79001503 - Laserfiche WebLink

Browse

TFfE MOR'T'GAGOR FURTFTER COVENANTS AND AOREES: >r ;:_ ~ . ~~ _. Thai the. Mortgagor will pay the indebtedness as hereinbefore provided, - - -. ",,,. That the -Ivlartgagor-is-the-owner of said property in fee simple and-has good right acid lawftd-.authority ta_seli. and. convey the same at;d that the same, is iree.ani] clear'ot any lien or encumbrance; and~that lvitirtgagor will warrant and defend the-- - fifte fa said premises-against the claims ut all. persons whomsoever. 'I'o pay immediately when due and payehte all geneial Saxes, special taxes, special assessments, water charges, sewer serv- ice charges, and other Lazes an{i charges against said property, and all faxes levied an the debt secured hereby, and fn furnish f_he Mortgagee, upon request, with--Lhe original ar duplicate-receipts-therefor- The Mortgagor agrees chat there shall be added to each monthly payment required hereunder or under the evidence of debt secured h«rehy an amount estimated lay the Mortgagee to be sumrient to etiable the Mortgagee to pay, as they become clue, ail taxes, assessments, and similar charges ulwn the_ prem. eses subj(=et thereto; any' deficiency because of the insufficiency of such additions} payments shall he [orthwitb deposited by the 9°^'4' Aortgagor with the Mortgagee upon riemand by the Mortgage e. Any defaul*, under this paragraph shall he deemed a default in ~ payment of taxes, assessments, rr similar charges rnquired hereunder. The Mortgagor agree= that there shall also F+e added to each monthly payment of principal and interest required here• - ynder an amount estinaatert by the Mortgagee to be sufficient to enable tt:e Mortgagee to pay, as it becomes due, the insurance y premium on any insurance policy delivernd to thF i\lartgage~ Any defiri+~ncy h.•<-ausr~ .,f tht• insufficiency of such additianat pay- ~'. menu shaft be forthwith deposited by the Mortgagvr with the `-.lortgagee upon dernar,d by the Mortgagee. Ary default under this ~ paragraph shall fx deemed a default in the payment of into ranee premiums. Pf the pril Try or policies deposited err such as home- owners or all risk policies, and the deposits are insulCicier.L to pay th.• ,entire uranium, the Mortgagee may apply the deposit to pey premiums on risks squired to b2 insured by this mortgage. Payments made by t}:e .Mortgagor :seder the abvve lea ragrapF:s may, a{ the c,ptivn of the f~iortgagee, he hetd~hy it and commingled with other such fends nr its own funds for the payment of such items, and until sc 'applied; such payments are hereby pledge-d as security for the unpaid balance of the n;ortxar.• indt•ht.~dne-cs_ Ta procure, deliver ta, and maintain for the hens=fit +,E the 3.4vrtgagee durir<g the life of this modgage origins! policie, and renewals the:€rof, delivered a{ (east ten days lmfnrt~ tht e~x~+i rati.,n +.,f a:a >uct: paiicies, insuring agaimt fee and ether insurable hazards, caseratties, and contingencies as the :Surtgagee m.e}~ r-quire, in an amount eauai to the indebtedness senrred by this Mortgage, and in companies aceepfisble to the ~Se,rtgaRv~-. with has payable eiauae in favor of and in form acceptable to the ASoriga- getr. In Lhe event an policy i, not rene•srd +~n ur he•6+n• tan .lays of its es niration, the Mortgagee may procure insurance or• the improve.~nents. pay the- premium therefor, and such ,.tm ~ha31 be-c,me immediate, y- due and payable with interest ~at the rate set farih iA mid not„ until paid and +ha l! t>F- ecru red h; thi,y m+, rtx•age Fatha re .,n the cart cf the Mortgagor.to furnish such renewals as are herein re<uired ur failure tv pay any sums adr-one+~d hereunder ;ha`l, at Lha option of thrr Mortgages, constitute a default under the terms of this mortgage. Tha dr; ie~e r; ni suc^ pohcirs shall. ,,. -.. v-nt vt detain=.. constitute a^ assignment of the sn- earned premium. Any sums receiveo by the Mortgagee by rgasorz of Ins. or damage ia~ureri againa4 may he retained by the Mortgagee and applied ta:va rd the payment a( the <febt hereby secured, er. at the opkivn c+E the Mortgagee, such sums Tither wholly or in part may Fs• paid m:er to the :t9or{gagor to tx= used to repair such buildings er to build-nvx' hut!dings in their place nr far ang other nurpnw• or ahjcrt satisfartarv to the Mc:rt~agee wit ho ~t offertin~ t}a? Sian on the martvage for the f,+il amount .-cared h~re- by before such payment aver took place. To promptly repair, restore ar rehuiki any buildings or imprecements now ur hereaitar on the premises which mau be- come damaged or destroyed; tv keep said premises in goo+d condition and repair and tree from any mechanic's lien or other lien ar claim o£ 3ien oat expressly subordinated to the lien hereof; rest to suffer ar permit am unlawful use of nr any nuisance to exist an said property oar to permit waste on said yremises, Tor to do any other act whereby the per petty hereby conveyed shall become less valuable, nor `•.ct diminish or impair its value by ary act r•r nmi>si.zn f;. set tr ,=omtyl~ with sit r«=q uirements ,f law with respect to tEre mortgaged premises and the use thereof. That should the premises or any part kherno£ t~ take,: or dantagti hy. reavn cf anti publics improvement or condemnation pr<xeeding, or under the right of eminent domain. or in anti other manner_ the ?tlartgagev chap be entitled to at! comr>'•nsations, awards, and any other payment or relief therefor, and shaiS tae entitled, at its aptirn, to commence, appear in aruf prosecute in iis- own name any action or proceeding- or to make any compromise or settlement in cannectivn with each taking w damage. All such ~-. eanspensattan, awards, tlaraagc~, right of action and pracec!ts are hereby assigned to the M<-.rtgagee. who .:.a}•. after deducting therefrom alt its expenses, release any moneys so received h~,• it or apply the same on any indebtedness secured 'Hereby. The ivlort- - - gagor agrees to execute such further assignments nt any coon pensatx?n. a~a ards, damages. and rights of acti<.n anMortgagee may require. .- That in case of failure to perform any aI the cotenants herein, the :Mortgagee may do on the Mortgagor's behalf everything ~_• so covenanted: that the Mortgagee may also do any act it may deem necessa n• to protect the lien thereof; that the Mortgagor wilt eepay upon demattcl any moneys paid yr disbursed by the licrtgagee tar any of the above purposes. and such moneys tagetlier with interest thereon at the rate provided in slid note shaft become sa much addiiianai inrfebteifness hereby secured- and may tae in- „- eluded in any decree forectasing this mcrigage and he paid out of the rents or proceeds of sale of said premises if not otherwise ~, paid; that it shalt not be obligatory upor, the lMortgagee ie inquire into the validity of any lien, encumbrances, or claim in ad- vartring moneys as above authorized. bat nothing herein contained shall be construed as requiring the Mortgagee to advance any moneys for any such purpose nor to do any act hereunder; and that Mortgagee shall not incur any personal liability because of any- thing it may do ar omit to do hereunder. In the event ut the default by Mortgagor in the payment of any installment, as required by the Note secured hereby, or in the performance of the obligation in this mortgage or in the note secured thereby, the Mortgagee shat! be entitteri to declare the debt secured hereby due and payable without notice, and .the.lvlortgagee shall be enkitied at its option, without notice, either by itself or ~j a receivei to ~ appointed by the court thereat, and without regard to Lhe adequacy of any security for the indebtedness se- cured-isereby; to enter upon and take ;Jbs9esaion of the mortgaged premises, and to mtiect and receive the rents. issues and profits fheieaf, and- apply tltt= same, :12as costs of optratian and callertian, upon the indebtedness seta red by this mortgage; said rents, issues and pro&ta beittg-hereby assigned to the h{ortgagee as further security far the payment of all indebtedness secured hereby: - The Mortgagee shat have the power to appoint any agent or agents it may desire for the purpose of repairing said proms -Sees: renting the same: eoltecting the rents, revenues and income, and if ma} pay out of said income al! expenses incurred in rent- ing and managing the same and of collecting the rentals therefrom. The balance remaining, if any, shall he applied toward the discharge of the mortgage indebtedness. This assignment is to terminate and become null and void upon release o[ this mortgage.