Laserfiche WebLink
<br />88- 105058 <br /> <br />executed on this date. <br /> <br /> <br />Mortgagors covenant IIi th Mortgagee and its successors in interest <br /> <br /> <br />that: (1) Mortgagors hold title to the propel.ty in fee simple and have lallful <br /> <br /> <br />authority to Ilortgage the same. (ill the propei."ty is free of liens and <br /> <br /> <br />encumbrances ezcept as stated above. and (iiil Mortgagors lIil1 defend the <br /> <br /> <br />property against the lawful claims of any person or entity. <br /> <br /> <br />1. PAYMENTS. Mortgagors shall promptly make all payents required <br /> <br /> <br />under the Promissory Note and any other instrument secur ing the Promissory <br /> <br /> <br />Note. <br /> <br />2. TAXES. Mortgagors shall promptly pay each installment of all <br /> <br /> <br />tazes and special assessllents of every kind. nell or hereafter levied and <br /> <br /> <br />assessed against tbe property or any part thereof. before same beco... <br /> <br /> <br />delinquent. witbout notice of demand and shall provide Mortgagee lIith evidence <br /> <br /> <br />of the payment of sae. Mortgagors shali pay all assessments IIhicb Ilay be <br /> <br /> <br />levied upon Mortgagee's interest herein or upon tbe Mortgage or the debt <br /> <br /> <br />secured hereby lIitbout regard to any lall that may be enacted imposing payment <br /> <br /> <br />of tile wbole or any part tbereof upon the Mortgagee. <br /> <br /> <br />3. INSURANCE AND REPAIRS. Mortgagors shall maintain fire and <br /> <br /> <br />eztended coverage insurance insuring the improvements and buildings <br /> <br /> <br />constituting part of the property for an amount equal to the actual cash value <br /> <br /> <br />of such improvements. ezclusive of foundations. but in no event for any amount <br /> <br /> <br />less tban the a~unt of the unpaid principal balance of the Prollissory note. <br /> <br /> <br />Sucb insurance policies shall contain a standard mortgage clause in favor of <br /> <br /> <br />Mortgagee and shall not be cancellable. terminable or modifiabile lIitbout ten <br /> <br /> <br />(10) days written notice to Mortgagee. Mortgagors shall promptly repair. <br /> <br /> <br />maintain and replace the property or any part thereof so that. ezcept for <br />