|
<br />30-= OCi ~~~~
<br />L. TLe mztgaaor eo~anta and agt eeo asfollowa:
<br />a. He will promptly p:y the indebtedner evidenced by said promirory note at the times and in the
<br />mamter theeein provided
<br />b. He will pay all rases, aretonentq water eaten, and other gove~mtal oz municipal charge, Bnaa. or
<br />impaeitioae, for which provieian hoe not bem made hereinhefote, and will promptly-deliver the olbeial reer~pb-
<br />therefor to the esid mortgagee.
<br />c. He will pay such 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 nay or all of
<br />the indebtedness hereby secured, or for (orecloeare by mortgagee's sale, cr court proceedings, or in any other
<br />litigation or proccediag affecting said premieea. 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, ifs sue•
<br />cesaors or assigns, he shall 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 />tt after the date hereof (all in form satisfactory to mortgagee). Furthermore, should mortgagor fail to cure
<br />i any default in the payment of a prior or interior encumbrance on the property described by this inatruatent,
<br />mortgagor hereby agrees to permit mortgagee to cure such default, but mortgagee is not obligated to do w;
<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 treated by this conveyance shall remain in full {ores sad FRec[ :;ring any postponement
<br />or extension of the time of payment of the indebtedness evidenced by said promissory note or acv part thereof
<br />secured hereby.
<br />f. He, will continuously maintain hazard insurance, of such type or typee and in such amounts as the
<br />mortgagee may from time to time require on the improvements now or hereafter on said property, sad
<br />will pay promptly when tine any premiums therefor. All insurance shall be carried in compaaiee acceptable
<br />to mortgagee and the policies and renewak whereof shall be held by mortgagee and have attached thereto
<br />loss payable clauses in favor of and in form acceptable to the mortgagee. Ia event of lose, mortgagor will give
<br />immediate notice in writing to mortgagee, and mortgagee may make proof of tom if not made promptly by
<br />mortgagee, and each i..•.+ra..ce company concerned is hereby authorized end directed 4n make payment for enc6
<br />teen directly to mortgages instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any
<br />part thereof, may be applied by mortgagee at its option either to the reduetioa of Ehe indebtedness hereby
<br />sMured or to the r>ytoration or repair of the properly damaged or destroyed. lzt event of fomloaare of this
<br />mortgage, or other transfer of title to said property in eatiaguishmtnt of the indebtedness seeased hereby, ell
<br />right, title and interest of the mortgagor in 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 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 properiy or any 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 as in its discretion it
<br />may deem necessary for the proper preservation thereof; and the full amount of each and every such payment
<br />shall be immediately due and payable 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 infector or superior to the lien of this mortgage without the written consent of the mort•
<br />gages; and further, he will keep and maimain the same free from the claim of all persons supplying tuber or
<br />materials for construceion of any and all buildings or improvements now tieing etecied or to 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 any 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 o{ the installments feat due under said note, and mortgagee is hereby authorized, in the
<br />name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award.
<br />k. The mortgagee shall have the right to inspect the mortgaged premises at nay reasonable time.
<br />2. Default in any of the covenants or coieditione of this instrument or of the note or loan agreement secured
<br />heteby,ehall tettninate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the
<br />mortgagee ar his assigns (it Laing agreed that the mortgagor shall have ouch right unlit default). Upon any such
<br />d°efaulq the mortgagee shall become the owner of all of the rents and profits accruing after default ae security
<br />for the indebtedness secured hereby, with the right to enter open said property for the purpose of collecting such
<br />rents and profits. Thin ibstrument e1ta11 operate an-act aeeignment of any rentals on said property to that extent.
<br />
|