eztinguishment of the indebtedness secured hereby, all
right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the
I, purchaser or mortgagee or, at the option of the mortgagee, may be surrendered for a refund.
v R. He will keep all buildings and other improvements on said property in good repair and condition;
will permit, commit, or suffer no waste, impairment, deterioration of said property or any part thereof;
in the event of failure of the mortgagor to keep the buildings on said premises and a'.ose erected on said
1remises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it
~ may deem necessary for the proper preservation thereof :and the full amount of each and every such payment
shall be immediately due and pa}•able and shall be secured by ?he lien of this mortgage.
h. He will not voluntarih~ create or permit to be created against the property subject to this mortgage
env lien or liens inferior or superior to the lien of this mortgage without the written consent of the mori-
gagee: and further, Ise will kee~~ anal 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
property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the
same to payment of the inst9llments last due under said note, and mortgagee is hereby authorized, in the
name of the mortgagor. to execute and deliver valid acquittances thereof and to appeal from any such award.
k. The mortgagee shall have the right to inspect the mortgaged premises at any reasonable time.
2. Default in any of the covenants or conditions of this instrument or of the note or loan agreement secured
hereby shall terminate the mortgagor's right to possesion, use. and enjo~~ment of the property, at the option of the
mortgagee or his assigns I it being agreed that the mortgagor shall have such right until default Upon any such
default, the mortgagee shall. become the owner of all of the rents and profits accniing after default as securiri-
for the indebtedness secured hereby, N•ith the right to enter upon said property for the purpose of collecting ouch
~ rents and profits. This instrument shall operate as an assignment of any rentals on said property to that extent.
ii:. ~
,i 327 1~.3~ ~ ~ - j #