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80004314
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Last modified
1/13/2010 9:05:23 PM
Creation date
1/13/2010 9:05:07 PM
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DEEDS
Inst Number
80004314
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80--~tw1~314 <br />x. rhet~rtgagereamaatraoa.~tre...tt>naar.: <br />a He will Pi°'mP~7 Pay the ittdcbtedner evidenced by .aid pzomirory note rt the timer and in the <br />toaemer tbereia provided <br />b. He will pay alt tun, mrmameata, water rates, and outer governmental or moairipa! ebarga. finea, or <br />impaaitiata, foe which previdoa bar not berm made bereinbetoee, and wiB promptly delver the oieeiat eexip» <br />therefor to the said tmrtgage+e. <br />r. He will pay eueh expenses and tees as may be intoned in the protection and maiatenaace of said <br />propem•, including the fees of any attorney employed by the mortgagee for the mliection of any or all of <br />the indebtedner hereby secured, or for forecloeore by mortgagce'e sale, or court proceedings, or in any other <br />litigation or proceeding affecting said premises. Attornegs' fees reasonably incurred in any other way shalt 6e <br />paid by the mortgagor. <br />d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its aae- <br />ceeeors ar assigns, ht shall execute and deliver a supplemental mortgage or mortgage coveting any additions, <br />improvement4 or bettertreenu made to the property hereinabove described :nd alt property acquired by. <br />it after the date hereof (all in form satiafattory to mortgagee9. Furthermore, should mortgagor fail to cure <br />any default irs the payment of a prior or inferior encumbrance on'1he property described by this instrument, <br />mortgagor hexby agrees to permit mortgagee to cure such defaul4 bttt mortgagee is not obligated to do so; <br />and anch advances shall become part of the indebtednea.9 secured by this instrnmen4 subject to the same <br />terms and conditions. <br />e. The rights created by [hie conveyance shall remain in full force and effect during any postponement <br />or extension of the time of payment ni the indebtedness evidenced by said promiason• note or any part [hereof <br />aerated hereby. <br />f. He will continuously maintain hazard insurance, o[ such type or types and in such amounts as the <br />mortgagee may from time to time require nn Ihr improvements now or hereafter on acid property, and <br />will pay promptly when dne nay premiums therefor. All iaswrsna shall 6e carried is companies acceptable <br />to ttwrtgagee sad the policies sad renewals thereat shall be held 6p mortgagee sad here attached thereto <br />lose payable clam is raver of and is form acceptable to the mortgagee. In event of lase, mortgagor will glen <br />immediate mtieE III writing to mortgagee, and mortgagee may make proof of tar if not made promptly b7 <br />mortgagor. sad each inetuance company concerned is hereby ruthoriaed sad directed to make payment (ot such <br />loos directly to mortgagee instead of to mortgagor nod mortgagee jointly, and the iasuzaaw procecdy or any <br />part thereof, tray 6e npplied by moriga~ at ib aptioa either to the reduttioa of :he iadebtednes bereby <br />secured or to the reetontion or repair ai the property damaged or destroyed. In event of foreclosuro of this <br />»tortgttge. ar athcr transfer of title to acid property in extinguiahmeat of the indebtedtter secured hereby, ail <br />tigb4 tills, sad ivteret of the mortgagor in and to nay iNaraace pOliCie then in torte shall par to the <br />purchaser or mortgagee ur, at the option of the mortgagee, mac he surrcndere+l for a refund. <br />g. He will keep all buildfnga and other improvements on said property in goad repair and condition; <br />will permit, commit, or sober no wade, impairman4 deteriuratim+ of said property or any part thereof; <br />in the event of failure of the mortgagor to keep the buildings on said premises and those erected un said <br />premises, or improvements thereon, in good repaiq the mortgagee may make eucb repairs as in its dixretion it <br />may deem tteeeanary (or the proper preaervnlion therco(; anJ the full amount of each and every such payment <br />shall be immediately .+,se and payable and shall be secured by the lien of this mortgage. <br />k. He will not voluntarily create or permit to be created against the property subject to thin mortgage <br />an;• lien or liens ittierioz nr superior to the lien of this mortgage without the written consent of the. mort• <br />gageei and further, he will keep and maimain the cams free teem the claim of all persons supplying labor or <br />materials for cmtatr+tction of any and all buildings or impnwementa now being erected or to be erected nn <br />said premises. <br />i. He will nut rent or assign any part of the rent of said mortgaged property or demolish, or remove, <br />or aubetmttiaily alter any building without the written consent of the morigagee. <br />j. All awards of damages in eooneaion with any condemnation fur public use of or injury to auy of the <br />property subject to this mortgage are hereby assigned and shall Its paid to mortgagee, wbo n+ay apply the <br />assns to payment of cite ineullntdnta Isar dne under said note, and mortgagee is harnby authorised, in the <br />name of the mortgagor, to axtrute and deliver valid acquittances thereof and to appeal fmm any eueh award. <br />k. 1'he mortgagee shall have the right to inspect t!}e mortgaged premises at any reasonable lima. <br />2. Default in any of the rovenanu or conditions of thin instrument or o! the note or loan agreement sccurad <br />hereby:altal! terminate the mortgagor's right to pue~+eaaiun, use, awd enjoyment of the pruptrty, nt the option o[ the <br />taotlgagee or his assigns (it being agreed that t}+e mortgagor shall hate such right until drfoult 1. l~pon auy such <br />rlelaul4 the mortgagee shall become the owner of all of the rents and profits :+ecnting after default as security <br />IOtt Llte indebtedness secured hereby, with the right to enter upon said property fur the purpose of collecting sorb <br />rtgtts and pro$n+. This iaatrumrnt xhall opera3.e ae ao assigament.af say rentals on said property to that extent. <br />
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