|
•
<br /> 76. 00073
<br /> •
<br /> THE . MORTGAGOR .FURTHER COVENANTS :AND AGREES :
<br /> `, rk?
<br /> k
<br /> That the Mortgagorwill ,pay- the indebtedness as hereinbefore provided.
<br /> f ' That the Mortgagor is the Owner of said property in fee simple and has good right and lawful authority to sell and
<br /> r p y p
<br /> convey the same and that the same is free and clear of any lienor encumbrance; and that Mortgagor will warrent and defend the
<br /> title to said premises against the claims of all persons whomsdever.
<br /> To pay immediately when due and payable all general taxes, special taxes, special assessments, water charges, sewer sew-
<br /> ice charges, and other taxes snd 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 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•
<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 he deemed a default in
<br /> payment of taxes, assessments, nr 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 /> rd . premium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay-.
<br /> meets 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 of insurance premiums. If the policy or policies deposited are such a5 bone•
<br /> owners or all risk policies, and the deposits are insufficient to pay the entire premium , the Mortgagee may apply the deposit to .
<br /> paypremiumson risks required to be insured by this mortgage.
<br /> Payments made by the Mortgagor under the shove paragraphs may. at the option of the Mortgagee, he held by it and
<br /> 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.
<br /> To procure, deliver to, and maintain for the benefit of the Mortgagee during the life of this mortgage original policies and
<br /> •
<br /> 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 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 /> forth 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•
<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 /> and applied toward the payment of the debt hereby secured, or. at the option of the Mortgagee, such sums either wholly 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 full amount secured here.
<br /> F:, by before such payment ever took place.
<br /> To promptly repair, restore or rebuild any buildings or improvements now or hereafter on the premises which may be •
<br /> 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; 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 with respect •
<br /> to the mortgaged premises and the use thereof.
<br /> That should the 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
<br /> own name any action or prexeeding, 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
<br /> therefrom 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.
<br /> •
<br /> •
<br /> •
<br /> 00
<br /> •
<br /> •
<br /> •
<br /> •
<br /> •
<br />•
<br /> •
<br /> •
<br /> •
<br /> :y'
<br />
|