|
<br />~~-- aa~sss
<br />d. for better security of the indebtedness hereby secured, upon the request of the mortgagee, its successors
<br />or assigns, mortgagor sha#i execute and deliver a supplemental mortgage or mortgages covering any additions,
<br />improvements, or betterments made to the property hereinabove described and ail property acquired by it after
<br />the date he-eof (all in form satisfactory to mortgagee}. Futhermore, should mortgagor fat! to cure any default
<br />in the payment of a prior or inferior encumbrance on the property described by this instrument, mortgagor here-
<br />by agrees *.o permit mortgagee to Blare s,tclt default, but mor*.gagt@ is got obligated to do set; artd rush advances
<br />shall became part of the indebtedness secured by this instrument, subject to the same terms and conditions.
<br />e. The rights created by this conveyance shall remain in full force and effect during any posfponement or
<br />extension of ttie time of the payment of the indebtedness evidenced by said promissory note or notes, or any
<br />part thereof secured htreby.
<br />f. To continuously maintain hazard insurance, of such type or types and in such amounts as the mortg8ge;
<br />may from drne to time require on the improvements now or hereafter on said property, and will pay. promptly
<br />whrn due any premiums therefor. AIF insurance shall be carried in companies acceptable to-mortgagee and:,thr
<br />poiides and rcnewaLs thereof shad be held by mortgagee and have attached thereto loss payable clauses in favor
<br />of and-in form acceptable to the mortgagee. In event of ions, mortgagor will give immediate notice in writing
<br />to mortgagee, and mortgagee may make proof of toss 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 />±nstead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part thereof, may bt applied
<br />by mortgsgee at its option either to the reduct2vn of the indebtedness hereby secured or to the restoration or
<br />repair of the property damaged or destroyed. [n event of foreclosure of tfiis mortgage, or other transfer of title
<br />to said property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the
<br />tnortgegor in artd to any insurance potiries then in force shall pass to the purchaser err mottgagce or, at the
<br />option of the mortgagee, may be surrendered for a refund.
<br />g, To kelp all buildings and other improvements on said property in goad repair and conditiot-; to
<br />permit, commit, or suffer no waste, impairment, deterioration of said property or any part thereof; in the event
<br />of failure of thz tnottgagor to keep the buildings on said premises and those erected on said prettrises, or
<br />imprvvtutamu thereon, in good repair, the mortgagee may make such repairs as in iu discretion it may dtyrnm
<br />necessary for the proper preservation thereof: and the full amount of each and every such payment shall 6e
<br />immediately due attd payable; and shall be secured by the Lein of this mortgage.
<br />T~ ^l°• .:; !~:. - wra.i ~> rhn .,reurny c,~h;ect to this martaage any lien
<br />or urns inferior tv thr Lien of this mertgage^without written1consentrvf the mortgagee; and father, that mort-
<br />gagor wilt keep and maimatn the same free from the claim of all arsons supplying labor or materials for con-
<br />struction of any and ati buildings or impravemenu now being erected or to be erected on said premises.
<br />i. To not rent or assig:, any part of the rcnE of said mortgaged property or demolish, or remove, or
<br />substantially alter any ttudds`rtg without the written conrem of the mortgagce.
<br />j. All awards of damages in connection with any cvndemnauon for public use of or injury to any of the
<br />property subject to this mortgage are hereby assigned and sha!} be paid to mortgagee, who tray apply the same to
<br />payment of the installments fast due under said note, and mortgagee is hereby authorized, in the name of the
<br />mortgagor, to execute ;and deliver valid acquitYan~s thereof attd to appeal from any such zward.
<br />s< Tl~ ~«?aQes chill !lave tln right to impect the mortgaged premises at any reasonable rime.
<br />1. To comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a
<br />unit in a cvrtdominittm or a planned unit development, Borrower shalt perform all of Borrower's abiigations
<br />umitr the declaration or rnrtnanu s.Yeatmg or governing the condominium or planned unit devetopment,the
<br />by-laws and regulativtts of the cottdtsmirtium or planned unit development, and constituent documents.
<br />2. Default in any of the covenanu or conditions of this instrument or of the note or loan ageemrnt secured hereby
<br />shall terminal- the tmtrigagor's right to possession, use, and enjoyment of the property, at the option of the
<br />mortgagee err assigns tit being agrmi that the mortgagor shah have such right until default). !Sport any such
<br />default, the mottg~ee shall become the owner of ail of the rents and profits acctsring after drfaait as security far
<br />the ir>~bttd.~,s secured Ea=rthy. with the right to enter upon said property for tl;e purpose of calkctsng such
<br />rents and profits. This instruntettt shall operate as an assigxtment of any rentals on said property to that exunt.
<br />3. if the mortgagor defaults, and fails to matte any paymenr~ when due or to ca-tform to and comply with any of
<br />the camttitttx:b or agreemrnu contained in this mortgage or the note which it secures, then the entire principal
<br />a~ acerrtsd interest shat! at Drat !~ecortte due and payable, and draw * per cent 113.0 ~t interest
<br />thterrafter until paid at the election of the mortgagee; and this mortgage may thereupon be foresiosed immediately
<br />frtr tIoe ~h~e of the i~u€ss hereby s,~ured, ir~iuding the cost of extending cite abstract of title from the
<br />date of this mott$agt to the time of commencing such suit. *Thlrteen Percent
<br />~ la the evt~ of a forecitaosure of de€ault as ~evithxl herciu, the rrtortgagte shalt at once be emitkd to the pas-
<br />iisn, u, ant! en~ryntcrtt o€ the real estate aforesaid asst to the rent, issues, royalties, aced profits thereo€,
<br />frmxn the aa~YZting of sorb: rights and during the pendency o€ foreclosure proceedings aced such possessions, etc.,
<br />at ottca bt deliverc~ to the morigAgtx upon rsgttest, upon failure such delivery ot` such possession may be
<br />t~f by murt~gat, by any ap€troisrsatc tt~ti proceedings, inelttding a re~tiver For the property
<br />~. The ptr~r,^ of any xale atf ran! ptvperiY i_rt acctxdattsse with the pres~eclittg paragraphs shall he applied first to
<br />pyty tAc cwraa aid sxpat of stti+d stela, tltt exprraw'e3 it~rrrad by the mortgages for the purpose of praecting or
<br />s~ ptx-ty, ondty, to pay ihs a S s~atrdl herein; amt thttdly, tv pav any €urPlus or
<br />t.f~t t#ta pertttart or t>ersvt~ lei€ally tutitlad-ihtretu.
<br />
|