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Home My WebLink About0946 ' • ~ - - - - - - - - ~ THE COVENANT~. CONOlTIONS ANp P~tOVISiONS REFERflEO TO QN PAGE 1(TNE REVERSE StOE OF TH{S MORTGAGE): j ? ~~~,R.'~x:.: ' Th~ Mc+rtpoQor further c~vbnanta: ~ ' . • ~ ' i 1. To pey the 3ndebtednes~, as hereinbefore provided. 1 ~ 2. To continuou~ly msintai~ heierd irsurance, of auch type or tvpea and amounte ee fM~ortpegee may tro~n time to time cequire, on the improva• ` ments now or hereatter on the Property tnd he w~ll pay promptly wher+ due any premiums theretnr. All in~ur~nce ahall be carried in companiea approved ' ~ Ay Mortpagae ~nd the policiea end renewala thereof ~hell Es held by t~lortgspee and hava etteched thereto lots pay~ble or mortgafle cl~usea in fevor oi ~ t snd in torm acceptable to the Mortgegee. ln event oi ioae he will give irr.mediete notice by m~il to Mortgapee, •nd MortQapee miy m~ke p~oot of lo~t ~f ~ ~ not mads promptly by Mortgepor, and eech fnsurance compeny concerned ia hereby autho~izad and di~~ct~d to m~ke payment (or ouch la~t directly to t M~rtQeQes instead of to Ntartgagor and Mortp~gee jointly, and the inaurmca proceeds, or any p~n thsreoi, may be appUed by Mort~3yee at its option i l ~ eitlier to the reduction of the ~nd~btsdness herehy :ecursd or to the restorstion or rspair of the Property d~m~ead In event oi ;~reclosure oi thia ~ mort~~pe, or othdr tran~far o( titls to the Prop<~rty in extinQulshmsnt af tha in~e~tednes~ aecu~ed he~sby, all righR title, and interest'of the i~Aortpegor in ~ and to any inturonce potici~s thsn in torc~ shall pasa to tha purcheser or grantee. 3. To pay all tazas, aasesements, water nte~, r.nd other yovernrne~tal or municip~l cherges, tine:; or impoiitlons, tor which provioion has not Deen made hereinbefore, and in detault thereof the Mortgapee may pay ths sama; and that Mo~ty~flor will promptly de~iver the officiel receipta therefor ( ta the Mongagee. !f this is a(irat mort~aye, Monflagor sQreos to p~y Mort~afles sutfic:i~nt funds at such timea a: Mony~pee desiynatoa, to pay the ' # estimated a~~nuaf real estate taxes ar~d s~se:sments on the Property and all property insurance premiums (heroinaher "Eacrow'~, but, it not designated ; ~ to be paid t~ Escrow, to pay beto~e they becoms dalinquent all texes, ~~ses~ments and atner charpes which may be fevisd or ~ss~ssed egsinst the ! Property, and to pay the propeRy inwrance premiurQ when duu. Upan MortBayors failuro to pe~torm any d?~ty herain,~ Mo~Q~~ee may, at its optio~ end i without notice, pe~tann auch duty, includin9 withcut limitation paying ~ny amount and the cost of such peAormance ih~ll be due on damsnd and sscured by this mortgaga, beering interegt t~om dete incuned until date peid et the higher of the annual percentepe rale clisclosed on the nots of even i.• dete herewith or the higheat ~ete allowad by lew. No interest will be paid on funda hald in Eacrow ar.d they may be commingled with Monegee's ~ gs~eral funds, unleas otherwise requirsd Dy lew. ~ ' - E ; 4. To permit commit, or auHer no waste, impairment, or deterioration of the Properry or iny part thereof, except ressonsbte wear and tear, and in ~ the avent of the (a~lure of the Mrrigagor to keep the buildinps on se~d pramiaes And thoss to De erectad on seid premi~es, or improvements ihareon, in ~ good ropsir, the Mort9agee may meke such repai~s as in ita diasretion it mey dsem necetsary tor the proper preserv~:ion thereof, and the (ull amount of ~ sach and every auch peyment shatl be due and payable thirty (30) dsys after dsmand, and ahall be securod by tha lien nf thi~ merto'g': ; ~ 5. To pay all and sinyula~ ths co~ts, chuge~, and expenses, including rea:anable lawyer s feea, and costs of ab:tracts oi title, incurred or paid at any tin.e by the Mortyayea because of the tsilure on the part of the Mortgapor promptly and futly to perform the sgrsements and covenar,ts of eny p~omiasory note secured by this mongape snd this mortQs~s, and said coats, charQes, and expensa: shall t?e immediately due art~ wayable and shall be ~ securod by the Iien of this mc~rtgafle. S. Ii tho P~operty. or ~ny part thereof, be condemnsd under the power of eminent domain, or acquired ior a public ute. the damaQea awa~ded, the pcoceeda tor the teking ot oi the considerotian fot iuch acquisition, to the extent of the full emount of the ramsining unpaid indebtedneas secured by this mortgage, are hereby essigned to the Mortgagea and his heirs or atsiQns, and ahall be paid iurthwith to said Mortgsgee or hia aasiynes to be ~ spplied on account of the last m~turing instellments of such indebtedness; praYided, however, the Mort~eyee or his s:siynee, may at hia discretian pay ~ ~ diroct to the Mort~ayor, his hairs or pasigns any part or ell of :uch award. - 7. The MongeQee may, at any tims pending a suit upon this mortp~~e, spply to the court havinp jurisdiction thereoi for ths appointment ot a ~ receiver, and such court shall forthwith eppoint a receiver oi the PropeKy, includinfl all and sinflutar the income, profits, issues, and revenues from ' whatever source derived, e~ch and evsry of which, it beiny exprossly undentood, is hsrsby moKpa~ed as ii specific~lly set forth and d~tcribed in the yranting and habendum cl~usss he~eof. Such eppointment ahatl be m~de by such court as ~n admitted squity snd a m~tter oi ahwlute riyht to said Mortgaflee, and without reterents to the adequacy or inadaquacy of the vdue of the P~operty or to the satvency or insolvency of sAid Mortqegor or the ~ defendanta. Such ronts, profits, income, isaue~ and reVenues shall be applisd by ~uch receiver accordiny to ths lien of this mortgape and ths pnctice ( of such cou~t. In the eve~t of any detault on tha part ot the Mortgagor herounder, the MortgsQor aqrees to pay to the Mortgagee on dem~nd a• a ~ ~ ressonabte monthSy rental for the Property an amount at least equivalent to one-twslfth (1/12) of the ayyreeate of the twelve monthly installrnents i payable in the then curtent year plua the actual amount of the annual taxes, sssessmenb, water r~tes, and msuronce premiuma for auch yesr not coverod by the sforessid mor.thly paymanta - . S. In the event of sny breach. of this mortyage or dafauEt on the part of the Mortgagor, o~ in the event that any af aaid sums of money herein ~ referred to be ~ot piomptly snd fully paid accordiny to the ter;,r hereof, or in the event that each and every one ot tho atiputations, ayreements. conditions, and ~ovenants of any note sacured by this mortpa9e end thia mortQa~e, are not duly, promptly, arid fully pe~iortnect then in either or any ~ such even; the said sypregate sum mentioned in :uch note then remaining unpaid with interest accrued to that time, and aIl moneys secured hbnby, ~ shall become due ~nd payable f~rthwith, or theresher, at the option of said Mort~a~se, as f~dly.snd completely as if al! of the aaid sumt of mone; were = originally stipulated to be paid on auch day, snything in such note or in this mort~~ye to the contrary notwithst~nding and thereupon or thereafter, st ~ . tna option af said Mortq~fles, without notice or demsnd •uit at law or in equity, may be proistutsd as if all moneys securod hsrsby snd matured prior to its institution. The Mort9a~es m~y foreclose this morty~qs, ss to the amount so decl~rsd dus snd payable, and the said Property shall be sotd to ~ satisiy snd pay the sams to~ethsr with costs, expens~s. ~nd allow~nces. In casa ot partial fonctosurs oi this mortyay~, ths Proparty shall bs sold subject to_ths conti~uin~ lien af th9s mortflafle for the amount of the debt not then due and unpaid. In such casa the proviaions of thia parspraph may ~ ~ again be availed of thereafter from time to time by the MortQapse_ ~ i 9. No waivsr of any covensnt heroin ar of the obtiqation se~urod heroliy sh~ll at any time thereafter be held to be a waiver of the terms hersof or s ' ~ ~ of the note securod heroby. ~ - ~ . ~ ~ 10. The iien of this instn~ment shell remain in fufi force ared effect durin~ any pottponeinent or extension of the time of payment ot the indebtedness or sny pan thersof s~curad hsroby. - II ` 3 11. If the MortgaQor default in any of the tovenants or aproements contained hersin, or in any nots, sscured bythis martqa~e, then the Mortyagee i-: ; may perform the same, snd all expendifur8s (includiny rea~on~b0e attomey's fsss) msd~ by the MoRSaQee in so doing shtll draw interost at the hiyher of the rate provided fer in the principal indabtednsss or the hiQhest rste ailayv~d by lew, •nd ~hall be rspaysble thirty (30) daya aher demand, and, { ~ together with intere:t and costs accrusd thsreon, shell be s~cursd by this mort~a~e. 12_ The mailinp of a v?Titten notice or.demand addrosssd to the owner of ncord of ths Propsrty, or directed to the said owner at the leat address ~ actually furei~ih~'d to the Mottgags~, or if none, dirsctsd to aid owner st the Proparty, dnd mailsd br the iJnited States r,~ails, post~ge propaid, shall be sufficient no[ice and dsmand in any~~arbtarisinq under this instrument sn~ rsquirod by ths provisions hersof or by law. - 13. Assigr~ment of Ranu. To furtho? securo the Indebte~sss, Mortyayar doss h~nby aell, auiqn and.tr~nsier unto the Mortpaflee all the rents, iswes and profits now due and which mey heresfter b~come du~ under or by virtus of ~ny lesse, whethsr written or ora1, or any letting of, or of sny agreement for tha use or occupancY of ths Property or any psrt thsreof, whieh may have bsen heratofore oi may ba hereaher made or ag~eed to, it being the intantion hereby to estaDlish an sbsolute tnnsier snd ~ssi~nment of all of such leases and agreemsnts unto Mortqa~ee, and Mortpagor does hereby appoint irrevxsbly Mortysgee its true and Iswful attomsy (with or without takinq posssuion of ths Property) to rent te~se or let all or any portion of : , the Prouerty to sny party at such rentsl and upon such tenns ss Mortqaflse shall, in iq discrstion determine, and to collect arll ot said rents, issues and profits arising from ar ~tccruina at any time here~ftar, and a!I now due or thst m~y heroshe~ bacoma due, to the extent allowed b Isw. 'i - Y Mortgaflor rapra~ants and syroes th~t no ront his be~n or wil! be paid by ~ny p~rson in possession of ar~y portion of the Property for more than one : inatallment in advance and that the peyment of ndne of the ronts to sccrue for any porti~n oi the said Property has been or will be waived, released, ~ roduced discounted or othervvise discharyed or cor±~pr~amised by 4he Nfortgegor. Martgagor waives any ripht of set ofi agadnst any person in ~ possession of any por~ion of the Property. Mortgsgor apress nnt to further essign any oi the ~ents or p:ofita of the ~r~parry. ~ Nothing herein ~ontained ahall be cenatrued aa censtituting the Mortgsgee a mortyagee in possesaion in the absence of the tak~ng of actual possession of tha Property by the Mortgages. In tho exarciae oi the Fowers herein granted Mortgsgee, no liability shsll ba asserted pr enforced against Mortgagee, al' auch lisbility being exaressly waived and releASed by Mortgspor. • ~ Mortgagor furth6r a~rees to sssign and trartsfer to MortpaQge by sepsrate written instrument all futuro leases upon alf or any part of the Property and to execute and deliver, at the request of the Mortya~ee, ~II ;uch further asaurances snd sssignments as Mortgagee shall from time to time requ~re. ~ - Atl leases affectin the Pro ~ ~ g perty shsll be submitte~ by Ikortgayor to MortSapee fot ita approval prior to the execution thereof. All approved and ~ executed IEasea shall be specifically sssigned to MoRgayee by inatrumsnt in form satisfactory to Mortagse. - ~ i- . - Althoueh it is the intention of the perties that this assignment shall be a present ssaiflnment it is expressty understood and sg~eed thet Mongagee . ~ ~ shall not exercise any of the riqhts or powen conis7ed until the mortpage shall te in dsfsult 14. If sil or any part oi the Propsrty or either a legal or squiteble intsrest thsrein is sold or trcn:farred by MortQsgor without Mortgagee's prior . written consent. ~xctudinB transfers ty devise or descent or by operation of law upon the death of a joint tenant or s partnsr or by the grant of a leesehoid interest in s part of the Property of three yesn or less not contsining an option to purchase, Mortyagse may,~at Mortyagee's option, declare all sums securod by thi~ MaRgaqe immedietely due'end paysbfe to the exteRt allowed by law and the noie(s) hareunder and any fai!ure to exarcise said optian shell not consiitute a weiwr of the riqht to exercise the same ~t any other time. - The covanants hsrein contained shall bind and the benefits and advantaQes shsll inurs to, the resp~ctNe he~rs,~bzecuiors, sdministrators, successon, and asssi~ns of tha psrties hsroto. Whenever uaed the singular ~umber shatl include the ptural, the plural the singular and the use oi any ~ qender shall i~clac4e all genden and the term "Mongegee" shail include ar~r. papss of the inci~httdn~ss hereby secured or any trsnstereo the:eoi vvhetfier by op~ration of I~yv or otherwise. - t„ $ - - Pa e 2 _ ~ ~ ~ ~ 38.~ Fa~~ 94 ~ ~ ~