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HomeMy WebLinkAbout0577 • 1 ~~~V~ ~filf r ~ , 3 . - l; .Ther,taortiai'~ vovepapta t~pd salsa y Io13aw~s ~ - . .r. ,i, . , • $v pi+omptl~ ~ pad the iadebtedtteaq o~?idenoad. I:y said pt~miaior~r uota at the titttiea and is the maanetr theraia provided ~ . wa n and other ~ vernmental or manid eh otr 6. 8e vnll pal all taza, atyewnenq. ter tea, go Pal argea, Sney imposititioa, fort which provirioa has not bees made hereiabetore, sad will promptly deliver the oieial eeoaipta therefor to the acid mortgagee. c. He will pay such expenses and fees a may be incurred in the protection and maiatenanee of acid } property, including the tea of any attorney employed by the mortgagee for the oollectioa of any or all of the indebtedness hereby secured, or for foreclosure by mortgagee's sale, or court proceedings, or in any other litigation or proceeding aBecting acid premises. Attorneys' fees reasonably incumd is say other way shall be paid by the mortgagor. d. For better .security of the indebtedness hereby secured, upon the request of, the mortgagee, its wa eceson or assigns, he shall execute and deliver a supplemental mortgage or mortgages covering any additions, improvements, or betterments made to the property hereiaabove described :red 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 irutrumeat, mortgagor hereby agr~eea to permit mortgagee to cure ouch 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 terms and conditions. e. The rights created by thin conveyance shall remain in full force and effect during any postponement or extension of tl~e time of payment of the indebtedness evidenced by said promissory note or~.any part thereof secured hereby..: _ - - He will eontiauously' maintain hazard insurance, ~of such type or types and in aach amonnta as the mortgagee may from tune to time require on the improvements now or hereafter op said property, and will Pal Promptly when due any preminrm therefor. AU iosnranee shall be carried is eoapanies aooeptable to mortgagee and the policies and renewals thereof shall be held by mortgagee and Gave attached thereto low payable clansea is favor of sad in form aoceptabk to the mortgagee. In event of loss, mortgagor will give - immediate police in writing to mortgagee, sad mortgagee may make proof of low if not made promptly by mortgagor, and eadr insnrinee company concerned is hereby aathori:ed and directed to tnLke payment for such low directly to mortgagee instead of to mortgagor and mortgagee f ointly. sad the iaanranoe proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secared or to the restoration ar repair of the property damaged or destroyed. In event of foreeloanr4 of this mortgage, or other transfer~oi title to said property in ertinguishment of the indebtednew seemed hereby, aD . . right, title, and interest of the mortgagor in and to any iasuranoe poL'cid then is force shall pass to the purchaser or mortgagee or, at the option of the mortgagee; may be sumndered for a refund, g. He will keep. all buildings and other improvements-on said property in good repair and condition; will permit, comarit, or au#Ter rtv waatt, impairment, deterioration aI .said property or say part thereof; in the event of failure of the mortgagor to keep the buildings oa said premises and those erected on acid premises, or improvements thereon, in good repair, the mortgagee map make Ruch 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 payable and shall be secured by the lien o[ this mortgage. h. He will not voluntarily create or permit to be created against the property subject to this mortgage any lien or liens inferior or superior to the lien of this mortgage without the written consent of the mort- gagee; and further, he will keep and maintain the same free [rom the claim of alt persons supplying labor or materials for construction of anp area 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 subetantialTp 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 say apply the same to payment of the inatsllmenta 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 say of tl~e covenants or conditions of this instrument or of the note or loan agreement secured hereby shall terminate the mortgagors right to possession, use, and enjoyment of the property, at the option of the mortgagee or his assigns lit 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 rent.. and profits accruing after defy (~as jdturity for the indebtedness secured I~ereby, with the right to enter upon said property for the,p}~rpaa~e ~~ol e,~ting ouch rents and profits. This instrument shall operates as an assignment of any rentals on said property•to-t~ra~ ex`tent._ : i.`•`~ t _ ~~ee~~ '1 Y~ ir! ~ ~ EO(lKcaG?~ PdGF 5~