Laserfiche WebLink
$1--s~U508t~- <br />d. Eor better security o€ the indebtedness hereby secured, upon the request of the martgagce, its successors <br />or assegns, mortgagor shall execute and deliver a supplemrnta! mortgage or mortgages covering any additions, <br />improvemer[s, or betterments made to the property hereinabove described and all property acquired by it after <br />the date hereof (all in form satisfactory to mortgagte). Euthermore, should mortgagor fait to cure an- default <br />in the paymrnt of a prior ar inferior encumbrance on the property described by this instrument, mortgagor ~,zre- <br />by agrees to permit mortgagce to cure such default, but mortgagee is not obligated to do so; and such advances <br />shalt become part of the indebtedness secured by this instrument, subject to the same terms and conditions. <br />e. The rights r;rtated by this conveyance shalt remain in full force and effect during any postponemrnt or <br />extt>ttsion of -the time of the payment of the indebtedness evidenced by said promissory note or notes, or any <br />part thueof secured hueby. <br />f. Te rnntinuously maintain hazard insurance, of such type or types and in such amounts as the nartgaget <br />tt>sy 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 ensuranec shall be carried in companies acceptable to mortgagee and the <br />policies and rrnewals thueof shall be held by mortgagce and have attached thereto loss payable clauses in favor <br />of and in form acceptable to the mortgagee. In event of toss, 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 mortgagce <br />instead of to mortgagor and mortgagee jointly, and ehe insurance proceeds, or any pan thereof, may be applied <br />by mortgagee at its option either to the reduction of the indebtedness hereby secural or to the restoration or <br />repatir of the property damaged or destroyed. to event of foreclosure of this mortgage, or othu transfu 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 />:~ <br />R. To keep all buildings and other improvements on said property in good repair and condition; to <br />permit, commit, or suffu 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 thuton, in good repair, the mortgagee may make such repairs as in its discretion it may dean <br />necessary for the proper presuvatian thueof; and the full amount of each and every such payment shat) be <br />imtmediatdy due and payable; and shall be secured by the loin 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 bring erected or to be erected on said premises. <br />i. To not rent or assign any part of the rmt of said mortgaged property or demolish, or remove, or <br />substantially alter any building without the written consent of tht mortgagee. <br />j. Alt awuds of damages in connection with any condemnation for public use of or injury to any of the <br />property subject to this mortgage art hereby assigned and shall be paid to mortgatZet, who may apply [he same to <br />paymrnt of the ittstall[nents fast due undo said Wort, sad mortgagee is hereby authorized, in the tsame of the <br />mtEUtgaEor, to execute and dtlivu valid acgnittatrees thueof and to appeal from any such award, <br />k. Tht mortgagee shall have the right to inT~t the mortgaged premis+~ at any rsa_son time. <br />C To comply with the provisions of any hwae if this Mortgage is on a teasehold. If then Mortgage is on a <br />unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations <br />undo the Qecluation or covenants creating or govuning the condominium or planned unit dtvdapment,tbe <br />by-laws and regulations of the condomenitun or planned uni[ developroeat, and coastitutot docutnenta. <br />2. Default in any of the covenants or conditions of this instrument or of the Wort or loat- ageement secured hereby <br />shall terminate the mortgagor's right to possession, use, and enjoyment of the proputy, at the option of the <br />mtutgagcx or assigsts (it being agreed that the mortgagor shall have such right until defaultl. Upon any such <br />default, the mortgagee shall become the owner of ail of the rents and profits acruriag afro default as security for <br />the indebtedness secured hereby, with the right to enter upon said property for the purpose of colltcting such <br />rents and profits. This Instrument shall opuale as an assegnmem of any rentals on said property to that extent. <br />3, [f the mort~or defaults, and inels to nwlte any pgytnents when due or to conform to and comply with arty of <br />the cottditioas ar agreettsents contained in this mortgage or the notes which it secures, then the tntirc principal <br />attd accrued interer~ shall at become dot and payabtt, and draw + pu cent (19=II..w+) et[(,erest <br />tltt~rsttfter up111 pied at the clectiou of the mortgagtt; and this mort~t stay thereupon be foreclosed immediately <br />for the whole of the indebtedness hueby severed. including the cost of extending the abstract of title from the <br />date of this ttxtrtgage to the tithe of canmenceng such suit. * Nineteen <br />4. ln- tba event of a fvrtclo4tue or default-as provided haran. the tttortgagae shall at once be tntiUtd to the pos- <br />sessiott, urn! and enjoyment of the real enure aforesaid and to the rent, ;ssuts, royaedes, and profits thereof, <br />frogs Cllr aCCtYiOg oP such rights and during the pendency of foreclosure proceedings and such possessions. etc., <br />shal4 at ott+cr be deUvered tq the. mvrttstgte upon rcquesG upon failure such delivery of such possession may be <br />eatornttl,Fq+ nom, by any appropriate ~ procadio~, including a recelver for the property. <br />S. "1"!Mr prtsc~ds of arty salt at said property in accordance with the prtcccting para`raphs shall be applied t'erst to <br />prig the cosu and txpepses of said salt, test expeoe~ incurred by the mortgagee for the purpose of protecting ar <br />ttyaintttieun~ said.. prtrpet~ty, stcotttUy, to pay the indebtedness secured hereby; and thirdly, to pay any surplus or <br />cxtxxat to tihe person at persons teyalty entitled thereto. <br />