|
<br />83-002603
<br />
<br />d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its successors
<br />or assigns, mortgagor shall execute and deliver a supplemental mortgage or mortgages covering any additions,
<br />impmvements, or betterments made to the property hereinabove described and all property acquired by it after
<br />the date hereof (all in form satisfactory to mortgagee). Futhermore, should mortgagor fail to cure anydefault
<br />in the. paymrnt of a prior or inferior encumbrance on the property described by this instrument, mortgagor here.-
<br />by agrees to permit mortgagee to cure such default, but mortgagee is not obligated to do so; and such advances
<br />shall become part of the indebtedness secured by this instrument. subject to the same terms and conditions;
<br />
<br />e. The lights created by this conveyance shall rernain in full force and effect during any postponement or
<br />extension of the time of the payment of the indebtedness evidenced by said promissory note or notes, or any
<br />part thereof secured hereby.
<br />
<br />f. To continuously maintain hazard insurance. of such type or types and in such amounts as the mortgagee
<br />may from time 10 time require on the improvements now or hereafter on said property, and will pay promptly
<br />when due any premiums therefor. All insurance shall be carried in companies acceptable to mortgagee and . the
<br />policies and renewals thereof shall be held by mortgagee and have attached thereto loss payable clauses in favor
<br />of and in form acceptable to the mortgagee. I n event of loss, mortgagor will give immediate notice in writing
<br />to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance
<br />company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee
<br />instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied
<br />by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or
<br />repair of the property damaged or destroyed. In event of foreclosure of this mortgage, or other transfer of title
<br />to said property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the
<br />mortgagor in and to any insurance policies then in force shall pass to the purchaser or mortgagee or, at the
<br />option of the morrgagee. may be surrendered for a refund,
<br />
<br />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 pan 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 />
<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 rhe 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 />
<br />i, 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 rhe written con,ent of the mortgagee.
<br />
<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 installmenL~ last due under said note, and mortgagee is hereby authorized, in the name of the
<br />mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award.
<br />
<br />Ie The mortgagee shall have the right to in.SpeCI the mortgaged premises at any reasonable time.
<br />
<br />l. 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 />by-laws and regulations of the condominium or planned unit development, and constituent documents.
<br />
<br />2. Default in any of the covenants or conditions of this instrument or of the note or loan ageemem secured hereby
<br />shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the
<br />mortgagee or assigns (it being agreed that the mortgagor shall have such right until default). Upon any such
<br />default, the mortgagee shail 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 instrument shall operate as an assignment of any rentals on said property to that extent.
<br />
<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 ,-'Ondjtjons or agreements. contained in this mortgage or the notes which it secures, then the entire principal
<br />sum and accrued interest shall at once become due and payable, and draw _,_~ per cent (...!:.~.2.."1.) imerest
<br />thereafter until paid at the election of the mortgagee; and this mortgage may thereupon be foreclosed immediately
<br />for tbe whole of the indebtedness bereby secured. including the cost of extending the abstract of title from the
<br />date of this mortgage to the time of commencing such suit. "Twelve and One/Half Percent
<br />
<br />4
<br />
<br />4. In. the eV.ent of a foreclosure. Of default .3$ provided berein, the mortgagee shall at once be entitled to the pos-
<br />~ion, Use, and enjoyment of the real estate aforesaid and to the rent, issues, royalties, and profits thereof,
<br />frOll:\tnellecrWDl! of such rights and during the pendency of foreclosure proceedings and such possessions, etc"
<br />~balllll Q!ll;e be dellv~ted to tll<: lllQrlgagc;e upQn request, upon failure such delivery of such pQ,session fIlay be
<br />tm:orCCllbyl'llottl!a~' by any llpPropriate legal proeeedings,including a receiver for the property.
<br />
<br />S. TI\e pr~. of any sale of !;lid property in aC\3ordance with the preceding paragr<lphs sh<lll be appliC<.l filSl to
<br />~y 1,ll<:cost>.anlit'l\pe~s ohlli~sa\(, tbeexpences incurred by the mortgagee for the purpose of prN<'\Oting or
<br />maintai~fagsaklllrC!pe1'tY, secondly, 10 pay t!lc,ndebtedncss <e\'ured bercby; and thirdly. 10 pay allY sutpll,s or
<br />~IQ tl\J: peOOlli.orpenon~ lesally rntilJed tOOe\Q.
<br />
|