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<br /> 76» 000503
<br /> THIS MORTGAGE, IS. ALSO . TO BE AND CONTINUE TO RE, 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, RUT 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 /> t"1;1. " THE MORTGAGOR " FURTHER COVENANTS AND AGREES:
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<br /> 0 ',: .That the Mortgagor will pay theindebtedness as hereinbefore provided.
<br /> That the Mortgagor is the Owner of said property in len simple and has good right and lawful authority to sell and
<br /> e convey the same and that the same is free and clear of any lien or encumbrance ; and that Mortgagor will warrant and defend the
<br /> •',P.',. •. . i-litle tosaid premises , against the claims of all persons whomsoever.
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<br /> To pay immediately when due and payable all general taxes, special taxes, special assessments, water charges, Sewer seri
<br /> We Charges, and other taxesand charges against said property, and all taxes levied on the debt secured hereby, and to furnish the
<br /> Mortgagee, upon 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 esidenco of debt secured hereby an amount estimated by the Mortgagee
<br /> . tobe sufficient to enable. the Mortgagee to pay , as they become due, all taxes, assessments, and similar charges upon the prem,
<br /> ises subject. thereto; any deficiency because of the insufficiency of such additional payments shall he forthwith deposited • by the•
<br /> Mortgagor with the Mortgagee upon demandby the Mortgagee. Any default under this paragraph shall be deemed a derrult in
<br /> i payment of taxes, assesyments, 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 /> under an amount estimated by: the Mortgagee to be sufficient to enable the Mortgagee to pay, as it becomes due, the insurance .
<br /> premium on any. . insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additionalpay-
<br /> merits . shall be forthwith deposited by. the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
<br /> paragraph shall be deemed a default in the payment ofinsurance premiums. If the policy or policies deposited are such as home-
<br /> gwners or all risk policies, and the deposits 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, be held by it and
<br /> commingled with other such funds orits own funds for the payment of such items, and until so applied, such payments are hereby
<br /> pledged -assecurity 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 ihiy mortgage original policies and •
<br /> r _ ` renewaLs thereof, delivere•ai at leastten nays beforethe 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 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 days of its expiration; the Mortgagee may procure insurance on the
<br /> improvements, pay the premium therefor. and such sum shall become immediately due and payable with interest at the rate set '
<br /> C . , forth in said note until paid and shall besecured by this mortgage. Failure on the part of the Mortgagor to. furnish such renewals
<br /> as tae herein required .or failure to pay any sums advanced hereunder shell, at the option of . . the . Mortgagee, constitute It default
<br /> under the terms of this mortgage. The delivery of such policies shall , in the event of default. constitute an assignment of the urn -
<br /> earned premium. - - -
<br /> Any sumsreceived by the Mortgagee by reason of loss or damage insured against may be retained by. the Mortgaged •
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<br /> and applied toward thepayment of the debt hereby secured , or, . at the option of the Mortgagee, such suns either wholly or . in
<br /> part may he paidover to the Mortgagor to be used to repair such buildings or to build ' no•.v buildings in their place or for any ,
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<br /> other purpose or object satisfactory to the Mortgagee without affecting the hen on the mortgage for the full amount secured here.
<br /> by before such payment ever took place.
<br /> i To promptly repair, restore or rebuild any buildings or improvements now (Jr hereafter on the premises which may }a`-
<br /> cnme damaged or destroyed ; 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 suffer or permit any unlawful use of or any nuisance to exist on
<br /> said property nor to permit waste onsaid premises, nor to do any other act whereby theproperty hereby conveyedshall become
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<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 premises and the use thereof.
<br /> That should Ow 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 commence, appear in and prosecute in its e
<br /> own name any action or proceeding, or to make any compromise or settlement in connection with such Laking 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-gagor agrees to execute such further assignments of any compensation, awards. damages, and rights of action and procc•esls 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 Nlortgagoi s behalf everything
<br /> rW SO covenanted ; that the Mortgagee may also do any act it may deem necessary to protect the lieu thereof; that the Mortgagor will
<br /> - repay upon demand any moneys paid or disbmved by the Mortgagee for any of the above purposes. and such moneys together with
<br /> x ' - interest thereon at the rate provided in said note shall become so Hauch additional indebtedness hereby secured andmayhe in-
<br /> eluded in any decree foreclosing this mortgage and be paid out of the rents or proceeds of sale of said premises if not nthenvise
<br /> paid ; that it shall not be obligatory upon the Mortgagee to inquire into the validity of any lien, encumbrances, or claim in act- —
<br /> AT'Svancing 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 act hereunder; and that Mortgagee shall not incur any personal Habib N' because of any-
<br /> thing it may do or omit to do hereunder. •
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<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 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 a . receiver to be appointed by the court thereof. and without. regard to the adeytuacy 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, and apply the same. lesscosts of operation and collection , upon the indebtedness secured by this mortgage; said rents.
<br /> issues and - 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 prezn- ;_t •
<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 /> . ing and managing the same and of collecting the rentals therefrom. The balance remaining, if any . shall be applied toward the
<br /> discharge ofthe mortgage indebtedness. This assignment is to terminate arid become null and void upon release of this mortgage.
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