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HomeMy WebLinkAbout1527mortgaged or to the solvency or insolvency of the Mortgagor, and that such rent, profits, income~ issues and revenues shall be applied by such receiver to the payment of the Mortgage indebtedness, costs and charges, according to the order of such Court. - - 9. That in the event the premises hereby mortgaged. or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of, or damages to said premises, shall be paid to the Mortgagee, up to the amount then unpaid on this Mortgage, and, at the option of the Mortgagee, may be applied upon the payments last payable thereon. 10. It is specifically agreed that time is of the essence of the contract and that no waiver of any obligation hereunder or of the obligation secured her~by shall at any time be held to be a waiver of the terms hereof or of the instrument secured hereby. ' 11. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Mortgagee may, at its option, immediately or thereafi:E~r declare this Mortgage and the indebtedness secured hereby due and payable forthwith, and may, at its option, proceed to foreclose this Mortgage. 12. To pay all and singular the costs, charges and expenses, including attorney's fees for all services, including litigation and any and all appeals therefrom, reasonably incurred or paid at any time by the Mortgagee because~of the failure of the Mortgagor to perform, comply with and abide by each and every the stipulations, agreements, conditions and covenants of said Promissory,Note and this Deed or either, and every such payment shall bear interest from date at the same rate as the principal indebtedness, payable semi-annually. ~ 13. To provide Mortgagee with written personal and/or corporate financial statements, such statements to be required annually for the term of the Mortgage. 14. Subject to applicable law or to a written waiver by Mortgagee, Mortgagor shall pay to Mortgagee on the day monthly installments of principal and interest are payable under the Note until the Plote is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priorty over this Mortgage, and ground rents on the property, if any, plus one-twelfth of yearly premium instal- lements for hazard insurance. plus one-twelfth of yearly premium installrnents for mortgage insurance, if any, all as reasonably estimated initially and from time.to time by Mortgagee on the basis of assessments and bills and reasonable estimates thereof. The funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including the Mortgagee if Mortgagee is such an institution). Mortgagee shall apply the funds to pay said taxes, assessments, insurance premiums and ground rents. Mortgagee may not charge for so holding and applying the funds, analyzing said account or verifying and compiling said assessments and bills, unless Mortgagee pays.Mortgagor interest on the funds and applicable law permits Mortgagee to make such a charge. Mortgagor and Mortgagee may agree in - 4 - ~~~K347 P~~F1524 ~ ~ . .~~~'t~~x .. _ ._ .