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<br /> TFfE MOFiTGAC-GR FLr"RTHER, COVENANTS AND AGREES : � '
<br /> _ � . . � That the Mort�a&or .will pay' the �indebtedness�as� herninbetore.:� proyided. .- � �� . � � � - � � � � . � � :
<br /> � �'�hat the �Mortgagor ig the dwner �L said property in fee� simple and has good� right and lawful authority to sr-it an<i
<br /> � � � convey fhe same• end� that the same is-Cree and clt�ar of eny tien or ,en��mbrance; and that Mort�agor will w•arranC and �rdefend the .��. � �.
<br /> . tiUe to � said 'premisea againsi s.the; alaims o! 'all 'persons' whpm:wever. . . . � � . .
<br /> � ` � � . .. . . . . . � .. . �
<br /> . To ��paty imxnediately when �due �a.nd payaf�le nll general taxes, special taxes;. speciai � vsxscment,s, wats: r � �har�es, se'�.�er serv-. � �
<br /> � ice charges�, � and 'other� taxes'and chargev .against said F�to{�erty, anti alh taxes levi�•d on the��del�t securecl heret�y, and to furnish . the � � � � �
<br /> Mt�rtgagee, . upon risque'st,� with the �originat oY : duplicaf.e�,;receiptv �t}ierifoz. �The M<irtE;agi�r agrezes t}�at there � shal! be adde�l - �to . � � .
<br /> , . each muntl�ly payment mc�uired hereunder or under the evidence of drbt secured herehy an artir}unC estirnat.ed by the Mortgagee � �
<br /> ' . � tv he� � sufficient to' eqeble the -�:MortKagee c�� � pay, a.s� they� bec<>me due, uil ; tdxes, assessmenfs, ancl similsr chargc�s ury�nthe prem• �
<br /> � ises s�x6ject ' thereto;��boy cle&ciency lN�cause � �>C � t}ie -insinfficiency � i�f� � such � �addifion�i F'�aymer��ts� »I1a7I 6e forthwit}� � �Jepbsited � by tha " � � � �
<br /> � Mqrtgagor . witl� ,the �Mqrt�;agee �� uC�on cAetnand by the Mor}gagee. Any .ri��fautt under thia paragraph sha11 he dae.�neri a default in . ' � � � �� � �
<br /> ; � paytnent� 'of lnxes, � asses�ments; br.- similar c}�argc,s . required h�•reuniier. �� � . � . . . � � � � � � � � � .. . . �
<br /> , Th� Murtga�gor agree>s tLat t}�ero s}���L�alsa be� added trr eaoh month]y p.�ymi�nt o#. principa� uircS i�ztNrest rc�µuir.r<1 here- � . � � �
<br /> � � under an � amount esti'mr�teJ b,v the :�Ioktgagee to be �ulficient tq en.able the Martgagea tu �ay, as it. boc�>mes due , C}re� inr;ueance ' � : � �
<br /> � :4�ramium S.+n aziy insurtaneF �roYicy deliveted to the MorYgage�. , Ar�y dc�ficiency b�cause <rf if�e insi3flicie��cy c�t nu�^h additiiin,al ,pr�y - � �
<br /> � merrts sh:�3l�� kx� &srthwith tlepcisited hy'ihe Mo�tgaKor wit.h� the� Mcirt�mgee upon demaiaJ t,y� tFe M�Ftgager A6y �dtfault undei this � � .
<br /> � �': � � � - parayra�}3 shall be d<v:+med n �iefaull in [he paymcnt of �iasur3nce �prE•miiams. �IE ther 7x�licy urp<i'.ic�es�� �iepnsii<ad �� sin• such ��; . hiime- � �
<br /> �owners or �all risk �licies. and the� Aeposits ar.= insuHi<:ient to pay the enl.ire premium, 1he Mort.g�R�'�e rnay- �pply thc deposii tc� �
<br /> � � pt�y premiUms on � risks required to b 'e insurEd by this morl�;age. � - .�
<br /> . . I"ayments mede bY the Nlexrtga�or undr�r t.he abov+� paragra7,�hs mxy. ai. th..�, u�� tion of ihe Mcrrtgagt:e, be h�eld � by it ax�d � �
<br /> � � cxrminingled with olher such funds rrr ifs uwn funds for t}�t• .�>3yment of such itcnts, aod unt.ii So apt�lied, such payments are hrreht' . �
<br /> � �� pledgec3 ar security for the �� unpaid� belance � of �. #}ie rnortg.age lndehtedncrss. � � � - �� � � � � �� . � " �
<br /> � 'Pu procure, deliver ta , 3ncY maintain fur the, . br.nefit oI. the Mortgagec. during the .lifc . of Lhi+ murtgage� original policies and � � . .
<br /> � � renewals t3iercrol, di:livc•re�l �at � least � tem days }ieforr� th��� expiral 'eon of any suck�i policies, insuring against. firc- �nd othvr ir�surnble
<br /> � � � he�zards, casualties, and contingenciey as the MortgaKee r.iay recpuire, in an amount equal to tY�e indebtedness securcd by this �
<br /> � � 1ldartgage, and in� compt�nies acceptable tv the Dlortgagc•.+, wit.h Ioss payahlt� clausc in fa�•or of and in form acreptable to the Mortga- . � - �
<br /> gee: In thc event any � {�iolicy is not rencwed on or before 1en days of its expiration, the Murtga�_ee rnay I�rocure insurz�ncc� on the � � � . � ,
<br /> improvements, pay the premium thrrefor, und such su�n shall beaime immcdiatrly � ue and paya�le with interes[ ai the rate srt � . � . � � � �
<br /> � � torth �in said note � until pr+id t;nd st�alf he setcured by i.his rnorigaE;+-'� Failure un the �7art. nf t-he b2ortgagor to ffurnish such renewals �
<br /> � as are herein. required c�r frailure to pay any �sums advxi�c��d. hereunder shall , nt Lhe uption of t,he Morttiagc.e . constitute a default � -
<br /> �� under the � terms ot this mort�age. 'I`he delivery vf such policice �h,ill , irr lhe event oC default , canstilutc an :=ssignrnent. af the � un- .
<br /> . earned premium. � � � � � �
<br /> � � � � � Any sumy rcceivied by th� Murigay,c�a� by reasun rri' loss nr il4�ma�;e insure�^d a�:ainst maY Ix• refain »d by fhe \qortqa�ee � . . � . .
<br /> and applied toward the pa�Yrneni uf thv debt. he� ebv se��urud . ur. at the opLiun uf thr ",Iu :tgug. .c , suc}r surrss eilher wholly or iIa - . .
<br /> �. � part, may . ix. ��aid over to � t.hEe hlurtgagor to be used ta repair such t?uildings or to builci ' naw buildings � n ttjrir - p:.x... �.,- Yor anv � � � .
<br /> . � ' � . � uihet Pu�-3+�>r or uLject ;:niislacfury io tne ivluriti;�wgiee wiii�oui a7eci.ing i.'tie iien un thc• mortRage tor the ftxlf amoant secured h��re- � � --' � .
<br /> '� by before such payment ever tcx>k p12ca � �� � '
<br /> .� . � . � 7b � prompUy repair, restore or rebuild any huifdin�;s �� r improveinents now ur hereaCtc• r on the pramiscs which � m:�y be- � . �
<br /> � . come damaqed� or destruyEd; to � keep said premi5es in g«�d caaidit.ion anrf repair and tree from any mechanic' s lien or nthe� r lien or . �. � .
<br /> � � . claim ef lien nct expressly subordinated to thc. :ien hrreu;�, nut �o Suffer or perrnit any untawful use of or any noisance tc. exist on � �
<br /> � suici pruRerty nor ta permit waste c>n said yremises, nor tu do any other act w}��.r�rby the prnperty hereby comeyed sha11 k��come . � � .
<br /> ' � leas vaivable, nor to diminish or impair ilE value by any act or omissiun ' > r�•t tn eoa��ply wieh all rwyuirements uf law with re�spect . . .
<br /> . � � ta the morigaged premises and the use thereot. • � � � .
<br /> �� � � � � � . . . .
<br /> � � That should ttie premises or any Rart thereof tre takcn ur dnmaged by reras�� n uf any publ.ic impr<>vement ar conde:nnation .. � � �
<br /> � � pmceeding, or under the right of crninent domain , ur in any nther manner, thr: Mortgage� shall be cntitdetl to ell tt�mpensations, '. � � . � . �
<br /> . awards, and any �ther }�ayment or relief therefor, und shall be entiUed, at its option , � to cnn�mence, eCiprar � in� and � proe;ecute in i4s� � �. , � . � �.
<br /> � � � own name any action or prxeeding, or to make any compromise or sPttlement- in connection with such taking or damage�. All such . � : . � ��
<br /> . � �compensatio».: 'awards, damages, right uf �� action and ' proceeds � are hereby essigned to the M�rtgagee, who� mxy, �. aftet �. deducting � : � . . :
<br /> � � therefrom all: itS expenxes, �telease sny moneyn so re�ceived �v . it or apply the sarne un any indebtedness secured . hereby. l'he � MurL � . � �
<br /> gugoY .agreeF��. to execute: �such: S�urther assignments of � any com��ensatiun, awards, demagev, and righGs <�f actiun and j�roceeds as � the .� �
<br /> ` `'` -� .. � �MortKgKee may require. �. . . . . , . . . . . � � . � . � .� � � .
<br /> . .. � � Tha4 in caae of failure fo prdorm any of the covenan[s hcre�in, tt�e Mixtgagce may dn � on t.he Mortgagor's behalf� everything � � . � �
<br /> so rnvenanted ; that the Mortgagee� may alsa do any act it niay deem neressary to protect the lien thereof; that the MortKagor w�ill . .. . � . �
<br /> repey upon 'demand sny � moneys paid �or disbursed by the Mortgagee for any of the abuve pur��oses, and� suct� mnneys t��getiier with ,,, � � � . � �
<br /> ' � interest -thereon �:at� the �rate Provided �in said note� �shall becume so much additional indehtedness hereby secured and may he in- � . . .
<br /> , � � cluded in any decree foreclosing this mortgage and be paid out uf the rents or proce.eAs of �ale � of said premise•s if ��nol� � otherv+ise � �• . . �
<br /> � . � paid; that � it � ehall not be obligatory upon the Mortga�ee t<:� inquire inY.o the validiLy of any lien, encumbrances. or dairn in ad- � � , . �
<br /> � . � vancing�:�moneys �. as above ��authorized, but nothing herein � contained sliall .be . cortstruecl . as reyuiritig the Mort�agee tu� arlvance nny � � �. . �
<br /> � � moneys :forsany . such�purpose ri�r.� to �do any act hereunder; and that Morlgagee� shall. not .incur any personal liahility becau+e ot any- , � � . � � -, � ��
<br /> ' � � � � � thing it.,may do:or . omit . to� clo hereunder. ��. . . . . . . . . . . . . . . ' . . . . .
<br /> .� Tn the event bf the �efault by � M<�rtgagor in thepaymexit � of any installmenf, as . requirecl � hy . the Note secured hereby, or � �. . � � �
<br /> , � in .tlie performance crf Lhe obligatiun in t.his mortgaR�' �>r in the note secured thcreby, the T4ortgagne shall be entiticd �to declare the � � � � � � .
<br /> � � � debt .securecl hereby due �and payable without notice, and. the h4ortgagee shall be entitled at its uption, wilhout nuticr, either hy i4velf � . � �
<br /> � �� � er � by s receivcr t�� be aPPointaYl hy tfie� court thr�m(: � 3nd ''Without tP(LflCfI (O the �nde�c#aacy ot any se�urity for Hir indeh(edness s:e - � � ��
<br /> � curcvi hereby, tn enter upnn`and� take ' posSession' of the 'mortgaged Premises; and to collect and� receive thF rents, � issues and� profits � . �
<br /> ' �� � � thereof, and� apply !he same. �:less costs�� o[ �operatiun and'�collection, upori the indebtedneas secured 6y �this mortgage; � said � rents,� �� � ' � . � . . �
<br /> � � iacues �and ryrofitu being herefiy���assigne�i��to t6e �Martgagee� as lurther� security� Ior the payment oFall indebtedness scr.ured .hereby.� � - � � � . ! � ��
<br /> �. The Mortgagee shall have the pvwer . lc> uppoint any agent or agents it may � desirP for the purp�se of ru{�airing suid prem- � �. � "��"p ,��„ � .
<br /> � �ises; rentin fhe sac�ne; collectin . tlie rents,. revenue� and income,. .and it .may pa out of said incnme all ex� enses incurred in rent- � � � x^% '' `
<br /> � 8 K Y P � . � S:s"`" �
<br /> � ing and managing the same and of wllecting !he rentais� thereirom. The � balance remaining, if any, shali be applied toward the � i„ '+ �
<br /> L diechesge of the moztgage indebtedneas. This assignment is to terminate and twcame null and void vpon relrri� of this mortgage. �
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