171-025 - Laserfiche WebLink

Browse

THIS MORTGAGE IS ALSO TO BE AND CONTINUE TO BE, FROM TIMt,T0 TIME, SECURITY FOR THE PAYMENT OF SUCH �SUM OR SUMS'OF MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME I THE FUTURE ADVANCE TO T - HE *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 IN ACCORDANCE WITH T14E TERMS OF THIS MORTGAGE. THE NIORTGAGOR FURTHER COVENANTS AND AGREES:. That tile, iMortgagor Nvill pay the irtdebtz�dness as hereiribefore provided. That -the Mortgagor is the owner of said property in fee simple and has good right and lawful authority to sell and convey the same and that the same is free and clear of my lien or encumhrance; and that Nfortgagor will warrant. and defend tile title to said premises against the claims of all persons whomsoever. a To pay immediately 'when due and payable all general taxes, special taxes, special assessments, water charges, s( ' �wer qbrv- ice charges, and other taxes and charge,,; against said property, and all taxes levied oil the debt. secured hereby. and to flirnish : tile Nlortgagee, upon request, with the original or duplicate receipts therefor. 'rile Nlortgagor agrees that there shall he a(ldec * I to each monthly payment required hereunder or under the evidence of debt, secure([ hereby an amount estimatQd by the, 1%.Iortgagee to be. suflicient. to enable the Nlortgagee to pay, as they becoule (Ille.-all taxes: assCssulents, and similar charges upon. the prem. ises subject thereto; any deficielic ' v because of the insuilicielicy of such arldition. ' il payments shall he forthwith deposited by tile 'Niortgagor with the Nlorlgagee upon demand by the Nlortgagee. Any default under this paragraph shall be deemed a default in payment Qf taxes, a"essnients, or similar charges required hereunder. The Nlortgagor agrees that there shall also he added to each. monthly payment of principal ,in(] interest,required here- to he sufficient to enable JIle Nlortgagee to pay. as it hecoules due, tile insurance under in aniount, estiniated bN the 'NIortgagee prenlitun (in any insurance policy delivered to the Mortgagee. Any deficiency because of tile insufficiency of such additional pay- menis shall heJorthwith deposited hy the Nlortgagor with the Nlortgagee upon demand by the Nlortgagee. Any default under this paragraph shall be deeliled a default in the payment of insurance premiums. If the policY or policies deposited are such as home- owne5s or all risk policies, and the deposits are insufficient to pay the entire prerniurn, the ivIortgagee may -apply tile deposit to pay prenihinis oil risks required to lie insured by this mortgage. Pavinonts made by the Nlortgagor undvi- the above paragraphs may. at the option of the 1M.ortgage( . % he held by it. and comming . led with other such funds or its own funds for the payment of such items. and until so applied, such payments are her . ebY pledged as security for the unpaid balance (if tile mortgage indebtedn".s. To proc . tire, deliver to, all(] maintain for the benefit of tile Nlortgagep!(!uring the life of this mortgage original policies and renewals thereof, delivered at. least tell days before the expiration of any such policies, insuring against. fire' and other insurable hazards. casualties. an(f contingencies as tile iviortgagev may require. in an anjount equal to the indebtedness secured bY this NloHgage, and ill companies acceptable to tile ivIortgagee, with loss payable clause in favor of an ' (I in form acceptable to tile iNlortga- g ay procure insurance oil the gee. In the event an\ I)0licY is not renewed oil 'or bofory tell (lays of its expiration, tile Nlortkagee m, improvements. pay the prenliurn therefor, and such suin shall become immediately due and payable with interest at the rate set forth in said note until paid and sliall be secured bY this mortgage..Failure oil the part (if the Nlortgagorto furnislisuch renewals as art, herein required or failure to pay any sunis advanced lierviin(ler shall. at - the option of tile IvIortgagev, constitute a default under the terms of this mortgage. 'rile deliver.y.of such policios shall, in the event of default. constitute an as';ignillent of the iin- earned prenlillul. A ny sums received by the Nlorigagee 1) ' v reason of loss or damage insured against. may he rotained by the Nlortgagee and applied toward tile payment (kf the debt hereby securc-d. or. at tile optioil of the IvIortgagee,such stiniseitlivrwholly o�in part may bt- paid over to the Mortgagor to lie used to repair such buildings or to build new buildings in their place or for any other purpose or object satisfactory to the INIortgagee without affecting tile lien on file mortgage for the full amount secured here- by hefore such payment. ever took place. To promptly repair. restore or rebuild lily buildings or improvements no\%, or hereafter oil the promises which may;be- come darnaged*or destrove(L to keep said premises in goo(�*condition ;in(] repair and free front ;lily nlechanic'slien orotfierlienor claim of lien not expressly subordinated to the lien hereof: ]lot to suffer or permit an.v 11111aWfUl use of or any nuisance to exist7on said property nor to permit waste on said prernises. nor to (to ;my other act whereb ' v t1w property hereby conveyed sliall become less valuable, nor to diminish or impair its value hy my act or ornission to act; to comply with all rv(juirements of law with respect to' tho mortgaged premises and the use thereof. 'I'llat should the premises or ;in\, part thereof he taken or damaged hv �eason of an.v public improvement or condemnation proc eeding. or under the right of eminent domain, or in lily other manner. the Mortgagee sliall he entitled to all cornpensat ions, awards. and any.other payment or relief therefor, and shall he entitled. at its option, to commence. appear in and proseo�ut.e in its -my action or proceeding, or to make any compromise or settlement in connection with such taking -or (],image. All such Wrl name , and' -v hereby a,�.signed to the 'NIortgagee, who may, after dvdu�cfing �( ) jupensation, awards, (];image.,;, right of action procceds ai therefrom all its expenses, release any money.,; so-recvived by it or apply tile same oil in\, indebtedness secured herehy.The lvlort.- gagor agrees to'execute such further assignments of lily compensation, awards. darnages. and rights ofaction and proceeds as tile Nlortgagov may require. That in case of failure to perform lily of the covenants herein, the 'Niortgagee may do oil the iNlortgagor's behalf everything so covellanted; that tile 'Nlortgagee may also (to lily act it may deern nec(;ssar . t : protee y 0 t the lien thereof: that the ivlortgagor will repay upon demand lily moneys paid or disbursed hy the Nlortgagee for ally of the above purposes, and such moneys together with interest thereon it the rate provided in said not(,- sliall become so much Odditional indehtedness herel)v secur ed and may be -in- cluded in my decrev foreclosing this mortgage and he paid out, of the rents or'proceeds of sale of said premises if not othenvise paid; that it shall 'lot be obligatory upon the INIortgagee to inquire into the validit * v of any lien, encumbrances. or claim in ad- vancing moneys as above authorized, but nothing herein contained shall be constjrued as requiring, the Mortgagee to 'idvance any moneys for any such purpose nor to do :in), act hereunder: and that Nlortgagee� shall not incur anY personal liability because of an\ - thing it may do or ornit to do hereunder. In the event of the default bY Nlortgagor in the payment of ;lily installment, as required by the Notesecured herchy, or in the performance of the obligation in this mortgage or in the note secured thereby, tile Nlortgagee sliall be entitled to declare the debt secured lierebY due and payable without notice, and the Nlortgagee shall be entitled at. its option, without notice, vither b� itself or by a receiver to be appointed by the court thereof, and ),vithout regard to the adequacy of my security for the indebtedness se- cured hereby. to enter upon and take 1)o,;ses,;ion of the mortgaged premises, and to collect. and receive the rents, issues and profits thereof, and apply the same, less costs of operation and collection. upon tile indebtedness secured by this mortgage; said rents, issues and pricifits heing hereby assigned to tile Nfortgagee as further security for the payment of all indebtedness secured hereby. The Nlortgagee shall have -the power to appoint lily agent, or agents it may desire for the purpose of repairing said prem- ises: renting fit(! same; collecting tile rents, reventies an(] income, and it may pay out of said income all expenses incurred in rent- ing ,in(] managing the same and of collecting the rentals therefroiIi. Tile balance remaining. if my. shall lie applied toward the discharge 4 the mortgage indebtedness. This assignment is to terminate and become unit and void upon release ofthismortgage.