81000983 - Laserfiche WebLink

Browse

r l ~1~--tJ(-~g83 d. For better security of the indebtedness hereby secured, upon the request of the mortgagce, its successors or assigns, mortgagor shall execute and deliver a supplemental mortgage or mortgages covering any additeorts, improvements, or bettermrnts trade to the property hereinabovt described and all property acquired by it after the date hereof fall in form satisfactory w mortgagee). Futhermore, should mortgagor fail to cure any default in t3tt payment of a prior or inferior encumbrance on ehe property described by this instrument, mortgagor htxe- by egrets to perrttit mortgagee to cure such default, but mortgagce is not obligated to da sa, and such advances s~,a,'l bent part of iltt it~tdr -mss s~-^uttd by this ir,st^smtnt. subj~i to the collet arms and conditions. t, Tht rights created by this conveyance shall rttttain in fall farce and efftM during any p~tpontmtnt oe attension of the time of the payment of the indebtedness evtdenad by said promissory note or notes, or any part thet-tof stcttr~ hereby. , f. To continuously maintain hazard insurantx, of such type or types and in sash amounts as the motgagee may from time to time require pn the improvements now or hereafter an said property, and wiq pay promptly when due any premiums therefor. All insurance shall be carved in companies acceptable to mortgage and the poheits and renewals thereof shall be held by mortgagce and have attached thereto loss payable clauses in favor of and in form acceptable to the mortgagee. [n event of loss, mortgagor will give immediate notice in writing to mortgagce, and mortgagee may make proof of loss if not made promptly by mortgagor; and each insurance company concerned is hereby authorized and' directed to make pavmen[ for such loss ditxetly to mortgagee instead of to mortgagor and mortgagee jaintty,.aad the insurance proceeds, or any part thereof, may be applied tw mortgagee at its option tither to the reduction of tht indebtedness hereby secured or to the restoration or 'repair of the property damaged or desttayed. In event of fort-`t~;urt of this mortgage, ar other ttansftr of title to said property in extinguishment of the indebtedness secured hereby, all right, title, and inures[ of the mortgagor in and to any insurance pofides then in farce shall pass to the purcltastr or mortgagx or, at the option of the mortgagee, may be surrendered for a refund. g. To keep all buildings and other improvements an said property in gow repair and conditian; to permit, commit, or suffer no waste, impairmrnt, deterioration of said property or any part thereof; in the event of faituee of the mortgagor to keep the buildings on said pzet.,ises and [host erected on said premises, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may dcem necessary for the proper preservation thereof; and the €uil amotutt of each and every such payment shat! be immedisiely due attd payable; and shall be secured by the loin of this mortgage. h. To rat voluntarily create or permit to be created attainst the property subject to this mortgage any lien or !lens inferior to the lien of this mortgage without written consent of the mortgagor, and father, that mort- gagor will kerp and maintain the same fret from tht claim of alt persons supplying labor or materials for can- struction of any and all buildings ar improvements now being rrecteci or to be rrected on said premises. i. To not rent or assign aay part of the rrnt of said mortgaged property ar demolish. or remove, or substantially alter any t+uilding without the written constm of the mortgagee. j. All awards of damages in canttection with any candaztnatian far public ust of nr injury to any of the proptrn• subject to this ntortgagc arc hereby assigned and steal! be paid to mortgagce, who may apply the same to pa}~rtent of the instaUmrn[s last titer under .said note, attd mortgagee is hereby authorized, in the namt of tht mortgagor, [o execuu and deliver valid acquittances thereof and to appeal from any sucG award. k. The mortgagee shelf have the right to instset-t the mortgaged premises at any rtasonabte [ime. !. Tn comply with the provisions of any least if this Mongagt is on a leasehold. If this Mortgage is on a unit m a cottdommtum or a planttcd unit dtvrtopmrn*., Borrower shat! perform aU of Borzower's obligations under the declaraeion or covenants creating or governing the eondomtnium or planned unit developmettt,tht by-laws and regulations of the cwtdominium or planner unit development, and constituent documrnus. 2. f3efauit in any of the covenants or conditions of this instrurrnnt or of the note of loan agetmeut secured hereby shall termiriatt the mortgagor's risitt to passessian, use, and tnjoytttent of Ehe property, at the option of the mortgagee ar a~igas (it bting agreed that the mortgagor shat! have such right until default). Upon any such defauh, the mortgages chap becatrit the owner of all of the rrnts and profits accuring after default as security far the irtdtbteditess secured hereby, u~tth the right to rnter upon said property far the purpose of coflxting such tents attd profits. This ittstruttttnt shall operate as an assigttmrnt of any rentals on said property to that taunt. 3. if the mortgagtx defaults. atttl fails to tnakt any payments when due or to confo.-m to and comply with any of the conditions or agrtetztenu cwttaintd in this mortgage ar the Hates which it secures, then tht entire principal sum std aeentat intsrtst shall at once became due and payabIt, and draw . ` per cent (.18..5_°rsl interest thertaftsr until pout st the ttection of the rttortgttgce; and this mortgage [nay thereupon be foreclosed imrnediattly far the whole of tote ittdtbttdness hereby secured, including the cast of exiettding the abs[ract of title from the date of thrg tnort~gt to the tuna of comtnettcing such suit. *Eight~en and [hte-Half s. to the c'rttu of a f~eciaasure or defauh as provided heron, the marigagsr shat! at octet be entitled to the pas- , use, a~ mitt of thr rent estate aforesaid and ro the rent. dssuta, rayatties, and proftts thereof, frost the aacrttittR of sash right[ atu# during. the pertdettcy of forestosure proccedingz and such possessions, etc., at otxe let de6vertd to the. martgaarer ups:n requtsY, uprxt failure sash delivery of sash posseasian may be t»forced by morn, ui any appropriate legal pro,xedings, ittsluding a receiver for zht property. S. T]mr tx of any sale of said property in accardattse nssih the prisxding paragraphs shall ht applied first to pity the tE'cuds rind cxpeaaex of said salt, the txpencxx ittcttrrtd by the mort;usgts far the purtmst of protecti:zg rn ntitirsuaini~ said pt~ptrty, tY< to pay the indetxtdtitss seeastrd lteretry; and thirdly, to pay ant surplus err aittasa to t~ pets€»t ar Ezexaons 4ettalty erttitttd thereto.