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<br /> THE MOATGAGOR FUKTHER COVENANTS AND AGREES: �' � —
<br /> . � � . � . . � � � . . . . � . . � . . � .
<br /> That the� Mortgagor will �pay �the indebteviness as hereinhefore provided: ��. -� : � � - � - � � �
<br /> That the ,Motl�,agor � is ' the �, 6wner. ot aaid property in fee� sjmple Snd has� -good.'right an¢ � lawful authority to sell . '{nd . . � �� ' � �
<br /> � rnnvey the same and'��that, t6e sam��a free and �clear of'any ►ien'or �ertcuvlbrance; and` 4hat � Mortgagor wilf warrant' anA- defend the� � � � �
<br /> ... . . . . . . . . . . . .
<br /> title to said prem�ses aqat��.:;ttie ¢lgiins of all persona whomnoever � � � " �
<br /> � : , .�
<br /> ; . _� . . . _ _� .
<br /> To�, pay: immed�ately'-vVhen duey,and paya6le all, general texes. 'apeciel taxes, apecial assessmenLs, water chargee, se,wer serv �. �
<br /> �ce charges„ and other taxeay aind' Clieeges �ag'ainsY�said-_property, and���a12 �.taxes levied on the debt aecured hereby, and ta-turniah.,thp. :._ �
<br /> Mortgagee, supoq :iqqitest,.:��+it}� �the`,original 'or� duplicate receipts--. thete(or:.' The . Mortgagor �.agreea that there shall be added �to
<br /> � each montFily payment 'required hereundernr � under fhe evidence of debt �secured hereby an amount estimated by the Mortgagee -
<br /> to be su6ident �� to enable the�: � Mortgagee to. pay, .ea� they. become due, all taxes, assessments, and siFnilar chargea upon the prem• � �
<br /> isee subject; theretok any deBciCncy . because. of the . insufficiency of._�uch ,additional paymenta �haU be forthwith depoaited .by ..tbe � � �
<br /> �. Mortgagor tqth"'t`tl�q iMocfgaige� upOn� demand by lhe Mortqagee.' q'ny �default under this paragraph shall be. deemed �a default in �
<br /> �'"payment" of � 'taies; assea�.ym¢nta; nr" �simiiar cfiarges rrquGreil hereundei. � � � � � � � � � ��� � � � - � � � � �� — -� � �-- -
<br /> � ' -� � �� ��' � �� The � MnrlRagor egrees that there ahall alao be added to each monthly payment of principal and interevt required here- � �
<br /> � ' under an amount estimated � by the Mortgagee to be suMcient to enable the Mortgagee to pay, as it bernmes �due, the insurance �
<br /> premium on any insurance policy delivered to the� Mortgagee. Arty deficiency because of � the inaulFiciency of such additionat . pay- .
<br /> � menLv shall be torthwith deposited by the Mortgagor with the Murtgagee upon demand by thc Mortgagee. Any default under this �
<br /> paragraph, shall be deemed a default in the payment nf insarance premiums. if the policy or policies dep�ited are such as Fx�me• �
<br /> owners or all risk policies, and the deposits are inyufficient to pay the entire premium, the Mortgagee may apply the depo�rt to .
<br /> pay premiums on risks required to be insurerl by this mortRage. � � � � �
<br /> PaymenLs made by the Mortgagor under the above paraRraphs may, at the option di the Mortgagee, be held � by it and � . �
<br /> commingled with other euch funda or � its own funds for the payment oC such items, and vnti! so applied, such payments are hereby . �
<br /> pledged as security for the unpaid balance of thP mortgage indebtedness �
<br /> � To procure, deliver to, and maintain (or the benefit of the Mortgaqee during the life of this mortgage original policies and �� . �
<br /> renewals thereof, delivered at lrast ten da•,�a f�fore the expiration ot any such policies, insuring against fire and uther insurable � �
<br /> hszarde, cesualtiee; and rnntingencies as ' Ae Mortgagee may repuire, in an amount equal � to the indebtedneea secured by thie
<br /> Mortgage. and in companies accepfable to the Mortgagee, with loss payable clause in favor oF und in form acceptable to the Mortga- �
<br /> gee. In Lhe event., any policy is not renewed on or bofore ten days of itK expiration, the Mortgagee may procure insurance on the �
<br /> � improvemenfs, pay the premium therefor, and auch sum shall become immediately due and payable with interest at the rate set �
<br /> . forth in said note until paid and shall be secured by this mortgage. Failure on the part of the Mortgagor to [urniah such renewals
<br /> as are herein required or faiture to pay any sums advanced hereunder shall, at the option of the Mortgagee, constitute a default � - � -
<br /> under the terms of this mortgage. The delivery of such pnlicies shall , in the event of default, constiWte an assiRnment o[ the un- � �
<br /> � earned premium. � � � � �
<br /> Any sums received by the Mortgagee by rea�n of loss or damage insured against may he retained by the MortRagee � � �.
<br /> and apptied toward the payment o( the debt hereby secured, or, at the option of the Mortgagee, such sums either wholly or in � �
<br /> . part may be paid over to the Mortgagor to be used to repair such buildings or to build ' new buildiugs in their place or for any � � � . �
<br /> , other purpose or object satisFactory to the Murlgagee without aRecting the lien on the mortgage for the full amount secured here- � � �
<br /> . by be[ore such payment ev�r took place. . � �
<br /> �,, To promptly repair, restore or rebuild any buildings or improvements now ur hrreafter on the premises which may be- �
<br /> � come damaged or deatroyed ; to keep said premises in good condition and repair and free (rom any mechanic's lien or other lien or �
<br /> ' claim of lien not expressly subordinaled to the tien hereof: not to suRer or permit any unlawful use of or any nuisance to exist on . �
<br /> � eaid pmperty nor to pertnit waste on said premises, nor to Ja any other act whereby the property hereby conveyed shall become - .
<br /> . lese vaivable, nor to diminiah or impair its value by any act or omission to act : to comply with all requirement4 0( law with respect �
<br /> , to the mortgaged premises and the use thereoL �� �
<br /> : That should the premises or any part therrof be taken or damaged by reaeon 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 rnmpensetions, �
<br /> � awards, and any othe� payment or relief therefur, and shall be entitled, at its option, to commence, appear in and proeecute in ifs �
<br /> �, ovm name any action or proceeding, or to make any cumpromise or setUement in connection with auch taking or damage. All such � .
<br /> compeneation, awards, damages, right of action and prxeeds are hereby assigned to the Mortgagee, who may, after deducting . .
<br /> therefrom all its expensee, release any moneys so received by it or apply the same un any indebtedness secured hereby. The Morb .
<br /> �� �gegor agreea to execute auch further a.vsignments o( any compensation, awardx, damages, ancl rights� of acti<.n and �' nroceedd as the
<br /> � Mortgagee�- may require. - � . . .
<br /> �. . � � � � That in case of tailure to perform any of thr covenanta herein. the Mortgagee may do on the Mortgagor's behalf everything
<br /> �� so covenanted; that the Murtgagee may also do any act it may deem necessary to protect the lien thereot; that the Mortgagor will �
<br /> � repay upon demand any moneys paid or divbursed by the :biortgagee for any of the above purposes, and such monrys togetFier with �
<br /> , intereat thereon at the rate provided in said note shall become so much additional indebtedness hereby secured and may be in- �-���
<br /> . cluded in any decree toreclosing this mortqage and be paid out ot the renta or prxeeds �f sale of said premises if not otherwise � "� .
<br /> paid; that it � shall not be obligatory upon the Morigagee to inquire into th� validity of any lien, encumbrances, or claim in ad- . -
<br /> va.:cing moneys as above authorized. but nothing herein contained shall be construed as requiring the Mortgegee to � advance any � - �
<br /> ' moneye for any such purpose nor to do any act hereunder, and that MortgaBae shall not incar any percunal Iiability F�ecauae of any- �
<br /> thing �it may do or omit to do � bereundec � � . � � . � � � � ,:,,: :�� �
<br /> -. - � �� :.� In the event of the default by Murtgagor in the payment o[ any installment, as requircri by the Note secured hereby. or
<br /> � in the:� pesformence of the obligation in thia mortgage or in the note secured thereby, the Mortgagee shal! be entitleci to declere the � . .
<br /> . � debt aecured hereby due and . payable without notice, and the Mortgagee shall be entiUed at its option, without notice, either by iteel[
<br /> or by a receiver to be appointed by the court thernot, nnd withovt regard to the adequacy of any security for the indebtednees se- �
<br /> � cured�. hereby, . to . enter . upon � and lake pos9ession� of the mortqaged premises, and to collect and receive the rents, issuea and profits
<br /> . thereot, aad.apply the same. .lese c�rrts u[ operation and cullrcGon, upon lhe indebtedness secured by this mortgage; said rents,
<br /> � iasues and profita being:hereby .assi�ned to the Dlortgagee ae further security (or the payment ot all indebtedness secured hereby.
<br /> , - � The �Mortgagee ehdU� bave the� powerfo appoint� anY agenY or � agenta it may �desire for the purpoee of repairing said prem• s
<br /> ` � : . iaea: renting the aame: rnllecting the rents, revenuea and income, and it maypay outof said income� aU�:expenses� inc¢rred �in 'rent- ' _ _-'-' � .;`\�
<br /> � ing and managing the aame and of collecting the rentals therefrom. ThP balancP remainin ' � `� '�'�-
<br /> ' . g. d xny, s.iall br apVlied toward the i.�.R,� ,
<br /> " - �dixharqe of �the mortgago indebtedneas. This eseignment is to terminate and become null and void upnn release of thix mortgaga �, :'
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