|
82-°Ut~25~~
<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 />improyements 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): ruthermore, should mortgagor faiYto cure any default
<br />m the payment of a prior or inferior encumbrance omthe property described by this instrument, mortgagor here-
<br />by agrees to perntit mortgagee to cure such default, but mortgagee is not obligated to do so; and such advances
<br />shall krecome part of the indebtedness secured by his instrument, subject t~ the;same terms and conditions.
<br />e. The rights created`by this conveyanceshall remain in full force and effectduring any; postponement er
<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 />f. To continuously maintain hazard insutance, of such type'oraypes and in such amounts as the mortgagee
<br />may from time to time require on the improvements how orhereaf[er on said property, and-:will paylpromptly
<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. Im event of loss,,mortgagor will give: immediate notice im writing
<br />to mortgagee, and mortgagee may makeproof of loss if not made promptly by mortgagor, and each insurance
<br />company concerned is hereby authorized and. directed to make payments-for suchloss 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 propertg in'extinguishment of the 'indebtedness secured hereby, all right„ title, and interest of the
<br />mortgagor in and to any :insurance policies then: in farce shall 'pass to he purchaser or mortgagee:or, at the
<br />option of the mortgagee, tray be urrendered for a refund.
<br />g. To kcep all buildings and .other' improvements on said property in gyod repair 'and condiugn; to
<br />permit, commit, or sufferno waste; impairment, deterioration of said property or any part: thereof; in the event
<br />of failure of the mottgagor to keep the buildings on said premises and those erected on said premises, or
<br />improvements thereon, in good repair, the. mortgagce may make such repairs as in its discretion it; may deem
<br />necessary for the proper p>•eservation 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 />h: To noc 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 more-
<br />gagorwill kcep and maintain the same. free from the daim of all persons supplying labor or materials,: for con-'
<br />struc[ionbf any and allbuildings orimprovemenis now being erected or to be erected on'said premises:
<br />i. ` To noL rent or assign any pazt of the rent of said mortgaged property' or demolish, or remove, or
<br />substantially. alter anybuilding without the written consent of i!_ mortgagee.
<br />j. All awards of damages in connection with any .condemnation for p+tblic use of or injury to any of the.'
<br />property subjectto this mortgage ate hereby assigned and shall: be paid to mortgagee, who may apply the same to
<br />payment of the installmeins last due under said note, and mortgagce is'hereby-authorized, in the name of the
<br />mortgagor, to execute and deliver valid acquittances thereof and to appeal from anysuch award.
<br />k. The mortgagee shall have the right,to inspect the'mortgaged premises at anyseasonable time.
<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 im a condominium or a planned unit 'development, Borrower shall .perform `all of Borrower's .obligations
<br />under he declazatioa or covenants creating or governing the condominium or-planned unit development, the
<br />by-laws and regylations ofthe condominium or planned unit development, and constituent documents:
<br />2. Default in any,of the covenants or conditionsof this instrument or of .the note or loam ageement secured he>•efiy
<br />shaft terminate the mortgagor's right to possession,; use, and enjoyment of the: property, at. the option of the
<br />mortgagce or assigns jit; being agreed that the mortgagor shall have such right until default). Upoa afsy such
<br />default, the mortgagee shall become the owner of all of the rents and profits accusing after default as security fore
<br />the indebtedness secured' hereby, with the right to enter upon aid property for the purpose of collecting such
<br />rents and profits: This instrument shall operate as an assignmentof any rentals on said property to that extent.
<br />?. IC the mortgagor defaults, and fails to make any payments when due ar to conform to and comply with any of
<br />the condirions or agreements contained in this mortgage or the notes which it secures, then She entire principal
<br />sum and accrued interest hall aLOnce become due and payable, and draw per cent';( %) interest.
<br />thereafter ^mil paid at the election.of the mortgagee;. and thin mortgage may thereupon be foreclosed immediately
<br />for the whole of the tndebtedness.hereby secured, :including the cost of eittending-the abstract of title from the
<br />date of this mongage to the time of commencing such suit.
<br />.. In the event of a foreclosure of default as provided herein, the mortgagee shaft at once be entitled [o the pos-
<br />session, use, and cn;oyment of the `.real estate aforesaid and to the rent, issues. roya4tes, and profits thereof.'
<br />from the accruing of such rights and during the pendency of foreclosure proceedings and such possessions, ete.,
<br />shall at once be delivered to, the mortgagee: upotr request, upon failure such delivery of such possession may be
<br />,e:nforccd by mortgagee, byrany appropriate legal proceedings, including areceiverforthe property.
<br />5. The prex<~cds of any sate of said property in accordance with the preceding paragraphs shall, be applied first to
<br />pal the costs and expenses of said sale, the expenses incurred by, the mortgagee for the purpose oP protecting or
<br />maintentug said property. secondly, to pay the indebtedness secured hereby; and thirdly, to pay any surplus: or
<br />cx.es+ to the Ixrson or persons legatly entitled there[ct.
<br />
|