|
<br />S2-S)~391~
<br />d, For bearer security. of the indebtedness hereby secured, upon the request of the mortgagee, its successors
<br /><ca as,isns, mortcavof shall execute and deliver a stipplemental mortgage or mortgages covering any additions,'.:
<br />impro~emrnts, t,r beaermenis made [o the. property heremabove described and all property acquired by it after
<br />the date hereof tail i^ form ,atisfaMOry to'mortgageel- Futhermore, 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 kierc-
<br />by aerees ro permit mortgagee to cure such default, but mortgagee is not obligated to do so-andsoch advances
<br />shall become part of tar indebtedness secured by this-instrument; subjecGtothesame terms-and conditions.
<br />e. The right, created by this conveyance shall remain. m full force and effecrduring any postponement or
<br />extension of the titne of the payment of the indebtedness evidenced by said promissory note or notes, or an}~
<br />part thereof secured hereby.
<br />f. To continuously maintaimhazard insurance„of such type or types and in such amounts as the mortgagee
<br />may from tune to ume require. on the improvements Haw or-hereafeer on said property, and wilt pay::prorT;pdy
<br />when due any. premiums therefor. A17 insurance shall be carried in companies acceptable to' mortgagee and the
<br />policies andrsnewals thereof shalt be hekl'by mottgagee and ha,~e attached thereto loss payable clauses in tavor
<br />of and in form acceptable to'the mortgagee: In event: of loss,.mortgagor will give immediate notice in writing
<br />to mortgagee, and mortgagee may make proof of lass if not-made promptly by mortgagor, 'and eachrinsurance
<br />company concerned is'hereby authorized and directed to make paymera for such loss directly to mortgagee
<br />instead o£ to mortgagor and mortgagee jointly, and the insurance proceeds,. or any part thereat, may be applied
<br />by mortgagce at iu option either to the reduction of the indebtednzss'hereby secured or to- the restoration cr
<br />repair of the propsr[y damaged atdestroyed. In event of foreclosure' of this mortgage, or other transfer of [itle
<br />to-said praptrtysn rtinguishment of the `indebtedness secured hereby, all right, title,. and interest of the
<br />mortgagor in and to amp insurance poticies then in force shall passe to the purchaser or mortgagee or. at the.
<br />option of the mortgagee; may be surrendered far a refund-
<br />g. To keep all buildings and other imnrovcmenu on said property in .good repair: and condition; to
<br />permit, commit, or suffer na waste, impairment, deterioration of said property.. or anv part thereof;- inthe event
<br />of failure of the mortgagor to keep the 6uildings,on said premises and those erected on said premises, or
<br />improvements' thereon, in good `repair, she mortgagee may make such. repairs as in its discretion it may deem
<br />necessary for dhe proper preservation thereof, and the full amount of each. and everu such payment shall be
<br />immediately due and payable; and shall be sei:urtd 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-Csn of this mortgage without written consent. of the mortgagee; and futher, that most-
<br />. gagor witl-:keep and maintain the: same free. from the claim of ail persons supplying labor t7r materials for can-
<br />strdMion of any and alt buildings or improvements now being erected or to be erected on said'_premises:
<br />i. To not'rem or assign any part.af the rent of said mortgaged property or demolish, or remove, or
<br />substantialfyalter'anybui ding without tte vrit[en consent of the mortgagee..
<br />j. All awards of damages m cannstton with any condemnation for public use of or injury ro any of the
<br />property subject to this.mortgags are hereby assigned and shall be paid to mottgagee, who may apply the>same to
<br />payment of the installments last due under said nods, and mortgagee is hereby authorized. in the: name of the
<br />mortgagor, to excwte and deliver valid acquiaances therca€ and to appeal from any such award.
<br />k, The mangagee shall bout the right to'itupect the mercgagsd premises at any .reasonable. rims.
<br />I. To comps} with the provisions of any leas if this Slprtgage is on a leasehold. If this Mortgage is an a
<br />unit in a condominium or a planned unit: development; Qorrower shall perform alLof Borrower's'obli~atioas
<br />under the declararioa orcovertants creating or governing the. cottdpminium ar planned unit deveiopment,thr
<br />by-laws and rcgulationc of the rnrtdominium ar planned unit development, and constituent dxuments.
<br />2. Default in any of the covenanes or conditions of [his instrument or of the: Hots Ur loan ageernent secured hereby
<br />shall terminate the mortgagor's right to possession, use., and enjnymentof the,propert}'.at the o, Lion of the
<br />mottgagce or assigns (it beingi agreed that tree mortgagor sha!! have such right unti]'defaulq. Upon any such
<br />default, the mortgagee shall become the owner of all ui the rents and profits aeeuring_after default as srcunty for
<br />the indebtedness secured hereby, with the righ*. to enter upon said property fatthepurpose afeoflecting ;uch
<br />rents and profits. This instrument shalE operate as an assignmene of any rentals on said property to thatextsnt.
<br />3. If the mortgagor defaulu, and fails to make any payments when due or ro ~enform to snd comply .with any of
<br />the conditions or agreements contained in this mortgage or the notes wt~~~,s rtn the en[irs principal
<br />sum and accrued interest shall at once become due and payable, and draw _~ oer ~rnt ( 14 ~ 47ej interest
<br />thereafter until paid at the election of the mortgagee: and thi; mortgage may ;hereupon be foreclosed immedia,ely
<br />fur the whole of the indebtedness hereby secured, including the :ust of extending"the abstraik of title from the
<br />date of this mortgage to ate time of commencing such suit.
<br />~. fit the event of a forcdosure or defauh as provided herein, the mottgagee shall at once be enutlstl try the pos-
<br />session, n;e and enjoyment of the rest c'State aore;nid tr_d tt~ the ices, is u s -?s,hic~, and pre+.its chcreol,
<br />from the accruing of suelt rights and during the pe„de: v ~f orec"o=ere ,. o ti, .,.~°.> >d tiu<h ~n.rssiottS, eie:; '.
<br />shall a; once be delivered to the mortgagee upon request, upon faiirre su: h oei-~~erc ni sucn pv„cs.ion m;;ybe
<br />enforced by morzgagce, by an appropriate Icgal pre•,:ceelit~~, inciu~~ tg a rr_eiscr for nc ,~rnpcrt_.
<br />5- ~fk~e prtrce~.; et any sate of said {xoixrty m s~cordao-,t •.+;th th lr;;ceding naragranr_- .hail be r,>phed first to
<br />pay the 2.nte and txptnstx of laid ,~2tle. the rstx noes inct;rrrc9 ley. ..._ ~n~~r•.e 3 er fe + x ,-:~-;xrar a~' prv?trcting br
<br />rtasn[a,;+irt~ ,stet prbpertp, c,'eondh~. tsti pa„v rte indcb::clcs.; <CCUre-~ ,r-c~-: ar,-d :h;ra;y. w pati .nti~.surplus pr
<br />e.cc.:, to tn.- ~xccsnn ,+r ptrz~xne }egalty enttrled t.hx•:Cto.
<br />
|