|
d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its successors
<br />or assigns, mortgagor shall execute and deliver a supplemental mortgage or mortgages covering any additions,
<br />~ improvements, or betterments made to the property hereinabove described and all property acquired by it after
<br />~ the date hereof (all in farm satisfactory to mortgagee). Futhermore, should mortgagor fail to cure any default
<br />~ in the payment of a prier or inferior encumbrance on the property described by this instrument, mortgagor here-
<br />,,..t by agrees to permit mortgagee to cure such default, but mortgagee is not obligated to do so; and such advances
<br />,,;,, shall become part of the indebtedness secured by this instrument, subject to the same terms and conditions.
<br />C
<br />a The rights created by this conveyance shah remain in foil force and effect during any postponement or
<br />t--t extension of tfie time of the payment of the indebtedness evidenced by said promissory note or notes, or any
<br />~ part thereof secured hereby.
<br />f. To continuously maintain hazard insurance, of such type or types and in such amounts as the mortgagee
<br />may from time to time require on ahe improvements now or hereafter on said property, and will pay promptly
<br />when due any premiums therefor. All insurance shall be carried in companies acceptable to mortgagce and the
<br />policies and renewals thereof shall be held by mortgagee and have attached thereto toss payable clauses in favor
<br />of and in form acceptable to the mortgagee. [n event of loss, mortgagor will givetmmediate notice in writing
<br />to mortgagee, and mortgagee may make proof of loss if not made promptly by mangagor, and each insurance
<br />co.npany 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 proceeds, or any part thereof, may be applied
<br />by mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or
<br />repair of the property damaged or destroyed. In event of t'oreclosure of this mortgage, or other transfer of title
<br />to said property in extinguishment of the indebtedness secured hereby, aH right, title, and interest of the
<br />mortgagor in and to any insurance policies then 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 keep all buildings and other improvements on said property in good repair and condition; to
<br />permit, commit, or suffer no waste, impairment, deterioration of said property or any pan thereof in the event
<br />of failure of the mortgagor to keep the buildings on said premises and those erected on said premises, or
<br />improvements thereon, irs good repair, the mortgagee may make such repairs as in its discretion it may deem
<br />necessary for the proper preservation thereof; and the full amount of each and every such payment shaA be
<br />immediately due and payable; and shall be secured by the Lein of this mortgage.
<br />h. To not voluntarily create or permit to be created against the property subject to this mortgage any lien
<br />or liens inferior to the lien of this mortgage without written consent of the mortgagee; and futher, that mort-
<br />gagor will keep and maintain the same free from the claim of all persons supplying labor or materials for con-
<br />struction of any and all buildings or improvements now being erected or to be erected on said premises.
<br />i. To rwt rem err assign any part of the rem of said mortgaged property or demolish, or remove, or
<br />substantially alter any bui{ding 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 same to
<br />~yrnen[ of the installments last due under said note, and mangagce is hereby authorized, in the nartte of the
<br />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 any reasonable time.
<br />t. To comply with the provisions of any tease if this Mortgage is on a leasehold. If this Mortgage is on a
<br />unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations
<br />under the dalaration or covenatts creating or governing the condominium or planned unit development,the
<br />by-laws and reguiatians of the condominium or plantted unit developtnem, a~ constituent documents.
<br />2. Default in any of the covenants or t:anditions of this instrument or of the note or (Dan ageemem secured hereby
<br />shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the
<br />tzsoetgagce or atsigns fit being agreed that the mangagor shalt have such right until defautq. upon any such
<br />default, the tnartgagce shall become the owner of alt of the rents and profits accuring after default as security !or
<br />the indebtedness soured hereby, with the right to enter upon said property for the purpose of collecting such
<br />rents and profits. This instrument snail operate as an assignment o[ any rentals on said property to that e. gent.
<br />3. tf the mortgagor defaults, and fails to make any payments when due or ro conform to attd comply with any of
<br />the cot~itians or agreements contained in this mortgage or the notes which it secures, then the entire principal
<br />sum and accrued interest shall ai Dace become due and payabk, and draw * _ per cent (17.5 %) interest
<br />thereafter unfit t>wid at the eltxtian of the mortgagee; and this mortgage tray thereupon be foreclosed immediately
<br />for the whok of the indebtedness hereby secured, including the cost of extending the abstract of title from the
<br />daft of this tnongagt to tlx tune of cotrunencittg such suit- *Seventeen and One-Half Percent
<br /><, in titR went of a forectosstre or dtfautt as provided herein, the mortgagee shall at onct be entitted to the ptrs-
<br />stttsicut, use, and enjoyment of the real estate aforesaid and to the rent, issues, royalties, and profits thereof,
<br />-foam the accruit~ of sash rights and during the pesx3ency of foreclosure proceedings and such possessions, etc.,
<br />sh'Atl a! once be ddivertd to the tnortgagce upon raqutst, upon failure such delivery of such possession may be
<br />cttfosccd by taortgggee, by any appropriate legal proeexdings, int:ludittg a ra;eiver for the prapcrty.
<br />5. The proceeds of ttnY Bait of said property in accordasu;e with she preceding paragraphs shalt be applied first to
<br />~g the cosec and ettpetases of said sak, the txptaccs incttrretl by the mortgagee for the purpose of protecting err
<br />ntlaintrtning said property, stcandly, to pay the. indtlattainess secured hereby; and thirdly, to pay any surplus or
<br />crtcsss to tht pttaan ar perms te~,Uy tsditled therda.
<br />
|