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<br /> 76. 00081 �
<br /> THIS - MORTGAGE. . IS ALSOcTO- BEAND CONTINUETOBE, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH
<br /> i' SUM OR SUMS OF ' MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR, AND
<br /> r EVIDENCED. BY .A SUPPLEMENTAL.NOTE OR MOTES, BUT -THE TOTAL INDEBTEDNESS SECURED BY THIS MORTGAGE SHALL NOT
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<br /> e; EXCEED ONE HUNDRED TWENTY ( 120) PER CENT 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 /> THE' MORTGAGOR FURTHER COVENANTS AND AGREES :
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<br /> That the Mortgagor will pay the indebtedness as hereinbefore provided.
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<br /> i That the Mortgagor is the Owner of said property in fee simple and has good right and lawful authority to sell and
<br /> ° } convey the same and that the 'same is free and clear of any lien or encumbrance ; and that Mortgagor will warrant and defend the
<br /> fill() . to said premises against the , claims of all persons whomsoever,
<br /> 117 7 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 debtsecured hereby, and to furnish - he
<br /> Mortgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that there shall be addend to
<br /> • ti ' 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 main the prem
<br /> ' i ,` isea - 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, or similar charges required hereuder.
<br /> ft The Mortgagor agrees that there shall also be added to each monthly payment of principal and interest required here-
<br /> s. , underan amount estimated by the Mortgagee to be sufficientto enable the Mortgagee to pay, as it heroines clue. the insurance
<br /> premium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay -
<br /> * tnents 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 as homeri-
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<br /> owners or all risk policies, and the deposits are insufficient to pay the entire premium , the Mortgagee may apply the deposit to
<br /> Alia pay premiums on risks required to be insured by this mortgage.
<br /> =' Payments made by the Mortgagor under the above paragraphs m4y. at the option of the Mortgagee, be 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 /> at'? To procure, deliver to, and maintain fur the benefit of the Mortgagee during the life of this mortgage original policies and
<br /> .Q` :. renewals thereof, delivered at least ten days before the expiration of any such policies, insuring against fire and other insurable
<br /> 1`',`. ' 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 5lortga-
<br /> ' gee. In the event anypolicyis 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 /> tas are herein required or failure to pay any sums advanced hereunder shalt 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 tin•
<br /> earned premium.
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<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 /> partmay be paid over to the Mortgagor to lie used to repair such buildings or to build ' new buildings in their place or for any
<br /> ire other purpose or object satisfactory to the Mortgagee without affecting the lien on the mortgage for the full amount secured here-
<br /> t. by before such payment ever took place.
<br /> t'. To 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 good condition and repair and free (tont arty 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 /> v 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 /> t to the mortgaged premises and the use thereof. -
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<br /> Ki:.' 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,
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<br /> awards, and any other payment or relief therefor. and shall he entitled. at its option. to commence , appear in and prosecute in its
<br /> le 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 are hereby assigned to the Mortgagee, who may. after deducting
<br /> te therefrom all its expenses, release any moneys so received by it or apply the same on any indebtedness secured hereby : The Mort-
<br /> f': gagor agrees to execute such further assignments of any compensation, awards. damages , and rights of action and proceeds as the
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<br /> ,, Mortgagee may require.
<br /> ' That in case of failure to perforin 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 act it may deem necessary to protect the lien thereof; that the Mortgagor will
<br /> j : 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 /> ie , eluded in any decree foreclosing this mortgage and he paid out of the rents or proceeds of sale of said premises if not otherwise
<br /> L." 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 be construed as requiring the Mortgagee to advance any
<br /> moneys for any such purpose nor 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-
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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 be entitled to declare the
<br /> i debt secured •hereby" due and payable without notice, and the Mortgagee shall he entitled at its option, without notice, either by itself
<br /> ' 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 /> i . ( : .cured hereby, -to enter upon and take possession of the mortgaged premises, and to collect and receive the rents, issues and profits
<br /> thereof, . end apply the :same, less costsofoperation and collection. upon the indebtedness secured by this mortgage; said rents,
<br /> - - issuesandprofits 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 /> . _ _ ing and managing the same and of collecting the rentals . therefrom . The balance remaining. if any, shall he applied toward the
<br /> it, . discharge . of the mortgage indebtedness. This assignment is to terminate and become null and void upon release of this mortgage.
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