|
S1--UU3773
<br />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 form satisfactory to mortgagee). Futhermare, should mortgagor fail 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 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 [o the same terms and conditions.
<br />e. The rights created by this conveyance shall remain in full force and effect during any postponement or
<br />extension of the time of the payment of the indebtedness evidenced by said promissory note or nates, or any
<br />part thereof secured hereby.
<br />f. To continuously maintain hazard insurance, of such type or ty~s and in such amounts as the mortgagee
<br />may from time to time require on the 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 mortgagee and the
<br />;,olicies and renewals thereof shall 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 loss, mortgagor will give immediate notice 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 proceeds, or any part thereof, may be applied
<br />by mortgagee at its option either to the reducticn of the indebtedness 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 extinguishment of the indebtedness secured hereby, all 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 improvemenu 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 mortgagor to keep the buildings on said premises 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 />necessazy For the proper preservation thereof; and the full amount of each and every such payment sh~li o0
<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 [his 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 not rent c- 'sign any part of the rent of said mortgaged property or demolish, or remove, r
<br />substantially alter any building 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 aze hereby assigned and shall be paid to mortgagee, who may apply the same to
<br />payment of the installmenu last due under said note, and mortgagee is hereby authorized, in the name 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 />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 condominium ar a planned unit developtent, Borrawer shall perform all of Borrower's obligations
<br />under the declaration or covenanu creating or governing the condominium cr planned unit development,the
<br />by-laws and regulations of the condominium or planned unit development, and constituent documents.
<br />2. Default in any of the covenanu or eonditions 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 />mortgagee or assigns (rt being agreed that the mortgagor shall have such right until default). Upon any such
<br />default, the mortgagee shall become the owner of all of the renu and profiu accueing after default as security for
<br />the indebtedness secured hereby, with the right to enter upon said property for the purpose of collecting such
<br />renu and profits. This instrument shall operate as an assignment of any rentals on said property to that extent.
<br />3. If the mortgagor defaulu, and faits to make any payments when due or to conform to and comply with any of
<br />the conditions or agreements contained in this mortgage or the notes which it secures, then the entire principal
<br />sum and accrued interest shall at once become due and payable, and draw * per cent (.12~9.~e) interest
<br />thereafter until paid at the election of the mortgagee; and this mortgage may [hereupon be foreclosed immediately
<br />for the whole of the indebtedness hereby secured, including the cost of extending the abstract of title from the
<br />date of this mortgage to the :ime of commencing such suit. Nineteen Percent
<br />4, In the event of a foreclosure or default as provided heroin, the mortgagee shall at once be entitled to the pas-
<br />9 session, use, alai eajoymem of the real estate aforesaid and to the rent, issues, royalties, and profiu thereof,
<br />from the accruing of such righu and during the pendency of foreclosure proceedings and such possessions, etc.,
<br />shall at once be dthvtred to the mortgagee upon request, upon failure such delivery of such possession may be
<br />enforced by mortgagee, by any appropriate legal proceedings, including a receiver for the property.
<br />3. Tye proceeds of any salt of said property in accordance with the preceding paragraphs shall be applied first to
<br />pay the ensts and expenses of said salt, the expenses incurred by the mortgagee far the purpose of protecting or
<br />maintaining said property, secondly, to pay the indebtedness secured hereby; and thirdly, to pay any surplus or
<br />excess to the person or persons legally entitled thereta,
<br />
|