|
<br />82=i)t~414~
<br />d. Fqr better security of Lhe indebtedness hereby secured, upon the request of the mortgagee, its successors
<br />o:' assigns, mortgagor shall execute and delivera supplemental mortgage or mortgages cgvering'any additions,.
<br />imprcvements,;:or :betterments made to'the property-hereinabove<described and all property acquired'by it after
<br />the daze hereof(all in foan satisfactory to=mortgagee). Futhermore, should mortgagor £ail to cure any defauh
<br />in the payment of a priorior inferior encumbrance on-the property described by this instrument, mortgagor hete-
<br />by agrees to permit mortgagee to cure such defau[t, but 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 />e. The rights created:by this conveyance shall remain in full force and effect during any postponement or
<br />extension of the time of the payment of'the, indebtedness evidenced: by said promissory note or votes, or an}'
<br />pazt thereof secured hereby.
<br />f To continuously maintain hazazd insurance,. of such type: or types and in such amounts as the mortgagee
<br />may from time to time'require on°the improvements now or hereafter on said property, and`wi11 pay promptly'
<br />when due any premiums therefor:. All insurance shall be tamed in rnmpanies 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 mottgagee. In event of loss, mortgagor will give-immediate notice in writing'.
<br />to mortgagee, and mottgagdc :way make proof of doss if nor made :promptly, by mortgagor, and each insurance
<br />company concerned is hereby authorized and directed to make'paytnent for such loss directly. to mortgagee'
<br />instead. of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part #hereof, may<be applied'
<br />by mortgagee at its option either to the reduttion of the indebtedness hereby secured or to'therestoration or':
<br />repair of the. property damaged or-destroyed. to event of foreclosure of=this mortgage, or other transfer of title.:
<br />to'sad property in extingu hment of the indebtedness secured hereby, all right, title, and interest of the..
<br />mortgagor in and to arv insurance. policies then_in force skald pass to the purchaser or mortgagee or, at the'
<br />option'of the mortgagee, may be surrendered' for a refund:
<br />g: To keep all buildings and other improvements on- said property in .good repair., and condition; to
<br />permit, commit, or suffer no waste, impairment, deterioration of said propery or any parr hereof;' in he event
<br />of failure of the mortgagor to keep the buildings on said, premises and zhoser erected on said premises, or
<br />improvements"thereon„ in good repair, the mortgagee may: make such repairs as-in its discretion'it may deem
<br />necessary for he proper. preservation whereof; and ahe full; amount of each and every such payment shat] he
<br />immediately-due and:payable; and. shall be secured by the Lein of this :mortgage.
<br />h. To not voluntarily create'or permit o 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 mott-
<br />gagor will keep and maintain the same free from therclaim of all persons supplying labor or materials for'con-
<br />struction of any and all buildings. or improvements. now being erected or to' be erected on said' premises.
<br />i. To not rent or assign any part of the 7enr of said mortgaged property or demolish, or remove, or
<br />substantially alter any building withourthe written consent of the mortgagee.
<br />j. Atl awards of damages in t:onnection with any condemnation for public use of or injury wo any of the
<br />property subject to this mottgage are hereby assigned and shall be paid to mortgagee, who may apply the same to
<br />payment of thee. installments last'due under. said note,. and mortgagee,is hereby authorized, in the: name of the
<br />mortgagor, to eitecute and deliver valid acquittances thereof and"to 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 he provisions of any tease if this Mortgage is on a -easehold.:f 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 condominium or planned unit devdopment,the
<br />by-laws and regulations of the condominium or planned unit development, and constituent documems.-
<br />2. Default 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.assig[rs (it being agreed that the mortgagor shall.. have such right until default). Upon-:,any such
<br />default, the mortgagershall become the:owner of all of the rents and profits acciuing after default as security fore
<br />the indebtedness secu<-ed hueby with the right to enter upon said property for<the purpose of collecting such
<br />rents and profits. This instrument shall operate as an'assignmenEOf any rentals on said property to that`extent.
<br />3. If the mortgagor defaults, and fails to make any payments when due onto conform to and comply wjth any of
<br />the conditions or agreements contained inwhis mo[igage ar the,nates which~se~u~res, then She entire: principal
<br />sum and accrued interest shall aronce become due and.. payable, and draw a per cent`{12•x,%j interest.
<br />thereafter until paid at the election of the mortgager, and this mortgage may thereupon be fgreclosed immediately
<br />for the whole-of the indebtedness hereby secured, including the cost of extending the abstract of Lille from the.
<br />date of this:mortgage to the time of commencing such suit.
<br />4. In the even of a foreclosure or default as provided'hereir., the mortgagee shallaronce be-entitled `to the pos-
<br />L session, use, and enjoyment of the real estate aforesaid and to the rent; issues, royalties, and profits thereof,
<br />from the accruing of such rights and during the pendency of foreclosure proceedings and such possessions, etc.,'
<br />shall at once be delivered to the mortgagee.upon request, upon failure such delivery of-such possession may be
<br />enforced by mortgagee, by any appropriate egal proceedings, ,including a :receiver for the property.
<br />~. The prxeeds of any sale of said property in-accordance with the preceding paragraphs shall be applied hest to-
<br />pay the rosts and expenses of said sale, the expences incurred by thermortgagee fior the purpose pF protectirig_or
<br />maintaining said property, secondly, to pay the indebtedness secured hereby; andthirdly, to-pay any surplus or
<br />excess m the person or persotu legally entitled thereto
<br />
|