89106948 - Laserfiche WebLink

Browse

,_� �� - - I � � ( , �9--�. f a 69 4� � d. Far better security of the indebtedne�s hereby secu�ed, upon the request of the mortgagee. its successors or �.ssigns, mortg�gor shall execute anci deliver a suppleme:�tat martga�c or mortgHges cu�ering any adciitions. impravemcnt�, or betterments macle ro the property hereittabo��e describzd a7d all property acquired hy it after ehe date hereof(all in form satisfactory to mortgagee). Futhermoae, should mortgagor fail ta cure uny default (� in the payment af a prinr ar inforior encumbrance an the property described by ihis inst�ument. mortgagar here- � by agrees ta parmit mongagee to cure such default. but mongagee is not obligated ta do so; and such advances shall beGOme part of thc indebt�dness secured by this instrument, subject to�he s�me terms and conditions. e. The rights created by this conveyance shall remain in full force and effe�:t during any postponement or extension of' the ume of the payment of the indebtedness evidenced by said promissory nate or notcs, or any part therGOf securM hereby. f. To continuously maintain hazard insurance� af such type or types and in such amounts as the mortgagee may from tiane ta time require on the improvements now or hereafter on said property. and will pay promptly when due any premiums therefor. All lnsurance shall be carried in companirs acceptable to mortgagee and the policies and ren�wals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor � of and in form acceptable to the mortgagee. ]n event of loss, mortgagor will give immediate notice in wr3ting to mongagee, and mortgagee may make proof of loss if not niade promptly by mortgagor, and each insurance _ ___ comoanv concerned is herehy anth��i�P�i an�i �tirPCtec to �ns4e ��yr.::r.: f�r such l�ss M��bV1lp :.� TalOi►�w�,cc instead of to mortgagor and mortgagce jointly, and the insurance proceeds, or any pan thereof, may be applled by mortgag�e at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dacabaged or destroyed. In event of foreclosurc of this mortgage, or other transfer of title to said property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or mongagee or, at the option af the mortgagee.may be sunendered for a refund. g. To keep all buildings and other improvements on said property in good repair and condition; to : " permit, commit. or suffer no waste, impairment, deterioration of said property or any part thereof; in the event - -- - of failure of the martgagor to keep the buildings on said premises and those erected on sa�d premises, or � � improvements thereon, in good repair, the mortgagce may make such repairs as in its discretion it may deem t necessary for the proper preservation thereof; and the full amount of each and every such payment shall be ; immediately due and payabte;and shall be secured by the lein of this mortgage. � ,��? �_ ` - �_-�,- h. To noi voluntarily create or permii to be createtl against the properry subject to this mortgage any lien -= or liens inferior to the lien of this mortgage without �xritten consent of the mortgagee; and futher, that mort- - gagor will keep and maintain the same free from the claim of all persons supplying labor or materials for con- struction of any and all buildings or improvements now being erected or to be erected on said premises. • , i. To not rent or assign any part of the rent of said mortgaged property or demolish, or remove, or • — � substantially alter any building without the written consent of the mortgagee. 1 j. All awards of damages in connection with any condemnation for public use of or injury to any of the ' property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the same to payment of the installments last due under said note, and mongagee is hereby authorized, in the name of the ; mortgagor,to execute and deliver valid acquittances thereof and td appeal from any such award. = k. The mortgagee shall have the right to inspect the mortgaged premises at any rearonable time. , : i;,�� l. To comply with the provisions of any lease if this Mong�ge is on a leasehotd. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowet's obligations under the dcclaration ar covenants creating or governing the condominium or planned unit development,the by-laws and regulations of the condominium or planned unit development, and constituent documents. 2. Default in any of the covenants or conditions of this instrument or of the note or loan agament secured hereby shall terminate tht mortgagor's right to possession, use, and enjoyment of the property, ai tlit option of the ,� mortgaga or assigns (it being agreed that the mortgagor shall have such right until default). Upon any such default, the mortgagee shall becomo the owner of a11 of the rents and profits accuring after default as security for the indebtedness secured hereby, with the right to enter upon said properry for the purpase of collecting such � rents and profits. This instrument shall operate as an assignment of any rentals on said property to that extent. 3. If the mortgagor defaults, aad fails to make any payments when due or to conform to and comply with any of the conditions or agraments contained in this mortgage or the nvtes which it secures, then the entire principal .-_-_-- _ sum and acerued interest shall at once become due and payable, and draw 12� per cent ( 129 %) interest ' thereafter until paid at the election of the mortgagee; and this martgage may thereupon be foreclosed immediately for the whole of the indebtedness hereby secured, including the cost of extending the abstract of title from the date of this mortgage to the time of commencing such suit. � 4. In the event of a foreclosure ar default as provided herein. the mortgagee shall at once be entitled to the pos- Y — � session. use, and enjoyment of the real estate aforesaid and to the rent. issues. royalties, and profits thereof, from the acrruing of such rights and during the pendency of fareclasure proceedings and such possessions, etc.. _ � Shall at once be delivered to the mortgagee upon request. upon failure such delivcry of such possession may be �`' enforced by mortgagee,by any appropri�te tegal proceedingc, inr.ludin�� receiver for the nroperty. , �� �R • � �+ 'I'he praceeds of any tiale af said praperly in accurdance with �he prc^eeding paragraphs �hell he applied firtit to }' " pay thc ca�tc and expenses oi said culc, thr cxpcnccs incurrcd by the morlgagee for thc purpo�c ot protcrting c�r main�a�nmg �u�d pr��perty, tieco�dly, to pay thr it�dchtedness �ecurcc! herchv; and thirdly, u► pay any tiu�plu� ��r � e+ccc�4��►thc pert��n��r penonti Ie�;;�ll�rnu�lc� tlirrcto. �,�Ji.� � �,t � .r.'.`.