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87105405
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Last modified
10/19/2011 12:30:11 PM
Creation date
3/27/2008 2:49:33 PM
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DEEDS
Inst Number
87105405
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g. To keep all buildings and other improvements on said property in good repair and condition; to <br />permit, commit, or suffer no waste, impairment, deterioration of said property or any part thereof; in the event <br />of failure of the mortgagor to keep the buildings on said premises and those erected on said premises, or <br />improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem <br />necessary for the proper preservation thereof; and the full amount of each and every such payment shall be <br />immediately due and payable; and shall be secured by the Lein of this mortgage. <br />h. To not voluntarily create or permit to be created against the property subject to this mortgage any lien <br />or liens inferior to the lien of this mortgage without written consent of the mortgagee; and futher, that mort- <br />gagor will keep and maintain the same free from the claim of all persons supplying labor or materials for con - <br />struction of any and all buildings or improvements now being erected or to be erected on said premises. <br />L To not rent or assign any part of the rent of said mortgaged property or demolish, or remove, or <br />substantially alter any building without the written consent of the mortgagee. <br />j. All awards of damages in connection with any condemnation for public use of or injury to any of the <br />property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the same to <br />payment of the installments last due under said note, and mortgagee is hereby authorized, in the name of the <br />to execute and deliver valid acquittances thereof and to appeal from any such award. <br />k. The mortgagee shall have the right to inspect the mortgaged premises at any reasonable time. <br />1. To comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a <br />unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations <br />under the declaration or covenants creating or governing the condominium or planned unit development,the <br />by4aws and regulations of the condominium or planned unit development, and constituent documents. <br />2. Default in any of the covenants or conditions of this instrument or of the note or loan ageement secured hereby <br />shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the <br />or assiglas (it being agreed that the mortgagor shall have such right until default). Upon any such <br />default, the mortgagee shall become the owner of all of the rents and profits accuring after default as security for <br />the indebtedness secured hereby, with the right to enter upon said property for the purpose of collecting such <br />rents and profits. This inorumeat shall operate as an assiganwiat of any rentals on said property to that extent. <br />3. If the mortgagor defaults, and fails to make any payments when due or to conform to and comply with any of <br />the conditions or agreements contained in this mortgage or the notes which it se�,ures, then the entire principal <br />sum and interest WWI at once become due and <br />,,,,,parts, <br />payable, and draw _per cent interest <br />dweafter until paint at the emotion of the mortgagee; and this mortgage may thereupon be foreclosed immediately <br />for the whark of dw indebtedness hereby cured, including the cost of extending the abstract of title from the <br />date of tbb mortgage to the time of commencing such suit. <br />C to the evm of o foreclosure or default as provided herein, the mortgagee shall at once be entitled to the pos- <br />session, <br />of the reel estate aforesaid and to the rent, issues, royalties, and profits thereof, <br />from the accruing of such rights and during the pendency of foreclosure proceedings and such possessions, etc., <br />be delivered to the monsaW upon request, upon failure such delivery of such possession may be <br />IVY mortgagee, by any appropriate legal proceectings. including a receiver for the property. <br />4, of any sak of saW property in accordance with the preceding paragraphs shall he applied first to <br />costs Pay the and expenses of mW sak. the expences incurred by the mortgagee for the Purpose of protecting or <br />maintaining MW Properly. secondly. to pay the indebtedness anted hereby: and thirdly, to pay ally surplus or <br />to of it thelreto, <br />M <br />
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