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76, . 000994
<br /> THIS . MORTGAGE . IS . ALSO TO 8E AND CONTINUE TO BE, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH
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<br /> fW ` ` SUM OR SUMS : OF MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR, AND. 1
<br /> tlf ", EVIDENCED BYIA SUPPLEMENTAL NOTE OR .NOTES, BUT .THE_TOTAL . _INDEBTEDNESS. SECURED BY THIS MORTGAGE SHALL NOT
<br /> t EXCEED'ONEHUNDRED TWENTY (120) PER CENT OF THE AMOUNT NOW OWING, EXCEPT FOR ANY ADVANCES THAT. MAY BE MADE
<br /> ft a TO PROTECT THESECURITYr. 1N ACCORDANCE: WITH THE ' TERMS OF THIS MORTGAGE.
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<br /> E,"84-4 : THE' MORTGAGOR . FURTHER COVENANTS AND AGREES:
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<br /> • f That the Mortgagorwill paythe indebtedness as hereinbefore provided.
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<br /> aaThat the . .Mortgagor is the owner of said property in fee simple and has good right and lawful authority to sell and
<br /> 5'at ' 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 /> 0, title to said premises against the claims of alt persons whomsoever.
<br /> y , To pay immediate ly when due and payable all general taxes, special taxes. special assessments, water charges, e
<br /> r sewer ser
<br /> a' ice charges and other .taxes and 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 Mortgagoragrees that there shall be added to •
<br /> is i ;' each monthly payment required hereunderorunder 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 /> t ices subject thereto; any deficiency because of the insufficiency of such additional payments shall be forthwith deposited by the
<br /> •.v Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph shalt he deemed a default h
<br /> . , f<i':i' - payment of taxes, assessments, or similar charges required hereunder.
<br /> WThe Mortgagor agrees that there shall also be added to each monthly payment of principal and interest required here-
<br /> tinder an amount estimated by the Mortgagee to he 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 Iwcause of the insufficiency of such additional pay-
<br /> mends shall be forthwith deposited by the Mortgagor with the. Mortgagee upon demand by the Mortgagee. Any default under this
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<br /> pay-
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<br /> shall Ix, deemed a default in the payment of insurance premiums. If the policy or policies deposited are such as home-
<br /> x•>` owners or all risk policies, and the deposits are insufficient to pay the entire premium, the Mortgagee may apply the deposit to
<br /> al ': pay premiums on risks required to be insured by this mortgage.
<br /> ^e'- Payments made by the Mortgagor under the above paragraphs may . at the option of the Mortgagee, he held by it and - .
<br /> V.• commingled with other such funds or its own funds for the payment of such items, and until so applied, such payments are hereby or
<br /> pledged us security for the unpaid balance of the mortgage indebtedness.
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<br /> 2 1 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 /> uhazards, 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 formacceptable 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 interestat the rate set -
<br /> ti forth in said note until paid and shall be secured by this mortgage Failure on the part of the Mortgagor to furnish suchrenewals
<br /> ;3, - as are herein required or failure to pay any sums advanced hereunder shall , at the option of the Mortgagee, constitute a default
<br /> underthe terms of this mortgage. The delivery of such policies shall . in the event of default, constitute an assignment of - the un-
<br /> 4. earned premium.
<br /> ,r •. , 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 /> e part may be mid over to the Mortgagor to he used to repair such buildings or to build - new buildings, intheir 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 /> ` - by before such payment ever took place.
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<br /> To promptly repair, restore or rebuild any building's or improvements now or hereafter on the premises which may be•
<br /> come damagtsl or destroyed ; to keep said premises in good condition and repair and Ree from any mechanic's lien or other lien or
<br /> tt claim of lien not expressly{ y sutordinnle•d 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 /> if;i - - 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 /> "y to the mortgaged premises and the use thereof.
<br /> 4) f.
<br /> That should the premises or any part thereof be taken or damaged by reason of any public improvement or condemnation
<br /> A., . . proceeding, or under the right ofeminent domain, or in any other manner, the Mortgagee shall he entitled to all compensations,
<br /> li awards, and any other payment or relief therefor, and shall be entitled, at its option, to commence, appear in and prosecute in its
<br /> ¢r;:. . own name any action or proceeding, or to make any compromise or settlement in connection with such taking or damage. All such
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<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 /> ' ry':: gagor agrees- to execute such further assignments of any compensation. awards, damage, and rights of action and proceeds as the
<br /> j _ Mortgagee may require.
<br /> : -_, : That in case of failure to perform any of the covenants herein. the Mortgagee may do on the Mortgagor's behalf everything
<br /> i so covenanted; that the Mortgagee may also do any act it 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 /> - - :.,1.t.-• - interest thereon at the rate provided in said note shall become so much additional indebtedness hereby secured and may be in•
<br /> �Y . 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 /> paid; that it shall not be obligatory upon the Mortgagee to inquire into the validity of any lien. encumbrances. nr claim in ad-
<br /> vancing moneys as above authorized, but nothing herein contained shall be construed as requiring the Mortgagee to advance any
<br /> iy' - 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 /> KK'la. debt secured hereby -due and payable without. notice, and the Mortgagee shall be entitled at its option, without notice, either by itself
<br /> I ... ' 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, 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.
<br /> k The Mortgagee shall have the power to appoint any agent or agents it may desire for the purpose of repairing said prem-
<br /> f • ises:- rentingthe - 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 be applied toward the
<br /> discharge of the mortgage indebtedness. This assignment is to terminate and become null and void upon release of this mortgage.
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