87105670 - Laserfiche WebLink

Browse

N a 3. That If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shah exceed the amount of the Payrrients *c * made by the Mortgagee for ground rents, taxes and assessments or Insurance premiums, as the case may be. such Oxcess, g the bu► is current. at the option of the Mortgagor, shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagor. or rehmded to the Mortgagor. M, however, the monthly payments nude by the Mortgagor under (a) of paragraph 2 std not be suffiderill to pay ground rant, taxes and assessments or Insurance premiums, as the case may be, when the same *half become due and pale, then the Mortgagor ahudi pay to the Mortgagee any amount necessary to make up the deficiency, on or adore the date when pay- ment of such ground rents, taxes, assessments or Insurace premiums shall be due. If at any time the Mortgagor shag tangy to the Mortga- ga. In accordance with the provisions of the note secured hereby, full payment of the entire Indebtedness represented thereby, this Mortga- gee shah, In computing the amount of such Indebtedness, credit to the account of the Mortgagor, any balance remaining In the funds accu- mulated under the provisions of (a) of paragraph 2 hereof. if there shall be a default under any of the provisions of this mortgage resulting In a public safe of the promises covered hereby, or H the Mortgages acquires the property otherwise after default, the Mortgagee shall apply. at the lima of the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remaining In the funds accumhgated under (a) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under sold note. 4. That the Mortgagor will pay all ground rents. taxes and assessments, water rates. and other governmental or municipal charges, fines, or imposition, for which provision has not been made herefnbefore, and In default thereof the Mortgagee may pay the sane; and that the Mon. 9W will promptly deliver the official receipts therefor to the Mortgagee. S. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and Improvements, which may be Isvfed upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibited by law and only to the extent that such will not mate this bat usurious), but excluding any Income tax, State or federal. inposed on Mortgagee, and will fie the official recelpt showing such payment with the Mortgagee. Upon violation of this undottking, or g the Mortgagor is prohibited by any law now or hereafter ads" from paying the whole or any portion of the aforesaid fates. or upon the rendering of any cant doom prohibiting the payment by the Mortgage of any such texas, or If such law or decree provides that any amount so paid by the Mortgagor shag be credited on the more" debt, tiro Mortgagee shelf have the right to give ninety (gig) days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage debt. tl such notice be Oven, the acid debt shit become due, payable and collectible at the expiration of said ninety (80) days. 8. That should he fail to pay any awn or keep any covenant provided for In this Mortgage, then the Mortgagee, at Its option, may pay or perform the same. and erg expenditures so made shall be added to the principal sum owing on the above note, shag be secured hereby, and shat boa Interest at the rate sat forth In the said note, until paid. 7. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all sums secured hereby In case of a default In the performance of any of the terms and conditions of this Mortgage or the said note, erg the rents, revenues and Income to be derived from the mortgaged premises during such time as the mortgage Indebtedness shelf remain unpaid; and the Mon - gogee shit have power to appoint any agent or agents I nay desire for the purpose of repairing said premises and of renting the same and collecting the raps, revenues and Income, and it may pay out of said Incomes all expenses of repairing said promises and necessary com• missions and expenses Incurred In renting and managing the same and of collecting rentals therefrom; The balance remaining, i} any, to be applied toward the discharge of said mortgage indebtedness. 8. That he will keep the Improvements now existing or hereafter erected on the mortgaged property. Insured as may be required from time to tine by the Mortgagee against loss by Are and other hazards, casualties and contingencies In such amounts and for such periods as may be required by the Mortgagee and will pay promptly• when due, any premiums on such insurance provision for payment of which has not been made herriilbeflore. AN Insurance shah be owned In companies approved by the Mortgagee and the policies and renewals thereof shag be laid by cite Morippe and hove attached thereto loss payable clauses In favor of and In form acceptable to the Mortgagee. In event of loss Mortgage will live immediate notice by wag to the Mortgagee, who may make proof of loss p not made promptly by Mortgagor, and each Ins rare company concerned Is hereby authorized and directed to make payment for such loss dirWty to the Mortgagee Instead of to the Mortgagor and the Mortgagee jointly, and the Insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option elther to the reduction of the Indebtedness hereby secured, or to the restoration or repair of the property damaged. In the event of fore - e of tide mortgage or other transfer of We to the mortgaged property In extinguishment of the Indebtedness secured hereby, all tight. We and interest of On Mortgage in and to any insurance po44es then In force shag pass to the purchaser or grantee. g. That as additional and security for the payment of the note described, and all sums to become due under this mortgage, the hereby assigns to the Mortgages all profits, revenues, royalties, rights and benefits accruing to the Mortgage under any and all oil and gas lease an "Id promises, with the rigid to receive and receipt for the same and apply them to said indebtedness as well before as after d~ In the conditions of this mortgage, and the Mortgages may demand, sue for and recover any such payments when due and pay - able, but shelf not be required to do so. This assignment Is to tenni hate and become null and void upon release of this mortgage. 10. That tlro Mortgaillor will keep the buildings upon said promises In good repair, and neither commit nor permit waste upon said land, nor salter the said promises to be used for any unlawful purpose. 11. TMs 8 this promisee, or any pat thereof, be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, tlro proceeds for the 100mg of, or the consideration for such acquisition, to the extent of the hue amount of Indebtedness upon this morlyagio end the nofa which It Is given to secure remaking unpaid, an hereby assigned by the Mortgagor to the Mortgoga, and shag be paid ftwOrwith M 80 Mortgagee to be applied by the latter on aunt of the nod maturing Installments of such Indebtedness. , Ir,N, 01.00 r „, ,