|
: 76, 001 .197
<br /> •
<br /> •
<br /> THIS MORTGAGE IS ALSO TO BE AND CONTINUE TO BE, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH
<br /> SUM OR SUMS OF MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME IN THE FUTURE ADVANCE TO THE MORTGAGOR , AND
<br /> aa 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 /> 7t1 TO PROTECT THE SECURITY . IN ACCORDANCE WITH THE TERMS OF THIS MORTGAGE.
<br /> THE MORTGAGOR FURTHER COVENANTS AND AGREES :
<br /> That the Mortgagor will pay the indebtedness as hereinbefore provided.
<br /> f :
<br /> That the Mortgagor is the owner of said property in fee simple and bas 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 /> title to said premises against the claims of all persons whomsoever.
<br /> f •• To pay immediately when due and payable all general tuxes. 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 /> Mortgagee. upon request , with the original or duplicate receipts therefor. The Mortgagor agrees that there shall he added to
<br /> 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 dire , all taxes assessments, and similar charges upon the preen -
<br /> ices subject thereto; not deficiency because of the insufficiency of such additional payments shall he forthwith deposited by the
<br /> ' Mortgagor with the Mortgagee upon demand 1w the Mortgagee. Any default under this paragraph shall he deemed n default in
<br /> payment of taxes, assessments. or similar charges required hereunder. •
<br /> The M1tortgagnr agrees that there shall also he added to each monthly payment of principal and interest required here •
<br /> -
<br /> ° under an amount estimated by the Mortgagee En he sufficient to enable the Mortgagee to pan , as it homilies due . the insurance
<br /> premium on any insurance policy delivered to the Mortgagee Any deficiency because Of the insulfic. ien:v of such additional pay -
<br /> ments shall Ix forthwith deposited by the Mortgagor with fhe Mortgagee upon demand by the :Mortgagee . Any default muter this
<br /> paragraph shall be deemed a default in the payment of insurance premiums. If th: • police or policies dc• pu.eted are such as home-
<br /> owners or all rick policies, and the deposits are insufficient to pay the entire premien , the Mortgagee may ;apply the deposit to
<br /> pay premiums on risks required to be insured by this mortgage. •
<br /> Payments made by the Mortgagor under the above paragraphs may . at the option of the Mortgagee, be Mild by it and -
<br /> " commingled with other such funds or its own funds for the payment it( such items. and until SO applied , sash payments are hereby •
<br /> pledged as security for the unpaid halmwe of the mortgage indebtedness.
<br /> x , . • •1 'o procure. deliver to. and maintain for the honetit of the Mortgagee during the life of this mortgage original policies and
<br /> •
<br /> renewals thereof, delivered at least ten days before the expiration of mu,' 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 In „ payable clause in favor of and in form acceptable u, the Mortga .
<br /> ger. In the event any pulley is not renewer) nn or before tin days of its expiration. the Mnragagee• may procure insurance on the
<br /> •
<br /> improvements. pay the premium therefor. and surf sum shall become immediately due arid payable with interest at the rate set •
<br /> forth in said Mute until paid and shall be secured La this mortgage. Failure on the part of the Mortgagor to furnish such renewals
<br /> � , . as are herein regmred or failure to pay any sons ietivaneed hereunder shall . at the option of the Mortgagee. constitute a default
<br /> under the terns of this mmortgage. The delivers of such puliee•s shall . in the event of default . constitute au assignment of the un -
<br /> earned premium .
<br /> Any sums received Iry the Mortgagee by reason of bus or damage inured against may he retained by die Mortgagee
<br /> and applied toward the payment of the debt hereby secured , ors at the (piton of the Mortgagee. such sums either wholly or in
<br /> part may be paid over to the Mortgagor to No awed to repair such buildings or to Imtild ' new buildings in their place or for any
<br /> •
<br /> other purpose or object satisfactory to the Mortgagor without : ltec•tinu the lien on the mortgage for the full amount secured tare
<br /> by before such payment ever trv ,k place .
<br /> In promptly repair. restore or rebuild any [Wilding; air improvements now or hereafter on the premises which may he -
<br /> •
<br /> come damaged or destroyers : to keep said premises in good condition and repair and free from any mechanic's lieu or other lien or •
<br /> claim of lien not expressly subordinated to the lien hereof . not to sulfur or permit :auy unlawful use of or any nuisance to exist on
<br /> said property nor to permit waste no said premises. nor to do any miter act wherein' the property hereby conveyed shall become
<br /> less valuable, nor to diminish or impair its value by tuty act or omission to act ; to comply wick all requirements of law with respect
<br /> to the mortgaged premises and the use thereof.
<br /> That should the premises or :city part thereof INA taken or damaged by irason of any public improvement or condemnation
<br /> •
<br /> proceeding. or under the right of eminent domain , or in any other manner, the Mortgagee shall be entitled to all compensations,
<br /> awards, and any other payment or relief therefor. and shall be entitled . at its option. to commence. appear ill and prosecute in its
<br /> own name any action or proceeding . or to make any compromise or settlement in connection with such Inking or damage. All such
<br /> compensation awards. damages. right of action and proceeds are hereby assigned to the Mortgagee. who may. after deducting
<br /> s : therefrom all its expenses. release any moneys so received by it or apply Ow same on any indebtedness secured hereby . The- Mort -
<br /> _ gagor agrees; to execute such further assignments of any compensation . awards. damages, and rights of action and proceeds as the
<br /> •
<br /> Mortgagee may require.
<br /> '. That in case of failure to perform :any of the revenants heron . the Mortgagee may do on the Mortgagors behalf everything
<br /> sit covenanted . that the Mortgagee may also do any act it may deem necessary to protect the lien thereof; that the Mortgagor will
<br /> Y, repay upon demand any moneys paid or disbursed by the 9lorlgagee Lar 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 arid may he in-
<br /> eluded in any decree foreclosing this mortgage and he paid out of the rents or proceeds of sale of said premise, if nut otherwise
<br /> paid ; that it shall not 1w obligatory upon the Mortgagee to inquire' into the validity of any lien. oncumhrances. or claim in ad -
<br /> wincing moneys as above authorized . hut 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.
<br /> In the event of the default by Mortgagor in the payment of may 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 Nl rtgagee shall be entitled to declare the
<br /> debt secured hereby due and payable without notice, and the Mortgagee shall be smith rl at its option. without notice, either by itself s
<br /> or by a receiver to be appointed ley the court there,(• . and without regard to the adequacy of any security fur lite indebtedness se -
<br /> i-
<br /> cured hereby, to enter upon and take possession of the mortgaged premises . and to collect. and receive the rent . issues and profits ? ' t
<br /> thereof, and apply the same. less costs of operation and collection upon n the indebtedness secured by this mortgage: said rents. C
<br /> ksues and profits being hereby assigned to the Mortgagee as further security for the payment of all indohtedness secured hin•hs/
<br /> The Mortgagee shall have the power to appoint any agent or agents it may desire for the purpose of repairing said pn•m -
<br /> ises: renting the same: collecting the rents, revenues and income . and it may pas out of . :cid income all expo•n incurred in rent - t
<br /> iug and managing the same and of collecting the rentals therefrom the balance remaining if any . shall he implied toward the
<br /> discharge of the mortgage indebtedness. This assignment is to terminate and Iw conte null and void upon release of this mortgage. •
<br /> L I
<br /> •
<br /> a
<br />
|