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<br /> : 76 000429
<br /> THIS MORTGAGE; IS ALSO TO BE : AND CONTINUE TO BE, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH
<br /> SUM OR SUMS OF MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME IN THE FUTURE ADVANCE TO. THE MORTGAGOR, AND
<br /> EVIDENCED BY A 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 /> r TO PROTECT. THE -, SECURITY IN .ACCORDANCE . WITH THE .TERMS OF THIS MORTGAGE.
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<br /> THE MORTGAGOR FURTHER COVENANTS AND AGREES:
<br /> i : That the Mortgagorwillpay the indebtedness as hereinbefore provided. - '
<br /> t' , chat • the Mortgagor is: the owner of said property in fee simple and has good right and lawful authority to sell and
<br /> `. convey the sante and • that the same is freu; and clear of any lien or encunthnmce: and that Mortgagor Will warrant and defend the
<br /> title to said premises against the claims of all persons whomsoever,
<br /> To Pay imniediptely when duo and payable all general taxes, special taxes, special assessments, water charges, sewer senv • 1!
<br /> ki, iso chargcri, and. other taxes aitd 'charges against said property , . rind all taxes levied on the debt secured hereby, and to furnaththe
<br /> Mortgagee. upon teeniest 'with thr • original or duplicate receipts therefor. The Mortgagor agrees thatthere shall be added to
<br /> ' each monthly payment required hereunder or under the evidence of debt secured hereby an . ammmt estimated by the, Mortgagee
<br /> to be' suflicicnt to enable the Mortgagee to pay. ns they become due, all ' laxea. assessment 's, and similai charges upon the prem-
<br /> ;iit, isles subject thereto; any deficiency because of tine insufficiency of such additional payments shall be forthwith _deposited by the•
<br /> Mortgagor with the Mortgagee upon demand by the Mortgagee. Any . IICIDIJIt under this paragraph shallbe deemed a default in
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<br /> �� :• payment of taxes, assossnents, or similar charges' required hereunder. .
<br /> The Mortgagor agrees that there shall also be added to each monthly payment of principal and interval required . here-
<br /> under an amount estimated by the Mortgagee to 1w sufficientto enable the Mortgagee to pay, as it becximes due, the insurance
<br /> ' premiumon any insurance policy delivered to the Mortgagee. Any deficiency because ofthe insufficiency of such additional pay- :
<br /> meritsbe shall forthwith deposited by the Mortgagor with the Mortgagee upon demand by • the Mortgagee. Any default under this '
<br /> P14 , paragraph shall lie deemeda default in .the payment. of insurance
<br /> 1 premiums. if the policy or policies deposited are such as home,
<br /> owners or all risk policies, and the (iexJHit8 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 /> 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 /> 4 , : pledged as security for the unpaid balance of the mortgage indebtedness. -
<br /> t 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 fire and other insurable •
<br /> Ira! : ` 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 Mirtgagee; with loss payable clause in favor of and in form acceptable to the Mnrtga-
<br /> geei Inthe 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 suchsum shall became ,. immediately 'due and payable with interestat the rate set
<br /> forth 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, 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 nn assignment n( the un
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<br /> � earnedlc , premium.
<br /> tv Any sUma . received by . the Mortgagee by reason of loss nr damage insured against may be retained by the Mortgagee
<br /> ,...aa and applied tn*ard - the payment of the debt hereby secured. or. at the option of the Mortgagee, such sums either wholly or in
<br /> part maybe , paid- over to the Mortgagor to be used to repair such buildings or to huild ' new hauildings intheir place or for any
<br /> other purpose or objectsatisfactory to the Mortgagee without affecting the lien on the mortgage for the full amount secured -here.hy be(cire such payment ever took place.
<br /> 'To promptly repair. restore or rebuild any building's or improvements now or hereafter on Ihe, pn•mises which may be.
<br /> come damaged or destroyed ; to keep said premises ingood condition anti repair and free from any mechanic's lien or other lien nr
<br /> Y• ' 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 -
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<br /> saidpnopertynorto permit waste onsaid premises, nor to do any other act whereby the property hereby conveyed shall become
<br /> less valuable, nor to diminish or impair ib: value by any act or omission to act ; to comply with all requirements of law with respect i
<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 rightof 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 conunence. appear in and prosecute in its
<br /> own nameany 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 11w 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 Mort-
<br /> gagor agrees to execute such further assignments of any compensation, awards, damages. anti rights of action and proceeds as the .
<br /> Mortgagee may require.
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<br /> That in of failure to perform any of the covenants herein, the Mortgagee may do on the Mortgagor's behalf everything -
<br /> ra • ` :: o covenanted : that the Mortgagee may also do any act it may (kern necessary to protect the lien thereof; that the Mortgagor will i
<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 shall become so much additional indebtedness hereby secured and may be in-
<br /> cluded in any decree foreclosing this mortgage and be paid out of the rents or proceeds of sale of said premises if not otherwise i •Y '
<br /> paid ; `that it shall not be obligatory upon the Mortgagee to inquire into the validityof any lien, encumbrances, or claim in ad •
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<br /> vancing moneys as above authorized , but nothing herein contained shall he construed as requiring the Mortgagee to advance any
<br /> moneys for any such purpose nor to do any acthereunder; and that Mortgagee shall not incur any personal liability because n( :any-
<br /> ca• 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 mortgage or in the note secured thereby, the Mortgagee shall be emitted 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 a:.receiver -to he appointedby the court thereof, and without regard to the adequacy of any security (or 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 /> i thereof, and applythesame, less costs of operation and collection. upon the indebtvdlnesc secured by this mortgage; said: rents,
<br /> Issues and prfith being hereby assigned to the Mortgagee as further security for the payment of all indebtedness secured hereby.
<br /> A - 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, revenues and income, and it may pay out. of said income all expenses incurred in rent-
<br /> big and • mamaging the same and of collecting. the rentals therefrom . The balance remaining, if nm•. 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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