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<br /> ' 76 0 :00381y
<br /> rt '; THIS . MORTGAGE IS -ALSO TO - BE AND CONTINUE TO BE, FROM -TIME - TO TIME, SECURITY FOR THE PAYMENT OF SUCH . .
<br /> SUM OR SUMS , OEMONEY . As THE MORTGAGEE MAY FROM TIME .TO : TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR, . AND
<br /> t = ' EVIDENCED. BY A SUPPLEMENTAL. NOTE : OR. NOTES; BUTTHE.:TOTAL • INDEBTEDNESS : SECURED BY- THIS MORTGAGE SHALL ' NOT
<br /> t ' ' : EXCEED ONE HUNDRED :TWENTY; (120) PER CENT OF THE AMOUNT NOW OWING, EXCEPT FOR ANY ADVANCES THAT MAY BE MADE
<br /> TO d PROTECT THE SECURITY' IN ', ACCORDANCE WITH THE ` TERMS Or THIS ' MORTGAGE,
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<br /> THE MORTGAGOR . FURTHER COVENANTS AND AGREES :, _
<br /> ' That the Mortgagor will pay the indebtedness as hereinbefore provided.t a . .
<br /> • .i That the Mortgagor . Js the owner otsaid properly in fee: siinplo and . has good right and lawful authority to sell and
<br /> :convey the same and that - the Satheis ' freeand clear of any lien or encumbrance; and. that Mortgagor will warrant and defend the
<br /> r � ' title Jo : premises against the claimsofall persons whomsoever. -
<br /> P4-if -,' To pay immediately when duefl(l payable all general taxes, special taxes, special assessments, water charges, sewer ' SCrV-
<br /> ice charges, and other taxes and charges againstsaicl property, and all taxes leviedonthe debt secured hereby, and fafurnish the.
<br /> t Mortgagee, upon request,with the original or duplicate receipts therefor. The, Mortgagor agrees that there shall be added to
<br /> ii ' cavil monthly paymentrequiredhereunder or undertheevidence.. of debt secured hereby an amount estimated . hy -the Mortgagee
<br /> to le sufficient to enable the . Mortgagee to pay, as they become due, all taxes, assessments, and similar charges upon •the. prem
<br /> Ile d . ises 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 tinder this paragraph shall be deemed a default in
<br /> payment of taxes, assessments. or similar charges required hereunder. ,
<br /> 1 ` The Mortgagor agrees that -there shall also be added to each monthly payment of . principal andinterest required hese- •
<br /> ' under an amount estimated by the Mortgagee tonne sufficient to enable the Mortgagee to pay, as it becomesdue. the insurance
<br /> premium on anyinsurance policy: delivered to the Mortgagee. Any deficiency because of the insufficiency of such ' additional pay-
<br /> S. i ments shall beforthwith deposited by the Mortgagor with fhe Mortgagee upon demand by the Mortgagee. Any default under. this - -
<br /> �- : paragraph shalt be - deemed a default in the paynment of insurance premiums. If the policy or policies deposited are such us home-
<br /> owners or all - risk policies. and the deposits are insufficient to pay the entire premium ; the Mortgagee mayapply the deposit to :
<br /> t '' pay premiums on risks required to be insured by this mortgage. •
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<br /> p,' '-'.e` Payments made by the Mortgagor under the above paragraphs may; at the option of the Mortgagee, he held by it and '
<br /> commingled with other such funds or its own funds for the - payment - of such items, and until so applied, such- payments - are hereby
<br /> ' ,AZ ' : pledged as security for the unpaid balance -of the mortgage indebtedness.
<br /> r ' . 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 /> M ' hazards, casualties, and contingencies as the Alortgagee may require. hi an amount equal to the indebtedness secured :by this
<br /> Mortgage, and in companies acceptable to the Mortgagee, with toss payable clause in favor of and inform acceptable to the Mortga-
<br /> PA, gee. SIn the event any policy is nut 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 becomeimmediately due and payable with interestat the - rate set
<br /> n - forth: in said note until paid andl shall be secured by this mortgage Failure on the part of the Mortgagor to furnish such renewals
<br /> yi ' as are herein required or failure to Pay any sums advanced hereunder shall- 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 theun- '
<br /> .66;2 ' earned premium: -
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<br /> Any sums received by theMortgageeby reasonofloss or damage insured against may be retained by Ihe' • Mortgagee
<br /> and applied toward the payment of the debt hereby secured , or- at the option of the Mortgagee, such sums eitherwholly or in •
<br /> • partmay be paid over to the Mortgagor to be used to repair such buildings or to build new buildings in their place - or - for any
<br /> other . purpose or object satisfactory to the Mortgagee without affecting the lien on the mortgage for the full amount secured here-
<br /> by before such payment ever took place. -
<br /> 1'u promptly repair, restore or rebuild any buildings or improvements now or hereafter on the premises which may be- - • __
<br /> tenet damaged or destroyed: to keep said premises in grocl 'condition and repair and free from any mechanic's lien or other lien or
<br /> claim of lien not expresssubordinated the lien hereof; not to suffer or permit any unlawful use of or nuisance to - existon - . : '
<br /> expressly
<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 imW.ipair 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 art` 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 - prosecuteinits . '
<br /> awn name any action or proceeding, or to make anycompromiseor settlement in connection with such taking or damage; All such - :
<br /> compensation, award». damages. right of action and proceeds are hereby assigned to the Mortgagee, who may. after deducting-
<br /> therefrom all its expenses, release anymoneys so received by it or apply - the same on any indebtedness secured hereby: The Mod-
<br /> gagor agrees to execute such further assignments of any compensation , awards, damages, and rights of action and proceeds as the -
<br /> :f , Mortgagee may require.-
<br /> -r.:..
<br /> That in case of failure to perform any of the covenants - herein, the Mortgagee may do on the Mortgagors 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 fur any of the above purposes, and such moneys together with
<br /> - interest thereon - at the rate provided in said note shall become so much additional indebtedness herebysecuredand may be in-.
<br /> lG" -r . . eluded in any decree foreclosing this mortgage and hepaid out of the rents orproceedsof sale of said premises if not otherwise -
<br /> t, paid: that it shall not be obligatory upon the Mortgagee to inquire into the validity of any lien, encumbrances, or claim in ad-
<br /> ?. vancing moneys as above authorized. but nothingherein containers shall be construed as requiring. the Mortgagee to .. advanceany
<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 /> ' thin "- it may do or omit to do hereunder. -
<br /> In the event of the default . by Mortgagorin the payment ofany installment, as required by the Note secured hereby, or
<br /> -. . in theperformance of the obligation in this mortgage or 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 at its option , without notice, either by itself -
<br /> or by - n receiver to be appointed by the court thereof, and without regard to the adequacy of any security for the indebtedness se-
<br /> 2 ` cured hereby. to enter upon and take possession of the mortgaged premises, and to collect and receive the rents, issues and profits
<br /> + i thereof, and apply the same, lesscostsof operation and collection, upon the indebtedness secured by this mortgage; said rents,
<br /> issues ant profits being hereby assigned to the Mortgagee as further security for the payment of all indebtedness secured hereby.
<br /> The Mortgagee shall have the power to appoint any agent or agents it may desire for the purpose of repairing said - prem-
<br /> ises: renting the same : collecting the - rents, reeenues and income. and it may pay out of said income all expenses incurred in tent-
<br /> ing 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 mortgage-
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