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76- 001167
<br /> • THIS MORTGAGE IS ALSO TO BE AND CONTINUE TO BE, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH
<br /> e ,u,. _ 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 THE TOTAL . INDEBTEDNESS SECURED BY THIS MORTGAGE SHALL NOT
<br /> 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 :
<br /> 1 . .
<br /> That the Mortgagor will pay the indebtedness as hereinbefore provided.
<br /> That the Mortgagor is the owner of said properly in fee simple and has good right and lawful authority to sell and
<br /> convey the sante and that the same is free and dear of any lien or encumbrance : and that Mortgagor wilt warrant and defend the
<br /> title to said Premises against, the claims of all persons whomsoever.
<br /> eTo pay immediately when due and payahle all general taxes, special taxes . special assessments. water charges, sewer serv-
<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 /> r Mortgagee, upon request , with the original or duplicate receipts therefor. The Mortgagor agrees that there shall be added to
<br /> each monthly payment required hereunder or under the evidence of debt secured hereby an amount estimatod by the Mortgagee
<br /> t to he sufficient to enable the Mortgagee to pay , as etey become Blue, all taxes. iissessrnents , and similar charges upon the prem.f isrs subject thereto; any deficienry because of the insufficiency of such additional payments shall he forthwith deposited by the
<br /> '.Mortgagor with the Mortgagee upon demand by the Mortgagee Any default under this paragraph shall he rh •enu•d a default in
<br /> j payment of taxes, assessments. or similar charges required hereunder.
<br /> 'Die Mortgagor agrees that there shall also he added to tach monthly payment of principal and interest required here •
<br /> under an amount estimated by the Mortgagee to be sufficient to enahle the Mortgagee to paw . as it become; due . the insurance
<br /> -; •: . premium on any insurance policy delivered to the \ lortgagee Any deficiency because of the insufficiency of such additional pay -
<br /> ments shall he forthwith deposited by the Mortgagee with 11w Mortgagee epee demand h ' the Mortgagee. Anv default under this
<br /> t ` - paragraph shall be deemed a default in the payment of insurance premiums. If the policy or policies de• pnsited lire such as borne-
<br /> . owners or all risk policies. and the deposits are insuf(i(ient U, pay the enure premium . the Mortgagee may apply the deposit to
<br /> tpay premiums on risks required to he insured by this mortgage .
<br /> Payments remade by the Mortgagor under the : hone paragraphs may . 3t the opium of the Mortgagee be held by it and
<br /> commingled with other .such funds or it , own funds for the payment of sorb iten< , and until so applied , such payments are hereby
<br /> 1 •• pledged its security tur the unpaid balance of the mortgage indebtedness.
<br /> '1•o procure, deliver to, and maintain for the benefit of the Mortgagee during the fife < ,1 this mortgage original policies and
<br /> renewals thereof, delivered at least ten days before Ile• expiration of any such polities . insuring against lire 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 Morfga-
<br /> yf - ger. In the event any policy Is nut renewal on or before teen d n .- of its expiration the \ lorfgagee may procure insurance on the
<br /> G ., improvements- pay the premium therefor, and such surd shalt becameimmediately due and payable with Interest. at the rate set .
<br /> . . . forth in said noteuntil paid ;end shall tNc
<br /> - secured le. this mortgage. Failureon the pan of this Mortgagor to furnish such renewals
<br /> as are hen-in required or imbue to pay any stuns advanced hereunder ;hall at the option ul the Mortgagee. enteditute a default •
<br /> V , under the terms of this mortgage. The delivery of such policies shall , in the event of default , constitute an .assignment of the on .
<br /> ( ; , a arnel premium.
<br /> •1..`:',,f;', Any sums received by the Mortgagee h reason of loss or damage insured against mat• lie retained by the \lurtgagee
<br /> and applied toward the payment of the debt hereby secured . or. ,II the option of the Mortgagee , such sums either wholly or in
<br /> part may bo paid over to the Mortgagor to h. used to repair such buildings or to build ' new buildings in their place ar 6u any
<br /> ; • . other purpose or object satisfactory to the Mortgagee without affecting the hen on the tont„age for the full amount secured here -
<br /> by before such payment ever took ( dace
<br /> ,_:t : .
<br /> To promptly tly repair. rtstoro or rebuild any building: or improvements now or hereafter oil the premises witch may be -
<br /> q, :sine damaged or destroyed : to keep said premises in deal condition and repair and free from any mechanic's lien or other lien or
<br /> r , 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 snit prernises. nor to do any other act whereby the property hereby conveyed shall become
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<br /> less valuable, nor to diminish or impair it; value by any art or omission to act to comply with all requirements of law with respect
<br /> to the mortgaged premises and the use the•reor.
<br /> That should the premises or any part thertol be taken or damaged by reason of inn public irnprovenu•nt or condemnation
<br /> rproceeding, or under the right of eminent domain . or in any ,other manner. the Mortgagee shall Ice• e ntil led to all compensations.
<br /> awards, and any other payment or relief therefor. and shall be entitled . atits option . to commence , :appear in and prosecute in its
<br /> . own name any action or proceeding. or to make any compromise Cr settlement n 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 /> therefrom all its expenses, release any moneys so received by it or apply the same on any indebtedness secured hereby The Mort -
<br /> gagor agrees be execute such further assignments of any compensation. award. , damages . and rights of ;lethal and prceeds as the
<br /> }t ;'. Mortgagee may require.
<br /> That in cage of failure to perform any of the ruvenantc herein , the Mortgagee may do nn the ::Mortgagors behalf everything
<br /> so covenanted : that the Mortgagee may also do any act it may deem necessary a, protect the lien thereof that the Mortgagor will
<br /> repay upon demand any moneys paid or disburser) by the Mortgaget (or any of the above purposes and such moneys together with
<br /> interest thereon at the rale provided in said note shall become so much additional indebtedness hereby sinned and may he in-
<br /> eludei in any decree foreclosing this mortgage and be paid out of the rents or proceeds uls:de r,! .arid pn• nrisrs 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 he construed as requiring the Mortgagee to advance any
<br /> moneys for any such purpose nor to do any art hereunder; and that Mortgagee shall not incur any personal liability because rel any -
<br /> thing it may do or omit to do hereunder.
<br /> In the eventof the default by Mortgagor in the payment of any installment . as required by the Note seeurerd hereby. or
<br /> in the performance of the obligation in this mortgage or in tiw mite ,~ cured thereby. the \lnrtgagee shall 1w entitled to declare the
<br /> debt secured hereby due and payahle without notice, and the \tortgage•e 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 s• - - . N '4.04 .0 cured hereby, to enter upon and take possession of the mortgaged premises and to collect< t and
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<br /> receive the rents, issues and profits
<br /> thereof, and apply the stone, less costs of operation and enllcetin n. upon the indebtedness toted by thismortgage said rents,
<br /> � • issues and profits being hereby assigned to the Mortgagee as further security for the payment id all indebtedness secured hereby.
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<br /> t The Mortgagee shall have the power to appoint any agent nr agents it may desire for the purpose it repairing said prem . �j,Q 31
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<br /> isec: renting the same: collecting the rents, revenues and inrome . and it may pay out of said mrurne all expenses incurrtcd in rent - t, li
<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 I4•c•ome null ;rod void upon release of this mortgage.
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