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<br /> THE MORTGAGOR FURTHEA COVENANTS AND AGREES: � •
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<br /> That the Mortgagor � will pay lhe indebtedness as hereinbefore prov,ided. . _ ._ �
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<br /> That; Lhe :Mortgegor is. the ��dwner, of` eaid property in fee�:siR�ple and has goo�" righq"snd: law(ul authority, . lo � sell anrt � � . �
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<br /> � � ` � � convey the same an$ 'that tl�e;mme^xa� free and �clear of'any I�en or enCuinbrdi�ce; �and�� thabMortgago� will �warrant � and � defend thc' � ! �� '�� :�� I �
<br /> title to eaid premiaes againat -tliie det'ins of all peraons whomsoever. ,
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<br /> � Ta pay` immed�ately whert 'due���and 'payable 'all geaeral taxes; special� taxes, special assessments, water chargea, sewer serv- �
<br /> ice charges; and. other'taxes"�atid� chargea�'againat �asid 'property, and'all texea �levied on the debt secured hereby, and to, turnish the �,
<br /> , Mortgagee,. upon � request, 'ivifh �.�the original or duplicate � receipts�. �therefur:��The Mortgagor � agreea that there � ahalt 'be added to � �
<br /> . each monthly payment � required hereunder or under the evidence of debt secured hereby an� amount estimated by !he Mortgagee �
<br /> to be auSicient .to .enable the Mortgagee to. pay, .�as they become due, all � taxes. assesaments, add similar charges upon the prem- � � .
<br /> �� isea subject,.thereW:. any de,ficiency, becauae of the irisufficiency of. . such 8dditional. payments shall be forthwith deposited . bY the. _ . . ._ . .
<br /> Mortgagor with tfir MottgagE'�,,,upon :deroand by the Mortgageei Any �default under this paragraph shafl be deemed a :default in � � �
<br /> �- "payment of��tsu 'es, �aqees`s�ments, � � or simila� charges required hereunder. � �� � � � � � � � � � � � � � �� � � � � � - � � � ����
<br /> The Mortgaqor agrees - that there ahall atso be added � to each monthly payment o[. principal and interest �required here- ,
<br /> � under. an amount estimated by the Mortgagee to be sulficient to enable the Mortgagee to pay, as it becomes due.. the insurance - - , �
<br /> � premiam on any insurance policy delivered to the Mortgagee. Any deficiency because of tbe inxufficiertcy of such � additional� .pay-
<br /> mentn shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortga�ee. Any default under this
<br /> . paragraph .ahall be deemed a default in the payment of. insurance premiuma If the policy or policies deposited are such as hvme-
<br /> ownecs� or alt risk policies, and the deposits are inxu(ficient to pay the entire premium, the Mortgagee may apply the depo.vit to .
<br /> pey prnmiuma on riska required to be incured by this mortgage. � ' � � � . �
<br /> : Payments made by the MortKagor under the above paragraphs may, at the option of the Mortgagee, be held � by it and � �
<br /> - commingled with ;othersuch tunda or ifa own funds for Lhe payment o[ such items, nnd until so applied, such paymenta are hereAy �
<br /> pledged ax security for �the unpaid balance of the mortgaRe indebtednesa � - .
<br /> �� To procurn, deliver to, and �� maintain for �the benefit of the Mortgage.e during the lite of this mortgage arigina! policies and
<br /> renewals thereo[, delivered at least ten days before the expiration of any such policies, insuring against fire and other insurable �
<br /> hazarde, cesualtiea, and contingencies es the Mortgagee may require, in an emount equal to the indebtedness secured by thie �
<br /> � Mortgage, and in rnmpanies acceptable to the Mortgagee, with toss payable clause in favor of and in form acceptable to the Mortga- �
<br /> . gee. In Che event any policy is not renewed on or ba(ore ten days of its expiration, the Mortgagee may procure insurance on the
<br /> imprwements, pay the premium there[or, and such sum shalt become immediately due and payable with interest at the rate set . . -
<br /> �. forth in said note until paid and shall be secured by this mortgaRe. Failure on the part of the Mortgagor to furnish such renewals
<br /> � as are herein required ur failure to pay any 9ums advanced hereunder shall, at the option o( the Mortgagee, constitute a de(ault �
<br /> ' under the terms of this mortqage. The delivery of such policies shall , in the rvent of default, constitute an assiqnment of the un- . � �
<br /> . earned premium. .� � � �
<br /> Any sums received by the Murtgagee by reason ot loss or damage insured against may be retainad by the Mortgaqee
<br /> . and applied toward lhe payment of the debt hereby secured. or. at the option ot the Morlgagee, such sums either wholly ur in , � � �
<br /> part may be paid over to the Mortgagor to be used to repair such buildings or to build ' new buildings in their placr or for any � �
<br /> other putpoae or object satisfactory to the Mortgagee without affecting the lien on the morlqage for the full amount xecured here- �
<br /> �. by befure such payment ever tcwk place. � �
<br /> � To promptly mpair. restore or rrbuild any buildings or improvements now ur hrreafter on the premiyes which may be- � � �
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<br /> -� come damaged or destroyed ; to keep said premiaes in good condition and repair and (ree trum any mechanic's lien or other lien or � . .
<br /> cleim of lien not expressly aubordinated to the lien hereof: not to suffer or permit any unlawful use o[ or any nuisance to exiat on �
<br /> � said property nor to permit weste on said premises, nor to do any other act whereby the property hereby conveyed shall become � �
<br /> � lese valuable, nor to diminish or impair its value by any acf or omission to act ; to cumply with all rr.quirements ot law with respect �
<br /> '. to the morlgaged premises and the use thereof. � �
<br /> That ahould the premises or any part thereof be taken or damaged by reaaon 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 /> '. awards, and any other payment or relief therefor, and shall be entided. at its option, to commence, appear in and prosecute in iGa �
<br /> own name any action or proceeding, or to make any compromise or settlemenl in connection with auch taking or damage. All such
<br /> compeneation, awarda, damages, right o[ action and proceeds are hereby assigned to the Mortgagee, who may, aLter deducting
<br /> " therefmm all its espenses, release any moneys so received by it or apply the same un any indebtedness secured hereby. The Mort- �
<br /> �� � gagot �agrees to ezeeute such further a.asignments of any compensation. awards. damages, and righta of nction and proceeds as the
<br /> � Mortgagee � may require. � � � �
<br /> That in case o[ failure to perform any of the covenantx herein, the Mortgagee may do on the Mortgagor's behal[ everything
<br /> . so covenanted: that the Mortgagee may also do any act it may deem necessary to Protect the lien thereof: that the Mortgagor wiU
<br /> �� repay upon demand any moneys paid or dicbursed by the Mortgagee for any o[ the above pur,^.oses, and such moneys togetFier with '�� '
<br /> ' interest thereon at the rate provided in said note shall brcome so much additional indebtedness hereby +ecureci and may. be in- �
<br /> � cluded in anY decree foreclosing this mortgage and be paid out of the � rents or proceeds of aele of said premixes if� not otberwise ^ -
<br /> �. �paid; that it shall not be obligatory upon the Mortgagee to inquire inta the validily of any lien, encumbrances, or claim in ad• -
<br /> � vancing moneys ae above authorized, but nothinq herein contained shatl be construed as requiring the Mortgagee to advanrn any �;., �
<br /> � moneya for any such purpose nor to do any act hereunder, and that MortgaRee shall not incur any personal liability because of any- r�_'_
<br /> � thing it may� do or omit to do hereunder. � • � � �
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<br /> .. , . � . In the event��of the .default by Mortgagor in the payment of any installment, as requirr.d by thc Note secured hereby, or _"v` '
<br /> in� thr� performance ot� the obligation in this mortgage or in the note secured thereby, the. Mortgagee shall be entitled to declare the � �
<br /> � debt aecured hereby due anfl peysble without notice, and the Mortgagee shall be enLiqed at its option, without notice, either by itaelf
<br /> � � or by a receiver to be appuintec! by the court thereof, and witbout regard to the adequacy of any security t�>r the indebtednes.a se-
<br /> � cured�� heseby. , to�. enteq upon . and take pos�esaion� o! the � mortga,ged, premisea, and to collect and receive the rentx, issues and profits �
<br /> � thereot, and�� apply, the . selne. .lesa.. coats. of. operation and collection. upon the indebtedness necured by this . mortgage; said rente.
<br /> isaues and. proSta being, hereby aasigned to the Mortgagee as further security for the payment of all indebtrdness securavi hereby.
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<br /> ' � � � The'�Mortgagee ahall ��have' the P�'er to appoint any � a6ent or eRenh if may desire [or the purpone of repairing eaid prem-
<br /> iees; `renting the eame: collecting the rents, revenues and income, and it may pay out of aaid income all . eapenses incurred� in ttnt- _ - ' ,+�: �
<br /> � � ing and managing the 9ame and of collecting the rentala therefrom. The balance remaining, if any, shall bc applied toward thP �� �
<br /> � � - � � dixharge of the mortgpge. -iadebtednesa. . Thia essignt»ent ie . to terminate and become null and vo�d upon release of this mortgage. ° ' ' � ��
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