|
1
<br />81°" ~G~391
<br />d. For better stctrrity of the indebtedness hereby secured, upon ehe request of the mortgaget, 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 htreinabove described and a!I property acquired by it after
<br />the date hereof (all in form satisfactory fo mortgagee}. Futhermore, should mortgagor fail to cure any defanft
<br />in the payment of a prior or inferior encumbrance on the property described by this instrument, mortgagor here-
<br />by agrees to permit mortgagx 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 />e. The rights created by this conveyance shalt remain in full force and effect during any postponement or
<br />eztettsion of the dme of the payment of the indebtedness evidenced by said promissory-note or notes, or-any
<br />part thereof seared hereby.
<br />f. To continuously maintain hazard insurance, of such type or types and in such amounts as the mortgages
<br />may from dme to time require on the improvements now or hereafter ten said property, and will pay promptly
<br />when due any premiums therefor. All insurance shall be carried in companies acceptable to mortgagee-and the
<br />policies and rrnewats thereof shall be held by mortgagee and have attached thereto loss payabk datues in favor
<br />of and in form acceptable to the mortgagce. In event of loss, mortgagor wilt give immediate notice in writing
<br />to mortgagee, and mortgagee may make proof of lass 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 mortgage
<br />instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any part ihtreof, may be applied
<br />by mortgagee at its option richer to the reduction of the indtbtedness hereby secured or to the restoration or
<br />repair of the property damaged or destroyed. In event of foreclosure of this mortgage, or other transfer of title
<br />to said property in ex[inguishmrnt of the indebtedness secured hereby, alt right, title, and inttrest of the
<br />mortgagor in and to any insurance policies then in €orce 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 a!I buildings aced other improvemrnts on said property in good repair and condition• to
<br />permit., commit, or suffer no waste, impairment, deterioration of said property or any part thereof; in the event
<br />of failure of the mtmgagor to keep the buildings an ~ pretttiscs and those erected on said premises, or
<br />improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion it may deem
<br />necessary lot the proptr preservation thereof; and the full amount of each and every such payment shall 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 ix created againu the property subject to this mortgage any Cleo
<br />or :ions inferior ro the lien of this mortgage without written consent of the mortgagee; and father, that mort-
<br />gagor will kecro and rnaintatn the same free from the claim of all persons supplying labor or materials for con-
<br />struction of any and all buildings or improvements :taw being treetett or to bt erected on said premises.
<br />i. To not rent ar assign any part of thr rent of said mortgaged property or demolish, or remove, or
<br />substantiatty alter any 6uiidittg without the written consent of the mortgagee.
<br />j. AU awards of damages in connection with any condemnation for public ass of or injury to any of the
<br />property subject to this mougagc art hereby assigned and shalt be paid to mortgagee, who may apply the same to
<br />paytrurtt of the installtotnts test due under said- note, and mortgagee is hereby authorized, in the name of the
<br />mortgagor, to execute and deliver vatta acquittances thereof and to appear from any such award.
<br />k. The mortgagee shall have the right to inspect the mortgaged premises at any reasonablt time.
<br />1. To comply with the previsions of any least if this Mongage is on a leasehold. If this Mortgage is on a
<br />unit is a ~ndominium or a presorted unit development, Borrower shaA perform alt of Borrower's obligations
<br />trader the declaration or cavtttants creating or governing the condominium or plattntd unit. devetopment,the
<br />by-laws and regtrfatiorts of the condominium or planned unit dcvttopt~nt, and constituent documents.
<br />2. Default in arty of the covenants or conditions of this instrument or of the note or Loan ageement secured hereby
<br />shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the
<br />eaartgagrt oc assigmi tit being agreed that the tnortgagar shalt have such right until default). Upon any sash
<br />defattit, the mortgage slt$ll becntrie the owner of alt of the rents and profits accuring after default as security for
<br />the ittdefttcdness secures hereby, with the tight to enter upon said preteen} for the purpose of coIlceting such
<br />mats and profits. This ittstrtrment shall operate as an assignment of any rentals on said property [o that extent.
<br />3. tf the mortgagor defatdts, and faits to make any payments when due or to conlbrm to and comp{y with any of
<br />the couditi or ag€e~emtnts contained in this tttortgage or the [tares which it secures, then the attire principa{
<br />swtr awd aetrtrcd interest shall ai oeteY become due and payahk, and draw ~ per cent { r~s'Hi incerest
<br />tlmeafux rural paid at the ekction of the morigagtt; anti this mortgage roes} thereupon be fortclosal itttmediateiy
<br />Ftrr the whisk of the itttkbttdttess hveby starred, i~fuding the cast oC extending the abstract of title from tree
<br />dart of this mttrtgrrge to the time of comtreenciag strclt suh,
<br />fn the. evptt of a forastosurt or deftntit ac provided herein, the mortgagee shall ai once be enticed to the pos-
<br />t„ use, and enjoyment of the rqd cegtte aforesaid aryl to the rent. isstres, royalties, and praftts thereof,
<br />fmss the atxrtl of ~It rifts atuf dtrrft~ the petsdtncy of foretloeure prtx'cedings and such pasctssioru, etc.,
<br />at sr~e b!t d~rvturaf to tjtt tt~tgai~e uptut rdqutat, upon faihue su.~•ft delivery of stxh pttsaasiott may ~
<br />e~'otcttd by ~+ by at4' ap~trpriats It+;a! protxadirtgs, ittrhtding a retxivtr for the prnpca ty
<br />'~. Tha Rr of tiny ~k of sahi praparty in ~xorshurtx with the preceding fv+ragrapfts shalt be applied first to
<br />PtY. ttu ctasit: t't of soul , the ~atpatrccs ittctitrrod by rite marigagte for the fn+rtxtst a{ protectitkg nr
<br />sa%d prosy. tett, to ptry tits itrih:bted sutured ttertby; and thirdly. to pad any surplus ar
<br />to vita pa-3ton ar ptrxotnt fly tatitied t hereto.
<br />
|