|
d. For better security of the indebtedness. hereby secured, upon the request of the mortgagee, its successors
<br />or assigns, mortgagor shall execute and deliverz. supplementahmartgage oYmortgages covering any additions,
<br />.~ improvements, or betterments made to`the property herenabove described and all property acquired by it after
<br />~ the dale hereof {alt in form' satisfactory to mortgagee}. `Futhermore, should mortgagor fail to cure any default
<br />j" Z? in the pa~•ment of a prior or inferior encumbrance on the property described' by this instrument, mortgagor here-
<br />i ~ oy agrees to permit mortgagee to cure such default, buf mortgagee is not obligated to do so; and such: advances
<br />shall become part of the indebtedness secured by, his instrument, sublctt to the same'-terms and conditions:
<br />e. The rights created by this conveyance shall remain in full force and`effeci during any postponement or
<br />N extension of [he time of the payment of the indebtedness evidenced by said promissory note or notes, or an>
<br />part thereot secured hereby.
<br />f. To`continuovsly maintain hazard insurance, of such type or types and in such' amounts as the mortgagee
<br />may from tine to 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 shalt be held by mortgagee and have attached'ihereto loss payable clauses in favor
<br />of and in form acceptable to the mortgagee. In event ofclass, mortgagor will give immediate notice in writing
<br />to mortgagee, and tnortgagec 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 sucfrloss directly to mortgagee
<br />instead of to mortgagor and mortgagee jointly, and .the insuranceproceeds, or any pan thereof, may be applied
<br />ray mortgagee ar3ts option either to the reduction of the indebtedness`herehy secured or to the restoration or
<br />repair of the property damaged or destroyed.. In evem 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 />mottgagor-in and to any insuR-ance policies then in force shall pass to the purchaser or mortgagee or; at he
<br />opaon`af the mortgagee, maybe surrendered for a refund.
<br />g. To kcep ail buildings. and ocher itnprovementt on said propttty ,in good .repair and condition;:. to
<br />.permit,.. commit, or,sufferno wastes impairmenh deterioration of said property or any part thereof; in the even[
<br />of failwe of the mortgagor to keep he buildings on said premises and those erected on said premises, or-
<br />improvements thereon, in good repair, the mottgagea may make such repairs as 'in its discretion it_may deem
<br />necessary for the. proper, preservation thereofc attd 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 />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 mottgage without written consent of he mortgagee; and futher, the[ more-
<br />gagor will keep and maintain the same "frce from the claim of all persons supplying labor or materials for eon-
<br />struction of angand all buildings or improvements now being erected or to txerected an sa[d premises.
<br />i. To not rent or assign. am pan of the rent of said mortgaged property or demolish, or remove, or
<br />substantially alter arty building withour the writtrn consent of the. mortgagee.::
<br />j. All awards of damages in connection with any candemnatian for public use of or injury to any of the
<br />property subject to this mortgage are hereby assigned and shall be paid to mortgagce,'who may apply [tie same to
<br />payment of the installments last due under aid note, and mortgagee is hereby authorized, in the name of the
<br />mot+.gagor, to execute and deliver valid acquittances thereof and to appeal from any such award,
<br />k. The mottgagee shall have the right to inspect the mortgaged premises at any reasonable time.
<br />!. To comply with the provisions of any Lease if this Mongage is on a )easehold: ff this Mortgage is on a
<br />unit in a condominium or;a planned unit developmen[, .Borrower shall perform all of Borrower's obligations
<br />under the- declaration ar .covenants creating or :gerver»ing the wttdominium ar planned unit: development,the
<br />by-laws and reguli-rions of the condominium or piarined unit development; and constituent documents.
<br />2. Ikfault in any of the covenants or conditions of this instrument or of the note or loan ageement 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 shall become the owner of all of the rents and profits accrring 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 shalt operate as an assignment of any rentals on said property to that extent.
<br />3. 3f the mortgagor defaults, and fails to make any payments when due or to conform to and comply with any of
<br />'the conditions ar agreements contained in this mortgage or the notes which it secures, then Lhe entire: principal'
<br />sum artd accrued interest shall at once became due. artd payable, and draw per cent ( %a} interest
<br />thereafter until paid at the election of the mottgagex; and this mortgage may thereupon be foreclosed immedtately
<br />for the whole of the indebtedness hereby securttl, including the cost of extending 'the abstract'of tine from the=
<br />date of this tnortgage.to the time of commencing. such suit:
<br />4. In, the event of a fore+ekuure or default as protiidtd herein, tl~ie mortgagee shall at once be entitled to the pos•--
<br />srssit7n, use. and enivytrttnf of the real estate aforesaid and tc the rent., issues, royalties,. and,prafits thereof;
<br />_ frc+m the accruing of such righu and during the pendency of foreclosure proceedings and such possessions, etc.,
<br />.halo at once tie delivered to the mortgagee sport request, upors failure such delivery of such. possession may be
<br />enforced by mortgagee, by any,appropria[c legal procacdings, including a receiver foe the property.
<br />S, "tnc grxced~ of an;. salt of"sold Property in accardanc:e will[ the preced'ang pardgrapi[s shall tn: applied first [o
<br />pa;. nc~ ~ost.:in:,l e~ipenses of said srsle, the expenses incurred by the [rtor[gagee for [he purpose of tsrvterting or
<br />rna~nSaining ;aitl t~:~alxrty, seccsndly, to peg thcirulebtedress scti-ured hereby, and thirdly, to p.`iy' at[y Burp{as or
<br />exe..~ [c the he~srsn ~:r, prrsp Fegally,crttitlccf ther~o.
<br />
|