HomeMy WebLinkAbout0977 232S3139
the Mortgagee, for the benefit of Mortgagee, containing n loes payeble en-
dorsement in favor of the Mortgagee, and said policy or policies and all
renewals thereof and evidence of current payment of premiums shall be deposit-
ed with and held by the Mortgagee. In the event of loss the Mortgagor will
give immediate notice by mail to the Mortgagee. In the event any sum of money
becomes payable under such policy or policies, the ~ortgagee, acting
reasonably, shall have the option:
a. to allow Mortgagor to use the same in the restoration and
repair of the improvements damaged if, in the ~udgment of
Mortgagee, the security of this Mortgage would be restored
or enhanced thereby; or
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b. to receive and apply the same on account of the
indebtedness hereby secured;
without thereby waiving or impairing any equity, lien or right under and by
virtue of this Mortgage. Upon any default thereof, the Mortgagee may (but
without obligation on its part so to do), place insuran~e on such buildings ~
and pay the premium and charge such sums to the Mortgagor and such sums of
money so paid shall bear interest from the date of such payment at the default ~
rate.
8. No building ur other improvement on the premises shall be
structurally altered, removed or demolished, without the Mortgagee's prior
written consent, nor shall any fixture or chattel of material value eovered by
the Mortgage and adapted to the proper use and en~oyment of the premises be
removed at any time without like consent unless actually replaced by an
article of equal suitability owned by Mortgagor.
9. No failure of Mortgagee to exercise any option herein given to
declare the maturity of the debt hereby secured shall be taken or construed as
a waiver of its right to exercise such option or to declare such maturity by :
reason of any past, ~resent or future default on the part of Mortgagor; and
the procurement of insurance or the payment of taxes or other liens, debts, or .
charges by Mortgagee shall not be taken or construed as a waiver of its right
to declare the maturity of the indebtedness hereby secured by reason of
failure of Mortgagor to procure such insurance or to pay such taxes, debts,
liens or charges.
10. If Mortgagor shall default in the payment of any of the
indebtedness hereby secured, or if Mortgagor shall default in the performance
of any of the terms or conditions hereof, Mortgagee, after the expiration of
any applicable grace period, may proceed to collect the rent, income and
profits from the pxemises, either with or without the appointment of a
receiver; any rents, income and profits collected by Mortgagee prior to
foreclosure of this Mortgagee, less the cost of collecting the same, including
~ny real estate commission or attorney's fees incarred, shall be credited
first to advances with interest thereon, then to interest due on the principal
indebtedness, and the remainder, if any, to the principal debt hereby secured.
11. That in the event the premises hereby mortg~ged, or any part
Chereof, shall be condemned and taken for public use under the power of i
eminent domain, the Mortgagee shall have the right to demand that aZl damages
awarded for the taking of or damages to said premises shall be paid to Mort-
gagee, up to the amount then unpaid on this Mortgage and the obligation
secured hereby and may be applied upon the payments last payable under this
Mortgage and the obligation secured thereby.
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12. The lien of this instrument shall remain in full force and
, effect during any postponement or extension of time of payment of any part or
all of the indebtedness secured hereby and during the term of anq future ;
advances made hereunder.
~ 13. When and if Mortgagor and Mortgagee shall respectively become
the Debtor and Secured Party in any Uniform Commercial Code Financing
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