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<br /> 764. 0004 2 •
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<br /> THE ' MORTGAGOR FURTHER COVENANTS AND AGREES. .. .
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<br /> Thattho Mortgagor will; pay the indebtedness as hereinbefore provided .
<br /> That the Mortgagor IS the owner' of •said property in feesimple and has good right and lawful authority to sell and .
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<br /> ' Convey the sae and that the sumo illrec and clear of any lien or encumbrance ; and that Mortgagor will warrant and defend the ` '
<br /> l ( title to ' said premises% against 'the daims of alhpersons . whomsoever..
<br /> ck1 To pay fnimediately, when due and payable all" general taxes, special taxes, special assessments, water charges, sewer serve
<br /> ice charges, and other taxes and' charges against said property, and all taxeslevied on the debt secured hereby, and to furnish tho •
<br /> /fel'" Mortgagee, upow' request, with`. the •original or . duplicate receipts therefor. , The Mortgagor agrees that there shall. 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 be sufficient to enable the Mortgagee to pay, as they become due,- all taxes, assessments, and similar charges upon the prem. z
<br /> v .. - . >. ises SubjLcr`thereto;::any deficiency because.: of theinsufficiency of such additional payments shale be forthwith deposited by the
<br /> • " ' . Mortgagorwiththe- Mortgageeupondemandbythe Mortgagee. Any defauit under this paragraph ahallbedevmed a detaultiñ - i
<br /> e.'; :.payment 'of taxes, assessments, Ot similarcharges required hereunder.
<br /> j The Mortgagor agrees that there shall also be added to each monthly payment of principal and interest requitedhere•
<br /> v under an amount estimated by the Mortgagee to besutt lent to enable the Mortgagee to pay, as it becomes doe, the insurance '
<br /> 1 ;i, premium on any insurance policy delivered to the. Mortgagee. Any deficiency because of the insufciency of such additional pay; ,
<br /> _ .0 meats shall be forthwith deposited by the. Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this-
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<br /> .. - _.paragraph shall.. be deemed : a ' default in,the : payment of insurance premiums, Ifthe policy or policies'deposited are such as home.
<br /> i owners or. all risk policies, and the deposits are insufficient to pay the entire premium , the Mortgagee may . apply the deposit to
<br /> q • pay premiums on risks required to be insured bythis mortgage.
<br /> Payments . made h the Mortgagor under the above paragraphs may, at the option of the Mortgagee,•ee, he held it anrl '
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<br /> ( 0 commingled with other such funds or its own funds for the payment of such items, and until so applied, such payments are hereby -
<br /> , ` Pledged as security for the unpaid balance of the mortgage indebtedness.
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<br /> UI ' 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 /> Ff Innards, casualties, and contingencies as the Mortgagee may require, in an amount equal to theindebtedness secured by this i
<br /> i▪,; Mortgage, andin. companies acceptable to the Mortgagee, with loss payable clause in favor of and in form acceptable to the htortga•
<br /> car gee. In the event: any policy is not- renewed on or before ten clays of its -expiration, the Mortgagee may procure insurance on the . •
<br /> improvements, pay: the premium - therefor, and such stun shall become immediately due and payable with interest atthe rate set
<br /> • i- forth in said note until paid and shall be secured by this mortgage. Failure onthe part of the Mortgagor to furnish such renewals '
<br /> as are :herein required or failureto pay any sums advanced .hereundershall , at the option of the Mortgagee, constitute a default :
<br /> ,i3 under the terms of this mortgage. The delivery of such policies shalt, in the event of default, constitute an assignment of the un
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<br /> earned premium.
<br /> ; Any sums received by . the Mortgagee by reason of loss or damage insured against may be retained by the . Mortgagee- .
<br /> .y . . and applied toward the payment of the debt hereby secured, or, at the option of the Mortgagee, such sums either- wholly or in
<br /> , r . part may be paid over to the Mortgagor tote used to repair such buildings or to build • new buildings in their place or for - any
<br /> : r1 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 /> 3j To promptly repair, restore or rebuild any buildings or improvements ' now or hereafter on the premiseswhich may be,
<br /> come damaged or destroyed ; . to keep said premises in good condition and repair and freefromany mechanic's lien or other lien or
<br /> 3....E. 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 withrespect
<br /> t,+ - 'to the mortgaged premises andthe use thereof. . .
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<br /> "1dg That should the premises or any part thereof be taken or damaged by reason of nny 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 itsoption, to commence, appear in and prosecute in its
<br /> own name any actionor 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 r
<br /> :. therefrom all its expenses, release any moneys so received by it orapply the same on any indebtedness. secured - hereby.. The . Mort-
<br /> ' : gagor agrees to executesuch further assignments of anycompensation. 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 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 Mortgagorwill
<br /> repay upon demand anymoneys paid or disbursed by the Mortgagee for any of theabovepurposes; and such moneys together with
<br /> interest' thereon atthe rate provided in said note shall become much additional indebtedness hereby secured and may be in• -
<br /> ti eluded in any decree foreclosing this mortgage and be paid out of the rents or proceeds of sale of said premises if not otherwise '
<br /> paid; that it shall not be obligatory upon the Mortgagee to inquire into the validity of any lien. - encumbrances, or claim in ad-
<br /> ,S - wincing moneys as above authorized, but nothing herein contained shall beconstruedas 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 may do or omit to do hereunder_ -
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