87105786 - Laserfiche WebLink

Browse

JI r (a) A sun equal to the ground rants, N any, next due, plus the premiums that will next become due and payable on policies of fire and oulhw hazard Insurance coverbng the mortgaged property, plus Wes and assessments next due on the mongagod property fart ss atkrwilsd by the Morlgagea) Was ell sums alnndy {tall therefor divided by the number of months to slapae before one (1) month prior fo the data when such ground rents, premiums, tuxes and assessments w9 booms delinquent, such sums to be hold by Men- piles, in poet to pay said ground rents, premiums, taxes and special assessments; and (b) AN payunerhe rwAWW In the two preceding subsoctions of this paragraph and all payments to be made under the not@ secured hereby AM be added tamer, and the agp►apa s amount thereof shelf be paid by the Mortgagor each month In a single payment to be applied by the Mortgages to the following Name In the order sat forth: M Wound rents, heua, assessments. We and other hazard Ilsu anon premiums; (y) r to 1 on #w nats seared hereby; and fall amorillosalon of the principal of saki note, Any del deny in the amount of such agpregnte monthly payments shat, unless made good by the Mortgagor prior to the due date of the next sudu payment, OOnslltuts an event of default under this mortgage, The Mortgagee may collect a 'late charge" not to ex- coed far Gents (ag) for each dollar (91) of each payment more than RReen (15) days In arrears, to cover the extra expo nso Involved In hendlinq delinquent payments. 3. That # the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shag exceed the erraunt of the payments armor made by Nor Mortgagee for ground rents, taxes and assessments or Insurance premiums, as the case may be, such axcas, N the bat Is axrent. at the option of the Mortgagor, shelf be credited by the Mortgages on subsequent payments to be trade by the Mortgagor, or refunded to the Mortgagor. R, however, the monthly payments nude by the Mortgagor under (a) of paragraph 2 preceding shoal not be auRident to pay Wound rent, taxes and assessments or insurance premiums, as the case may be, when the same shy become due and payable, than the Mortgagor shad pay to the Mortgagee any amount necessary to make up the deficiency, on or before the date when pay - mod of such ground rants, taxes, assessments or Iusurace premiums shag be due. If at any time the Mortg agior shag terser to the Mortga- gee. In accordance with the provisions of the note seam hereby, fug payment of the entire indebtedness represented thereby, the Mortge- goe stunt, 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 thors shag be a default under any of the provisions of this mortgage resulting In a pubic sale of the promisees covered hereby, or If the Mortgagee acquires the property otherwise after default, the Mortgages shelf apply, at the time of the co ranencenent of such proceedings, or at the time the property is otherwise acquired, the balance then remaining In the funds acaumulated under (a) of paragraph 2 preceding, as a credit against the amount of principal then rennaining unpaid under sold note. 4. That the Mortgagor will pay erg ground rents, taxes and assessments, water rates, and other govemmernel or municipal charges, fines, or Impositions, for which provision has not ban made hersknbelore, and in default thereof the Mortgagee may pay the same; and that the Mort- gagor will promptly delver the official receipts therefor to the Mortgagee. 5. The Mortgagor will pay IN taxes which may be levied upon the Mortgagee's Interest in said real state and NnKrovame nts, which may be levied 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 mare this loan usurious), but excluding any Income W, State or Federal, imposed on Mortgagee, and will ale the official receipt showing such payment with the Mortgages. Upon violation of this undertaking, or N the Mortgagor is prohibited by any law now or hereafter sixisling from Modgil of any Ifte whole w taus or If law or door provides that any the rendering so paid by the ortgagor shelf credited on�the by the mortgage debt, the Mortgagee shall have the right to give ninety (90) days' written notice to the owner of the mortgaged promises. recalling the payment of the mortgage debt. If such notice be given, the saki debt shat become due, payable and collectible at the expiration of said ninety (90) days. S. That should he fail to pay any star or keep any covenant provided for In this Mortgage, then the Mortgages, at its option, may pay or perlon, the sane, and all expendt m so made shag be added to then principal sum owing on the above note, shag be secured hereby, and shag bra Iderost at the rate set forth in the said note, until paid. 7. That he hereby assigns, busters 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 tams and conditions of this Mortgage or the said note, all the rents, revenues and Income to be derived from the mortgaged premises during such time as the mortgage indebtedness shag remain unpaid; and the Mort- gages sort have power to appoint any agent or agents it may desire for the purpose of repairing said praises and of renting the some and collecting the rents, revenues and Intone, and it may pay out of said Incomes all expenses of repairing said premises and necessary com- missions and expenses Incurred In renting and managing the same and of collecting rentals therefrom; the balance remaining. If any, to be applied toward the discharge of said mortgage Indebtedness. p. That he will keep the Irhprovements now existing or hereafter erected on the mortgaged property, insured as may be required from time to time by the Mortgagee against loss by Me and other hazards, casualties and contingencies in such amounts and for such periods as may be required by the Mortgages and will pay promptly, when due, any premiums on such Insurance provision for payment of which has not been made hwainbefore, AN Insurance shall be carried In companies approved by the Mortgages and the policies and renewals thereof shall be held by Ow Mortgapaa and have attachad thereto loss payable clauses In favor of and in form acceptable to the Mortgagee. In event of tea Monglagor wi give baraftU notice by mat to the Mortgagee, who may make proof of loss g not made promptly by Mortgagor, and each pnwranoa oompsny oonoomed is hereby authorized and directed to rake payment for such loss erectly to the Mortgagee Instead of to the Morilgagor and the Mortgagee jointly, and the Insurance proceeds, or any part thereof, may be applied by the Mortgages at its option elther to the reduction of the Indebtedness hereby seared, or to the restoration or repair of the property damaged. In the event of fore- closure of this mortgage or odor transfer of this to the mortgaged property In extinguishment of the indebtedness secured hereby, all right. We and Interest of the Mortgagor in and to any insuance policies then In force shag pass to the purchaser or grantee. 9, That as addidanot and collateral "curtly for the payment of the note described, and all sums to become due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, rights and benefits accruing to the Mortgagor under any and all oil and gee lases on sad promises, with the right to receive and receipt for the same and apply them to said indebtedness as well before as MW default It the conditions of this mortgage, and the Mortgagee may demand, sue for and recover any such payments when due and pay- able, but anal not be required to do so. This assignment is to torminste and become null and void upon ralass of this mortgage, 10. That the Mortgagor will keep the buildings upon said promises It good repair, and neither commit nor permit waste upon said land, nor steer as sold promilm to be used for any unlawful purpose. 11, That N lies promises, or any part thereof, be condemned under the power of eminent domain, or acquired lor a public use, the damages awrardad, the proms for the Wing of, or the consideration for such acquisition, to the extent of the fug amount of indebtedness upon this torlp ile and the rote which it is given to sews renalri tit unpaid, are hereby assigned by the Mortgagor to the Mortgages, and shag be paid fo llavill to said Mortgages to be applied by the latter on account of the next maturing Installments of such Indelbtedness. 1 41 1 c r, Ormn