170-660 - Laserfiche WebLink

Browse

00-9853 THIS MORTGAGE IS ALSO TO BE AND CONTINUE TO BE_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 13Y THIS MORTGAPE.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 IN ACCORDANCE WITH THE TI!RMS OF THIS MORTGAGE. THE MORTGAGOR FURTHER COVENANTS AND AGREES: That the �Mortgagor will pay the indebtedness as hereiribefore provided.� That the Mortgagor is the owner of said property in fee simple and has good right in([ lawful authority to sell and convey tile same and that the same is free and clear of any lien or encumbrance; and that Mortgagor will Nvarrant. 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 charges, sewer serv- ice charges, and other taxes and charges against said property, and all taxes.levied on the debt. secured hereby, ai id to furnish tile Mortgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that there sI iallhe added to . each montilly payment required hereunder or under. tile - evidence. of debt secured hereby an aniount estimated 1) ' y� the Mortgagee to be 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 tile insufliciency of such additional piiyments shall Ile forthwith deposited by the Mortgagor with the Mortgagee upon demand bY the INIortgagee. Any default. under this paragraph shall he deeriled a (]('fault. in payment of taxes, assessments, or similar charges required hereunder. The Nlortgagor agrees that there shall also be added to each monthly payment of principal and interest required here- undi�r ,in amount estimated by the.Nlortgagee to be sufficient to enable the Mortgagee to pay, a.,; it becomes dtie, the insurance premium on my insurance policy delivered to the Mortgagee. Any deficiency because of ill(! insufficienciy of such * idditional pay - merits shall be forthwith deposited by the Nlortgagor with the Nlortgagee upon demand by tile Nlortgagee. Any defaillt under this paragraph shall be deemed a default in tile payment of insurance premiums. If tile policy or policies deposited are such as home- owners or all risk policies, and the deposiLs are, hisjifficicint to pay the entire premium. the Nlortgagee may.apply the deposit to pay premiums oil risks required to -be insured by I h is. mort gage. 13ayments made by the Mortgagor under tile above paragraphs may, at the option of the Nfortgagee, bl� field by it and commingled Nvith other such funds:or its o�vn funds -for the payment of such items, and until so applied, such payinents are herebN pledged as security for the unpaid balance of the mortgage indebtedness. To procure, deliver to, and maintain for the henefit, of the Nlortgagee (hiring the life of this mortgage original policies and renewals thereof, delivered at. least tell (lays before the expiration of any such policies, insuring against. fire and other hisurable hazards, casualties, and contingencies as the Mortgagee may require, in an amount equal to the indebtedness -secured by this Mortgag6, and in companies acceptable to the Mortgagee, with loss payable clause in favor of and in form acceptable to tile Xlortga- gee. In the event any policy is not renewed oil or before ten (lays of its expiration. the Mortgagee may procnreiinstiranceon the improvements, pay the premium therefor, and such suni shall beem-ne immediately due and payable with interest at th(, rate set forth. in said note until paid and shall be secured by this mortgage. Failure on the part of the Mortgagor to furnishisuch renewals as are herein required or failure to pay any sums advanced hereunder shall, at tile option of the Nlortgagev, co nstitute .1 default under the terms of this mortgage. The delivery of such policies shall, in tile event of default.-constittite an assignment. of the un- varned prernium. Any sums received by the 'Niortgagee bY reason of loss: or damage insured against. may Ile rotained b'y the Nlortgagee and applied toward the payment of the debt hereby secured, or.. at the option of the INIortgagee, such sums vither.whollY or in part may be paid over to.the Nlortgagor to be 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 oil the mor(gage for the full aniojint secured her(! - by before such payment ever took place. To promptly repair, restore or rebuild any building -s or improvenients no%v or hereafter oil tile prenlis( �s which may be' - come damaged or destroyed: to keep said premises in good condition and repair and free from any mechanic's liqin o)r other Wni or claim of lien not expressly subordinated to the lion hereof; not to suffer or permit ally unlawful us(! of or "anY nuisance to (�xist oil said property nor to permit waste! oil 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 let or omission to let.: to complY wiih all requirements of.law.with respect to the mortgaged premises and thesuse thereof. That. should the premisesTor in\, part, thereof be taken or damaged by rea'�on of in\, public inlprovemen�!or �ondemnation procceding,'or under the right of eminent domain, or in any other manner, the Mortgagee shall Ile entitled to all compensations, awards, and any 'other payment or. relief therefor, and shall be entitled. at its option; to commence, appear in in([ prosecute in, its own name any action or proceeding, or to make any. compromise or settlement in connecti6n with such taking or'damage. Al such compensation. awards, damage.,;, right of action and procceds are hereby assigned to the Nlortgagee, Nv ' ho may� after (ICCILICting therefrom all its expenses, release any moneys so received by it or apply the ' same on any indebt6driess secured her( -by. The NIort- gagor agrees -to execute such further assignment.,; of any compensation. awards, damages. in(] right-,; of action and proceods as tile Nfort-gagee may require. That. in case of failure to perform any of the covenants herein, the INIortgagee may (to oil the Nlortgagor's behflf everything so covenanted-, that tile NIortgagce:may also (to any let it may deem necessary to protect the lien thereof; that the Mortgagor will repay upon demand any moneys paid or disbursed 1) ' v tile IVlortgagee for any of the abo ve purposes, and such moneys together with -it tile rate provided in said nott� shall become so much additional indebtiAness lierel)v secured. in(] may he in - interest thereon cluded in any decree foreclosing this mortgage atid be paid out of the rents or proceed,, of sale of ,;aid premises. if not. otherwise paid; that it shall not Ile obligatory upon the Nfortgagee to inquire into the validity of any lion, encumbrancesi or c , laini in ad- valicirfg moneys as above authorized, but nothing licirein contained ,;hall be construed as requiring the Mortgage(,- 'to advance any moneys for any such purpose nor to do my act hereunder; and that Mortgagee shall not incur any personal liability,because of any- thing it may (to or omit to do hereunder. In tile event of the default by Mortgagor in the payment of any instillment. as required by the Note secured hereby, or in. the performance of the obligation in this mortgage or in the note secured thereby, the Nlortgagee shall Ile entitled to declare the debt secured hereby due and payable without notice, and the Mortgage6 shall Ile entitled at its option, without notice: ei tiler by itself or by a ieceiver to be appointed 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 tile mortgaged premises, and to collect and rcc�ive the rents, issues and profits the're4, and apIily . thesame, less costs of operation and collection, upon the indebtedness secured by this mortgage;. said rents, issue's -and proft-, being hereby assigned to the Mortgagee as further security for the payment of all indebtedness secured hereby. The Mortgpgee shall have the power to appoint any agent or agents; it may desire for the purpose of repairing said ))rcnl- ises; renting the same; collecting the rents, revenues and income, and it may pay out of ,;aid income all expenses7incurrLd in rent - ink and managing the same and of collecting the rentals therefrom. Tile balance remaining, if any, shall Ile applied toward the discharge of the mortgage indebtedness. This assignment is to terminate and'hecome null and void upon release of"this mortgage.