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HomeMy WebLinkAbout1997 ~ n. R' r~~rF 9~1,:~ ~ 3: T~ pay the indebtcciner~ hereby eccured f?nd intere~t thereon promptty on the daya epecifiai for tha eamu f ta b~~ome due and payabte, And al$o.on demand any other iu~~btednr~a tha~ may accrue and becom~ dun and payable i ~ to the mortgagee under the ~rms and provieions o1 this mortgago; ~ 3. To keep the mortgsged prem~es in goai repair; to neither commi~ nor sutYer etxip or te on the mort- ~ gageci premises; to obtain thQ written consent of the mortqagee baforo deraoliahing, romoviug or m~?terially altering ' any building, etructurc: or improvemant now or harenft,~r u}on the mortgaged premieee or before allowing any such ' ~ buildidg, atruoturn or improvement t~o be demoliahed, removeci or materially altered; not to commit nor sutYer any > = act by which the value of th3 mortgaged prernise~ mAy be impaired; and not to viol~te nor permit the violation of any law, by?-law~ ordin$nce or contraCt af'tecting the mortgaged premiees;'not to violste nor euPfer the vtolstion o( the cove- . nant~ and agreement$, if any~ of record against the mortgaged premisea; 4. To psy before delinquent or before any penalty for noupayment attaches theret,o all taxes~ impositiona, assessmente, water ratea, and chargea of every nature and to whomever ~ thnt mRy now or hereafter bc impo~eci, levied or as»essed upon or againat the mortgaged premises or any part thereof~ or upon the renta, iseues~ incotne or ' profits thereof~ whether ~ny or all of said taxe8, sssessments or chargea be levied directly ar indirectly or a~ excise t.~xes or as incom~ taxeB; t~ ~ 5. To keep the buildiags and improvements now stsnc~ing or hereaiter erected upon tho mortgaged premiaes ~nd any and all apparatus, fixtures and appurtenancea now or hareaft~r ia or attachod to said buildinge or improv~- menta, inaured againat lase or damago by fire snd such other haaards as tfie mortgagee may from time to time require, ~ all such insurance to be in forma, in companies and in euma (not less than ~~ffioient to avoid any claim aa the part of r the insurere for co-ia~urance) satisfactory to the raortgagee; that all insura?nce palicies ahall be heid by ~nd shall be ~ for the benefit oi and firet payable in case of loee to the mortgagee~ and that at Ieast fifteen dAye before the expiration ~ of each euch golicy, a new and suF['icient policy to take the place of the one go expiring ahati be delivered to the raort- ~ gagee. The mortgagor hereby aseigna to the mortgagee al1 moneye racoverable under each euch policy~ and agrees ~ that in the eveat of a losa the amount coltected under any policy of insursnac+ on said property may, at the aption of ' the mortgttigee, be appiied by the mortgagee upan any indebt,~dneea and/ar obiigation aeecured hereby and in such order as mortgc~gee may determine; or sai~l amount or any portion thereof may, at f,he option of the mortgagee, either be uaed in reptacing, repmuring or re8taring the improvementa partial]y or totally destroyed to a condition Satssl'actory to said mortgagee, or be releaeed to the mortgagor, in either of which evente the raortgagee shall not be obligsted to aee to the . proper application thereoi; nor shall the amount eo releaAe~i or uaed be deemeii a payment on any iadebtedneas aecured hereby. The mortgagor hereby appointa the mortgagee attorney yrrevocable of the mortgagor to aseign each such golicy in the ev~nt of the foreclosure of thie.mortgage; . 6. To pay all eums, the failure to pay which may result in the acquisition of a lien prior to the lien of this mortgage, before such a prior lien may attach; ~ 7. _That upon failure to comply with the preceding covenant or with ~ny nf the covenants and agreements : as to payment of taxes, impositione, assessment,e, water ratee and charges, making of repaire or maintenance of insur- ance as afores~id, the mortgc~gee, without prejudice to any rights giveci under snbsequent paragraphs herein, may + make advances f,o perform the same in beha~lf of the mortgagor, and the mortgagor hereby agrees to repay all sums ~ so aclvanced in hia behalf, on demand, tvith intereat from the dats advanced at the rate of eight per centum per annum, and alt Bunns eo advanced, with interest as aforesaid, shall be immediately due and payable and be eecured hereby, having the benefit of the lien hereby created, and of ita priority, but no euch advances ehall be deemed to relieve the ; mortgagor from any default hereunder or impair any right or remedy conaeqaent thereon~ and the exercis~ ot the right to make advances granted in this paragraph shall be optional with the ~ortgagee and not obligatory~ and the mortgagee ~ ahall not in any c~se be liable to the mortga.gor for failure to exercise any such right; 8. That the mortgagee shall be subrogated for further aecurity to tha iien, although released of record, of any ~ and all encumbrances paid out of the proceecis of the loan eecured by Lhis mortgage; ~ 9. That, while there iA no default in tha performance or observance of any of the covenants or agreements ~ herein contained, the mortgagor ehall have the privitege of collecting and receiving all rent9 accruing under leases or ~ _ contracta of tenancy for the mortgaged premises or any part thereof; ' • ~ • 10. That, if any action or proceeding be commenced (excepting an action to foreclo~e this mort~,a,ge or to coliect the debt hereby secured)~ to which actio~l or proceeding the mortgagee is made party by reason of the exe- ; cution of thia martg~ge or the note whieh it eecurea, or in whieh the rnor~gagee deema it necessary to defend in order to uphold the lien of th~is mortgage or the priority thereof or poeaessivd of said mortgaged premiae~, ati sums paid or incun~ed by the mortp,agee for counsel fees and other expeneee in such action or proc~eding ahail be rega:~3 by the.mQrt- ~ gagor, together with interest thereon from date ~ of payment by t~e mortgagea, at the rate of eight per centum per • . ' annum, and all such sums ~nd the interest thereon ahall be inamediately due and payable and be eecured hereby, having ' the benefit of the lien hereby created and of its priority; _ - 11. That any and all awarde hereEofore made and hereafter to be mad~ by the City af gor~ Pi~rce • o* any municipal, county, state or federal authorities to the~preeent and all sub~equent ownera ot' thepremises covered by this mortgage, including any ewerd or awarda whether far a~ taking of title to, poeee,seion of, or any interest in, the mortgaged premises or any part, thereaf and sny award or awsrde reaeived for damsgea $ustained by the mortgc~ged i . premises or any part thereof or for aay change or changea of grade of streets af~ecting said premises, are•hQreby assigned ~ to the mortgagee; and the mortgagee, st ite optioa, is hereby authorized, directed and empowered to callect and receive ~ ~ the procceds of any such awsrrl or awarda from the authorities making the same and to give prop~er receipts and acquit- ~ tance~ Lherefor, srid t,o apply the eafne toward the payment.of the amount owing on accaunt of the mortgage debt, • ~ notw~thatanding the fact that t6e amount owing on aceount of the mor~gage debt may not be then due and payable; ; and the mortgagor hereby covenants and agrees to and with the mortgag~ee, upon request by the mortgagee, to ma&e, , ~ execute and deliver any and all assignmenta snd other insLrumenta aufficient for the purpoee of assigning the aforese?id ; award or awarde~to the mortgagee fr~e, clear and discharged of any and a11 encumbrances of any kind or nature wha~ i , ~cevcr; - . _ . . _ 12. That any failure to exercise any right hereunder ahalt not conetitute nor be cotustrued as s weiver o# that right at any future time; . ~ . ` 13. That this mortgage"creates a continuing lien to eecur~ the full and 6na1 payment of the debt hereby eecured and all other obligations impaeed hereby and hereaft8r arisiag. ! . NOW, if the paymenta are made as provided and t~ll the foregoing covenants and agreeme~nt8 are perfornned and obeerved, thia mortgsg~ shall bs null and void and ~hall be relea~ecl at the coet of the mortgngar, which cost the ~ mortgagor agreee t~o pay; but upcm any defauit in the paqment o[ the indebtedne~e hereby eecured ar ot any install- ment thereof or af interest thereon, as they eeverally become due, or upon any defauit in the perforinanae ar ob+~ervanae ; t . .