HomeMy WebLinkAbout1707 lease or tenancies now existing oc hereaftec created, reserving to
Mortgagor, however, so long as Mortgagor is not in default hereunder,
the right to receive and retain the rents, issues and profits.
(b) All causes of action of Mortgagor relating to the premises hereby
encumbered and all judgments, awards of damages and settlements
hereafter made resulting from condemnation proceedings or the
taking of the premises or any part thereof under the power of
eminent domain, or for any damage (whether caused by such taking or
otherwise) to the premises or the improvements thereon or any part
thereof, or to any rights appurtenant thereto, including any award for
change of grade of streets. Mortgagee is hereby authorized, on
behalf and in the name of Mortgagor, to execute and deliver valid
acquittances for, and to appeal from, any such judgments or awards.
Mortgagee may apply all such sums or any part thereof so received,
after the payment of all of its expenses, including costs and
attorneys' fees, on the indebtedness secured hereby in such manner as
it elects, or at its option, the entire amount or any portion thereof so
received may be released.
TO HAVE AND TO HOLD the above granted and described premises to
Mortgagee, its successors and assigns, forever, for the purposes and uses herein set
forth, and Mortgagor does hereby fully warrant the title to said land, and will defend
the same against the lawful claims of all persons whomsoever; provided always that if
Mortgagor shall pay to Mortgagee the debt. evidenced by that certain promissory note
above described and shall perform all other covenants and conditions of said
promissory note, and of any renewal, extension or modification thereof, and of this
Mortgage, then this Mortgage and the estate hereby created shall cease and be null
and void.
Mortgagor further covenants and agrees with Mortgagee as follows:
1. Payment of Principal and Interest. To pay all sums including interest
secured hereby when due, as provided for in said Note and any renewal, extension or
modification thereof and in this Mortgage, all such sums to be payable in lawful money
of the United States of America at the place specified in said promissory note, or at
such _other place as Mortgagee may designate in writing from time to time.
2. To pay when due, and without requiring any notice from Mortgagee,
all taxes and assessments of any type or nature and other charges levied or assessed
against the premises hereby encumbered and to produce receipts therefor upon
demand. To immediately pay and discharge any claim, lien or encumbrance against
such premises which may be or become superior to this Mortgage and to permit no
default or delinquency on any other lien, encumbrance or charge against such
premises, whether inferior or superior do this Mortgage.
3. Taxes. To immediately pay, when due and owing, all general taxes,
special taxes, special assessments, water charges, sewer service charges, and other
~ charges which may be levied against the premises, and to furnish to Mortgagee
duplicate receipts therefor within thirty (30) days after payment thereof. Mortgagor
may, in good faith and with reasonable diligence contest the validity or amount of any
such taxes or assessments provided: (1) that such contest shall have the effect of
preventing the collection of the tax or assessment so contested and the sale or
forfeiture of said premises or any part thereof, or any interest therein, to satisfy the
same; (2) that Mortgagor has notified Mortgagee in writing of the intention of
Mortgagor to contest the same, before any tax or assessment has been increased by
any interest, penalties, or costs; and (3) that Mortgagor shall have deposited with
Mortgagee at such place as Mortgagee may from time to time in writing appoint, a
sum of money or other security acceptable to Mortgagee which (when added to monies
or other security, if any, deposited with Mortgagee pursuant to Paragraph 3 hereof)
shall be sufficient in the judgment of the Mortgagee to pay in full such contested tax
and assessment and all penalties and interest that might become due thereon, and shall
keep on deposit an amount so sufficient in the judgment of the Mortgagee to pay in
= full such contested tax and assessment and all penalties and interest that might
~ become due thereon, and shall keep on deposit an amount so sufficient at all times,
~ increasing such amount to cover additional penalties and interest whenever, in the
unconfined discretion of the Mortgagee, such increase is advisable. In case the
Mortgagor shall fail to prosecute such contest with reasonable diligence or shall fail to
maintain sufficient funds on deposit as hereinabove provided, the Mortgagee may, at
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