HomeMy WebLinkAbout0932 assignment shall not be deemed to impose upon Mortyagee any af
tlie obl igations or duties of Mortgayor provided in any such
lease.
D. Ot6er. Everything referred to in paragraphs A, B and C
hereof and
a~ditional property hereafter acquired by Mortgagor
and subjec t to the 1 ien of this Mor t~gage or any of these proper-
ties is herein referred to as the "Mortgaged Property."
This Mortgage is a self-operative security agreement with
respect to such personal property, but Mortgagor agrees to exe-
cute and deliver on demand such other security agreements,
financing stateme:~ts and other instruments as Mort~gagee may, at
any tirae hereafter, request in order to perfect its security
interest or to impose the lien hereof more specifically upon any
such property. Mortyagee shall have all the rights and remedies,
in addition to those specified herein, of a secured party under
the Uniform Commercial Code.
PROV IDED ALWAYS howeve r, tha t i f Mor tgagor s hal l pay to
Mor tgagee the Note a t the times and in the manners stipula ted
therein and in all other instruments securing the Note, including
renewal s, ex tensions or mod if ica tions thereof . and s hal l keep and
perform al~l covenants in this Mortgage and in all other instru-
ments securing the ~ Note, to be kept, performed or observed by
Mortgagor, then this Mortgage shall cease and be void, ~ but shall
otherwise remain in full force and effect.
The Mor tgagor covenan ts and agrees wi th Mor t,gagee as
follows:
1. Compliance Uiith lbt~e and Mor age; ilarranty of Title.
Mor tyayor s hall comply wi th all the provisions of the No te, t-his
Mortgage, and of every other instrLmnent securing the Note, and
will promptly pay to Mortgagee the principal with interest there-
on and all other sums required to be paid by Mortgagor under the
Note and pursuant to the provisions of this Mortgage and of every
other instrument securing the Note.
Mort~gayor warrants that Mort~gagor is indefeasibly seized of
; the Mortgaged Property in. fee simple and Mortgagor has lawful
E auttbri ty to convey, mor tgage, and encumber the same as prov ided .
~ by the Mortyaye.
B
; 2. Pa ent of Tazes and Liens. Mortgagor shall pay all the
~ taxes, assessments, evies, ia il i ties, obl iga tions and encum-
brances of every nature now on the Mortgaged Property or that
~ hereafter may be imposed, levied or assessed upon this Mortgage
t or the Morbgaged Property or upon the indebtedness secured here-
~ by . Al l s uc h payme n ts s hal l be made .w h~en due and payable accord-
iny to the law before they become delinquent and before any
interest attaches or any penalty is incurred. Mortgagor shall
furnish evidence of such payment to the Mort~gagee. Insofar as
~ any indebtedness is of record, the same shall be promptly satis-
fied and evidence of such satisfaction shall be given to
~ Mortyagee.
~ Mortgagee may at its option require Mortgagor to deposit
~ with Mortgagee on the first day of each month in addition to mak-
~ ing payments of principal and interest, until Note is fully paid,
an amoun t equal to one twel f th ( 1/12) of the yearly premiums for
~ all taxes and/or insurance. Such deposits shall not be, nor
$ deemed to be, trus t funds, but may be commingled wi th the general
~ funds of the Mortgagee, and no interest shall be payable in res-
f pect thereof. Upon demand by Mort,gagee, Mortgayor shall del iver
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