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<br /> ! ' 76-_ 001070
<br /> THIS : MORTGAGE IS ALSO TO BE AND CONTINUE TO BE, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH
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<br /> f i SUM OR SUMS OF MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR, AND
<br /> EVIDENCED BY A SUPPLEMENTAL NOTE OR NOTES; - BUT kTHE TOTAL INDEBTEDNESS SECURED BY THIS MORTGAGE SHALL . NOT •
<br /> ;IP 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.
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<br /> of TIRE MORTGAGOR : FURTHER COVENANTS . AND AGREES:
<br /> i4t4 .' • That the Mortgagor will paythe indebtedness as hereinbefore provided.
<br /> 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 andthat the same is free and clear of any lien or encumbrance; and that Mortgagor will warrant and defend the
<br /> tom; title to said premises against the claims of all : persons whomsoever.
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<br /> To pay immediately when due and payable all general taxes, special taxes, special assessments, water charges, sewer sere-
<br /> ;ifs ice charges, and other taxes and charges against said property, and all taxes levied on the debt secured hereby, and to furnish the
<br /> urs ' Mortgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that there shall he adder! to
<br /> i�x`T . - each monthly payment required hereunder or under the . evidence. of debt secured hereby an amount estimated by the Mortgagee
<br /> j?<<: to besufficient 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
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<br /> Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph shall be deemed a default in
<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 /> 6z under an amount estimated by the Mortgagee to be sufficientto enable the Mortgagee to pay , as it becomes due, the insurance
<br /> premium on anyinsurance delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional a
<br /> cr= policyY l a Y-
<br /> ✓ , meals shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
<br /> s'ti paragraph shall be deemed a default in the payment of insurance premiums. If the policy or policies deposited are such as home•
<br /> c:4 owners or all risk policies, and the deposits are insufficient to pay the entire premium, the Mortgagee may apply the deposit to
<br /> �,:• pay premiums an risks required to be 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, be held by itand
<br /> ii ' commingled with other such funds or its own funds for the payment of such items, and until so applied, such payments are hereby
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<br /> pleolgtd ns 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
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<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 Morigu-
<br /> z. 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 became immediately due and payable with interest at the rate set
<br /> f. forth in said note until paid and shall be secured by this mortgage. Failure on the nirt of the Mortgagor to furnish such renewals
<br /> k/4'; .. as are herein required or failure to pay any sums advanced hereunder shall , at the option of the Mortgagee. constitute a default •
<br /> sib under the terms of this mortgage. The delivery of such policies shall , in the event of default , constitute an assignment of the un-
<br /> ynj '• e•anud premium.
<br /> Any sums received by the Mortgagee by reasca 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 /> partmay he paid over to the Mortgagor to to 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 /> 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 /> 3 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 /> ry claim of lien not expressly cubo nlinated to the lien hereof; not to suffer or permit any unlawful use of or any nuisance to exist on
<br /> said property1Iproperty hereby
<br /> t^' nor to permit waste on said premises, nor to do any other act whereby the conveyed shall become• less valuable, nor to diminish or impair its value by any act or omission to acyl ; to comply with all requirements of law with respect to the mortgaged premises and the use thereof.
<br /> That should the premises or any part ( hereof he taken or damaged by reason of any public improvement or condemnation
<br /> tci proceeding, or tinder the right of eminent domain , or in any other manner. the Mortgagee shall he entitled to all compensations,
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<br /> awards, and any other payment or relief therefor, and shaft be entitled . at its option , to commence. appear in and prosecute in its
<br /> j t 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 /> ' 1 therefrom all its expenses, release any moneys so received by it or apply the same on any indebtedness secured hereby . The Mort-
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<br /> ygagor agrees to execute such further assignments of any compensation , awards, damages. and rights of action and proceeds as the
<br /> `•'s Mortgagee may require.
<br /> xp; That incase 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 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 (or 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 be in-
<br /> -41 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 /> 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 /> I; - moneys for any such purpose nor to do any art hereunder; and that Mortgagee shall not incur any personal liability because of any -
<br /> thing it may do or omit to do hereunder.
<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 /> e, debt secured • herehy due and payable without notice, and the Mortgagee shall he entitled at its option. without notice, either by itself
<br /> • 1 ,- orbya receiver to be appointed by the court thereof, and without regard to the adequacy of any security for the indebtedness se -
<br /> cured hereby, to enter upon and take possession of the mortgaged premises, and to collect and receive the rents. issues and profits
<br /> y ; thereof, and apply , the same, less costs of operation and collection. upon the indebtedness securers by this mortgage: said rents,
<br /> to issues and profits being herebyassigned to the Mortgagee as further security for the payment of all indebtedness secured hereby.
<br /> The Mortgagee shall have the power to appoint tiny 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 itmay pay out of said income all expenses incurred in rent-
<br /> big and managing the same and of collecting the rentals therefrom. The balance remaining. if any , shall be applied toward the
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<br /> discharge of the mortgage indebtedness. This assignment is to terminate and heroine null and void upon release of this mortgage.
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