|
_ I �
<br /> ' �s-- U00356
<br /> T.HE, MOATGAGOR_BORTAER COVErTANT3 AND �AGREES: _. . , . ,
<br /> `r� L- � r� U :3 • . . :
<br /> ��� � That the Mortgagar :.will pa�'the inde6tedne,as�as hereinbeforg ptdvadedi�. � i. ; „ . . - -. .� . ' . .
<br /> � . . . . � � , y .. ":: r . �. :. ^�r , .....:.. k .,.. , " . . . ,: .:� . �' . . .. � �
<br /> '- That t1�C Mortgagoe'�;is th �#x�r o[ said property in fee simpie �and has good right and lawful authority to� sell and� �� t ��
<br /> mnvey the same and� that th�'#�}v��a�cee and clear of eny Len or er�cumbrance; and that�� Mortgagor wil! warrant and defend 'the �. '
<br /> � . title to said premiee�a againat� {�nd Clai�ot all,���.pl�=eons«whomeb�ver � �
<br /> j� . . . . . . f �... ;��.� {,ffi . � tw 'lF�:, > � ��!;�L' i :.-v �. .� • . . , . .. . . . . .
<br /> Ta peY ammedtately w�fefl rhj��: �d 'p8yaibPe ali' g¢rieial tazes kpec7ak �taxes, apec�al assewsments, water charges, sewer ser`v�-� �
<br /> , ice charges, and�other- teses end chprgea against. aaid property, and a1L taxex Ievivd �on the rleb[ secured hereby, and to Curnish [he
<br /> � � Mortgagee,� upbri� �.ieque�C; with 'the � origenal or ;d'upli�ate . receipts tNerefor. The Mortgagor agrees � that there xiiall be� ailded ; to � � '� " � �
<br /> each monthty payment reqwred hereunder or under �the evidence of deht secured hereby an amouqt estimatnd hy the Mortgagee �
<br /> to �6e aufficiea�. ta�°' "enabls the;�'it+Iocf"gngee�.,to pay, aa they 6ecome �due: � all taxe», asses�rments, und simi�lar charg�s �upoR the:� prem• � �
<br /> � � , ise8'�ibfect�� theretei;` 9ny 'deficienCy- becaitse "of�� ttie insu�ciency o[ such ndditional ISaymentx " shatl � he forthwith depasited by the � '' � � � � � �
<br /> . : . Mortgagor with the Mortgagee upon demand by the Mortaagee. Any clefnult under Lhis paragraph !shall be deemed a default in � � � ��
<br /> � , payrssetlt ��o/ txxeia;� �a�wessments: or � similar charges required hPrennder. � � � � � � �� � � � � � �� � - �� � � � � �
<br /> ��� � � � Tlu� Mortgagor. agre,Ns thnt there shall also be added tu each: monthly paymrnt of principnl n.nd interest required , here- � � �
<br /> _ under AR ainount estimatecl by the 1Kortgagee to bc auflicient to enable the MoKgagee to pay , as it becomes fIUP, LIIP insurance � � �
<br /> �� premium on any insurance. pulic_..• deGvered to the Mortgagee. Any deficiency because o! the incufficiency of such additionat pay- � � .
<br /> . menfs' �shalt t�e fortbwith �deposited �by �the Mortgagor with the Mortgagee upon demand by the Moftgagee. Any �de(ault un?ler this �� � . � �
<br /> paragraph shall be deemed a default in the yayment of incarance premiums. � IP� the� �licy ' or pollcies� iieposited � are svch � as Ix�me= - � �
<br /> �. ownerA qr a0 risk �licire, and thr de�mYita ur.� in.wu�r.ient to pay th�- rntire prrmiuin , the A.lurtgagee rnay apply the de�mvif to � �
<br /> ' pay premiums on risks rrquired to F� insurcvl by this mortCage. ,
<br /> Paymentq made by the Murtgagur under the abow�. paragrs�phs mxy , at the option ...f the Mortgagee, be held � by it and �
<br /> . oommingled with other such funds nr its own funds fur the paymrnt of StICFI items, and unti! so applied, such payments arr hereby � . �
<br /> � �. pledged as security for the unpaid balance o[ the mortRage indebtedness. . . . .
<br /> � . ' Tt� procure, deliverr tn, and maintain for the brnrfit of thF Murtgagee during- the lite of this mortgage origina! �IicieK and � �
<br /> renewals thercof, delivered at least ten days befo�e t6e expiration uf nny sur. h policies, insuring aKainst fire und other insureble � �
<br /> � hazards, casualties, and contingencies as the Mortgagee mny reqvire, in �n amount equal to the indebtednese se.cured by this i �. � � -� .
<br /> MoNgage, and in rnmpanie� accepiable to the MortK�F:�'", with lo,v payablr clause in favor nf and in Germ acceplable to the Dlortga- . �
<br /> gee. In the event any policy is r�ot renewed un or baiore tert days nf iiv axpiration. thv Mort�agee may pmcure insurance on the . �.
<br /> improvemenfx, pay the premium the�refor, and auch sum shall f�ecome immvdiatcly due and payable with interest at the rute set . � ' � �
<br /> . forth in xaid note until paid and shall Fx• .rcure�d by this m�: �rtgaga Fai [um on the part of the Murtgagor to furnish such renewals � � ,
<br /> � as are herein rr.quired ur (ailure to ps�y any vums advanced herrundt•r vF�all, at the option o( the Mortgagee, cnnstitute a default . �
<br /> � ' under the terms of this mortgage_ The delivrry o( curh poliri��v shall, in the avrnt oF default, constitute an aasiRnmxnt of the un- � �
<br /> � earned premium. �
<br /> , Any suma received by the Mortgagee by re•xson o[ lofis or damnge insured again.st may be retained by [he Murtgagee � �
<br /> � and applied toward the payment of the debt herr.by srrcurad, or, at the option u[ the Mortgagee, such sumy eitRer wholly vr in �
<br /> � � part may be paid over to thr MortgaKnr to he u.sed to rr•pair vuch buildinK� or to build ' new buildings in their place or for any � �
<br /> . other purpose or object eatisfactury to the Mor[Regee without al(ectinK the lien on the mortgage for the full amouM crcured here- � � �
<br /> ' by before such payment ever took place. ' ` � � , � �
<br /> � To prompNy repair, rrstore or rebuild any buitdinga or improvtmenLs now ur hereafter on the prpmises which may be- � � �
<br /> � come damaged or destroyed ; to keep said premisea in good condition and repair and (ree from any mechanic'.s lien or other lien or � �
<br /> � �, claim of lien aot expreRaly suAordinated to the lien hereo(: not to suffier or permit any unlawful uae of or any nuisance to exist an � �
<br /> _ � said property nor to permit waste on said premises, nor to do any other act whereby the property hereby conveyed shall hecome � � � � .
<br /> Iese veluable, nor to diminish or impair its value by any act or omi�sion to act. : to comply with alt requirementr o( law with respect � �
<br /> :�� to the morlqaged premises and the use thereoL � �
<br /> � That should the premiw�s or any part thercv�t bo taken or damaged by reavon nf any public improvement or condemnn[ion . � � � �
<br /> � proceeding, or under the right of eminent domain, ur in any other manner, thr Mnrtgagee shall be entitled to all compensations, �, �
<br /> , awards, and any other payment or reliet therefor, and shall be entitled, at its option, to commence, appear in � and � prosecute in ifs� � � � �
<br /> . own name any action or proceeding, or to make any compromise or setqement in connection with auch takinq or damage. All such � . � .
<br /> � compeivetion..� awards; damages, � right . of action� and� procreds are hereby assigned to the �Mortgagee, who may, . after deducting � �
<br /> � therefrom all ita expeneea, release any� moneys. ao received by it � or apply the same on any indebtedneas .secured hereby. The :Mort- � �
<br /> . gagor. agteea -to ezecute such fuNher a+�signments of any compert�ation, awards, damages, and riKhts of actiu� and . nrceeeds as the .
<br /> . Mortgagee :maY re4uire. . . . . . . . . . ..
<br /> � , That in case o[ failure to perform any of the covenanta herein. the Mortgagee may do on the Mortgagor's behatf everything � �� �
<br /> so covenented; that the Mortgagee may also do any act it may deem nectssary to protect the lien thereof: that the Mortgagor will � p - . �
<br /> repey upon demand any moneys peid or disbuxsed by the Mortgagee for eny of the above purpaaes, and such moneys togetHer with '..� ' � � .
<br /> ' . interesl� thereon - at � the rate provided in x�aid note ahall hecame 3o much additional indrbtedness hereby secured and may he in- t.,�, . �
<br /> cluded in any decree foreclosing this mortgaqe and be paid out of the rents or proceeds of aale of aaid �premixes if not otherwise .� � � . �
<br /> psid; that it shall not be obligatory upon the Mortgagee to inpuire into the validity o[ any lien, encumbrances, or claim in ad- �� � � �
<br /> � vaneinR�moneys �as ebove authorized,. but nothing herein contained shall . be construed as requiring the Mortgagee tu advance any � � .
<br /> , moneya. for�any wch purpose nor to do any aM. hereunder; and that Mortgagee shall not incvr any perwnal liability beeause �of any- � . � � �
<br /> � thing. itmay ,do �or. omitLodoherevndec � . � . ,
<br /> �� � � ,In � the event of the default by Murigagor in the paymen t o[ any installment, as requiced by the Note secured hereby, or , � �
<br /> in the perEormance of the obligation in this mortgage or in the note aecured thereby, the Mortga�ee shall be entitled to dectare the � � � � � � �
<br /> � debt secuced kiereby due and payable without notice, and .the Mortgagee sball be entitled at its option, without notice. either by iLvelt . � �
<br /> � or„bal. a receiver t6 be `appointed by ,the � court thereof, and without regard to the adequacy o[ any security for the indebtedness sr.- � �
<br /> '. . . . . . . . .
<br /> � � cured h'ereby; to 'eriter' upon and �fake � pon§ession' of �the � moitRaqed premisea, and to mllect end receive the rnnls, i�aues arid �profits -
<br /> � � ( th�ereot;, and^applytHe' aamer .lese -coets� of operation� �and ��collection, Upon the :indebtedness secured� by - this moHgage; 'said �� renta;'� . . . � �
<br /> i�ues�and pro8ta�being-hezeby �assigned� to the� Mortgagce as further xecarity !or the�payment of alt indebtednes.a'securtM hereby. � � � t
<br /> � � . .+ � . . . . . . .. � . . . .� . . . � .: , � . �, � .
<br /> � �' y � The Mortgagee shall have the power to appoint eny agent or agents �it may desire [or the purpase of repairing said prem- � , _ �� �
<br /> � - ` iees: •renting the eame:, rnllecting, the renta, revenues and income, and it ma � �------ � r
<br /> , y , pay �ut ot said inrnme all expenRes incurred in rent- � -- - � ' ,,, ,
<br /> i - �.: . � � �. ing . and managirig�' the �aame ' and�� ot`'collecting- ��tfie rentala � therefrom. � Tbe balance� remaining, it any, shal! be apptied �toward the � � � . �`--'ll . . 'b . . `�
<br /> � diachar tgag g . . ,:
<br /> .. ge ot the mot e mdebtrdnesn.. Th�n aasi nznent� is !o terminate and become null and void upon release of this mortRage. .Y ' '"' ��w> �
<br /> F ( t - - � . � - . .. , . . . . . . . , : . . . . . . . 7; �
<br /> L � , � �
<br /> , x �� f
<br /> ti � � �� � � , �:
<br /> . < ,
<br /> , .
<br /> � �.. _ _� : � � �. _ :;�.� > > � ' '
<br /> _ _. . ,
<br /> • ----_ __ ... ,. . * �,, ' , • �
<br /> . _ . __. _. �:_: ..::; _ ;:
<br /> t T� .
<br /> � �;.+;
<br /> �
<br />
|