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<br /> N.it THIS MORTGAGE IS , ALSO :TO : BE AND CONTINUE TO BE, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH
<br /> i``S ? SUM OR SUMS OF MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR, ANDr.
<br /> r-tri • • EVIDENCED ale ' A SUPPLEMENTAL NOTE OR sNOTES,- BUT THE TOTAL !. INDEBTEDNESS SECURED BY THIS • MORTGAGE SHALL. NOT
<br /> y EXCEED ONE HUNDRED TWENTY (120) PER CENT OF THE AMOUNT NOW OWING, EXCEPT FOR ANY ADVANCES THAT MAY BE MADE• TO PROTECT THE SECURITY . 114 ACCORDANCE WITH , THE TERMS OF THIS MORTGAGE. •
<br /> . THE MORTGAGOR ; FURTHER _ COVENANTS AND AGREES:
<br /> 4 That the Mortgagor..will pay the indebtedness as :hereinbefore provided. •
<br /> rThat the Mortgagor is the ownerof said property in fee simple and has good right and lawful authority to sell and
<br /> ti •' convey the same a»dthat tlte'.same is free and clear of any lien or encumbrance; and that Mortgagor will warrant and defend the
<br /> title to, Said premises • against .. the claims of all: persona whomsoever.
<br /> rc To pay immediately when due and payable alt general taxes, special taxes, special assessments, water charges, sewer sere-
<br /> Yki. fee charges, •
<br /> and other taxes and charges against said property, and all taxes levied on the debt secured hereby; and to furnish the .
<br /> -.v .
<br /> ' Mortgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that there shall be added to
<br /> 0,l.. •, each monthly payment required hereunder or under the evidence of debt secured hereby an amount estimated by the Mortgagee
<br /> gg,,) to he sufficient tri enable the Mortgagee to pay, . as they become due, all taxes. assessments. and similar charges upon the prem•
<br /> $3 "` ises subject thereto; any deficiency because of the insufficiency of such additional payments shall be forthwith deposited by the
<br /> EisMortgagorwith the . Mortgagee upon demand by the Mortgagee. Any default under this paragraph shall be deemed a default in
<br /> V • payment of taxes, assessments, or similar charges required hereunder:
<br /> The Mortgagor agrees that there shall also In added to each monthly paymentof principal and interestrequired here-
<br /> Is under an amount estimated by the Mortgagee to be sufficient to enable the Mortgagee to pay . as it becomes clue, the insurance
<br /> v premium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay-
<br /> If rents shall he 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 horse• •
<br /> owners or all risk policies, and the deposits are insufficient to the entire premium, the Mortgagee may a m l the deposit to
<br /> rap.. f paytapply 1
<br /> y -. ... pay premiums on 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 it and
<br /> commingled with other such funds or its own funds for the payment of such items, and until sn applied, such payments are hereby .
<br /> pledged as security for the unpaid balance of the mortgage indebtedness.
<br /> • :is To procure, deliver to, and maintain for the benefit of the Mortgagee during the life of this mortgage original policies and
<br /> k#
<br /> '.tt renewals thereof, delivered at least ten clays before the expiration of any such policies, insuring against fire and other insurable
<br /> 'j'° hazards, casualties, and contingencies as the Mortgagee may require, in an amount y
<br /> � - g g eq equal to the indebtedness secured h 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 /> t improvements, pay the premium therefor, and such sum shall become imtnediately due and payable with interest at the rate set
<br /> .e 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 /> i ?': as are herein required or failure to pay any sunix advanced hereunder shall. at the option of the Mortgagee, constitute a default
<br /> 'ff'i- 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 he retained by the Mortgagee
<br /> and applied toward the payment of the debthereby 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 /> 4'. - other purpose or object satisfactory to the Mortgagee without affecting the lien en the mortgage for the full amount secured here-
<br /> by before such payment ever took place.
<br /> $ To promptly repair, restore or rebuild any building; ar improvements now or hereafter on the premises which may be,
<br /> f ' 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 /> i4':. 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 /> 4 .: 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 /> ,4` 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 /> r.S” 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 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 Ow Mortgagee, who may , utter deducting
<br /> therefrom all its expenses, release any moneys so received by it or apply the same un any indebtedness secured hereby. The Mort
<br /> .4 ` gagor agrees to execute such further assignments of any compensation • awards, damages, and rights of action and proceeds as the
<br /> al.. Mortgagee may require.
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<br /> ,. Thatin case of failure to perform any of the covenants herein, the Mortgagee may do on the Mortgagor's behalf everything
<br /> 4. so covenanted; that the Mortgagee may also ado any act it may deem necessary to protect the lien thereof: that the Mortgagor will
<br /> 'k : repay upon demand any moneys paid or disbursed by the Mortgagee for any of the above purposes, and such moneys together with
<br /> .pi ', . interest thereon at the rate provided in said note shall become so much additional indebtedness hereby secured and may he 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 /> paid; that it shall not he 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 anv
<br /> `ai " thing it may do or omit to do hereunder.41
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<br /> " :: In the event of the default by Mortgagor in the payment of any installment . as required by time Note secured hereby. or
<br /> in the performance of the obligation in this mortgage or in thenote secured thereby, the Mortgagee shall he entitled to declare the
<br /> i}: debt secured hereby due and payable without notice, and the Mortgagee shall be 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 /> 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 /> A
<br /> 1) 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 /> ;it ing . and managing the same and of collecting the rentals therefrom. The balance remaining, if any. shall he applied toward the
<br /> .i'r discharge of the mortgage indebtedness. This assignment is to terminate and become null and void upon release of this mortgage.
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