|
v i..r'~~ 1J i 3 1
<br />L The nme7gagar r~vasatats and r~eaa sa fa>laas:
<br />a $e will P~PtiY pay the iadebtedae~c evidenced by said ptrosetirory note K the times sad is the
<br />somner therein grarided
<br />b. He will pap all taws, assessmruts, ware: ntee, and other gavernmeatal or mmetieipal ehargra, tines, or
<br />impttaitioas, for which provision bee mt been made hereinbeforc, and will promptly deliver the official raeipb
<br />therefor to flee said mortgage.
<br />c. He will pay such expenses and fees as 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 by mortgagee's sale, or wart proceedings, or in any other
<br />litigation or proceeding affecting said premises. Attorneys fees reasonably incurred im any other way ahaIl be
<br />paid by the mortgagor.
<br />d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its sme-
<br />ceeson or assigns, he shall execute and deliver a supplemental mortgage or mortgagee covering any additiatu,
<br />improvements, or betterments made to the property hereinabove aeecribed :nd all property acgmired by
<br />it alter tLe date hereof (all in form satisfactory to mortgagee}- Furthermore, should mortgagor fail to care
<br />an-y default in the payment of a prior or inferior encumbrance on the property dexeibed by this instrument,
<br />mortgagor hereby agrees to permit mortgagee to cure such default, lxu mortgagee is not obligated to do so;
<br />and such advances shall become part of the indebteanesa secured by this instrument, subject to the same
<br />terms and conditions.
<br />e. The rights created by this conveyance shall remain in full force and effect during any p~tponemen!
<br />or extension of she time of payment of the indebtedness evidenced by said promissory note or any pan thereof
<br />secured hereby.
<br />f. He will continuously maintain hazard insurance, of such type or types and in each amounts as the
<br />mortgagee may from time to time require nn the improvements now or hereafter nn said property, and
<br />will pap promptly when due say premiums therefor. All insurance shall be carried in companies acceptable
<br />to mortgagee sad the policies sad emewals thereof shall be Geld by mortgagee and have attached thereto
<br />lose payable clatisea in favor of and in form acceptable to the mortgagee. la evtmt of loos, mortgagor will give
<br />immediate notice in writing to mortgagee, sad mortgagee map make proof of lose if ~2 made pt»mptly by
<br />mortgagor, and each imttraace tympany mmceraed is hereby authorised and directed w make payment for ouch
<br />lose directly to mortgagee instead of w mortgagor and mortgagee jointly, sad the insurance proceeds, or any
<br />part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby
<br />secured or to the rcstontion or repair of the property damaged or destroyed. La event of foreeloetue of this
<br />mortgage, or other transfer of title to said properly in extinguishment of the indebtedness secured hereby, aIl
<br />right' title, sad interest of the mortgagor is and to any insurance policies then in force shall pass to the
<br />purchaser or mortgagee or, at the option of the mortgagee, may be surrendered for a refund.
<br />g. He will keep aft buildings and other improvements on said property in goad repair sad condition;
<br />will permit, commit, or auger no waste, impairment, deterioration of said property or env part thereof;
<br />in the event of failure 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 ae in its discretion it
<br />may deem necessary for the peoper preservation thereof; and the full amount of each and every such payment
<br />shall be 'immediately due and payahle and shall be secured by the lien of this mortgage.
<br />h. He will not voluntarily create or permit to be created against the property subject to this mortgage
<br />any lien or liens inferior or superior to the lien of this mortgage without the written consem of the mort-
<br />gagee; and further, he will keep and maintain the same free frone the claim of all persons supplying labor or
<br />materials For construction of any and all buildings or improvements now being erected or ro be erected on
<br />said premises.
<br />i. He will not rent or assign any part of the rent of said mortgaged property or demolish, or remove,
<br />or substantially 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 or injury to anc of the
<br />property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the
<br />same to payment of the inet911menta last due under said note, and mortgagee, is hereby authorized, in the
<br />name of the mortgagor, to execute and deliver valid acquittances thereof and «t appeal from any such award.
<br />k. The mortgagee shall have the right to inspect the mortgaged premises at env reasonable. time.
<br />2. Default in soy of the covenants or conditions of thi» instnunrnl or of the note or loan ue_rrrment - . ~ ~ed
<br />hereby shall terminate the mortgagor's right to puaxssiun, use, and enjoyment of the property, at the option of the
<br />mortgagee or his assigns (it tieing agreed that the mortgagor shall have such right until default 1, Cpun an. such
<br />default, the mortgagee shall become the owner of all of [be rents and profits accn~ing after default n .e. urily
<br />for the indebtedness secured hereby, with the right [n enter upon said pnrperh for the purpose of rolleeling Hoch
<br />eenta and profits. Thin instrument shall operate as an assignment of any rentals nn said proprrtr to that extent.
<br />
|