HomeMy WebLinkAbout1548 01i15i90 15t38 a 407 ~S9 99y2 B 8 S Inc. 12
1.05 .~he lien of this Mortgag@
Will autoWatically attacht wiLhout Purther aat, to al~ after
acQuired real or personal property loCated in or on~
appurtenartt to or attached to the Mortgaged Property or any
part t~ereof and any personal property used or intended to bs
used in connection with or with the operation of~ the Mortgaged
Property or any part thereof.
1.06 ~Xg,~. Mortgagor shsll pay~ when due and payable~
(a) all taxes, assessments, general or special~ and other
charges levied on~ or assessed~ plaaed or made against the
Hortgaged Property, this instrument or the Secured Indebtedness
or any interest of the Mortgagee in the Mortgaged Property or
the obligations seeured hereby; (b) all premiums on pol~cies of
fire and other haxard insurance eovering the Mortgaged
~ Property, as required herein. Mortgagor sball prompLly deliver
to Mortgagee reeeipts showing payment in full of all oF the
above items. Upon de~and by Mortgagee, Mortgagor ahall pay to
Mortgagee, together with and in addition tio the pay~ent oF
principal and interest payable under the terms of the Note~ on
' the installment-paying dates of the Note~ until the Secured
Indebtedness is paid in full or u~til notifieation from
Mortgagee to the eontrary~ an amount rea~onably suPficient (as
estimated by Mortgagee) to provide Mortgagee With funds to pay
said taxes, assessments~ insurance premiu~s~ rents and other
charges next due so that Mortgagee aill have sufficient funds
on hand to pay same thirty (30) Jays before the date of which
they beco~e past due. In no event shall Mortgagee be liable
~or any interest on any amoant paid to it as herein required.
and the aoney so reeeived may be held and commingled with its
own funds, pending payment or application thereof as herein
provided. MorLgagor shall furnish to Mortgagee~ at least
thirty (30) days before the date on whi~h the same aill become
past due~ an offieial statement of the a~ount of said taxes~
assessments, insurance premiums and rents next due, and
Mortgagee shall pay said charges to the amount of the then
unused credit therefor as and Nhen they become severally due
and payable. An official receipt therefar shal~ be conclusive
evidenee of such payroent and oF the validity of such charges.
MorLgagee may, at its option, pay any of these eharges
When payable~ either before or after they become past due,
Without notice! or ~ake advances therefor ~n excess of the then
amount of credit for said eharges. ~he excess amount advanced
shall beco~e part of the SeGUred Indebtedness and bear interest
at the rate provided in the Note from date of advancement.
Mortgagee may apply credits held by it for the above charges or
any part ~thereof on account of any delinquent installmeqts of
prineipal or interest or any other paymentis ~aturing or due
u~der this instrument, and the amou~t of eredit exi~ting at any
time shall be reduoed ~y the amount thereof paid or applied as
herein provided. The amount of the existing cred it hereunder
at thz time of any tran~fer of the Land shall~ without
assignment thereaf, i»ure to the benefit of the 9uccessor-owner
of the Land and shall be applied under and sub~ect to all of
the provisione hereof. Upon pay~ent in f~ll of the Seeured '
Indebtednes$~ the amount of any unuaed ~red~t shall b~ paid
over to the perbon entitled to reoeive it.
1. 07 .
MortQa~oc ahall keep the Mort~a~ed prop~rty
inaured tor tbe b~n~tit o! Nortga~e• agsl.n~t lae• or d~~~t~ by
fire, lightning, Windatorm~ hail~ expio~lon, riot, riot
-6- eoo~~7~ ~cF~~~~
- -
~.~~.~~4 ~.._u ~