|
•
<br /> 7640:00 531
<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 /> •
<br /> EXCEED ONE HUNDRED TWENTY (120) PER CENT OF THE• AMOUNT NOW: OWING, EXCEPT FOR ANY ADVANCES THAT MAY BE MADE - ,
<br /> ?i ` TO : PROTECT . THE SECURITY IN ACCORDANCE WITH .'THE TERMS- OF THIS MORTGAGE.
<br /> io ti • : -
<br /> t " THE MORTGAGORFURTHER COVENANTS AND AGREES :
<br /> That the . Mortgagor will pay theindebtedness as hereinbefore provided.
<br /> %f . ,
<br /> a 'fiat the Mortgagor is the owner ofaairl property . in . fee simple and has good right and :lawful authority to sell and
<br /> U : convey the same . and that the same is free and clear of any lien or encumbrance; anti that Mortgagor will warrant and defend the
<br /> ° ,. tubi tosaid premises against -t1m cltrims , of nit persons whomsoever.
<br /> .h.ii '.
<br /> 'i.,0.1 .. . To pay inrmerliatelywhen due and payable all general taxes, special taxes, special assessments water charges, sewer sere-
<br /> . .
<br /> ice chargesi: and other taxes and charges against said property, and all taxes levied on the debtsecured hereby. and to furnish the
<br /> " ,t ` 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 evidence of debt secured hereby an amount estimated by the Mortgagee .
<br /> t; to be sufficient to enable the Mortgagee to pay, as they become due, all taxes, assessments, and similar charges upon the prom
<br /> ises subject thereto; any deficiency because of theinsufficiency of such additional payments shall he fvrthwith deposited - by . the
<br /> Mortgagorwith the Mortgagee upon demand by the Mortgagee. Any default under this paragraph shall he deemed a default in
<br /> payment of taxes, assessments, or similar - charges required hereunder. . ,
<br /> „ The Mortgagor agrees that there shallalso be added to each monthly payment of principal and interest required here- -
<br /> r > ' under an umountestirnated by the Mortgagee to he sufficient to enable the Mortgagee to pay, asit becomes clue, the insurance . .
<br /> T.; ' premium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional - pay-
<br /> meths shallbe forthwith deposited by the Mortgagor with the Mortgagee upon demandby the Mortgagee: Any clefrult under • this ,
<br /> a paragraph shall be deemed a default hi thepayment of insurance premiums. If the policy or policies deposited are such as home-
<br /> owners or all risk policies, and the deposits ore insufficient to pay the entire premium. the . Mortgagee may apply the deposit to
<br /> paypremiums on risks required to be insured by this mortgage. _ .
<br /> ri '
<br /> i'nvments made by the Mortgagor under the above paragraphs may . at the option of the Mortgagee, beheld by it and
<br /> commingled- with- -other suchfunds or its own funds fur 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. -
<br /> • : - - - To procure, deliver to, and maintain for oat 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, insuringagainstfire and other insurable -
<br /> Jrazatds, casualties, and contingencies ea the Mortgagee may require, in an amount equal tothe 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 Morten,
<br /> 1 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 /> •
<br /> improvements, pay :the premium therefor, and such sum shall become immediately due and payable with interestatthe rate set
<br /> forth`in said note until paid and shall he secured by this mortgage. Failure on . the part of The Mortgagor to furnish such renewals .
<br /> : as - are herein required or failurelepay any sums advanced hereunder shall. at. the option of the Mortgagee , constitute a default
<br /> e ;, - under. the terms of - this mortgage. The delivery of such policies shall, in the event of default , . constitute an assignment Of - the - un- -
<br /> ; cornea premium.. - - ,
<br /> Any sums received by - the - Mortgagee by reason of loss or damage insured against may be retained by the Mortgagee - . •
<br /> •
<br /> ' '' and . appliedtoward - the ; payment of the debthereby- secured, or: atthe option of the Mortgagee. such sums eitherwholly or. in • •
<br /> part may 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 fill amount secured here- - _
<br /> by before such payment ever took place.
<br /> c.f ; . :; - To promptly repair. restore or rebuild any buildings or improvements now or hereafter on the premises which may be. -
<br /> sc: - : come 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 nut to suffer or permit any unlawful use of or any nuisanceto 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 with respect •
<br /> to the mortgaged premises and the use thereof.
<br /> That should the premises or any part thereof 1w. taken or damaged by reason of any public improvement or condemnation
<br /> }a :proceeding, or wider . the right of eminent domain , or in any other manner, the Mortgagee shall be entitled to all compensations,
<br /> awards and anyother payment or relief therefor. and shall be entitled , at its option, to commence. appear in and prosecute in its -
<br /> own name any action or proceeding, or to make any compromise or settlement in connection with such taking or damage All such - - -.
<br /> compensation, awards, dnnmges, 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 - Mort • -
<br /> ; gager agrees to execute such further assignments of any compensation . awards, damages, and rights of action and proceeds as the
<br /> Mortgageemay require. •
<br /> That in -case of failure to perform any of the covenants herein. . the Mortgagee may du on the Mortgagor's 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 /> - -
<br /> repay upon . demand any moneys paid. or disbursed by the Mortgagee for any of the above purposes, and such moneys together with - L
<br /> •
<br /> interest thereon at the rate provided insaidnote shall become so much additional indebtedness hereby secured and may he in- - •
<br /> ; chided in - any decree foreclosing this mortgage and he paid out of the rents or proceeds of sale of said premises if nototherwise
<br /> paid; that - itshall - not he obligatory upon the Mortgagee to inquire into the validity of any lien. encumbrances . or claim in ad-
<br /> vancing moneysasabove authorized, but nothing herein contained shall lw construed as requiring the Mortgagee to advance any
<br /> 1 !cis moneys for anysuchpurposenor 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 /> •
<br /> In the event of the default by Mortgagor in the payment of any installment . ns required by the Note secured hereby, or - - -
<br /> - in: the performanceof the obligation in this mortgage or in the note secured thereby, the Mortgagee shall be entitled to declare the '
<br /> e : .
<br /> . debt- securedherebydue and payable without notice, and the Mortgagee shall be entitled at its option , without notice, either by itself
<br /> -br by a receiver to be appointed by the court thereof, and without regard to the adequacy of any security for the indebtedness se-
<br /> cured hereby, to enter Upon and takepossession of the mortgaged premises, and to collect and receive the rents. issues and profits
<br /> . thereof, and apply 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 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, revenues and income, and it may pay out of said income all expenses incurred in rent-
<br /> lug 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 became null and void upon release of this mortgage.
<br /> •
<br />
|