|
THE MORTGAGOR FLJRTFIER t;OYENANT3 AND AGREES:
<br />~, - =,i -
<br />That the Mortgagocwill pay the indebtedness. as-hereinbedore provided. -. -
<br />That the Mortgagor is .the owner of said property in fee simple and has good right and lawful authority to sell and
<br />convey the same acid that theserneds free-and clear of any lien or encumhrence; and that Mortgagor will warrant and defend the
<br />title to said -pnnrttses against the--claims =of ail persons whomsoever.
<br />To pay ~ithzrtediately when due and-payable allgeneral fazes, special lases, special assessments, water charges, sewer serv-
<br />ice charges, and other taxes and charges against mid property, and all taxes irvi.=d un fhr c!ebt secured hereby, and to furnish the
<br />Mortgagee, u#iesn`riquesf, with"[he~Sr'iginat or duplicate receipts therefor. The "`iartgagur agrees that there shad he added to
<br />each monthly payment required hrreunder or under the eaideuce of debt sccarerl l,errby an amount estimated by the Aiortgagee
<br />to 6e sufficient--;tBartAtile the Mortgagee- to pay, as the}' ixrconr.• due, aft taxes, as-srssments. and similar cfiarges u#xsn tfic• prvm~
<br />~" ises subjer:f theteto; any deficiencq he..aasr of the ir+.;ufiicieecy- of such additional payments shah },e forthwith dFpr-nitc•i by ibr
<br />A` Mortgagor with the ?viortgagee upon demand by the 1i <,rtgager Any drfauk under this paragraph shalt he deemed a drfautt in
<br />'1~ payment- of taxes,- asseasmenEs, nr similar charges required hereunder. -
<br />The Mortgagor agree, that there shalt also be added to oath monthly payment of principal and interest required here-
<br />under an amount estimated by fhr '~iurtgagee to br sufficient to cuah{e the Mortgager to pap, as it Ix•axnrs dae. the rasa ranee
<br />premium on any msu caner police delivered to the Mortgager.:1oy deliciunay Ixcausr of the insufficiency of such a:}=iitsnna} pay-
<br />menta~sha)t br forthwith deposited hp the Mortgagor with the Mortgager u#x,n demand by the Mortgagee. Any defaul+ ur;drr this
<br />~ paragraph shalt }w deemed a drfautt in the payment of insu ranee prrmmms If the policy or policies deposited are such r~ tx,me-
<br />is owners or al! risk Fxrlicie<, and the de#xrsits are insufficient t.t #;ay the .=ntira pr,•mium. ihr Mnrigagre may app}y the art-:~. -rt [o
<br />pay premiums un risks require,? M he insured by this morigagr
<br />Paymen!a made he ihr \t ortgagor undrF the above paragraphs may, at fhr opfion nt fhe Mortgagee, Fw held Ew it and
<br />ernnmingled with other aur~h fluids ur iL, awn funds far the payment of such itrrnx, and uah} sea applied, each payments are hrrrby
<br />pledged as security for fhr unpaid balance of the mortgage indebtedness.
<br />Ter procure, deliver tu. xnd maintain ?or the henrnf of the Mortgagee during the life of ibis n:or`cyage ofigina} ~,rt[rics au z
<br />renewals t-hereof, drliyrrrd at Ioatit ten days tx=fore fhr expiration of aoy such Volicies, insuring against fire and other msu rabfe
<br />hazards, casualties, and contingencies as the Ainrtgagre ,may require, in an amount equal to the indebtednes9 secured by this
<br />Mortgage, and Sn companies as•efrtahlr. t,r the= ?Yfortka~ra•, with loss pay~ahlc c}auae in (avur of and in &rrrn acceptahlr to fhe ~lortga-
<br />gre. in the event any polity i,~ nut n•ur•wrd ~+n ur hx=fore Ira clays of its expiration, the Mortgager may procure msu caner on the
<br />improvements, pay fhr premium thrrefur, and .:urh sum .hall Err ,mr immediateh~ du,- and t+ayahte with ruersi at th:~ rate set
<br />forth in said note until yard and .hall br >rru red }?>~ this m,vtgage. i~aflurr on fhr part of fhr Atortgaq+.rr to (u nriwh such renews}s
<br />as are herein r!quirrd ur tadurr t., tray any sums advanced hrreunder ,halt, at the option of fhr qtr=rtgagerr. r:~nstshtn° a default
<br />under the terms of this mortgage 'I=hr del n~rrc o[ sar;h pu}icirs shalt, in the event n( default. rnnstrtnte an avignme-nt ct fhe• un-
<br />earned premium.
<br />Any sums rrcrrred by fhr ~is~.rigagrr b~• rt•ason of loss ur damage insun~d against lase be retamrd by [h.• -\turtgagee
<br />end applied toward fhr payment of fhr• debt hrrrby .ecru red, ar, nt tier option of fhr Mortgagee, such sums rsther wholly cr in
<br />part may br paid over to fhr i\-lurigagur [.: Fm used to repair such buildings or to }?uild~nrw buildings in their place or far any
<br />other puriKSSe ur object wttsfactury to fhr !{,~r=_„agr~e without af#e•rh ng fhr lien on fhr mortgage fur the Fult amount x~rv rr:i }trre-
<br />by tmfurr such payment ever hKrk place.
<br />ur ,. nu.iri a _._._ _,_._ .-. s,t_==.°+-. _,:- ;).~ ..rxs Rl.i... ..tY. $~_
<br />Tb picot pt#y repair, :.Sears -,.,.-.__„ .., . .,_. - -
<br />cumc d:unagtd ere <irstrcy<Y}; fn keep .aid premi-es ir; gr„+} cx~nditic:n amt repair and fear from any mechanic's hr~n sir n!h<~r ht^n Jr
<br />claim of hen nut rxcressty suM~n}inated to tht= lien hrrr,:f, n,,t t„ sutler •~r t>a-rmit an}' nnlawfut use of or an_y naisance to exist on
<br />said pro#terty our to permit waste on scut #;remex•s. n=~r n: d:~ any other ac-t whrrrty the pr.:twrtp fierhv c+~nveged shalt trec~me
<br />less valuable. oar to Bimini.}: e_. ,r; a+r its vatu+= t?y . ~ i• ` . , .,iwk+e•ri t ie t ,., -*n{:tt ~. ,- , ,} rr.; it :r.:ct; -t }„sr .with rfs#x+et
<br />to the rnartgagrd premises and the use thrreo(
<br />That she=rrlrl fhr pet-;+:asps ur xny part t.,~.t ,t tr,- taks+c s , „n„ ,.g<•=i !„ rr.+;~us :;f pub;t: r pre=_.~.=:~;st =...~..n=o-.,.na€t:
<br />proceeding, ar under fhr right of <-minrnt domain, ar in any other rnamrrr. the V(++rtgagee• 4ha1} hr rrxtkied tc: ail r=,mt+rnsat.trns~
<br />awards, and anw aEher payme=nt or relief therefor. and shall iw rntiEled, at its option, to emnmr~ner, appear in and prcxsetutc in i&s
<br />own name any action or pnx~eedtng, ar h, make nn}= rompnnnis'r ur set tiernen! in rrmnerpon with sua-h taking or damage Alf such
<br />compensation, awards, Ban:ages, right of action and peur.•~}s are herrhy^ assigne<! to fhr Mortgager, sah.+ may. after dedurttng
<br />therefrom all its expenses, release any nurnrys so rvrcived by it or apply the same on any incleMecinrss secured hereby The Riart-
<br />$ttgor a6mes fu execute such furthee assignments of ary tt+en#rr:tsatum. awards, damages, and riPhta of act:.:o v;e;! t?rrx,~srcts ss llsr =~.
<br />Mortgager may require. ~; ";
<br />That in case of failure to #rerfuenx any of fhr ca.enunts terrain, t}a+= 0.1 rrtgagrr may rlo on the ?vtorigap;..r'4 hr}sal[ everything
<br />sn covenanted; that the Mortgagee may alwr do any act it may deem mvr•ssary ter protect fhr hen iherroL that iF, linrtgagor wilt -
<br />repey upon demand any moneys paid nr distxsrsed by the Mortgagee fur any of fhr shave purprxse>s, and such m,usey. urgetFier with y. _
<br />M
<br />interest thereon a! the rate providact in said note shall became so much additional indrbteriness hereby .cecurrr! and may tee in- L~
<br />elud~i in any decree tarrxie~irg this :::urtga,^.e and tw paid out of the rents ar pnree•r}s at ale of said premixes if nest utherv.•ise
<br />#'H.iii; the: it >s..al} nut be obligatory a#w:t fhr R+artg gr:. hs , uire :rt. the validity ,sf a!:ti }u.... _e:+.wmhranc~_, or Balm in ad.
<br />varteing rn;.neys as alwve authorised, but nothing herein cuntainerl-shall be construed as requiring the Mortgagee to advaaee any -.
<br />mruteya fur any such twrpose trot to cio any act hereunder; and the! Mortgage.: shall cwt incur any personal tiabilily because of aoy•
<br />thutg if may do or nroit to do hereunder,
<br />in the a-veni of ihr defaui`c by Murtgagu` e . ar r pay en€ _. any i w , . rs'zjuir~! i;y fhr i:c.Er ° ..,r-:-:.::~r~hy. o,
<br />in the performance of the obligation in this tnnrtgage or in the note sreruredE~lherehy' the~tviortgagee shalt be rntitlyd ko declare fhr
<br />debt secured hereby tltte and payable without. notice, and fhr hiartgagee shall t>F~ entitled at its option, without notice, either by itself
<br />or by n iecaiver to be appointsri by the ceurrt thereat, and without regard to the adequacy of any security fur the indehterbaeas se=
<br />cured hereby, to enter upon and-take pi~?tr=s,+'ivn of the~mnrtgaged prnmrses. and to caliecE and receive-the rants, i.:sue,s and profits
<br />thereof, artd apply the same„leas costa of nperatian and r»Uectton, up<en the' indrhtrdness sertrred by this mortgage; said rants.
<br />isatiesand pro$Erbeing hereby assigned &+ the Mortgagee as further security-for rho payment of sit indebtedness secured hereby.
<br />The Mortgagee. idtall have the power W appoint any agent or agents it may desire for the pu cease of repairing said Prem-
<br />ises; renting the satree; collecting the rents, revenues and income, vrd it may Pay out of raid inrnme all expenses incurred in rent-
<br />ing seta managing the same and of collecting fhr rentals therefrom. The balance remaining, it any, shall hr applied toward the
<br />dixherge of the mostgagetadebtet3nesa. This assigrunenk is to terminate and become null and vohl upon release at this mortgage.
<br />
<br />
|