|
8f3--- UD4~~G
<br />1. The taortgegor oosenaots sad agrees b follows:
<br />a- He will P~P~7 Pap the indebtedaeaa evidenced by acid pntmraaory note at the lima sad is the
<br />toaaoer therein provided
<br />b. He will pay all taan, aaau~eata, watu rates, and other goveromeatal oz municipal charges, finea, ~
<br />impaaitiona, fot which provfsi~ Lae not been made Lereiabefore, and will prompty deSver the of5rial eemfptr -
<br />tLerefoe to the said mortgagee.
<br />c. He will pay each expenses and fees ae may be incurred in the protection and maintenance of said
<br />property, including the fees of any attorney employed by the mortgagee for the collection of any or all of
<br />the indebtedness hereby secured, or for foreclosure Ly mortgagee's sale, or court proceedings, or in any otter
<br />litigation or proceeding affecting said premises. Attorneys' (sea reasonably incurred in any other way shall be-
<br />paid by the mortgagor.
<br />ri. For Letter security of the indebtedness hereby secured, upon the regneet. of the rrtortgsgr, its ass
<br />ceeeote or assigns, he shalt execute and deliver a supplemental mortgage or mortgagee covering any additions,
<br />improvements, or betterments made to the property hereinabove described :nd all property acquired by
<br />it after the date hereof (all in form satisfactory to mortgagee). Furthermore, should mortgagor fail to cure
<br />any default in the payment of a prior or inferior encumbrance anahe property described by this instrrtvtent,
<br />mortgagor hereby agrees to permit mortgagee to cure such default, but mortgagee ie not obligated to do eo;
<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 [his conveyance 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 any part thereof
<br />secured hereby.
<br />J. He will continuously mafnmin hazard insurance, of such type or types and in such amounts as the
<br />mortgagee may from time to time require on the improvements now or hereafter on said property, and
<br />will pay promptly when due any premiums therefor. All inerrrance shall be carried in companies aaxptabk
<br />to mortgagee and the policies and renewals [hereof eball be held by mortgagee and have attached iherem
<br />lone payable []stress in favor of and in Corm acceptable to the mortgagee. Ia event of loan, mortgagor will give
<br />immediate notice in .,riling to mortgagee, and mortgagee may make proof of toes if not made promptly by
<br />mortgagor, and each insurance company eoocerned is hereby authorised and directed to make payment for such
<br />loos directly to mortgagte instead of to mortgagor and mortgage[ jointly, and the intmraace proceeds, or say
<br />part thereof, msy be applied by mortgagtx at its option either to the reduction of the iadebiednw hereby
<br />secured or fo the restoration or repair of the property damaged or destroyed, In event of foreelosare of thin
<br />mortgage, or other tramfer of title to said property set eztinguiahmcnt of ehc indebtedness secured htreby, all
<br />right, tide, and interest of the mortgagor in and to any insurance policies then in Force shall pass to the
<br />purchaser or mortgagee oq at the option of the mortgagee, may be surrendered for a refund.
<br />g. He will keep all building> and other improvements on said property in good repair and condition;
<br />will permit, commit. or suffer no wants, irnpairmen4 rleteriaration of said property or any part thereof;
<br />in the event of failure of the mortgagor to keep the buildings on said premises and [hone erected on said
<br />premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion n
<br />may dorm necessary for the proper preservation thereof; and the full amount of each and every ouch payment
<br />shot] be immediately due and payable and shall be secured by the lien o[ this mortgage.
<br />h. He will not voluntarily create to permit to be oreatcd against the property subject to this mortgage
<br />nny lien or liens infrrier or superior to the lien of this mortgage without the written emtsent of the mort-
<br />gagee; and further, he will keep and muinUtin the same tree (rum the claim of all persons supplying labor or
<br />materials for conatrvction n( any and all buildings or improvements now bring erected or to be erecters on
<br />said premises.
<br />i. }Ic will nut rent or assign nny part of the rent of said mortgaged property or demn6eh, or remove,
<br />or substantially alter any building without the written consent o(the mortgagee.
<br />j. All awards of damages in comtection with any condemnation for public use of or injury to any of the
<br />property subject fo thfs mortgage are hereby assigned end shot] be paid to mortgngee, who cony npply the
<br />same to payment of the installments lust due under said note. anti mortgagee is hereby authorised, in the
<br />name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal (rum any such award,
<br />k. The mortgagee shall have the right to inspect the mortgaged premises at any reasonable time
<br />2. Default in any of the rovensnts or conditions of this instrument or of the note or loan agreement secured
<br />hereby shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the
<br />mortgagee or his assigns tit being agreed that the mortgagor shall have such right until drfmdtl. Upon any such
<br />default, the mortgagee shall become the owner of all of the rentx and profits securing after defauh as security
<br />for the indebtedness secured hereby, with the right to enter upon raid property for the purpose of collecting such
<br />rents and profits. This instrument shall operate as en assignment of any rentals on said properly to that extent.
<br />e• ,
<br />
|