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<br /> bt o00173
<br /> r THE, MORTGAGOR . FURTHER . . COVENANTS . AND . AGREES : .. ; , , ,, ;
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<br /> That -':the Mortgagorwill pay, the , indebtedness • as> hereinbefore provided .
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<br /> That the Mortgagor is the Owner of said property in fee simple and has good right and lawful authority to sell and
<br /> E4 convey the same and that the same is free and clear of any lien or encumbrance ; and that Mortgagor willwarrant anti .defend . the . o
<br /> title to said ; premises , against. the claims of allpersons whemtsoeven
<br /> To pay immediately when due and payable all general taxes, special taxes, special assessments, water charges, sewer serv -
<br /> ice charges, and other taxes and charges against said property , and all taxes levied on the debt secured hereby , and to furnish the
<br />!r' Mortgagee. upon . request, With • the ' original or duplicate receipts therefor. The Mortgagor agrees . that there shall be added . ter
<br />•+` each monthly payment required hereunder or under the evidence of debt secured hereby an amount estimated by the Mortgagee• to be sufficient to. enable the Mortgagees to pay , as they become due, all taxes ; assessments, and similar charges upon. the prem.
<br /> Paices subject thereto ; any deficiency because of the' insufficiency of such additional payments shall be forthwith deposited by the - -
<br /> Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph shall be deemed a default in •
<br /> • - . payment of taxes, assessments, or similar charges required hereunder. •
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<br /> f The Mortgagor agrees that there shall also be added to each monthly payment of principal and interest required here-
<br /> under an amount estimated by the Mortgagee to be sufficient to enable the Mortgagee to pay, as it becomes due , the insurance
<br /> premium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay - . _
<br /> ments shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
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<br /> r, paragraph shall be deemed a default in the payment•meat bC insurance premiums. If the
<br /> policy or policies deposited are such an tome
<br /> owners or all risk policies, and the deposits are insufficient to pay the entire premium , the Mortgagee may apply the deposit to
<br /> pay premiums on risks required to be insured by this mortgage.
<br /> ee . Payments made by the Mortgagor under the above paragraphs may , at the option of the Mortgagee, be held by it. and'
<br /> commingled with other such funds or its own funds for the payment of such items, and until so a {rplied, such payments are hereby
<br /> pledged as security for the unpaid balance of the mortgage indebtedness.
<br /> To procure, deliver to , and maintain for the benefit of the Mortgagee during the life of this mortgage original policies and •
<br /> renewals thereof, delivered at least ten days before the expiration of any such policies , insuring against fire and other insurable
<br /> hazards, casualties, and contingencies as the Mortgagee may require, in an amount equal to the indebtedness secured by this
<br /> Mortgage, and in companies acceptable to the Mortgagee, with loss payable clause in favor of and in form acceptable to the Mortga -
<br /> gee- In the event any policy is not renewed on or before ten days of its expiration , the Mortgagee may procure insuranceon the
<br /> improvements, pay the premium therefor, and such sum shall become immediately due and payable with interest at the rate set
<br /> forth in said note untilpaid and shall be secured by this mortgage. Failure on the part of the Mortgagor to furnish such renewals
<br /> as are herein required or failure to pay any sums advanced hereunder shad . at the option of the Mortgagee, constitute a default
<br /> under - the terms of this mortgage. The delivery of such policies shall in the event of default, constitute an assignment of the un -
<br /> earned premium.
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<br /> Any sums received by the Mortgagee by reason of loss or damage insured against may he retained by the Ni ortgagee •
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<br /> ic.' and applied toward the payment of the debt hereby cisco roil , Or. at the option of the Mortgagee , such sums either wholly or in
<br /> . part may be paid over to the Mortgagor to he used to repair such buildings or to build - new buildings in their place or for any
<br /> other purpose or object satisfactory to die Mortgagee without affecting the lien un the mortgage for the full amount. secured here -
<br /> ; - by before such payment ever took place.
<br /> To promptly repair, restore or rebuild any buildings nr improvements now or hereafter on the premises which may be -
<br /> . come damaged or destroyed ; to keep said premises in good condition and repair and free from any mechanics lien or other lien or
<br /> tg claim of lien not expressly subordinated to the lien hereof ; not to suffer or permit any unlawful use of or any nuisance to exist on
<br /> said property nor to permit waste on said premises , nor to do any other act whereby the property hereby conveyed shall become
<br /> . less valuable, nor to diminish or impair its value by any act or omission to act : to comply with all requirements of law with respect
<br /> to the mortgaged premises and the use thereof.
<br /> That should the premises or any part thereof be taken or damaged by reason of any public improvement or condemnation
<br /> proceeding, or under the right of eminent domain , or in any other manner, the Mortgagee shall be entitled to all compensations.
<br /> awards, and any other payment or relief therefor. and shall be entitled , at its option , to commence. appear in and prosecute in its
<br /> own name any action or proceeding, or to make any compromise or settlement in connection with such taking or damage_ All such
<br /> compensation, awards. damages, right of action and proceeds are hereby assigned to the Mortgagee, who may. after deducting
<br /> therefrom all its expenses, releaseany moneys so received by it or apply the same on any indebtedness se .:ured hereby: The Mort - .
<br /> gagor .-agrees - to execute such further assignments of any compensation , awards, damages, and rights of action and proceeds as the
<br /> may require. . .
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