Laserfiche WebLink
$2~1~~~(943. <br />d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its successors <br />or assigns, mortgagor shall execute and deliver a supplemental mortgage or mortgages covering any additions, <br />impri>verttents, or betterments made to the property hereinabove described and all property acquired by it after <br />the date hereof {all. in form satisfactory to morigageel. Futhtrmore, should mortgagor fail to cure any default <br />in the payment of a prior or inferior encumbrance on the property described by this instrument, mortgagor here- <br />by agrees to permit mortgagee. to cure such default, bu¢ mortgagee is not obligated to do so; and such advances <br />shall. become part of the :indebtedness secured by this instrument, subject to the same terms and conditions. <br />t. The r$lits created by this conveyance shall remain in fuL force and effect during any postponement or <br />extension of'ihe time of the payment of the indebtedness evidenced by said promissory note or notes, or any <br />partlthereof secured hereby, <br />f. To continuously maintain hazard insurance, of such type or types and in such amounts as the mortgagee <br />may ':from time to tithe require on the improvements now or hereafter on said property, and wilt pay promptly <br />when doe any premiums therefor. All insurance shall be carried in companies acceptable to mortgagee and the <br />poli~ec and renewals thereof shalt be held by mortgagee and have attached thereto loss payable clauses in favor <br />of and in form acceptable to the mottgagee. In 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 authorised 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 apptied <br />by mortgagee at iu 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 stiartgage, 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 mortgagee, may be surrendered for a refund. <br />g. To keep aQ buildings and other improvements on said property in good repair and condition; to <br />permit, commit, or suffer no wasce, 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 gaud repair, the mortgagee they make such repairs as is its discretion it t:tay 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 loin of this mortgage. <br />h. To not voluntarily create ar 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 father, 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 a!I buildings ar improvements now being erected or to be erected on said premises. <br />i. To not rent or assign any patt 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. irtstalltnenu last due uttder said note, and mortgagee is hereby authorized, in the name of the <br />mortgagor, to execute and. deliver valid. acquittances thereof and tc 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 prouisions 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 condominitun or planned unit development,ihe <br />by-laws and regulations of the candamittium or planned-unit development, and constituent documents. <br />2. Default:n any of the covenants ar conditions of this instrument ar of the note or loan ageetnent secured hereby <br />shall ternvnatc the. mortgagor's right to possession, use, and enjoyment of the property, at the option of the <br />mortgagee or assigns {it bring 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 securing after default as security for <br />the indebtedness secured hereby, with the right to enrer upon said property for the purpose of collecting such <br />rentsarid profits. Thsinstrument shall operate as an assignment of any rentals on said property to that extent. <br />3. if the mortgagor defaults, and falls to make any payments when due or to conform to and comply with any of <br />the conditions or agrettnents captained in this ittCtrtgage 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 { 18 ~ q "r'aj interest <br />thereafter unlit paid at the election of the mortgagee; and. this mortgage may thereupon be fareclased immediately <br />far the whale ~;f the indebtedness hereby secured, including the cost. of extending the abstract of title from the <br />d,-+te of this mortgage to the:time of cammettcing such suit.. *Ei.ghteen Percent <br />4 in the event of a toceclosure at default as provided.herein, the mortgagee.slaallat ante be entitled to the pos- <br />mission. use, ans. tn}oytnerrt ~7f tlat teat estate aforesaid and to the rent, issues, royalties, and profits thereof, <br />frarrt the accruing ~f settle : ig?tt~ seed-daring, the pendency of foreclosure proceedings and such, possessions, etc., <br />shat[ at untie .~,c delive:td to the a7ortgage~t upon request, upon,failure-such delivery of such. possession snag be <br />enfacced by ;nortgagee, by eery appraG:iare legal proceedings, including a receiver tar the property. <br />'. "Tlx ~nkeeds ;r." and salt of said property `¢rt accordance with. the preceding paragraphs shalt be applied isrst to <br />tx~r the ~i:its anJ expenses of saki salt, the txpenus incurred by teat mortgagee for the purpose o9' proteetitag ur <br />r::aars,tRi riry; tia:d. rrsc>;+trty, st~ortdly, to pay.Rh+e ttdebttdtress secured tscrchy: and hsrdly, to pay say surplus os <br />cAw~ ~ ,,; the C».z+urt ti+f' I~ets;L7ns 1Cly ~:n.i;!cJ thetCto. <br />