|
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 />THE MORTGAGOR FUR'T'HER 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 lien or encumbrance; ani] that Mortgagor will warrant and defend the
<br />title to said premises,' against the claims of all persons whomsoever.
<br />`I o pay immediately when clue and payable all general taxes, special taxes, special assessments, water charges, sewer sere -
<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 he 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 he forthwith rlepositer) by the
<br />Mortgagor with the Mirrtgagee upon demand by the Mortgagee. Any default under this paragraph shall he 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 montjily payment of principal and interest required here-
<br />under an•amount estimated by the Mortgagee to he sufficient to enable the Mortgagee to pay, as it becomes clue, the insurance
<br />premium on any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such arlclitional pay=
<br />merits shall he forthwith deposited by the Mortgagor with the Mortgagee upon demand by the lylortgagee. 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 file 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, he 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 arc 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 duringthe life of this mortgage original policies and
<br />renewals thereof, delivered at least. ten days before the expiration of tory such policies, insuring against. fire andother 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, Nvith loss payable clause in favor of and in form acceptable to the i\lortga-
<br />gee. In the.event any policy is not renewed on or before ten days.of its expiration, the \4ortgagee may procure insurura on the
<br />improvements, pay the premium therefor, and such sinn 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 furnish such renewals
<br />as are herein required or failure to pay any sums advanced hereunder shall, at the option of the:rblortgagec, constitute a def -1
<br />ander the terms of this mortgage. The delivery of such policies shall, in the event of def ault. constitute an assignment of tale un-
<br />earned premium.
<br />Any slims received by the Mortgagee by reason of loss or damage insured against. may he ret<rined by lac• ,Mortgagee
<br />and applied toward the payment of the debthereby secured, or. at the option of the i\forlgagee, such sums either ++•holly or in
<br />part may he paid over,to the Mortgagor to he user) to repair such buildings or to buidd'new buildings in their place or for any
<br />other purpose or object satisfactory to the Mortgagee without affecting the lien on the mortgage for the full amount secured here-
<br />by before such payment ever took place.
<br />To promptly repair, restore or rebuild -any buildings or improvements now or hereafter on the premises which may be-
<br />come damaged or destroved; 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 oxist on
<br />said property nor to permit waste on said premises, 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; to 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 manner, the Mortgagee shall he 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 acti6n' 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 aro- hereby assigned to the Nlortgagee, who may, after deducting
<br />therefrom all its expenses, release any moneys so received by it or apply the same on .illy inclebteclness secured hereby. The Mort-
<br />gagor agrees to. execute such further assignments of'any compensation, awards, damages, and rights of action -and proceeds as the
<br />ivfortg<rgee may require.
<br />That in case of failure to perform any of the covenants herein, the Mortgagee may do on the Mortgagor's behalf ever} thing
<br />so covenanted; that the Niort.gagee may also do any act it may deem necessary to protect the lien thereof: that the Mortgagor will
<br />repay upon demand any moneys paid or disbursed1w the Mortgagee for any of the above purposes• Writ such moneys tagd.her with
<br />interest thereon at the rate provided in said note shall become so much additional indebtedness hereby secured and may he in-
<br />cluded in.any decree foreclosing this mortgage and .be paid outof the rents or proceeds of sale of said premises if not otherwise
<br />inquire into the validity of any lien, encumbrances, or claim in ad -
<br />paid; that it shall not he obligatory upon the Mortgagee to
<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 any personal liability because of anv-
<br />thing it may do or emit to do hereunder.
<br />In the event of the default by Mortgagor in the payment of .lily 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 he entitled to declare the
<br />debt secured hereby clue and payable without notice, and the Nfortgagee shall be entitled at its option, without notice, either by itself
<br />reof.ancd without regard to � the adequacy of any security for the indebtedness se -
<br />or by a receiver to be appointed by the court thertgaged premises, and to collect and receive file rents, issues and profits
<br />cured hereby, to enter. upon and take possession of the mo
<br />thereof, and -apply the same, less costs of operation and collection, upon the indebtedness secured by this mortgage: saicd.rents,
<br />issues and profit-, being hereby -assigned to the Mortgagee as further security for the payment of all indebtedness secured hereby.
<br />The Mortgagee shall have the power to appoint any agent or agents it may desire for the purpose of repairing said prem -
<br />ices; renting .the, same; collecting the rents, revenues and income, and it may payout of said income all expenses 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 .of tine mortgage indebtedness. This. assignment is to terminate and become mill 'and void upon release of this mortgage.
<br />
|