|
~0- Ilf}^~85
<br />1. The mortgagor oovemana and ^g~ • tallow.:
<br />a He will P~PHy Wy the indebtedater evidenced by acid promirory note at the times ate in the
<br />^~• therein provided
<br />b. He will pay all fosse, aeaasementa, water rates, and other governmeatai or mttnicipal ehargea, finea, or
<br />impadtions, for wbivlr ptroviaion bas not been made bereinbefore, and will promptly deliver the oBiaial eeeeipta
<br />therefor to the said mortgagee.
<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 forecloeare 6y mortgagee's sale, or court proceedings, or in any other
<br />litigation or proceeding affecting said premises. Attorneys' fees reasonably incurred in any other way shall 6e
<br />paid by the mortgagor.
<br />d. for better security of the indebtednea>; hereby secured, upon the regneat of the mortgagce, its ens-
<br />. ~, ceseors or assigns, he shall execnte and deliver a supplemental mortgage or mortgages covering any additions,
<br />~. improvements, or betterments made to the property hersinalmve described :nd all property acquired by
<br />~. it after the date heeeof (all in form satiafactoey to mortgagee). ~urthermare, should mortgagor fail to 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 defaul4 btu mortgagee is not obligated to do so;
<br />and aueh advances shall become part of the indebtedness secured by this instrument, subject [o [he same
<br />terms and conditions.
<br />e. The rights created by this conveyance shall remain in full force and effect during any poetponemen[
<br />or extension of the time of payment of thy, indebtedness evidenced by said promissory note nr any part thereof
<br />secured hereby.
<br />(. He will continuously maintain hazard insurance, of such type or types and in such amounts ae 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 say premiums therefor. All imnrsnce shall be carried in companies aceeptabk
<br />to tttortgagee sod the policies and renewals thereof shall bs held by mortgagee and have attached thereto
<br />kr payable cktues in favor of and is form acceptable to the mortgagee. In event of loss, mortgagor will give
<br />immediate notice in writing to mortgagee, and mortgages may make proof of for if not made promptly by
<br />mortgagor, and eae6 insurance tympany mnarncd ie hereby antborized and directed to make payment for such
<br />Ior directly to mortgagee iwtead of to mortgagor and mortgagee jointly, and the imutaace proceeds, or any
<br />part thereof, may be applied 6p mortgagee at ire option either to the reduction of the iadebtednrae hereby
<br />secured or to the eeHOretion or tepur of the property damaged or destroyed. Ia event of forecloenre o[ this
<br />taortgage, ur other ttaasfer of title to said property in eztinguishmsnt of the indebtedness secured hereby, all
<br />right. title, atxd interest of the mortgagor in and to any i~ttrance policies then in fares shall par to the
<br />puechaeer or mortgagee or, at the option of the mortgagee, may be surrendered for a reftmd.
<br />g. He will keep all buildings and other improvements on said property in good repair and condition;
<br />will permit, commit, ur suffer no waste, impairment, deterioration of said property or any port 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 as in its discretion it
<br />may deem nece»sary for the proper preservation dtereaQ and the full amount o[ each and every such payment
<br />shall be immediately due and payable and shall be secured by the lien o[ 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 nt perior to the lien a( this mortgage without the written consent of the mores
<br />gages; and Curtheq he will keep and maintain the same free from the claim of all persona supplying labor or
<br />materials (or constnecrion of any and all buildings or improvements uow being emeted or to he erected un
<br />said premises.
<br />i. He will oat rent or assign any part o[ the rent of said mortgaged property or demolish, or remove,
<br />or substantially alter any bui-ding without the written consent of the mortgagee.
<br />j. All awards of damages in eormtction with any catdemuation for public use of or injury to any of the
<br />- property subject to this mortgage are hereby assigned and s}mll be paid to nwrtgagce, who may apply the
<br />same to payment of the ittstallmeats last dos ender said sate, and +nurtgagce is hereby suthoriaed, in the
<br />name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any aueh award.
<br />k. 'Che mortgagee shall have the right to inspect the mortgaged premises at any reasonable tuns.
<br />'= Ikfault '-
<br />a. any sf tl+e covenants or conditions of this inatrumenl or of the note or loan agreement wacured
<br />hereby shall tsrrniuate rho mortgagor's right to ptuaeasion, use, and enjoyment of the property, at the option of the
<br />taortgagee or his assigrta (it being agreed that the morgagor shall have such right until default). Upon any aueh
<br />defauh, the mortgagee shall become She owner of all of the rents and profits accruing after default as security
<br />for the indebtedness secured hereby, with the. right to enter upon said property for the purpose of rollecting euel+
<br />rm3ta sad pro84. ThM instrument shall operatt ae an assignment of any restate on acid property to that extent.
<br />
|