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76-000534 ; MORTGAGORS . MAY MAKE PREPAYMENTS OF PRINCIPAL ON ANY INSTALLMENT DUE DATE. SUCH PREPAYMENT SHALL BE APPLIED TO INSTALLMENTS LAST TO BECOME DUE UNDER THIS MORTGAGE. PROVIDED THE UNDERSIGNED ARE NOT IN DEFAULT r AND ARE THEN THE OWNERS OF THE MORTGAGED PROPERTY, UPON REQUEST OF THE UNDERSIGNED, OR EITHER OF THEM, PAYEE AGREES TO FURNISH TO THE UNDERSIGNED , 100°/p OF SUCH PRINCIPAL PREPAYMENTS, UNLESS ADVANCEMENT IS PRO• a • HIBITED BY THE REGULATIONS OF CHARTERING AND SUPERVISORY AUTHORITIES THEN IN EFFECT. ALL SUCH ADVANCEMENTS SHALL BE SECURED BY. THIS MORTGAGE. IN THE SAME . MANNER AND . EFFECT . AS _ IF NO PREPAYMENTS HAD BEEN MADE, ' i ' THE latORTGAGQR FURTHER COVENANTS ' AND AGREES : ', .hat the. Mortgagor will pay the indebtedness as hereinbefore provided . That the . Mortgagor is the owner of said property in fee simple and has good right and lawful authority to sell and • ! convey the same and that the same is free and, clear of any lien or encumbrance; and that Mortgagor will warrant and defend the V;;•; i title to said , premjscs against the clairns of all persons whomsoever. . • To pay immediately when due and payable all genera! taxes, special taxes, special assessments, water charges, sewer sere: ice charges, mid ether tuxes and charges against said property, and all taxes levied on the debt secured hereby, and to furnish the Mortgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that there shall . be added to each monthly payment required hereunder or under the evidence of debt sxured hereby an amount estimated by the Mortgagee to be sufficient to enable the Mortgagee to pay, a.s they become due, all takes, assessments; and similar charges .Upon the prim • ises .subject thereto; any deficiency because of the insufficiency of such additional payments shall he forthwith deposited by the • Mortgagor with the . Mortgagee '.. upon demand by the Mortgagee. Any default under this paragraph shall be deemed a default in payment of taxers; assessments, or similarchargesrequired hereunder. - The . Mortgagor agrees that there shall also be added to each monthly payment of principal and interest required here- under an amount estimated by the Mortgagee to be sufficient to enable the Mortgagee to pay , as it becomes due, the insurance : premiumon anyinsurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay- menti+ shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. . Any default under this fi 1.H paragraph shall be deemed a default, in the payment of insurance premiums. I ( thepolicy or policies deposited are . such OH home, ' r _ - : ownem or all risk policies, and the depositsare insufficient to pay the entire premium, the Mortgagee may apply the deposit to pay premiums on risks required to be insured by this mortgage. Payments made by the Mortgagor under the above paragraphs may. atthe option of the Mortgagee, he held by it and commingled with other such funds or its own funds for the payment of such items. and until so applied, such payments are hereby pledged as security for the unpaid balance of the mortgage indebtedness. To procure, deliver to, and maintain for the benefit of the Mortgagee during the life of this mortgage original policies and renewals thereof, delivered at least ten daysbefore the expiration of any such policies, insuring against fireand other insurable hazards, casualties, and contingencies as the Mortgagee may require, in an amount equal to the indebtedness secured by this ., Mortgage, and in companies acceptable to the Mortgagee, with loss payable clause in favor of and in form acceptable to the Mortga- gee. In the event anypolicy is notrenewed on or before ten days of its expiration. the Mortgagee may procure insurance on the improvements, pay the premium therefor, and such sum shall become immediately due and payable with interest at the rate set Forth .in said note until paid and shall besecuretl by this mortgage. Failure on the part of the Mortgagor tofurnish such renewals as are herein required or failure to pay any sums advanced hereunder shall , at the option of the Mortgagee; constitute a default • ` under the terms- ofthis mortgage. The delivery of such policies shall , in the event of default, constitute an assignment of the un- ' earned premium. . Any sums received by the Mortgagee by reason of loss or damage insuredagainst may be retained by the Mortgagee and appliedtoward thepayment of the debt hereby secured, or, at the option of the Mortgagee, such sums eitherwholly or in part may be paid over to the Mortgagor to be used to repair such buildings or to build new buildings in theirplace orfor any _ other purpose or object satisfactory to the . Mortgagee without affecting the lien on the mortgage for the full amount, secured here- by before such payment ever took place. _ To promptly repair. restore or rebuild any buildings or improvements now or hereafter on the premises which- may hew come damaged or destroyed ; to keep said premises in good condition and repair and free from any mechanic's lien or other lien or • - claim of lien not expressly subordinated to the lien hereof; notto suffer or permit any unlawful use of or any nuisance to exist on ' said property nor to permit waste on said premises, nor to do any other act whereby the property hereby conveyed shall become . less valuable, nor to diminish or impair its value by any ad or omission to act : to comply with all requirements of law with respeet to the mortgaged premises and the use thereof. . That should the premises or any part thereof be taken or damaged by reason of any public improvement or condemnation proceeding, or under the right of eminent domain, or in any other manner. the Mortgagee shall he entitled toall compensations, awards: and anyother payment or relief therefor, and shall be entitled, at its option. to commence, appear in and prosecute in its own name any action or proceeding, or to make any compromise or settlement in connection with such taking or ohmage. All such - t ' compensation. awards, damages, right of action and proceeds are hereby assigned to the Mortgagee, who may, after deducting therefrom al! its expenses, release any moneys so received 1w it or apply the same on any indebtedness secured hereby. The Mort. gagor agrees to execute such further assignments of any compensation. awards, damages, and rights of action and proceeds as the Mortgagee may require. That in rase of failure to perform any of the covenants herein, the Mortgagee may do on the Mortgagor's behalf everything . so covenanted; that the Mortgagee may also do any act it may deem necessary to protect the lien thereof; that the Mortgagor will repay upon demand any moneys paid or disbursed by the Mortgagee for any of the above purposes, and such moneys together with - interest thereon at the rate provided in said note shall become so much additional indebtedness hereby secured and may he in• eluded in any decree foreclosing this mortgage and be paid out of the rents or proceeds of sale of said premises if not otherwise paid; that it shall not be obligatory upon the Mortgagee to inquire into the validity of any lien, encumhranciw, or claim in ad • - vancing moneys as above authorized , hut nothing herein contained shall be construedas requiring the Mortgagee to advance any moneys for any such purpose nor to do any act hereunder; and that. Mortgagee shall not incur any personal liability because of any- thing it may Flo or omit to do hereunder. • In the event of the default by Mortgagor in the payment of any installment, as required by the Note secured hereby, or in the performance of the obligation in this mortgage or in the note secured thereby, the Mortgagee shall be entitled to declare the ` - . . debt secured hereby due and payable without notice, and the Mortgagee shall be entitled at its option. without notice, either by itself er by a receiver to be appointed by the court thereof, and without regard to the adequacy of any security for the indebtedness se- cured hereby, to enter upon and take possession of the mortgaged premises, and to collect and receive the rents, issues and profits • • thereof, and apply the same, less costs of operation and collection, upon the indebtedness secured by this mortgage: said rents, Lsxues and profits being hereby assigned to the Mortgagee as further security for the paymentof all indebtedness secured hereby. i r'. . . . The Mortgagee shallhavethe power to appoint any agent or agents it may desire for the purpose of repaine:C said prem- ises; renting the same , collecting the rents, 'revenues and income, and it may pay out of said income nil expenses incurr d in rent- ing and managing : the. same and of collecting the rentals therefmm. The balance remaining. if any, shall he applied toward the • discharge of the mortgage indebtedness. Thin assignment is to terminate and ts•come null and void upon release ofthis mortgage. - t •;i • de j. .