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HomeMy WebLinkAbout2523 '(t ( ~ t 1 , ~ 2. To pay the indebtednesa hereby eecured snd intere~t thereon promptly on the daye apeoifi~ci for the sa~e to becoine duo and payable, and also an demand any other indebtednc~ that may aceruo and become due and pe?yable to the niortga~ee under the terme and provisione Qf ihi~ mortgage; ~ 3. To keep Lhe morigaged premi~ in good repair; to neither commit nor suffer strip or waste on ~ho morw ~ : gagecl premises; to obtain the written consent of the mortqagee before demoliahing, removing or matQrially altering ~ . any building, etructure or improvement now or hereattcr apon the mortgag~i premisea or before allowing any such building, atrueture or improv~ment to bo demoliahed~ removed or materially alterecl; not to commit nor suf~er any ~ ' aet by whieh the vAluo of the mortgagecl premisea m~y bs impaired; and not to violate nor pc~rmit the violation of any law~ by-la~v, ordinance or contraet af~ectiug the mortgaged premisea; not to violate nor eutTar the violatian of the cove- nants and agreements, if any, of record againat the mortgt~i premiees; ~ , 4. To pAy before delinquent or i~efore any penatty for nonpayment attaohea thereto all taxes, impositiona, ~ ssse.~sments, water ratea, and chargea o~ every nature and to whvmaver assessed that may now or hereafter be? imposed, ; levied or essessed upon or sgainst the mortgaged premises or tsny part thereof, or upon the renta, issues, income or ' ~ profits thereof, whether any or all of said taxes, assessments or eharges be levieci directly or indir+eetly or as exc'ise tfutea y or as incame taxes; • ~ 5. To keep the buildings and improvements now etanding or hereatter ereoted upon the mortgRged premiseg and any tind all apparAtus, fixtures aud appurtensnces now or hereafter in or at#,ached to said buildings or improve- raents, insured againat loas or dainago by fire and auch other hasarde as the mortgagee may from time to time require~ f all Quch insurance to be in forma, in companies and iii suma (not leaq than sufficient to avoid any claim on the part of ' tha insurere for co-in~urance) aatisfactory to the mortgagee; that all insurance policies shati be heid by and shalt be ~ for the~enefit of una first payable in ca~e of losa to the niortgagee, and that at teast fifteen days befare the exgiration ' of each such policy~ a new anc! eufI'icient policy to take the piace of the one so expiring shall be deliverec~ Lo the morG~ gagee. The mortgagor hereby assigns to the mortgagee all moaeys recoverable under each aueh policy, and agreea . that in the event of a loss the amouat collected under any policy of insuran~e on said property rasy, at the optiot~ of the mortgagee, ba applieci by the mortgagee upon any indebtedness aud/or obligation secured hereby and in euch order as raartgagee msy determine; or said amount or any portion thereof may, at the option of the mor4gagee, either be uaed 1 in replacing, regtiiring or reytoring the improvements partially or totally destraycxi to a condition sati~faetory to said mortgagee, or be released to the mortgagor, in either of which events the mortgagee ehall not be obligated to see to the proper applieation thereof; nor she.ll the amount so releaseci or used be deemed a payment on any indebtednc~s seeured hereby. The mortgngor hereby appointa the mortgagee attorney irrevocable of the mortgagor to sssign eaeh such policy in the event of the foreclasure of thia niortgage; ~ ,'j f3. To pay all aums, the failur$ to pa~? which may result in the acquisit,ion of a lien prior to the lisn of this : mortgage, before aueh a prior lien may attach; That upon faiiure to comply with the preceding covenant or with any of the covenants and agreements ; as to payment of taxes, impasitions, asgessments, water rates and charges, making of repait~ or maintenance of ineur- ance as aforesaid, the mortgagee, without prejudiee to any rights given nnder subsequent paragraphs herein, may ~ make advances to perfarm the same in behalf of the mortgagor, and the mortgagor hereby agrees to repay all suma ~ so ~dvanceci in his behatf, on demand, with interest from the dste advanced at the rate of eiglit per centum per annum, and all sums so advanced, with interest as aforesaid, ehall be immediately due and payable and be secured hereby~ ~ having the benefit of the lien hereby created, ~and of ita priority, but no sueh advanees ahall be deemed to relieve the martgagor from any default hereuuder or impair any right or remedy conaequent thereon, aud the exercise of the right ~ to mal~e advances granted in this garagraph ahall ba optional with the mortgagee and not obligatory, s?nd the mortgagee ~ : sliall not in any case be liable to the mortgagor for failure to exercise any such right; 8. That the mortgagee ahall be subrogated for further security to the lien, although released of record, of any ~ and all encumbrances paid Qut of the proceeds of Ehe loan secured by this mortgage; j 9. That, while there is no defautt in the performance or ol~servunce af any of the coveuants or agreement~ I herein contained, the mortgagor shall have the privilege af collecting and receiving all rents accruing under leasea or contrs?cts of tettancy far the mortgaged premises or any part thereof; ~ 1Q. That, if any action ar prceeecling be commenced (excepting an aetion to foreclase this mortgage ar to E collect the debt hereby secured), to which action or proceeding the mortgagee is made a party by~ reason of the exe- cution of this mortgage or the note which it secures, or in which the mortgagce deems it necessary to defend in order to upnold the lien of this mortgage or the priority thereof or passe,.gsion of said mortgaged premi~es, all $ums paid or ~ incurred by the mortgagee for counsel fees and otUer expenses in such action or proceeding shall be repaid by the mort- gagor, together with interest thereon from date of payment by the mortgagee, at the rate of eight p$r centum per annum, and all such sume and the interest thereon shall be immediately due anil payable and be seeured hereby, having t.he benefit af the lien hereby created an~ of its priority; , . 11. That any and all awanis heretofare made and hereafter to be made by the City of FOPt P ie re e • or any municipal, county, atat~e or federai authorities to the present and all subsequent owners of the premises covered ~ by this mortgage, including any award or awarde whether for a taking of title,to, possession of, or any intereat in, the mortgaged premises or any part thereof and any award or awr~rcie received far dauiages sustained by the mortgaged ; premises or any part thereof or for any change or changes of grade of 8tr+eets af~eeting said premises, are hereby aesigned to the mortgagee; and the mortgagee, at its option, is hereby authori~ecl, direeted and empowered to collect and receive ~ ~ the proceetla of any sucl~ aw$rd or awards from the authorities making the same and to give proper receipt8 and acquit- ~ ~ tances therefor, and to s?pply the eame toward the payinent of the aanount owing on account of the mortgage debt, ~ notwithetanding the fact thst tlie amount owing on account of the mortgage debt msy not be then due and payable; , and the moriga{~or hereby covenants and agrcea to and with the mortgagee, upon request by the raortgagee, to make, execute and deliver any and all a4signments and other instruments eufficient for the purpose of assigning the aforesaid ( award or awards to the mortgagee free, clear and discharged of any and all encumbrances of any kind or naf,ure what- soever; . t; 12. That any failure to exercise any right hereunder shalt not conatitute nor be construed ss a waiver of that . ~ right at any future time; 13. That thia mortgage creat,ea a continuing lien to secure the full and final payment of the debt hereby s~ured and all other o6ligations impvsed hereby anc! hereafter arieing. NOW, if th$ payments are made as pro~vided and all the foregoing covenants and agreements ar$ perfonned and abeerved, this mortgage shall be nult aud void and ~hall be reles~eed at the coet of the mortgagar, which caet the mortgagor agrees to pay; but upon auy default in the payznent of the indebtedneea hereby eecured or af any inef.aU_ ; ment ttiereof or of intereat thereon, as they asver~l~ becane due, or u any default in the perforinaACe or ob~ervanc;e ~ . ~a:~ ~07 ~rtt~~ .