81000708 - Laserfiche WebLink

Browse

$ I --U ~l 0'7 U is 1. The ttsatgagor oovmataL and .ghee. a. [ollowr: a He will prosptlT pay the iadebtednaa erideaoed by acid promissory note at the time..nd in the tnasner therein tpeorided b. He sill pal ail razes, apesaaseay wager rates, and other garernmmtal or mttniapd charges. Piney or imposii;'in0. for which prarision has not btxn made hereiabefore, and will promptly deliver the o6~d eeoeipb therefor w the acid mortgagee. c. He will pay such expenses and fees ae may be incurred in the protection and maintenance of wid property, iocludiag the fees of any attorney employed by the mortgagee for the collection of any or all of the indebtedness hereby secured, or for forecloeare by mortgagee a sale, or caurt proceedings, or is any other litigation or prceeeding affecting said premises. Attorneys fees reasonably incurred in any other way shall be paid by the mortgagor. d. For better security of the indebtedness hereby secured, upon the cequeat of'the mortgagee, its say cessora or aeeign0. he shall execute and deliver a supplemental mortgage or mortgagee covering any addition0. improvements, or betterments made to the property hereinabove described : nd all property acquired by it after the date hereof tall in form eatiafactory to mortgagee{. Furthermore, should mortgagor fail to cure any default in the payment of a prior or inferior encumbrance on the property' described by this instrument, mortgagor hereby agrees to permit mortgagee to cure such defaulq but mortgagee is not obligated to do so; and such advances shall become part of the indebtedness secured by this instrument, subject to tht same terms and conditions. e. The rights created by this conveyance shall remain in full force and effect during any postponement or extension oC the time of payment of the indebtedness evidenced by said promissory note or any part thereof secured hereby. /. He will continuously maintain hazard insurance. of such type or types and in sudt amounts ae the mortgagee mac from time to time require on the improvements now or hereafter on said property, and will pay promptly when due any premiums therefor. All ioenraace shall be carried is companies atweptabk to mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto loos payable clauses in favor of sad in Corm acceptable to the mortgagee. In event of lone, mortgagor will give immediate notice in writing to mortgagee, and mortgagee may make proof of lose if not made promptly by mortgagor, sad each insurance company concerned i s hereby authorised and directed to make payment for each lop directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insuraace proceeds, or say part zher-eoi, may be applied by mortgagee at its optiaa either to the seduction of the iadebtedneaa hereby secured or to the reetontioa or repair of the property damaged or destroyed. In event of foreclosure of this mortgage, or other transfer of title to said property in eztiaguishment of the indebtedaeee eect.red hereby, aI: right, title, sad interest of the mortgagor in sad to say insurance policies then in fom shaft pap to the purchaser or mortgagee or, at the option of the mortgagee, may be surrendered for a refund. g. He will keep all buildings and other improvements on said property in good repair and condition; will permit, commit. or suffer no waste, impairment, deterioration of said praperty or any part thereof; in the evens of failure of the mortgagor to keep the buildings on said premises and those erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its diecretir*n it may deem necessary for the proper preservation [hereof; and the full amount of each and every such payment shall be immediately due and payable and shell be secured by the lien of this mortgage. h. He will not voluntarily create or permit to be created against the property subject to this mortgage any lien or liens inferior or superior to the lien of this mar[gage without the written consent of the mort- gagee; and Curthrr, he will keep and maintain the same free from the claim of alt persons supplying labor or materials for construction of any and all buildings or improvements now being erected or to be erected on said premises. i. He will oot rent or assign any part of the rent of said mortgaged property or demolish, or remove, or substantially alter any building without the written consent of the mortgagee. j. All awards of damages in connection with any condemnatian for public use of or injury to any of the property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who may apply the same to payment of the instailmenls last due under said note, and mortgagee is hereby authorised, in the name oC the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award. k. The mortgagee shall have the right to inspect the mortgaged premises al say reasonable time. 2. fk•fautt in any of the covenants or conditions of this instrument nr of the hate or loan agreement secured hereby shad terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the aaortttagre or his assigns lit being agreed that the mortgagor shall have such right until defauki. Upon any such default, the mortgagee shall become the owner of all oC t)te rents and profits accruing steer default as security Parr the indebtedness secured hereby, with the right to enter upon said property for the purpose oC collecting such ratty and profiu. "Chu inetrumrui shall operate as an aea'sgpmcnt of any rentals on paid property to that extent.