2007-07-11 CC - Laserfiche WebLink

Home Browse Search

together with aU heredi1aments and appurtenances belonging thereto (the Property). TO HA VB AND TO HOlD THE SAME. to Mortgagee forever. Mortgagor covenants with Mortgagee as follows: That Mortgagor is lawfully seized of the Property and bas good right to convey the same; that the Property is free from all encumbmnces. except as follows: (fist mortgages) tbat Mortgagee sball quietly eqjoy and possess the same; and that Mortgagor will wanant and defend the title to the same against all lawful claims not bereinbefore specifically ~ PROVIDED, NEVERTHELESS, that the Mortgage will be satisfied at the time of closiDg upon the ~;~ by Mortgagor with the terms of the Purchase Agreement dated . 2007. AND MORTGAGOR covenants with Mortgagee as fonows: 1. to pay all taxes and assessments now due or tbat may hereafter become liens against the Property before penalty aUac1Ies thereto; 2. to keep all hn1~ improvements and fixtures now or later located on or a part of the Property insured against loss by file, extended coverage perils, ysmm.Hmn, malicious misc1Ud and, if appJiaIble, steam boiler explosion, at all1imes while any amount temains unpaid under this Mortgage. If any of the bmldinp, improvements or fixtmes are located in a fedemI1y ~ flood prone area, and if flood insurance is available for that area, Mortgagor sba1l procure and noAi..l..i.. flood .b..swau.ce in amounts reasoJ18bly mRfilctory to Mortgagee. &ch insmance policy shall contain a loss payable clause in favor of Mortgagee a1JLn1ibg all rights and privileges cuslOtJI3nly provided under the SCKalled standanl mortgage clause. In the event of damage to the Property by fire or other casoa1ty, Mortgagor shall promptly give notice of such damage to Mortgagee and the insmance companj. The insut;Jnce sball be issued by an UmuailOOC (3nlkiAA.f or companies Jicensed to do business in the State of ~n~ and acceptable to Mortgagee. The insmance policies shall provide for not less than ten days written notice to Mortgagee before cancet1l1fion, non-IeneW8l, temrinllfion, or change in coverage, and Mortgagor shall deliver to Mortgagee a duplicate origiDal or certificate of such ~ poJides; 3. to pay, when due, both principal and iDteIest of all prior liens or encumbrances, if any. and to keep the Property ftee and clear of all other prior liens or enaunbJances; 4. to oommit or permit no waste on the Property and to keep it in good repair; S. to complete forthwith any improvements which may hereafter be under course of COJJSlIUdion on the Pfuped), and 6. to pay any other expenses and attorney's fees in<:urred by Mortgagee by reason of litigation with any thini party for the protection of the Hen of this Mortgage. In case offailm:e to pay said taxes and ~ prior liens or encum~ expenses and attorney's fees as above specified, or to iDsm:e said but'1dn.~ improvemeIds, and fix1mes and de1iver the policies as aforesaid, Mortgagee may pay such taxes, assessments, prior liens, expenses and attorney's fees and iIJtereg thereon, or obtain such insunnK:e, and the sums so paid shall be impressed as anadditicmal lien upon the Property. In case of default in any of the fmegoiDg oovemmts, Mortgagor confeIs upon the Mortgagee and hereby 31Jfhnri7.CS and ~ers Mortgagee to foIeclose this Mortgage by judicial ~ or to sell the Property at public auction and convey the same to the purchaser in fee simple in acccmIanc;e with the statute, and out of the moneys arising from such sale to retain all sums seemed hereby, with inteMst and all1ega1 costs and charges of such fmeclosure and the wwUtuum attorney's fee pedhilled by law, which costs, charges and fees Mortgagor agrees to pay. 33