81000693 - Laserfiche WebLink

Browse

...-_ .. r ~ F -, .,rrw `Es C THE MORTGAGOR FURTHER COVENANTS AND AGREIJ9: ,Q `fit, That -ihe° Mortgagor will pay the indehtedneab sa hereinbefore providedv y -r ~ " O That the Mortgagor is the dwner of sairi property in fee simple and has good right and lawful authority to sell and convey the same and that the came ix-(lice and dear of any lien or PncumbrancP; and that Mortgagor will warrant and defend the title to said premises agaittst the cfeims of ail persona whanvoever. To pay itamediately when due and payable ell general taxes, special to%ea, special assessments, water charges, sewer-serve ice charges, and a€her tax€a and charges against said property. and alt taxes levied on the debt secure±d hereby, slut tv furnish the Mortgagee, upon rcluest, with the originat or duplicate receipts therefor. The Mvrtgagor agrees that there s}iall be added to each monthly payment required hereunder nr under the evidence :d debt secured hsrehy an amvunt estimated by the Mortgagee to be sufficierit.to enable the 14fortgagee to pay, as they become due, all taxes, assessments, and similar charges upon the prem• lees subject thereto; any `deficiericy because of the insuffciency of such additional payments shall he forthwith deposited by the Mortgagor ,with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph .chall'be deemed a rtefault in payment of taxes, -assessments, nr similar charges required hemunder. The Mortgagor agrees that there shall also be added to each monthly payment. of principal and interest required here- under an amount estimated by the Mortgagee to be sufficient h, enable t}tr- Mortgagee to pay, as it becomes due, the insurance premium on any insurance policy delivered to the tiiort gager. Any defirirnc~~ because of the insufficiency, of such additirnal pay- mchrts shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph shall he deemed a default in the payment of incttrancr nremiums. If the policy or policies deposited are such as home- owners ar all risk policies, and the deposits are insufficient to pay ±hr entim premium, the Mrrtgagee may apply the deposk to pay premiums nn risks required-to be insured by this mortgage. Payments made by the Mortgagor under the above paragraphs mny. at the rption of the Mortgagee, he held'hy it. and commingled with other such ftmds nr its own funds for the payment of such items, and until so applied, such payment are hereby pledged as security for the unpaid balance of [he mortgage indPhtedness. Tn pr~,u; e- deliver ter, and maintain for the 6em~fit ~rf the A4ortgager during the Gfe of this mortgage original policies and renewals thereof. deliverixi at bast ten days Fwfore the rxpi ration u( ar, .~ ;urh policies, insuring against firn and other insu cable hazards, casualties, and contingencies as the Mortgagee ma7 require, in an amount equal to the indebtedness secured by thin Mortgage, sod in companies acceptable to the \dortgage«•, with inns payable cla ~ in favor of and in farm acceptable fn the 'vivrtga- gee. In the event an}' policy is nut re=r:ewers on nr before ten dews of its expiration. the :viortg ,gee may procure insurance un the improvements, pay Che premium therefor, and such sum halt trec,mr immediately due and payable with interest at the rate set forth in said note until paid and shall }x• ,rru red by ihi. mortgage. Failure on the na rF of the Mortgagor to furnish such renewals as are herein required ur failure to ; ay any sums aav:mced- h_-eunr;r=r -:halt, at hr option of the Sortgagee, constitute a rtefault under the terms of this mortgage. The delivery ..f surtt po]iciesrshalL in the event of rtefault. constitute an assignment of the un- earned premium. r 4r Any sums received by the Mortgagee hp reason n. ,c ~.,r damage insured against may he retained by the Mortgagee and applied toward the payment .r£ tl;e riebt hereby s~cu red. or. at the- option of the Mortgagee, such sums either wholly or in part may be paid over to the Mortgagor to be used to repair such hundings or tv build"new bindings in their place ur for any other purpose or object satisfactory to the Mortgagee ~~aithout atLecting the '.ten on the mortgage for the toll amount secu reel here- by before such payment ever trek place. To promptly repair, restore ur rebuild any buitriings yr unprovements now ur hrreattrr nn the premises -.which may be- crome dan.aged or destroyedt to keep said premises in g.xrd cundi lion and repair and free from any mecF.enic's lien ur other Tien or claim of lien not expressly aulwrdinated to the hen hereol, nut to suffer :.r prrmrt any ernlawful use of or any nuisance to exist nn said property nor to permit waste on said premises, nor to do any other act whereby the property hereby conveyed shall twcome less valuable, nor to diminish or impair its value by am' act :_,r i?missiun to ace ±r. er.mp!>~ with all requirements of law with respect to the mortgaged premises and the use thereof. That should the premises ur any part thereof ~ taken :,r damaged by reao-un of any public improvement or wndemnatian proceeding, or under the right of eminent domain, or in any othee manor:, the Mortgagee shat! Fee entitled to all c,-,mpensat:ans. awards, and any other payment ur relief therefor. sad shaft be an titled, at it option, to commence. appear in and prosecute in it own name any action or proceeding, ur to make any compromise or settlement in connection with such taking or damage. All such -__ compensation, awards, darnages, right of action and proceeds are hereby assigned to the Mortgagee, who may. after deducting - - therefrom ark its expenses, release any moneys so received by it or apply the same un any indebtedness secured hereby. The bfor4 ~-= gagor agrees to execute such further assignment of any cumpensatiun, awards, damages, and right of action sort proceeds as the .~ Mortgagee maY require. That in case of failure to perform any of the covenant herein. the Mortgagee may do vn the Mortgagor's behalf everything ' so covenanted; that Lhe 1ortgagee may also do any act it may deem necessary to protect the lien thereof; that the Mortgagor will repay upon demand any moneys paid or disbursed 6y the Mortgagee for any of the above purposes. and such moneys together with interest thereon at the rate provided in said note shall become so much additional indebtedness hereby secured and may he in- cluded in any decree foreclosing this mortgage and he paid out of the rents ar proceeds of sale of said premises if cwt otherwise °- paid; that it shad not be obligatory upon the Mortgagee to inquire into the validity of any lien, encumbrances. or claim in ad- vatscing moneys as above authorized, but nothing herein contained shall tee construed as requiring the Mortgagee to advance any rrtor~ys tot any such purpose nor W do any act hereunder; and that Mortgagee shat! cwt incur any personal liability because of any- thing _ia easy do or omit to do hereunder. In the event of the de[ault by \iurtgagur_ in the payment of any installment, as required by the ZBole secured hereby, or in the performance of the obligation in this mortgage or in the note secured thereby, the Mortgagee shall be entitled to declare the debt secured hereby due and payable without notice, and the Mortgagee shall be entitled at it option, without notice, either by itself or by a receiver to be appointed by the court thereof. acrd without regard to the adequacy of any security for the indebtedness se- cured hereby, to enter upon and take pos§etision~of the mortgaged premises, and to collect and-receive the rents, issues end profits thereof, acrd apply the-same, .less coats of operakion and collection, upon the indebtedness secured by this mortgage; said rents, issues and profite being hereby assigned W the Mortgagee as further- security for the payment of aft indebtedness strared hereby. The Mortgagee shall have the power to ap{wint any agent or agents it may desire for the purpose of repairing said prem- ises; renting Fhe same, collecting the rents, revenues and income. and it tray pay ouE of said income alt expenses innured in rent- ing and managing the same and of collecting the rentals therefrom. The balance remainin8. it any, shall fte applied toward the dixharge of rho mortgage ind@tatedness. This assignment is to terminate and hecrrmc+ nut[ acrd void upon reelease ut 2hia trwrtgage.