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<br /> 76 , 000724
<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 BYA 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
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<br /> TO PROTECT THE SECURITY' IN. ACCORDANCE WITH THE TERMS OF THIS MORTGAGE.
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<br /> a. _ THE MORTGAGOR FURTHER COVENANTS AND AGREES : •
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<br /> 14 - That the Mortgagor wilt pay the indebtedness as hereinbefore provided.
<br /> frThat.. the Mortgagor is the owner of said property in fee simple andhas good right and lawful authority to sell and
<br /> 4v . convey the same and . that the same is free and clear of any lien or encumbrance; and that Mortgagor will warrant and defend the
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<br /> title to said premises against the claims of all persons whomsoever.
<br /> . To pay immediately when due and payable all general taxes, special taxes, special aasessntents, water charges, sewer seri-
<br /> ice charges, and other takes and charges against said property, and all taxes levied on the debt secured hereby, and to furnish the
<br /> s' Mortgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that there shatl be added to
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<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-
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<br /> ises subject thereto; any deficiency because of the insufficiency of such additional payments shall be forthwith deposited by the
<br /> Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph shall be deemed a default in -
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<br /> payment of taxes, assessments, 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 additional pay
<br /> ments shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
<br /> paragraph shall he deemed a default in the payment of insurance premiums. If the policy or policies deposited are such as home-
<br /> owner; 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 he insured by this mortgage.
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<br /> Payments made by the Mortgagor under the above paragraphs may , at the option of the Mortgagee, lw held by it and
<br /> commingled with other such funds or its own funds for the payment of such itemslii
<br /> , 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 the benefit of the Mortgagee during the life of this mortgage original policies and •
<br /> j renewals thereof, delivered at least ten days before the 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 theevent any policy is not renewed on or before tem days of its expiration , the Mortgagee may procure insurance on the
<br /> lt improvements, pay the premium therefor, and such sum shall become immediately clue and payable with interest at the rate set
<br /> r1forth 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 an assignment of the un •
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<br /> r . earned premium.
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<br /> ai Any sums receiver! by the Mortgagee by reason of loss or damage insured against may he retained by the Mortgagee
<br /> and applied toward the payment of the debt hereby secured, or. at the option of the Mortgagee, such sums either wholly or in
<br /> - X part may be paid over to the Mortgagor to he used to repair such buildings or to build ' new buildings 'in their •plane or for any
<br /> 1+, 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 book place.
<br /> 'fo promptly repair. restore or rebuild any building; or improvements now or hereafter on the premises which may be.
<br /> come damaged or destroyed : to keep said premises in gess; condition and repair and free from any mechanic's lien or other lien or
<br /> I claim of lien not expressly subordinated to the lien hereof; not to suffer or permit any unlawful use of or any nuisance to exist an .. -
<br /> said property nor to permit waste on said premises. nor to do any other act whereby the property hereby conveyed shall become -,-
<br /> ic. 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 Ix' 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
<br /> own name any action or proceeding, ur 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
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<br /> lherefmm 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, and rights of action and proceeds as the
<br /> Mortgagee may require.
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<br /> That in case of failure to perform any of the covenants herein. the Mortgagee may do on the Mortgagor's behalf everything
<br /> so covenanted : that the Mortgagee may also do any actit may deem necessary to protect the lien thereof; that the Mortgagor will
<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 he in •
<br /> eluded in any decree foreclosing this mortgage and he paid out of the rents or proceeds cf stile of said premises if not otherwise
<br /> paid ; that it shall not be obligatory upon the Mortgagee to inquire into the validity of any hen, encumbrances, or claim in ad-
<br /> jf vancing moneys as above authorized, but nothing herein contained shall be construed as requiring the Mortgagee to advance any
<br /> • moneys for any such purpose nor to do any net hereunder; and that Mortgagee shall net incur any personal liability because of any
<br /> thing it may do or omit to du hereunder.
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<br /> L. In the event of the default by Mortgagor in the payment of any installment , as required by the Note secu roil 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 /> ffdebt secured herebydue and
<br /> �t payable without. notice, and the Mortgagee shell be entitled at its option, without anular, either by itself
<br /> is or by a receiver to be appointed by the court thereof, and without regard to the adequacy of any security for the indebtedness se-
<br /> Pi cured hereby, to enter upon and take possession of the mortgaged premises , and to collect and receive the rents, issues and profits
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<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 .
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<br />• { The Mortgagee shall have the power to appoint any agent or agents it may desire for the purpose of repairing said prem -
<br /> �n ices; renting ' the same; collecting the rents, revenues and income, and it may pay out of said incouue all expense; ; permed in rent -
<br /> : ing and managing the same and of collecting the rentals therefrom . The balance remaining. if any, shall he applied toward the . ,
<br /> 'i . discharge of themortgage indebtedness. This assignment is to terminate and become null and veld upon release of this mortgage.
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