88103396 - Laserfiche WebLink

Browse

) 88- 103396 made shaJl be added to the principal sum owing on the above note, shaD be secured hereby, and shall bear interest at the rate set forth in the said note, untll paid. 7. That the MortSBlOi' hereby assilns, transfers and sets over to the MortPlee, to be applied toward the payment of the note and all sums secured hereby in case of a default in the perfor- mance of any uf the terms and conditions of this mortgage or the said note, all the rents, revenues and income to be derived from the mortSBled premises durins such time as the mortgage in- debtedness shall remain unpaid. and the Mortgagee shall have power to appoint any Blent or Blents it may desire for the pur- pose of repairing said premises and of renting the same and col- lec:tin& the rents. revenuCll and income, and it may payout of said incomes aD expenses of repairing said premises and necessary commiuions and expenses inclUTed in renting and managing the same and of coUectins rentals therefrom; the balance remaining. if any. to be applied toward the discharge of said mortgage indebtedness. 8. That the MortNor will keep the improvements now ex- istil1l or hereafter erected on the mortgaged property. insured as may be required from time to time by the Mortgagee against loss by fire and other hazards. casualties and contingencies in such amounts and for such periods as may be required by the Mort- J,IICIC and win pay promptly. when due. any premiums on such insurance provision for payment of which has not been made hereinbefore. All insurance shall be carried in companies ap- proved by the Mortpaee and the policies and renewals thereof shall be held by the Monppc and have attached thereto los!; payable CIaUICI in favor of and in form acceptable to the Mor- tppe, In event of Iou MonNor wiD live immediate notice by mail to the Monppe. who may make proof of loss if not made promptly by MoI1P1Of. and each insurance company concerned is hereby authorizlld and directed to make payment for such loss directly to the Mortppe inJtead of to the MonPlor and the Monppe Jointly. and the insurance proceedl, or auy pan tbereof, may be applied by the Mon..,ee at its option either to the nduction of the iDdebtedneu hereby secured or to the ra&oraIioD or repair of the propeny darn'V"". In event of foredolure of lhiIlIIOftpte or other U'aDlfer of title to the mor- tJlpd propmy in miquiUuaent of the indcbtedncu ICCUtCd hereby, aU riPe. title and intcrac of the MoI1P101' in and to uy iDl1U8llCC poIicia then in force shall pau to the purchucr or Ifu&ee. 9. 1'haC ullJdditioDaJ and 001...... lICUrily 101 die payment of the DOle dac:ribed. and .. __ 10 ....;d. uade&; tbiI ftIOrtJIIC. the Mortpaor hetleb)' MaipI totbe:MOItppI aU profitt. rewaueI. royaltiel. dlbt~liUd ~ ~ 10 die MorIpfor uadcr any and all Oil aid pi Teua on said 'prenliItI. with Ow rfabt 10 receive and receipt (or the &aIDe and apply tban to IIid iJlddMtdDeII u well before u aftn default in tbe c:ondi. tionl or tbilaaortPIC. and the Monppc may demand. sue for and recover an)' such payment. when due and payable, but .hall not be required 10 10 do. 11111 aMipmem i. to terminate and btcome null and void upon rclalM of Ihls man...e, .e ....... ....... the Mort&aIlOr(l) hive In prnmce of: hereunto lICt 10. That the Mortgagor wiU keep the buildinss upon said premises in good repair. and neither commit nor pennit waste upon said land, nor suffer the said premises to be used for any unlawful purpose. 11. That if tbe premises, or any part thereof, be c:ondem~ under the power of eminent domain. or acquired for a public use. the damages awarded, the proceeds for the takiDa of. or the consideration for such acquisition. to the extent of the full amount of indebtedness upon this mortgage and the DOte wbicb it is given to secure remainins unpaid, are hereby "uipwd by the Mortsagor to the Mortgqee, and sbaU be paid forthwith 10 said Mongagee to be applied by the Jauer OD aa:ouat of the DCXl maturing installments of such indebtednCIs. - 12. The Mortgasor further qrees lhat should dIis IIIOI1PF and the note secured hereby not be eliIibIe for iDJunaII:le IIIIda' the National Housing Act within da,s from the date hereof (written statement of any offlCa' of the Department of Housins and UrbaD De\i~ or UIboriJled agent of the Secretary of HoUJiJq: and Urban Da~ daUd subsequent to the da,s' time fJDID die -.e of this mortgase. declinins to inJure said DOte aDd tbis IDOI'IpIF. beil1l deemed conclusive proof of IUCb iDdiIibilit)'). the Mor- tgagee or holder of the note may. at: ill opcioD. dedM'c aU_ secured hereby immediately due and payable. 13. That if the Mongaaor fails to male UJ' ,,)"IIICIIU of money when the same become due. or fails 10 caafona 10 ad comply with any of the CODditioDI or ..,eemcau CICNIIrr , ill this monsqe, or the note whicb it secures. dim die emre prill- cipal sum and lll:mIed interal sbaJl at: CJIICC becIac_ .... payable. at the elec:t.iOD of the Monppe; ad dIis ~. ..,. thereupon be foreclosed ;III..-liatdy for tile ..... 01.... money. interest. monthly paymeDU. emu. poaad.... ~ and tbe COlt of extmdiDa the abItnd of tide ,.,... die .... of this loan to the lime of (0IlltDmd1ll1UCb filR-:J.-.. ... ... . reasonable attorney's fee. aU of wbicb ...... be addl' .. die decree of foreclosure; aDd the c:oatrac:l tiMDltieIJ .. dIiI ~ . and the note secured berebJ. IbaII .. .. ftII*'II .. ~ construed and adjudpd by die ..... or Ntf)..A.. ~ .... - il mack, The covenaall herein alGt__ IbaIl ...... aDd die ~ and advantqa shall inure 10, &be fapeaM .....,......... ad. ministrators, Suc:cellOrl, aDd ...... of me ...... ...... Whmever used, lbe Iiqu1ar ...... sUI iIIdDde die ...... die plural the liqular. aDd the .. of MY .... ... iIIc:IIIdt .at aendm. The foreaoina condjtions. aJI aDd......... b&WI perf...... cordina lO lheir natural aDd JcaaI import, IlIiI ca.ll1t!IMCIC ... be void and said premias re:Ieaed .. Ihr a..- or _ Mort. aqor: otbf.rwUe to be and remain in fulrorce _dhc:t. the i r hand(s) the day.and year rlfM ~ wrinm. g~~~ ..... ..... Is.It ts.ll ~ ~~~CA."'\~ M, M~~~~ Stephonip M, Morrison Page 3 at .