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76- 001444 •
<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 /> 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.
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<br /> THE MORTGAGOR FURTHER COVENANTS AND AGREES:
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<br /> That the Mortgagor will pay the indebtedness as hereintwfore 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 and that theaame 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 /> 4.
<br /> To pay immediately when due and payable all general taxes, special taxes. special assessments, water charges, sewer serv-
<br /> ice charges, and other taxers 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. 'Ile Mortgagor agrees that there shall be 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 due. all taxes. assessments, and similar charges upon theprem-
<br /> isea subject thereto: any deficiency because of the insufficiency' of such additional pin•ments shall he forthwith deposited by the -
<br /> Mort(ntgor with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph shall he deemed a default in
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<br /> payment of taxes. assessments, or similar charges required hereunder.
<br /> The Mortgagor agrees that there shall also he added toeach monthly payment of principal and interest required here- ,
<br /> under an amount estimated by the Mortgagee to be sufficient to enable the Mortgagee 10 pay , as it becomes due . the insurance
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<br /> premium on any insurance policy delivered to the Mortgagee . Any deficiency because of the insufficiency of such additional pay-
<br /> rnents shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
<br /> paragraph shall Ito deemed a default in the payment of insurance premiums. If the ! whey or policies deposited are such as home-
<br /> 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 on risks required to he insured by this mortgage. -
<br /> Payments made by the Mortgagor under the stove paragraphs may . at the option of the Mortgagee , lie held by it and
<br /> commingled with other such funds or its own funds for the payment of such items. and mud so applied . such payments are hereby
<br /> pledged as security (or 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
<br /> renewals thereof, delivered at least ten days before the expiration of any such policies. insuring against fire and other insuruble
<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 arid in form acceptable to the Morlga - .
<br /> gee. In the event any policy is nut renewed un or before ten days of its expiration, the Mortgagee may procure insurance on the
<br /> improvements, pay the premium therefor. and such stun shall hecnne immediately due and payable with interest at the rate wet
<br /> forth in said note until paid and shall he .secured by this mortgage. Failure on the part of the Mortgagor to furnish such renewals
<br /> as are herein required or failure to pay any sums advanced hereunder shall , at the option of the Mortgagee. constitute a default
<br /> under the tends of this mortgage. The delivery of such policies .hall , in the event of default , conetitu to an assigr,nenl of the un •
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<br /> earned premium.
<br /> Any sums received by the Mortgagee by rea .ic id loess or , damage insured agamtst may be retained 1w the Mortgagee
<br /> and applied toward the payment of the debt herby .secured . or. at the option of the Mortgagee, such sums Int her wholly or in
<br /> At
<br /> may be paid over to the Mortgagor to bt. used to repair such buildings ,r to build new huildung= in their place or for any
<br /> partp '
<br /> other purpose or object tin tisfactory to the Mortgagee wi ( hnut atlecnng the lien on the mortgage for the full amount secured here"
<br /> by before such payment ever took plsee.
<br /> .• To promptly repair restore ur rebuild any building; or imprmernents now or hereafter On OW premises ..:itch may he-
<br /> car.
<br /> come domageei or destroyed : to keep surf premises ingood condition and repair and free from any mechanic's lien or otiier hen or .a� .
<br /> . claim of hen not expressly subordinated to the lien thereof : not to sutler or permit any unlawful use of or any nuisance to exist on pG; `
<br /> ssand aid property nor to permit waste on premises, nor to do any other act whereby the property hereby conveyed shall become �1`
<br /> less valuable- nor to diminish or impair its value by any act or omission to art : to comply with all requirements of law with respect -
<br /> to the mortgaged premises and the use thereof . '
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<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 spall be entitled to all compensations.
<br /> awards, and any other payment or relief therefor, and shall he entitled , at• its nptum. In 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 Laking 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 eo received by it or apply the same on any indebtedness secured hereby . The Mort .
<br /> gager agrees to execute such further assignments of any compensation. awards. damages. and rights of action and proceeds as the•
<br /> Mortgagee may require.
<br /> That in case of failure to pr-..form 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 necesary to protectthe lien thereof: that the Mortgagor will
<br /> repay upon demand any moneys paid or disbursed by tht• Mortgagee for 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 /> chided 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 he 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 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 ,rz1 ..
<br /> debt secured hereby Clue and payable without notice, and the Mortgagee shall he entitled at its option. without notice, either by itself f'C
<br /> or by a receiverto be appointed by the court thereof, and without regard to the adequacy of any security for the indebtedness se- a
<br /> cured hereby, to enter upon and take possession of the mortgaged premises, and to collect and receive the runts issues and profits 4:**;-4.:,
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<br /> thereof, and apply the same, less costs of operation and collection , upon the indebtedness secured this mortgage; said rents, ; r+�
<br /> issuesand profits being hereby assigned to the Mortgagee as further security for the payment of all indebtedness -e. ureei hereby .
<br /> e
<br /> The Mortgagee shall have the power to appoint any agent or agents it may desire for the purpose e( repairing said prem -
<br /> ises: renting the same: collecting the rents, revenues and income, and it may pay out of said income all •-xpinses incurred in rent- _
<br /> ing and managing the same and of collecting the rentals therefrom. The balance remaining, if any, shall he applied toward the
<br /> discharge •
<br /> of the mortgage indebtedness . This assignment is to terminate and become null and void upon release of this mortgage.
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