|
1~ The maragager covenants a~ agrees ata faQowa:
<br />a. He wiIl ?ramptly pal the indebtedner evideaeed by said promirory note at tha times s~ in the- `- .
<br />manner tharem provided
<br />b. He will W7 all razes, assesnaenb, water rates, and other gmetnmenni or mttttiapal char6d, 6aes, ~
<br />impaaitiam, for which provisioa ?w not been made bereinbefore, and will promptly deliver the ofciai receipts
<br />therefor to the said mortgagee.
<br />c. He will pay such expensee and fees as may be incurred in the protection and maintenance of said
<br />property, including the tees of any attorney employed by the mortgagee for the collection of any or alt of
<br />the indebtedness hereby secured, or for farecloenre by mortgagce a sale, or court proceedings, or in any other
<br />litigation or proceeding affecting said premises. Attorneys' fees reasonably incurred in any 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 suc-
<br />cesaora or assigns, he shalt execute and deliver a supplemental mortgage or mortgages covering any additions,
<br />improvements, or betterments made to the nro_pe_rty herefnahove described :nd aA praperty acquired by
<br />it after the date hereof (all in torn satisfactory to mortgagee). Furthermore, should mortgagor fail in cure
<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 oat obligated to do sa;
<br />and such advances shall become part of the indebtedness secured by this instrvmen4 subject Io the same
<br />terms and conditions.
<br />e. The rights created by this conveyance shall remain in full force and effect during any postponement
<br />or extension of the time of payment o{the indebtedness evidencetl by said prnmsssory note err any part thereof
<br />secured hereby.
<br />j. He will continuously maintain 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 insurance shall be carried in companies aaxpiable
<br />Yo mortgagee and the policiee and renewals thereof shall be held by mnrtgagce and }rave attached thereon
<br />lass payable clauses in favor of and in form acceptable to the mortgagee. In event of lose, mortgagor will give
<br />izamediate notice in writing to mortgagee, and martgageee may make proof of iris if not made promptly by
<br />mortgagor, and each insurance ctsmpany rnneeraed is hereby authatized and directed to make payment for such
<br />loss directly to mortgagee instead of to mortgagor sad mortgagee jointly, sad the insurance proceeds, or any
<br />part thereof, may bo applied by mortgagee at its option either to the reduction of the indebtednrse hereby
<br />er.cttred of to tba rrdtoraiion nr repair of the property damaged nr :leatroyed. In event of £oreelaaure of this
<br />mortgage, nr other transfer cf title to said propvey i:r cztirguislrmetit of tha intlrb:edneee encored hereby, all
<br />right, title, sad intereai of the mortgagor iti sad to a$y inauraaer policfea_ ihe~ ;n force mall pa's *~ t_t+e
<br />purchaser or mortgagee or, at the option of the mortgagee, rosy Le surrendered for a refund.
<br />g. He will keep all buildings and other improvements on said property in good repair and condition;
<br />will permit, commit, or suffer no waste, impairment, deterioration of said property or any part thereof;
<br />in the event of [allure of the mortgagor to keep the buildings on said premises and those erected on said
<br />premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it
<br />may deem necessary for the prayer preservation thereof: and the full amount of each and every ouch pat'men!
<br />shall be immediately due and payable and shall he secured by the lien of this mortgage.
<br />h. He wr0 not voluntarily create or permit to be creased against the praperty subject to this mortgage
<br />any lien or liens inferior or superior to the lien of this mortgage without the written consent of tine nwrt•
<br />gages; and fn ether, he will keep and maintain the same tree from the claim of all persons supplying lobar or
<br />materials for conatrrtetion of any and all buildings or improvernente now being erected or to he eructed un
<br />acid premises.
<br />i. He will nut rent nr assign any part of the rent of said rnartgaged property ar demolish, ar remove,
<br />or subataatially alter any building without the written consent of the mortgagee.
<br />j. All awards of damages in connection with any condemnation for public use of nr injury to any of Ehe
<br />property subject to this mortgage arc hereby assigned and shall be: paid to a!eortgaa_ea, who rosy apply the
<br />aanre to payment of the installments last due under said note, and mortgagee is 13ereby autFturized, in the
<br />name of the mortgagor, to execute and deliver valid acyuittances thereof and to appeal from an}' 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 covenants of conditions of Ihia instrumen! or of the note ar loan sgre•ement s:.curcd
<br />hereby shalt terminate the mortgagor a right to posseseiw+, use, and enjoyment. of the property, at dre option of the
<br />mortgagee or his assigns (it being agreed that the triurt~agor shall have such right until-•default). l.lpun any such
<br />default, site mortgagee shall become the owner of all of the rents and profits accruing after defauh as security
<br />for the indebtedness secured Lereby, with the right to enter upon said property for the purpose of collecting such
<br />nests sad profits. This instrument shall operala as an aasignmant of any rentals on slid property to that extent.
<br />
|