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000256
<br /> MORTGAGORS MAY MAKE PREPAYMENTSOF PRINCIPAL ON ANY INSTALLMENT DUE DATE. SUCH PREPAYMENT SHALL BE
<br /> APPLIED TO INSTALLMENTS LAST TO BECOME DUE: UNDER THIS MORTGAGE. . PROVIDED' THE UNDERSIGNED ARE NOT IN DEFAULT •
<br /> AND ARE THEN THE OWNERS OF THE MORTGAGED PROPERTY, UPON REQUEST OF THE UNDERSIGNED, OR EITHER OF THEM,
<br /> PAYEE AGREES TO FURNISH TO THE UNDERSIGNED 100% OF ' SUCH PRINCIPAL PREPAYMENTS, UNLESS ADVANCEMENT IS PRO-
<br /> . HIBITED BY THE REGULATIONS OF CHARTERING AND SUPERVISORY AUTHORITIES THEN IN EFFECT- ALL SUCH ADVANCEMENTS
<br /> SHALL BE- SECURED BY THIS ' MORTGAGE IN THE SAME MANNER AND EFFECT AS IF NO PREPAYMENTS HAD BEEN WADE.
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<br /> aTI-M.: ' MORTGAGOR FURTHER COVENANTS AND AGREES :
<br /> Pt
<br /> •§ I'hat the Mortgagor will pay the indebtednesre as hereinbefore
<br /> t - provided.
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<br /> 'Flint the Mortgagor is the owner of said property infee simple and has good right and lawful authority to sell and
<br /> convey the same and that the same is free and clear of any lien or a r .:umbrance : arid that Mortgagor will warrant and defend the
<br /> title to said premises against the claims of all persons whomsoever.
<br /> ^f To pay immediately when due and payable all general taxes, special taxes: special assessments. water charges, sower eery' ' .. : . .
<br /> ae ice : charges, and other taxes and charges against . said _ property , anti all taxes levied on the debt secured he.:yby , and to furnish She
<br /> t Mortgagee., upon regiietst , with the original er duplicate receipts therefor. The Mortgagor agrees that- i , are shall be added to
<br /> a each monthly payment ,, required .hereunder or under the evidence of debt secured hereby an amount estimated by the M;}t;gagee
<br /> to he. sufficient to en
<br /> table the Mortgagee to pay, as they 1xxromc clue, all taxes, assessments. and similar charges upon the prem-
<br /> 7Y ilea subjectthereto; any deficiency because of the insufficiency of such additional payments shallbe forthwith depositer : by the
<br /> Mortgagor . with the Mortgagee , upon demand by the Mortgagee. Any defaulttinder this paragraph shall be deeme ; a default in •
<br /> payment of taxes, assessments, or similar charges required hereunder.
<br /> The Mortgagor agrees that there shall also be added to each monthly payment of principal and interest required here-
<br />,�f" under an amount estimated by the Mortgagee to be sufficient to enable the Mortgageeto pay , as it becomes due , the insurance '
<br /> sit premium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay -
<br /> month shall be forthwith deposited by the Mortgagor with the Mortgagee upon rlc-mopd by the Mortgagee. Any defaultunder this
<br /> g paragraph shall he deemed a default in the payment of insurance premiums. If the loiicy or policies deposited are such as home-
<br /> Ir
<br /> owners or all risk policies, and the deposits are insufficient to pay the entire premium , the Mortgagee may apply the deposit to
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<br /> tpay premiums on risks required to be insured by this mortgage:
<br /> Payments made : by the Mortgagor under the above paragraphs may at the option of the Mortgagee , be held by itand
<br /> comnringledwith other such funds or its own funds for the payment of such items, and until so applied , such payments are hereby
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<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 policiesand
<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 Mcrieagee, 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 insurance on the
<br /> improvements, pay the premium therefor, and such sum shall became immediately clue and payable with interest at the rate set
<br /> 3 - forth in said note until paid and shall be securedby 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 shall , at the option of the Mortgagee, constitute a default
<br /> r3 under the terms of this mortgage. The delivery of such policies shall , in the eventof default , constitute an assignment of the un-
<br /> e : 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 Mortgagee
<br /> and applied toward the payment of the debt hereby soured, or, at the option of the Mortgagee, such sums either wholly or in •
<br /> part may he paid over to the Mortgagor to be used to repair such buildings or to buildnew buildings in their place or for any
<br /> other purpose or ohject satisfactory to the Mortgagee without affecting the lien on the mortgage for the full amount sec-tired here-
<br /> by before such payment ever took place.
<br /> To promptly repair. restore or rebuild any buildings or improvements now or hereafter on the premises which may he- ,
<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 /> claim of lien not expressly subordinated to the lien hereof: not to suffer or permit any unlawful use ofor 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 b eceme - -
<br /> a. 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 continence . 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. release any moneys so received by it or apply the same on any indebtedness secured hereby. The Mon.
<br /> gager agrees to . execute such further assignments of any compensation , awards . damages. and rights of action and proceeds as the
<br /> Mortgagee may -require.
<br /> That in case of failure to perform any of the covenants herein . the Mortgagee may do on the Mortgagor's behalf everything
<br /> so covenanted: that the Mortgagee may also do any act it may deem necessary to protect the lien thereof: that the Mortgagor will
<br /> repay upon demand any moneys paid or disbursed by the Mortgagee for any of the above purposes, . and such moneys together with
<br /> interest thereon at the rate provided in said note shalt become so much additional indebtedness hereby secured and may he in-
<br /> eluded in any decree foreclosing this mortgage and be paid out of the rents or proceeds of sale of saidpremises if not otherwise
<br /> paid; that it shall not he obligatory upon the Mortgagee to inquire into the validity of any lien, encumbrances, or claim in ad-
<br /> vancing moneys as above authorized , but nothing herein contained shall be construed as requiring the Mortgagee to advance any
<br /> moneys for any such purpose nor to do any act hereunder; and that Mortgagee shall not incur any personal liability because of any-
<br /> thing it may do or omit to do hereunder.
<br /> • In the event of the default by Mortgagor in the payment of any installment . as required by the Note secured hereby, or
<br /> in the performance of the obligation in this mortgageor in the note secured thereby, the Mortgagee shall be entitled to declare the
<br /> debt secured hereby due and payable without notice, :and the Mortgagee shall be entitled atits option, withoutnotice, either by itself et
<br /> by
<br /> or a reoetveio bet by the court thereof, and without regard to the adequacy
<br /> g of any security for the indebtedness se-
<br /> cured hereby, to entet ' upon and take possession of the mortgaged premises. and to collect, and receive the rents, issues and profits
<br /> thereof. and apply the same, less costs of operation and collection- upon the indebtedness seecumd by this mortgage; said rents,
<br /> and profits being hereby assigned to the Mortgagee further security for the payment of all indebtedness secured hereby . a e
<br /> L ieeces as.
<br /> The shall have the power to appoint any agent or agents it may desire for the purpose of repairing said prem -
<br /> ises: . ' renting the stmec collecting the rents, revenues and income - and it may pay out of said income a ! 1 expenses incurred in rent-
<br /> Mg and managing ' the same and of collecting the rentals therefrom . The balance remaining. if any . shall be applied toward the
<br /> discharge of the mortgage indebtedness. This assignment is to terminate and become null and void upon release of this mortcage.
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