|
� � � ' �r
<br />;:; ` _.�F�� ,
<br />:.>, � �»..v�:�. �-
<br />�� � �
<br />�,�
<br />�' ' 7C�- t� 0748 �
<br />� ,
<br /> The Mortgagor covettants and agrees:
<br />� (I) That the Mortgagor will pay the indebtedness as hereinbefore provided.
<br /> (2) That the Mortgagor is the owner of said property irz fee simple and has gaod right and
<br /> r lawful a�:thoritg to sell and conve� the same and that the same is free attd clear of an� Iien or
<br /> encumbrance; and that Mortgagor will warrant and defend the title to said premises against the
<br /> claims of alI persons whomsoever.
<br /> �� (3) To pay immediately when due and pn,yabie all general taxes, speciaT taxes, special
<br /> assessments, water charges, sewer service charges, and other tares and charges against said prop-
<br /> erty, and atl iaxes levied on the debt secured hereby, and to furnish the Mortgagee, upon re-
<br /> , qttest, with the original or duplicate receipts tlierefar. The morigagor agrees that there shall be
<br /> added to each Tnonthty payment required hereunder or under the evidettce of debt secured hereby
<br /> an amount estimnted by the Mortgagee to be sufficient to enable the Mortgagee to pa�, ns they
<br /> become due, aR taxes, assessments, and similar charges upon the premises subject thereto; any
<br /> deficiency because of the insufficiency of such additional payments shnll be forthwith deposited
<br /> d; by the NSortgagor with the hiortgagee upon demand by the Mortgagee. Any default under this
<br /> <'; paragraph shall be deemed a default in payment of tares, assessments, or simitar cliarges re-
<br /> quired hereunder.
<br /> • (4) To procure, deliver fo, and maintain for the benefit of the Mortgagee during the life of
<br /> ? this Mortgage original policies and renewais thereof, delivered at least 10 days before the espira- ,
<br /> � tion of any such policies, irisuring against fire qnd other insarable hnznrds, casuaities, and con-
<br /> �.._ tingerzcies as the Bfortgagee Treag require, in amounts and in companies acceptable to the
<br /> �
<br /> Mortgagee, with loss payable to the Mortgagee. The coverage uttder such polires shatl be limii�d
<br /> � to the improvements now or hereafter erected on the above described premises. In the event any
<br /> �; policy is not renewed on or before 10 days of its expiration, the Mortgagee may procure insumnce
<br /> k on the improvements, pay the premium therefor, and such sum s)ealt become immediately due
<br /> i I und payable with interest at the rate of._.._.F3.evea...............(11,.09>�..._._..._...._..........per cent until paid
<br /> K and shall 'ue secured by inis irforigage. Faiiure on the part of the Mortgagor to furnish such re-
<br /> newals as are hercin required or failure to pay any sums advanced hereunder shall, at ihe oprion
<br /> ; of Yhe Mortgagee, constitute a default under the terms of this Mortgage. The delivery of such
<br /> � policies shall, in the event of default, constitute an assignment of the wiearned premium.
<br /> tAny sums received by the Mortgagee by reason of loss or damage ittsured against may be
<br /> retained by the Mortgagee and applied toward the payment of the debt hereby secured, or, at the
<br /> option of the h7ortgagee, such sums eit}eer wholiy or in part may be paid ouer to the Mortgagor
<br /> to be used to repair such buildings or to build new buiidings in their place or for any other pur-
<br /> ' pose or object satisfactory to the Mortgagee without afJecting the lien on the Mortgage for the
<br /> full amount secured hereby before such payment ever took place.
<br /> � (5) To promptiy repair, restore or rebuild any buildings or improvements now or here-
<br /> a after oa the premises which may become damaged or destroyed; to keep said premises in good
<br /> condition and repair and free from any mechanic's or other lien or claim of lien not erpressly
<br /> subordinated to the lien hereof; not to suffer or permit any unlawful use of or any nuisarzce to
<br /> erist on said property nor to permit waste on said premises, nor to do any other act wherebg
<br /> ; the property hereby conveyed shali become less valuable, nor to diminish or impair its value by
<br /> ; any act or omission to act; to comp2y with ull requirements of law with respect to the mortgaged
<br /> ; premises and the use ihereof.
<br /> (6) That shouid the premises or any part thereof be taken or damaged by reason of any
<br /> pubiic improvement or condemnatiorz proceeding, or einder right of eminent domnin, or in any
<br /> ;;' other manner, the biortgagee shali be entitied to ail compensations, awards and ang other pay-
<br /> r ment or relief therefor, and shall be entitied at its option to commence, appear in and prosecute
<br /> in its own name any acCion or proceeding, or to make any compromise or settiemertt in connec-
<br /> " tion with such taking or damage. A11 such compensation, awards, damages, right of actimi and
<br /> proceeds are hereby assigned to the Mortgagee, evho may after deducring therefrom all its erpenses,
<br /> release any monies so received by it or appiy the same on any indebtedness secured hereby. The
<br /> Morigagor agrees to execute such further assignments of any compensarion, awards, damages, and
<br /> Y rights of action and proceeds as the Mortgagee may require.
<br /> 3 (7) ThaS in cac¢ of failure to nerform atty of the covenants herein, ihe Mortoagee may do
<br /> r orz ihe hlortgagor's behalf everything so covenanted; that the Dfortgagee may also do any act it
<br /> may deem necessary to protect the lien hereof; tFat the ll'lortgaaor wiil repay upon demand any
<br /> ' moneys paid or disbursed by the Mortgagee for any of the above pwposes, and sucl� moneys,
<br /> f. together with interest thereon, at the rate provided in said ttote shall bernme so much additional
<br /> indebtedness )�ereby secured and may be included in any decree foreclosing this mortgage
<br /> and be paid out of the rents or proceeds of sale of said premises if not otherwisz p¢id; that it shall , . j
<br />� ` not be obligatory upon the Morigagee to inquire irzto the vaiidity of any lien, encumbrances, or ''�� :,
<br /> claim in advancing moneys as above authorized, but rwthing herein contained shall be corestrued N •�
<br /> as reQuiring the Mortgagee to advance any moneys for any such purpose nor to do any act here- � "
<br /> ' � under; and that Mortgagee shail not incur any personal linbitity because of anything it may do d.
<br /> or omit tu do hereunder. � ''
<br /> � �
<br />�
<br />� .
<br />�,:
<br />:a
<br />�c� . ,
<br />.�: , . .
<br />�_ ��- � �
<br />::, �
<br /> � � ,
<br /> .�
<br /> �
<br /> �
<br /> �
<br />
|