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<br /> 76- 000739
<br /> THIS MORTGAGE. IS , ALSO TO BE AND CONTINUE ' TO BE, FROM • TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH` SUM OR. SUMS OF MONEY AS THE MORTGAGEE MAY. FROM TIME TO TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR, AND
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<br /> EVIDENCEQ.BY A SUPPLEMENTAL NOTE OR NOTES, BUT: THE TOTAL INDEBTEDNESS SECURED BY THIS MORTGAGE SHALL NOT
<br /> EXCEED ONE HUNDRED TWENTY (120) PERCENT 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 • THE . MORTGAGOR' FURTHER COVENANTS AND AGREES:
<br /> That the Mortgagor will • pay the indebtedness as hereinbefore provided.
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<br /> 'Phab. the Mortgagor is . the Owner ofsaicl property in IS simple and has good right and lawful authority to sell and
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<br /> ; ' .• convey .the some and thou the same is free and clear any lien or encumbrance: and that Mortgagor will warrant and defend the
<br /> I title to said premises squint.: rho . claims of ell persons whomsoever.
<br /> To pay immediately when : due and payable all general taxes, special taxes. special assessments, water charges, sewer sere-
<br /> ' ice charges, and other taxes and charges against said property, and all taxes levied on the debt secured hereby, and to furnish the
<br /> j Mort •a en, upon rc uest, with the original or therefor. The Mortgagor a rees that there shall be added . to _..
<br /> se: !, R I q duplicatereceiptsR
<br /> r ' each . monthly payment required hereunder or under the evidence of debt secured hereby an amount estimated by the Mortgagee
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<br /> y be sufficient to enable the Mortgagee to pay, as they become due. all taxes. assessments, and similar charges upon the prem.
<br /> k - t' 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
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<br /> payment of taxes, assessments, or similar charges required hereunder.
<br /> tKi The Mortgagor agrees that them, shall also he added to each monthly payment of principal and interest required here-
<br /> .4at; under an amount estimated by the Mortgagee to be sufficient to enable the Mortgagee to pay , as it becomes due, the insurance
<br /> F!, ' premium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay ->?.., meats shall be forthwith deposited by the Mortgagor with the Mortgagee upon detnand by the Mortgagee. Any default under this
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<br /> cparagraph shall be deemed a default in the payment of insurance premiums. If the policy or policies deposited are such as home-
<br /> � owners or all riskpolicies, and the deposits are insufficient topaythe entire premium , the Mortgagee ma � t apply the deposit to
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<br /> pay premiums on risks required to be insured by this mortgage.
<br /> • t'`; Payments made by the Mortgagor tinder the above paragraphs may , at the option of the Mortgagee, be held by it and
<br /> commingled with other such funds or its own fends for the payment of such items. and until so applied , such payments are hereby . -
<br /> I>ledged 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 /> ? .; renewals thereof, delivered at least ten days before the expiration of any such policies, insuring against fire and other insurable
<br /> v 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 an. policy is not renewer' on ur before ten days of its expiration. the Mortgagee may procure insurance on the ,
<br /> t. ttl improvements, pay the premium therefor. and such sutra shall become immediately clue 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 /> L�? .-' as are herein required or failure to pay any sums advanced hereunder .shall. at the option of the Aiortgagee, constitute a default
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<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.
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<br /> *': Any sums received by the Mortgagee by reason of loss or damage insured against may he retained by the Mortgagee
<br /> tio '.: and applied toward the payment of the debt hereby secured . or. at the option of the Mortgagee. such sums either wholly or in
<br /> - art maybe over to the Mortgagor to be used to such buildings or to build ' new buildingsin their place or for any
<br /> I paidR• R repairg I
<br /> other purpose or object satisfactory to the Mortgagee without affecting the lien on the mortgage for the full amount secured here
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<br /> by before such payment ever took place.
<br /> To promptly repair, restore or rebuild any huilding or improvements now or hereafter on the premises which may be -
<br /> tat 1 come damaged or destroyed : to keep said premises in good condition and repair and free front any mechanic's lien or other lien or
<br /> si 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 /> h . 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 nmissiou to net; to conmply with all requirements of law with respect
<br /> to the mortgaged premises and the use thereof.
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<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 /> E: .; awards, and any other payment or relief therefor, and shall be entitled , at its option, to commence. appear in and prosecute in its
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<br /> 7s . _ 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, damages, right of action and proceeds an' hereby assigned to the Mortgagee, who may. after deducting
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<br /> therefrom all its expenses, release any moneys so received by it or apply the same on any indebtedness secured hereby . The Mod.-
<br /> LT gager agrees to execute such further assignments of any campensatimp, awards, damages, and rights of notion and proceeds as the
<br /> i.- Mortgagee may require.
<br /> " That in case of failure to perform any of the covenants herein, the Mortgagee may eln on the Mortgagor's behalf everything
<br /> • •; so covenanted: that the Mortgagee may also do any act it may deem necessary to protectthe lien thereof: that the Mortgagor will
<br /> is'4 repay upon demand . any moneys paid or disbursed by the Mortgagee for any of the above purposes, and such moneys together with
<br /> 'A...at interest thereon at the rate provided in said note shall hecnmc so much additional indebtedness hereby secured and may be 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 otherwise
<br /> 4 paid; that it shall not be obligatory upon the Mortgagee to inquire into the validity of any lien. encumbrances, or claim in ad-
<br /> vancing moneys as above authorized , but nothing herein contained shall lie construed as requiring the Mortgagee to advance any
<br /> s'� moneys for any such purpose nor to do any ad hereunder; and that Mortgagee shall not incur any personal liability because of any-
<br /> thing it may do or omit to rho 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 he entitled to declare the
<br /> debt secured hereby due and payable without nutice, and the Mortgagee shall be entitled at its option. without notice. either by itself
<br /> or by a receiver to be appointee. by the court thereof and without regard to the adequacy of any security for the indebtedness SO-
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<br /> cured hereby, to enter upon and take possession of the mortgaged premises. and to collect and receive the rents. issues and profits
<br /> tthereof, and apply .the same. lesscosts of operation and collection. upon the indebtedness securer' by this rnortgage: said rents,rt
<br /> • ;A issues and profits being hereby assigned to the Mortgagee as further security for the payment of all indebtedness securedhereby.
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<br /> The Mortgagee shall have thepower to appoint any or agents it may desire for the purpose of repairing• said prem-
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<br /> appoint agentg I I 1 R 1
<br /> $1�'• 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 arty . shall be :applied toward the
<br /> discharge of the mortgage indebtedness. This assignment is to terminate pint! become null and void upon release of this mortgage,
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