|
d. For better security of the indebtedness hereby secured, upon. the request of the mortgagee. its successors
<br />or: assigns, mortgagor shal4 execute and' deliver a supplemental "mortgage or mortgages covering, any additions,
<br />mprovemErits, or betterments made to the property hereinabove described and all property acquired by it after
<br />the date hereof (a1i in form satisfactory to mortgageel. 1=uthermore,' shnuld;mortgagor.fail to cure any default
<br />in the payment of a prior or inferior encumbrance or. the p; operty described by_this instrument, mortgagor here-
<br />. ` ,by agrees to permit mortgagee3o cure such defatth, but mortgagee is not obligated to do so; and such advances
<br />shall become Bart afthe indebtedness secured by this itstrument, subject to the-sametetTtts and conditions.
<br />e. T'he rights created by 'this conveyance shall remain in full force and effect during an}' postponement or
<br />extension of the time of the payment of the indebtedness evidenced by said pramssors~ note or notes, or any
<br />part ! hntaf secured. hereby: .
<br />f. Ta continuously maiatain hazard: insurance, of such. type or types and in such amounts as the mortgagee
<br />taay from tine to tithe require on the improvements now or hereafter on said property, .and will pay promptly
<br />when due any prcriiums thertfor. Ali `insurance shall be cairied in companies acceptable to mortgagee and the
<br />policies and renewals thereof shall be held by mottgagee and have attached thereto foss payable clauses in favor
<br />of and in farm aaxpcabiexo the mortgagce. [n event of lass, mortgagorwill gi~~e immediate ~otcc in writing
<br />to mortgagee, and tnortgagoe: may make proof of k+ss if nor made promptly by mortgagor, and each insurance
<br />company coacerned is hereby authorized attd directed to make payment for such toss direcely to .mortgagee
<br />instead of to mortgagor and mortgagor jointly, and the insurance proceeds, or env pau thereof, may be applied
<br />by mortgagee at its'optian either to the rtduaiou of the indebtedness hereby secured ar to the restoration or
<br />repair of the property damaged ar destroyed. In eveat 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 ix~ittance policies their in force shall pass to the purchaser or mortgagee or, at the
<br />option of the mortgagee,. maybe surrendered for a refund.
<br />g, Tp kelp all. buildings and other improvements on said_ property in good repair acrd condition; to
<br />.permit, commit, or suffer no waste, impairment, deteriaratian of said property or any part thereof; in the-event
<br />of failure of the tortgagor to keep the buildings. on said premises and :those erected on said premises, or
<br />improvements thereory in good repair; the mortgagee may make such repairs as Sn its discretion ii may deem
<br />necessary for the proper preservation thereof; and the full amount of each and every such payment'shail 6e
<br />imrnediattly due and payable; .and shall be secured by the loin of this mortgage.
<br />it. To not voluntarily ueate:or permit to be created against the property subject ro Chis mortgage any lien
<br />ar, liens inferior to the litn°of this mortgage witltout written consent of the mortgagee; and futhrr, tharmort-
<br />gager will keep and maintain the same frce from tht claim of ail persons supplying labor or materials for con-
<br />: structian of any and-ai! buildings or improvemrnts now being erected or to be erected oil said. premises. :
<br />i, Ta trot coat or assign any part of tht real of said mortgaged. praperry ar demolish, or remove, or
<br />substantially alter aay.burlding withautthe i+•rittenarrisent of the mortgagee:
<br />j. AIi awards of damages in con»ecttan with. any randemnaticin for pubkic use of or injury to any of the
<br />property subject to this mortgage art hereby assigned and shall be paid to mortgagee,-who may apply the. same. to
<br />payment of the tnstallmtnts last due :under said note, cad mortgagee is hereby authorized, in .the name of the
<br />nxxtgagor, to cxtcute a»d deliver valid acquittances thereof and to appeal from any such award.
<br />• k. The mortgagee shalt have iht right to 6rtspoct the mortgaged;premises at any reasonable time.
<br />1. To comply with the provisions of any lease if this lNottgage is as a leaaettold. ! f this ltilartgage is an a
<br />unit in a crondominium or a plannetf unit dcveiopment, Borrower shall perform all of Borrower's obligations
<br />under the declaration or covenants creattttg or govtrniag'the condominium or plannied unit deveiopment,the
<br />ny-laws anti regulations of the condominium ar planned unit development, and canstitutat documents:
<br />2. Default in any of the covenants or cattdfitians of this instrument ar of the note ar loan agtement secured, hereby
<br />shall terminate the mortgagor's riglttt to'posst~san, use, and +ettjoymeni of'the property, at the option of the
<br />ntartgagec or assrgm (it t+eing agrad that the mortgagor shall have such right until default)... Upon any-such
<br />default, the mortgagee shalt hecotao the owatr of ail of tht rrnts and profits acxttring after default as security f'or,
<br />the indebtedness secured hereby, with the right,to enter upon said property for the purpose of collecting such
<br />Hues and profiu This instrumem shall operate as as assignment of any rrntals an said propcrtyta that extent.
<br />3. if the mortgagor defaults, and fails to tnakt any payments whoa due or to conform to and comply width any of
<br />tk~e conditions or agrtemcnu contaitttd in this mortgage or the notes which it secttr+.s, then the entire principal
<br />sum and accrued interest shall at once become due and payable, and draw * per cent ( * g7a)' interest
<br />t'xrcaftn until paid at tkx elec+~on of the mortgagee; and this mortgage may thereupaa be foreclosed immediately
<br />for tlx whisk of the indcLitedaess hettby. secured, including; the cost of extending the abstract of title from the
<br />3atc of this mortgage to the time of cotnnnetteing such suU *Znteresz to float at 1/2% over
<br />Comitterc3al fdaticnai Bank's Base
<br />4. In the cwcnt of a foreclosure or defauiz as provided heron, the moil lZate ja~tsted lst a~ ac~taonth,
<br />gager shaft once be e»ttt tleto- a pas-
<br />scssiort. ust, and cnjayrnent of the neat estate aforesaid and to the rent, issue!, royalties, and profits thtrtof,
<br />frrnt she accruing of such rights ant during the pendcnry of fort~;ipg~re proceedings anal such possessions, etc.,
<br />vhstll at ortvc be delivered to the mortgagee uix>n request. upsn ±ailvre such drl:very of such possession may be
<br />rnforred key mur,gngee, m cry appaopnate legal prexerd6regs, irciuding a rcceiti~er ; ar the pri?pertys
<br />F Poe prccr«ts .~f srzY sate nl psi ptoperfyvi a~:t rdar~ce weth tae P=ec~~ding narakratal5g-shall t+c applied first to
<br />;gay ;tsc „nss ant cxptri~er o± c,aa:1 sa3c, th,_ rxpenccs ;recur:rti;. by the a:ortg::gec iur the artipa»c ~?C r rosn:ting cit
<br />nrs.ntatlting ;acct r+r cfcyeray, ,cc;,rti3v, to pay the ~txlebtcctness c,~u ~eJ 'rerrl~l; and thlydly~ an pay utay nurhltte s1t
<br />cris~.~p t'rc 1`retu>ta .>r 6~ ;q~taw icyaH;a cult;lam !hereto.
<br />
|