83000786 - Laserfiche WebLink

Browse

R3-~1007~ d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its successors or assigns, mortgagor shall execute and deliver a supplemental mortgage or mortgages covering any additions, improvements, or betterments made to the property hereinabove described and all property acquired by it after the date hereof (ail in form satisfactory to mortgagee). Futhermore, should mortgagor fail to cure any default in the payment of a prior or inferior encumbrance on the property described by this instrument, mortgagor here- by agrees to permit mortgagee to cure such default, but mortgagee is not obligated to do so; and such advances shall become part of the indebtedness secured by this instrument, subject to the same terms and conditions. e. The rights created by this conveyance shall remain in full force and effect during any postponement or extension of the time of the payment of the indebtedness evidenced by said promissory note or notes, or any part thereof secured hereby. f. To wntinuously maintain hazard insurance, of such type or types and in such amounts as the mortgagee may from time to time require on the improvements now or hereafter on said property, and wilt pay promptly when due any premiums therefor. All insurance shall be carried in companies acceptable to mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. [n event of loss, mortgagor will give immediate notice in writing to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged or destroyed. in event of foreclosure of this mortgage, or other transfer of title to said property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the purchaser or mortgagee or, at the option of the mortgagee, may he surrendered for a refund. g. To keep ail buildings and other improvements on said property in good repair and condition; to permit, commit, or suffer no waste, impairment, deterioration of said property or any part thereof; in the event of failure of the mortgagor to keep the buildings on said premises and those erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in ies discretion it may deem necessary for the proper preservation thereof; and the full amount of each and every such payment shall be immediately due and payable; and shall be secured by the lein of this mortgage. h. To nat voluntarily create or permit to be created against the property subject to this mortgage any lien or liens inferior ra the lien of this mortgage without written consent of the mortgagee: and futher, that mort- gagor will keep and maintain the same free from the claim of all persons supplying labor or materials for con- struction of any and all buildings or improvements now being erected or to be erected on said premises. i. To not rent or assign any pan of the rent of said mortgaged property or demolish, or remove, or substantially alter any building without the written consent of the mortgagee. j. AU awards of damages in connection with any condemnation for pubhe use of or injury to any of the property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the same to payment of the installments last due under said note, and mortgagee is hereby authorized, in the name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award. k. The mortgagee shalt have the right to inspect the mortgaged premises at any reasonable time. 1. To comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a uak in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development,the by-laws and regulations of the condominium or planned unit development, and constituent documents. 2. Default in any of the covenants or conditions of this instrument or of the note or loan ageement secured hereby shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the mortgagee or assigns (it being agre~l that the mortgagor shall have such right until default). Upon any such default, the mortgagee shall become the owner of all of the rents and profits accrring after default as security for the indebtedness secured hereby, with the right to Inter upon said property for the purpose of collecting such rents and profits. This instrument shall operate as an assignment of any rentals on said property to that extent. 3. If the,mgrtgagar defaults, and fails to make any payments when due or to conform to and comply with any of the conditions or agreements contained in this mortgage or the notes which it secures, then the entire principal sum and accrued interest shall at once become due and payable, and draw * per cent ( * °lo) interest thereafter until paid at the election of the mortgagee; and this mortgage may thereupon be foreclosed immediately for-the whole of the indebtedness hereby secured, irn:luding the cost of extending the abstract of title fFFOm the date of this mortgage to the time of commencing such suit. *Interest to float at 112X over C.N.B. Base Rate adjusted monthly. 4, In the event of a foreclosure or default as provided herein, the mortgagee shall at once be entitled to the pos- session, use, and tnjoytnent of the real estate aforesaid and to the rent, issues, royalties, and profits thereot', from-the accruing of such rights and during the pendency of foreclosure proceedings and such possessions, etc„ shn11 at atttx be delivered to the mortgagce uport request, upon. failure such delivery of such possession may tae enfpcced by mcutgaga, by any appropriate legal proceedings, including a receiver for the property. S. The l~ of any sale o€ said properiy to accordance with the preceding paragraphs shalt tae applied first to tttty tip:.. its and expert;es of said sate, the expends incurred by the mortgagee for the purpose of pruir~cting or ttwdatslping said, property, stcgttd{y. Eo pay the.'tttdebtedtttsa securr+l hereby; and thirdly, to ptty any stuplux or execsa,to the pctson or persons Igntlly entitled thereto.