|
79- ~;~1.32U6
<br />i. The mortgagor co~waota sad agrees as follows:
<br />a. He will promptly pay the indebtedness evidenced by said promissory note at the times and is the
<br />maanertherein provided
<br />6. He will pay all fazes, asseeements, water rates, and other governmental or municipal charges, fines, at
<br />imgt~itiaats, for which profiis=on has not tren mode herei4before, and will promptly deliver the ollicial rsczipta
<br />therefor to the said mortgages.
<br />c He will pay ouch expenses and fees as may 6e iaeurred in the protection and maintenance of said
<br />property, including the fees of any attorney employed 6y the mortgagee for the collection of any or all of
<br />the indebtedness hereby secured, or for forsclosnm by mortgagee's sale, or court proceedings, ar in any other
<br />litigation or proceedang affecting said premises. Attorneys' fees reasonably incurred in say other way shall be
<br />paid by the mortgagor.
<br />d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its euc-
<br />cessore or assigns, he shall execute and deliver s supplemental mortgage or mortgages covering any additions,
<br />improvements, or betterments made to the property hereinabove described anti all property acquired by
<br />it after the date hereof (elf in form aa[isfactory [o mortgagee). purthermore, should mortgagor fail to cum
<br />any default in the payment of a prior or inferior encumbrance on the property described by this instrument,
<br />mortgagor hereby agrees to permit mortgagee to cure such default, but mortgagee is not obligated to do so;
<br />and such advances shall become part of the indebtedness secured by this instrument, subject to the same
<br />terms and conditions.
<br />e. The rights created by this rnnveyance shall remain in full force and effect during any postponement
<br />or extension of the time of payment of the indebtedness evidenced by said promissory note or : ny part thereof
<br />secured hereby.
<br />~. Ae will continuously maintain hazard insurance, of such type or types and in such ame+mts as the
<br />mortgagce may from time to time requim on [he improvements now or hereafter on said property, and
<br />wiD pay promptly when due any premiums therefor. All inanraaa shall be carried in companies acceptable
<br />to mortgagee sad the policies and renewals thereof shall be held by mortgages and have aria~ed thereto
<br />lass payable classes in favor of and in form acceptable to the mortgagee. In event of lase. mortgagor will ghee
<br />imsediate aotioe is writing to mortgagee, and mortgagee may make proof of loos if rot made promptly by
<br />mortgagor, sad each ittsnraace compaap concerned is hereby ant6orist~ and dimted to make payment for each
<br />loss directly to mortgagee instead of to mortgagor and mortgagee jointly, sad the inenraoce praoeeds, or any
<br />part tbenof, may be app&ed by mortgagee at its option either to the reduction od the indebtedness hereby
<br />sacred or to tits rvatoratioa or xpair of the property damaged or destroyed. In event of foreelosare of tbb
<br />tamlgage, or ether transfer of title to said property in eztingniahmeat of the iadebtedar secured hereby aII
<br />right, title, sad iaterea! of the mortgagor in and to my iasnraact policies then is farce drab pans to the
<br />purchaser or mortgages or, at the option of the mortgagee, may be earrendered for a refund.
<br />g. He wilt keep aII buildings and other improvements on said property in goad repair and condition;
<br />will permit, commit, or suffer no waste, impairment, deterioratim of said Property or any part thereof;
<br />is the event of failure of the mortgagor to keep the huildinge on said pre!~isH and those erected on said
<br />premises, or improvements thereon, us good mpair, the mortgagee rosy make such repairs as in its diauetion it
<br />may deem neceeearv for the proper preservation thereof; and the full amount of earls and every each payment
<br />shall be immediately due and payable and shall be secured by the lien of this mortgage.
<br />ft. He will ~t voluntarily creme or permit to be created against the property eobject to this mortgage
<br />any lien or liens inferior or wperior to t1x lien of this mortgage without the written consent of the mort-
<br />gagce; sad further, he will kcep and maintain she same free from the claim o[ all persona supplying labor or
<br />materials for construction of any sad all buildings or improvements now being trected or to be erected on
<br />said prensieee.
<br />i. He will sot rent or assign any part of the rent of said mortgaged property or demolish, or mmove,
<br />or aubetaatially aher any building without the written consent of the mortgagee.
<br />j. All awards of damages is eonaeetioa with any condemastion far public use of or injury to any of the
<br />property subject to this mort#eage are hereby aarigned and shall be paid to mortgagee, wbo enay apply the
<br />snare to payment of the inatllbttend hert due under said note, and mortgagee is hereby authorial, in the
<br />name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award.
<br />ii. Tbs mortgagce shall have rite right to inspect tLe mortgaged promisee at any reasonable time.
<br />i De[ealt is any of ibe eovdtaau or conditions of this instrument or of the note or loan agreement eeeured
<br />y daall terasiaate the mactgagar'a right to poeeeasioa use, and enjoyment of the property, at the option of the
<br />raortga~ or his amiggns (it being agreed that the mortgage, shall have such righ± until default). Umn any such
<br />defser&, the mortgagee shall become the owner of all of the rents and profits accruing after default as security
<br />Foe the iadCbtednns aeeared hereby, with the right to eats upon said property for the purpose of collecting such
<br />recta and pra~u. This imtrameat atoll operntn as as assignment of any rentals on said property to that extent.
<br />
|