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<br /> i 76- . . . . 000427
<br /> THIS MORTGAGE IS ALSO TO BE AND , CONTINUE TO BE. FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH .
<br /> SUM UR SUMS OF MONEY AS THE MORTGAGEE . MAY FROM . TIME TO TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR. AND
<br /> . EVIDENCED Brit SUPPLEMENTAL NOTE OR NOTES,. BUT THE. TOTAL . INDEBTEDNESS. SECURED BY THIS MORTGAGE SHALL NOT
<br /> EXCEED ONE• HUNDRED. TWENTY (120) PER CENT OF THE AMOUNT NOW OWING, EXCEPT FOR ANY ADVANCES THAT MAY BE MADE
<br /> TO , PROTECT THE SECURITY IN ACCORDANCE WITH " THE TERMS OF THIS MORTGAGE. '
<br /> ' THE MORTGAGOR FURTHER COVENANTS • AND AGREES:
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<br /> That the Mortgagor wilt pay the indebtedness as hereinbefore provided.
<br /> That the Mortgagor is the owner of said property in fee simple and has
<br /> good right and lawful authority to sell and
<br /> f convey the .same and • that the same is (tee clear. ef any lien or encumbrance; and that Mortgagor :will warrant and defend the.
<br /> • •- title tolsahn remises against . the claims of all, persons whomsoever:
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<br /> Tor pay immediately when due and payable all generaltaxes, special taxes, special assessments, water charges, sewer secs- - . - _
<br /> ice charges, and other taxes and charges against said property, and all taxes levied on the debt securer) hereby, and to furnish the
<br /> Mortgagee. upon request, with the Original or duplicate receipts therefor. The Mortgagor egret's that thereshall be added to
<br /> each monthly payment required hereunder or under the evidence of debt secured hereby an amount estimated by the Mortgagee
<br /> to the sufficient to enable the Mortgagee to pay, as they become due, all taxes. assessments. and similar charges upon the prem
<br /> hes subject thereto; any deficiency because of the insufficiency of such additional payments shall be forthwith deposited by the
<br /> Mortgagor with •.the Mortgagee upondemand by the Mortgagee. Any default under Ibis paragraph shall be deemed a default in
<br /> payment • of taxes, assessments, or similar charges required hereunder,
<br /> i'� The Mortgagor agrees that there shall also he added to each monthly payment: id principal and interest rrslnired here-
<br /> underan amount estimated by the Mortgagee to be sufficient to enable the Mortgageeto pay, as it becomes due, the insurance
<br /> prernium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional :pay-
<br /> - : rnents shall he forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
<br /> paragraph: shallbe deemed a delimit in the payment of insurance premiums: If the policy or policies deposited are such as home
<br /> owners or all risk policies, and the deposits are insufficient to pay the entire premium . the Mortgagee may apply thedeposit to
<br /> pay premiums on risks required tobe insured by this mortgage. .
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<br /> 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, anduntil so applied. such payments are hereby
<br /> pledged as security for the unpaid balance of the mortgage indebtedness.
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<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. insuringagainst Jut 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 Clays of its expiration . the ,Mortgagee may procure insurance on the improvements. pay the premium therefor, and such Burn shall Irecume . immediately due and payable with interest at the rate set -
<br /> &erth in said note until paid 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 shall atthe option of the Mortgagee, constitute a default
<br /> " ander the terms of this mortgage. The delivery of sucit policies shall, in the event of default constitute an assignment of the un . . - ,
<br /> earnest premium.
<br /> Any sums : received by the Mortgagee by re icon - n( laps or damage insured against may he retained by the Mortgagee
<br /> and applied toward the payment of the debt hereby secured, or. at the option of the Rlortgagee, such sums either wholly or in - _.1. '
<br /> part may be paid over to thn Mortgagor to be used to repair such buildings orto 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 •
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<br /> by before such payment. ever took place.
<br /> To promptly repair, restore or rebuild any buildings or improvement. now or hereafter on the premises - which may be .
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<br /> COM! - damaged or destmyel ; to keep said premises in good condition and repair and free from any mechanic's lien or other lien or
<br /> claim of lien not expressly subordinated to the lien hereof: not to sutler or permit any unlawfuluseof or any nuisance to exist on - . -
<br /> said property nor to permit waste on said premises, nortodo 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 premisesand the use thereof. •
<br /> That should the premises or any part ( hereof be taken or damaged by reason of any public improvement or condemnation - •
<br /> proceeding, or under the right of eminent domain, or in arty other manner, the Mortgagee shall be entitled to all compensations; - '
<br /> awards, and . any other paymentor relief therefor, and shall be entitled. at its option- to commence. appear in and prosecute in -its -
<br /> awn name any action or proceeding. or to make any compromise or settlement in connection with such taking or damage. Ali such
<br /> compensation, awards, damages, right of action and proceeds are hereby assigned to the Mortgagee. who may. afterdeducting -
<br /> therefrom all its expenses, release any moneys so received by it or apply the surae on any indebtedness secured hereby . The - Mod -
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<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 nwenanted ; that the Mortgagee mayalso do any act it may deem necessary to protect the lien thereof; that the Mortgagorwill - - -
<br /> repay - upon demand any moneys paid or disbursed by the Mortgagee for any of the above purposes. and such rnmwys together with
<br /> interest . thereon at the rate provided In said note- shall become so much additional indebtedness hereby secured and may he in-
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<br /> - eluded in any decree foreclosing this mnrtgoge and be paid out of the rents or proceeds of sale of said premises if not otherwise
<br /> paid ; that it shall ) not-ie obligatory mem the Mortgagee - to inquin• into the validity of any lien.- encumbrances, or claim - in art•
<br /> vancing moneys as above authorized. but nothing herein contained shalt 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 /> thing it may do or omit to do hereunder. -
<br /> In the eventof 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 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 he entitled at its option. without notice, either by itself
<br /> -orhy a receiver to be appointed by the court- thereof, and without regent to the adequacy of any security for the indebtedness se-
<br /> cured hereby, to enter upon and take possession of the mortgaged premises, and to collect and receive the rents. issues and profits
<br /> thereof,: andapply the same, less costs of operation and collection. upon the indebtedness secured by this mortgage : said rents,
<br /> . issues and profits being hereby. assigned to the Dfortgagee 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 sang; .collecting the rents, revenues and income, and it may pay out of said income all expenses incurred in rent • •
<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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