170-482 - Laserfiche WebLink

Browse

QQ9�60 THIS MORTGAGE IS ALSO TO BE AND CONTINUE TO 43E, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH SUM OR SUMS OF MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR, AND EVIDENCED BY A SUPPLEMENTAL NOTE OR. NOTES, BUT THE. TOTAL INDEBTEDNESS SECURED BY THIS MORTGAGE SHALL NOT EXCEED ONE HUNDRED TWENTY (120) PER CENT OF THE AMOUNT NOW OWING, EXCEPT FOR ANY ADVANCES THAT MAY BE MADE TO PROTECT THE SECURITY IiI ACCORDANCE WITH THE TERMS OF THIS MORTGAGE. ' THE MORTGAGOR FURTHER COVENANTS AND AGREES: That the Mortgagor will pay the indebtedness as hereinbefore provided. That the Mortgagor is the owner of said property in fee simple and has good right, and lawful authority to sell and convev the same and that the same is free and clear of any lien or encumbrance; and that Mortgagor will warrant. and defend the title to said premises against the: claims of all persons whomsoever. To pay immediately when due and payable all general taxes, special taxes, special assessments, water cliarges, sewer serv- ice charges, and other taxes and charges against said property, and all taxes levied on the debt. secured hereby,: aiid to furnish the Mortgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that there shallbe added to each monthly payment required hereunder or under the evidence of debt secured hereby an amount estimated by the Mortgagee to he sufficient to enable the Mortgagee to pay,. as they become due, all taxes, assessments, and similar charges upon the prem- ises subject thereto; any deficiency because of the. insufficiency of such additional payments shall be forthwith, deposited by the Mortgagor with the Mortgagee 6pon demand by the Mortgagee. Any default under this paragraph shall he dr•enierd a default in payment of taxes, assessments, or similar charges required hereunder. The Nlortgagor agrees that there shall also he added to each monthly payment of principal and interest 'required here- under an amount estimated by the- Nlortgagee to he sufficient to enable the Nlortgagee to pay, .as it becomes due., the insuranm premium on any insurance policy, delivered to the'Mcirtgagee. Any deficiency because of the insufficiency of su6l additional pay- ments shall be forthwith deposited by the Mortgagor Nvith the Nlortgagee upon demand by the AMortgagee. Any xlefault under this paragraph shall he deemed a default in the payment of insurance premiums. If the policy or policies deposited are such as home- owners or all risk policies, and the deposits are insufficientto pav the entire premium. the Alortgagee, may apply the .deposit to pay premiums on risks required to be insured by this mortgage. Payments made by the Mortgagor under the above paragraphs may, at the option of the Mortgagee, be -held by it and commingled Nvith other such funds or its own funds for the payment of such items, and until so applied, such payments are hereby pledged as security for the unpaid balance of the mortgage indebtedness. To procure, deliver to, and maintain for the benefit. of the N-lortgagee during the life of this mortgage oii tout policies.anrl renewals thereof, delivered at least ten clays before the expiration of any such policies, insuring against fire and other insurable hazards, casualties, and contingencies as tine Mortgagee may require, in an amount equal to the indebtedness' secured by this Mortgage, and in companies acceptable to the Mortgagee, v:ith loss payable clause in favor of and in form acceptable to the Mortga- gee. In the event any policy is not. renewed on or before ten days -of its expiration, the• Mortgagee may procury insurance on the improvements, pay the prernicini iherefor, inil such 'sunn shall become immediately due and payable with interest at the rate'set forth in said note until paid and shall be secured by this mortgage. Failure on,the part of the Mortgagor to furnish such renewals as are herein required or failure to pay any sums advanced hereunder shall, at the option of the Mortgagee, ciunstitute a default ander the terms of this ntortgage.•The delivery of such policies Shall, in the event of default, constitute an assignment of the un- earned premium. Any sums received by the Mortgagee by `reason of loss or damage insured against mac he retained 'hv the AMortgagee and applied toward the payment of the debt hereby secured,' or, at the option of the Nlortgagee, such sums either wholly or in part. may he paid over to the Mortgagor to he used to repair such buildings or to build 'new buildings in their Place or for any other purpose or object satisfactory to the Mortgagee without. affecting the lien on the mortgage for the full amount securer) here. - by before such pavrrrent. ever took place. To promptly repair, restore or rebuild any building -s or improvernc•nts now or'hereafter on the premises which may be- come damaged or destroyed; to keep said premises in good condition and repair and free from any mechanic's lien or other lien or claim of lien not expressly subordinated to the lien hereof; not to suffer or permitany unlawful' use of or any nuisance to exist on said property nor to permit. waste on said premises, nor to do any other act whereby the property hereby conveyed shall become less valuable,, nor to diminish or impair its value by any act. or omission to act; to comply with all requirements Of law with respect to the mortgaged premises and the use thereof. That should the premise• Or any part thereof be taken 6r damaged by reason of any public improvenu+nt or condemnation proceeding, or under the right of.eminent. domain, or in any other manner, the Mortgagee shall he entitled to 'all compensations, awards, and any other paynimrt or relief therefor, and shall be entitled, at its option, to commence, appear in apd prosecute in its own name any action or proceeding, or to make any compromise or settlement in connection with such taking Or damage. All such compensation, awards, damages, right of action and proceeds are hereby assigned to the Mortgagee, who may,. sifter deducting therefrom all its expenses, release any moneys so received by it. or apply the same on any indebtedness securerd .herf!by. The Nfort- gagor agrees to execute such further assignments of any compensation, awards, damages, and rights of action and proceeds as the AMortgagee may require. That in case of failure to perform any of the covenants herein. the Nlortgagee may do on the Mortgagor's behalf everything so covenanted; that the Mortgagee may also do any act it. may deem necessary to protect the lien thereof; that the.'Morigagor will repay }upon demand any moneys paid or disbursed by the Mortgagee for any of the above purposes, and such moneys together with interest thereon at the rate provided in said note shall become.so ']inch additional indebtedness hereby secured and may he, in- cluded in any decree foreclosing,this mortgage :mei be paid out. of the rents or proceeds Of sale of said premises if not otherwise paid; that it shall not he obligatory upon the Mortgagee to inquire into the validity of any lien, encumbranci%s. or claim in ad- vancing moneys as above authorized, but nothing herein contained shall be construed as requiring the \Mortgagee to advance any moneys for any such purpose nor to do any act. hereunder; and that Mortgagee shall not, incur ahy personal liability because of ally- , thing it may do or omit to do hereunder. In the event of the default by INIortgagor in the payment of any installment, as required by the Note -secured hereby, or in the performance of the obligation in this mortgage or in the note securer) thereby, the Mortgagee shall be entitled to declare the debt secured hereby clue and payable withoutnotice, and the Mortgagee shall be entitled at its option, withiaat notice; either by itself or by a receiver f<r be appointer) by the court thereof, and without regard to the adequacy of any security for the indebtedness se- cured hereby, to' enter upon and take possession of the mortgaged premises, and to collect and' receive the rents, issueti'anrd profits thereof, and apply fie same, less costs of operation and collection, upon the indebtedness seeurecd by this mortgage; said. rerit_s, issues and profits being hereby is to the Mortgagee as further.security for the payment of all indebtedness s''trred hereby.. The Mortgagee shall have the power to appoint any agent or agents it may desire for the purpose of repairing said prem-. ises; renting the same; collecting the rents, reveriues and income, ancd,it may pay out of said income all expens:s incurred in rent- ing and managing. thesame and of collecting the rentals therefrom. The balance remaining, if 'any, shall he applied towar& the . discharge of the, mortgage indebtedness. This assignment is to. -terminate and become null and void upon release of this mortgage.