|
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.
<br />V THE MORTGAGOR FURTHER COVENANTS AND AGREES:
<br />That the" Mortgagor will pay the indebtedness as hereinbefore 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 the same is free and clear of any lienor encumbrance; and that Mortgagor will warrant and defend the
<br />title to said premises against the claims of all persons whomsoever.
<br />To pay immediately when clue and payable all general taxes, 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 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 clue, all taxes, assessments, and similar charges upon the prem-
<br />ises subject thereto; any deficiency because of the insufficiency of such additional payments shall be forthwith deposited by the
<br />Mortgagor with the Mortgagee upon demand by the Mortgagee. Anydefault under this paragraph shall be deemed a default in
<br />payment of taxes, assessments, or similar charges required hereunder.
<br />The Mortgagor agrees, .that there shall also be added. to each monthly'payment of principal and interest required here-
<br />under an amount estimated by the Mortgagee to be sufficient to" enable the Mortgagee to pay, as it becomes due, the insurance
<br />premium on any -insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional i)ay-
<br />ments shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
<br />paragraph shall be deemed a default in the payment of insurance premiums. If the policy 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 be insured by this mortgage.
<br />Payments made by the Mortgagor under the above paragraphs'may, at the option of the Mortgagee, be: held by it and
<br />commingled with. other such funds or its own funds for the payment of such items, and until so applied, such payments are hereby
<br />pledged as security for 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 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 loss payable clause in favor of and in form acceptable. to the Mortga-
<br />gee. In the event any policy is not renewed onor before ten.days of its expiration, the Mortgagee may procure insurance on.the
<br />improvements, pay the premium therefor, and such sum shall become- immediately clue 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 furnish such renewals
<br />as are herein required or failure to pay any sums advanced her6under shall, at the option of the Mortgagee, constitute a default
<br />under the terms of. this mortgage. The delivery of such policies shall, in the event. of default, constitute an assignment of the un-
<br />earned premium.
<br />Any sums received by the Mortgagee by reason of loss or damage insured against may be retained by the Mortgagee
<br />and applied toward the payment of 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 buildl'new buildings.in their place or for any
<br />other purpose or object satisfactory fo the Mortgagee without affecting the lien on the mortgage for the full amciunt secured here-
<br />by before such payment ever took place.
<br />To promptly repair, restore or rebuild imy buildings or improvements now or hereafter on the premises which may be-
<br />come damaged or destroyed; to keep said premises in good condition and repair and free from any mechanic's, lien or other lien or
<br />claim of lien not expressly subordinated to the lien hereof; not to suffer or permit any unlawful use of or any nuisance to exist. on
<br />said .property .nor to permit waste on said. promises, nor to do any other act whereby the property hereby conveyed shall become
<br />less valuable, nor to diminish or impair its value by any act or omission to act; tq'comply with all requirements of law with respect
<br />to the mortgaged premises and the use thereof.
<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 mamler, 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 in and, prosecute in its
<br />own name any action or proceeding, or to make any compromise or settlement in connection with such taking or damage. All such
<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 so received by it or apply the same on any indebtedness secured lie reby. The Mort-
<br />gagor 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 perform any of the covenants herein, the Mortgagee may do cm the Mortgagor's behalf everything
<br />so covenanted; that the Mortgagee may also do any act it may deem necessary to protect the lien thereof; that Alto. Mortgagor will
<br />repay upon demand any moneys paid or disbursed by the Mortgagee for any of the above purposes, and such monevs together with
<br />interest thereon at the rate provided in said note shall become so much additional indebtedness hereby secured ""anti may be in -
<br />eluded in anv 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 be 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 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 anv personal liability because of any-
<br />thing it may do or omit to do hereunder.
<br />'I"n the event of tlhe default by Mortgagor in the payment of any installment, as required by the Note secured hereby, or
<br />in ahe •performance of the obligation in this mortgage or in the note secured thereby, the Mortgagee shall be entitled to declare the
<br />debt secured her clue and payable without notice, and the Mortgagee' shall be entitled at its option, without notice, either by itself
<br />or by a receiver to he appointed by the court thereof, and without regard to the adequacy of any security for the indebtedness se-
<br />cured hereby, to enter upon .and take possession of the mortgaged premises, and to collect and receive the rents, issues and profits
<br />thereof, and apply the same, less costs of operation and collection, upon the indebtedness secured by this mortgage; said rents,
<br />issues and profits being hereby assigned to the Mortgagee as further security for the payment, of all indebtedness secured hereby.
<br />The Mort6ag6e'shall have the power to appoint any agent or -agents it may desire for the purpose of repairing said prem-
<br />ises; renting the same; collecting the. rents, revenues and income, and it may pay out. of -aid income alf expenses incurred in rent-
<br />ing and managing the same and of collecting the rentals therefrom. The balance•remaining, if any, shall lie applied toward the
<br />discharge. of the mortgage indebtedness. This assignment is to terminate and become null and void upon, releasin of this mortgage.
<br />
|