|
d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its successors
<br />or assigns, mortgagor shall execute and detiver a supplemrntal mortgage or mortgages covering any additions,
<br />improvements, or bettetmcrsts made w the property hereinabove described and all property acquired by it after
<br />the date hereof tali in form satisfactory to mortg~ee). Futhermore, should mortgagor fail to cure any default
<br />~ in the payment a(a prior ar inferior encumbrance on the property described by this instrument, mortgagor here-
<br />~ by agtrrs to permit mortgagee to cure such default, but mortgagee is not obligated to do so; and such advances
<br />~ shall became part of the indebtedness secured by this instrumem, subject to the same terms and conditions.
<br />e. The rights created by this axtveyance shelf remain in full force and effect during any pastportement or
<br />"~ extension of the time of the paytttent tsf the indebtedness evidenced by said promissory Hate or notes, ar aay
<br />part tt~rextf secrtred her+eoy.
<br />~4
<br />~ f. To continuously tn$intain hoard insurance, of such type or types acrd in such amotmts as the mortgagee
<br />may from time to tune require on the improvemems now or herrnfter on said property, and will pay promptly
<br />whrn due arty premiums therefor. A[t itastttann shall be carried in cottpanies acceptable to mortgagee and the
<br />policies and renewala thereof shall be held by mortgagee and have attached thereto Lars payable clauses in favor
<br />of a~ in fortes acceptable to the mortgagee. In event of toss, mortgagor wilt give immediate native in writing
<br />to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance
<br />company concerned is hereby authorized and directed to make payment for such loss directly to mortgagee
<br />instead of to mortgagor and mortgagee jointly, and the insurance procteds, or any part thertxtf; may be applied
<br />by mortgagee at its optio:t either to the reduction of the indebtedtess kereby secured or to the restoration or
<br />repair of the property damaged. or destroyed. [n event of foreclosure of this mortgage, a: atixr Yransfer of title
<br />to said property in extinguishmrnt of the indebtedness secured hereby, all right, tick, and interest of [he
<br />mortgagor in artd 20 any insurance policies thrn in force shall pass to the purchaser or mortgagee or, at the
<br />option of the mortgagee, may be surrendered for a refund.
<br />g. To kagl alt buildings and other improvements on said property in goad repair and condition; to
<br />permit, commit, or suffer no waste, impairment. deterioration of said property or any part thereof; in ehe event
<br />of Failure of the mortgagor ro keep the buildings on said premises and those erected on said premises, or
<br />improvements thereon, in good repair, the mortgagce may make such repairs as in its discretion it may deem
<br />nc=essary for the proper preservation thereof; and the full amount of each and every such payment sha11 be
<br />immediately due and payable; and shall be secured by the lein of this mortgage.
<br />h. To not vo#untarily i~reate or permit [o !~ created against the property subject to this mortgage any lien
<br />ar liens inferior to the ties of this mortgage without written consent of the mortgagee; and father, that mort-
<br />gagor will keep acrd R[aintain the same free from ttte [:taim of all persons supplying tabor or materials for ~on-
<br />sttuti~tiott of any and al} buitdirtgr or ir!+provemrnts now being ertcied or m be erected on said premises.
<br />i. To Hat rent of assign any part of the rent of said mangaged property or demolish, or remove, or
<br />substamiaiiY alter any building without the written consrnt of the mortgagee.
<br />j. All awards of damages in eonnestion with any condemnation tar public use of or injury to any of the
<br />property subject to this marsgage are hereby assigned and shalt be paid to mortgagee, who may apply the same to
<br />paymeztt of the installments last due under said Hate, and mortgagee i3 hereby authorized, in the name of the
<br />taortgagar, [o execute atrsi detiver valid acquittances thereof and to appeal From any such award.
<br />k. The saartgagee shalt have the right to inspect the mortgaged premises at any reasonable time.
<br />1. To comply with the provision of any lease if this Mortgage is on a leasehold. Tf this Mortgage is on a
<br />unit in a rnndominium or a planned unit develotsmeat, 9arrower shall perform all of liorrawer's obligations
<br />under the dedaratson or Covenants creating or governing the condominium or planned unit developmrnt,the
<br />by-Ltwa acrd rt~ttlations of the crostsfmninit:m or piaattui unit development. acrd constituent docutnertts.
<br />2, Default in arty of the covenants nr rnnditions of [his instrument or of the note or loan ageemmi scoured hereby
<br />shall terminate the ntartgagar's right to posszssion. use, and rnjayment of the property, az the option of the
<br />ttmrtgagoe or assigns {it being agreed that the martgagtsr shall have such right until default). Upon any such
<br />tkfault, tl~ mortgagee shall become the awtxr of all of the rents and profits acctsring after default as security far
<br />ttse imtebtcdttess scarred hereby, with the right to enter upon said property far Ehe purpose of coTltcting such
<br />resits oral profits. This instrument shall operate as as assignmrnt of any rentals on said property to that extrni.
<br />3. If Ilse mortgagsx defatdts< amt. fails to make any paymrnts When due or to conform to and comply with any of
<br />the cttm"atirsns ar agreemxntc eontaitted in this mortgage or the notes whets it secures, then the entire principal
<br />asad atcrnad iMer~ shall az txue become dot acrd payable, and draw ' pee crnt { 17 . S fit) interest
<br />after until paw at the tleetxan of the truutgagee; and this mortgage trtsy tlxraztpon be forectttsed immediately
<br />for t#tt w of the ietfrtess hereby seeutt+d, including the cost of the abstract of title from the
<br />data of this ttwrt to the tune of commencing such suit. *Seventaen and one-ha11; percent
<br />#, ltt ttte evert of a forttue or default as provided herein, tt~ tttort ~ once be rntitlad Eo the pt}s-
<br />uae, and eejaymcnt of rite test estate aforesaid aent ea the rt:tt9t, royalries, and profits thereof,
<br />fry tlx sew of rfg~ttta amt dssrittg =i`~ peta-y of fottclosurtr s and such passrsioris, etc.,
<br />stmt m be dsliverad to the ~ upon request, upon failure a delivsxY of. such passesx#on may he
<br />by mtsta by azt3r apgtsx~rlate legal inttcecdirtgs, ittc$xiing a nticelvcr fior the prottcrty.
<br />'~_ "[ ~ ~` ~Y itt.~ ~tlt the ~ its stl be applicsl lust to
<br />1%-Y t~ acid ~ cif said Jak. the expene+es incurred by the martgttdae for- the purprxse of protecting cat
<br />TtY, shy; to pay the itslettredtaess secured herel~; and thirdly, to tray any surplus ar
<br />txe:i to the peso ar pern+attx l~#t' cruitlad thtxeta.
<br />
|