|
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 TOTALINDEBTEDNESS 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 FURTHER COVENANTS AND AGREIIS:`
<br />That the Mortgagor will pay the indebtedness as hereinbefore provided.
<br />That the Mortgagor is" the owner of sirid 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 lion -or encumbrance; and that .Mortgagor will Nvarranf. and defend the
<br />title to said 'promises against the claims of all persons whomsoever:
<br />To pay immixliatefy when due and payallle all general twos special twee, special asses,mcnis, water charges, sewer serv-
<br />ice charges, and other• taxes and charges against said property,:and all taxes levied on the debt, secured hereby* andto furnish the
<br />Mortgagee, upon reddest, with the original or duplicate receipts therefor. Th'e Mortgagor agrees that. there: shall he adder) to
<br />each monthly payment. required hereunder or raider the evidence otdebt secured hereby an amou t. estimated .1't.hc \lorinagec
<br />to be sufficient to enable the *Mortgagee to pay, as they become due, all taxes; assessments, and similar chargrs.upim the prem-
<br />ises subject thereto; any deficiency because of the insufficiency of such additional payments shall he forthwith •d;"posited by the
<br />Mortgagor with the Mortgagee upon demand by the'Mortgagoe. Airy default+ander this pari,raph shall ho ii( ,med a defnult'in
<br />payment of taxes, assessments, or similar charges•required hereundt�r.
<br />The Mortgagor agrees that there shall also he added to each in(mthly. paymeni of principal anrf inicrres] required here-
<br />under an anumnt estimated by the \Mortgagee to be sufficient to cnahl: the Nfortgagee to pay, as it beconu•s clue. the insurance
<br />premium on any insurance policy delivered to the Mortgagee. Any deficiency bectutse (if the insufficiency of such.additional pay_
<br />ments shall he forthwith deposited by the \Mortgagor with the llortgmgee upon demand by the Murtga; ce. _Any default- under this
<br />paragraph shall be c�deemed.a default in the payment. of insurance premiums. If the policy or.policiesdetx,siurl a,re such as home-
<br />owners or all risk policies, and the deposits are insufficient it.) spay the entire liremium, the NIort,age(- may :cpply the deposit to
<br />pay premiums on risks required to be insurer) by this mortgage..
<br />Payments made by the 'Mortgagor under the above paragralihs may, at the option cif tho AMortgages•, he. field by it and
<br />.commingled with other such funds or its ownfundsfor the payment of such items, ani] until so applied, unc 1,nyrncints are hereby
<br />pledged as security for the unpaid balance of the mortgage inde.btechx•ss.
<br />To procure, deliver to, and maintain for`the henefit cif the Mortgagee during the life of this inorl;;age origin,d policies and
<br />renewals thereof, deliverer) at. least ten dans before the expiration of any such policies, insuring Igninsl fire ondother insurable
<br />hazards, casualties, and contingencies as the Mortgagee. may .require, in an amount equal to the indebtedness, securer] by this
<br />\Mortgage, and in companies acceptable to the 1Mortgagve, Nviih loss payable clausft in favor of and in form acc•ehtable to the \Iort; a -
<br />gee, In the event ani' policy is not renewed on or before len clays of its expiration. the 1ortg((.imre'`inuranccun the
<br />improvements, pay the premium 1herefor,'and such sum shall hecmu>; immediately clue and linyahle with inii•rest at, the rate set
<br />forth in said note until paid and shall be secured:by this mortgage. failure on til(! part, of filo Mort;;agar to tarnish such renewals
<br />as are herein required or failure to pay any sums adv:uicfrd hereunder shall, at, the option of `ihe \tort;; tgr•e• constitute. a default
<br />under the terms of this mortgage. The delivery of such policies .~hall, in 1 -he event of default, ciutslitute an :tssignnu•nt of. the un-
<br />earned premium.
<br />Any sums received by the ,Mortgagee IV reason of loss or, damage insured againa may he retninod I)v the ;\Mortgagee ,
<br />-and applied toward the payment of the debt hereby secured•, or, at. the option of the Mortgage,•. such sums.c•itI.wr'whully or in
<br />part may be paid, over to the Mortgagor to he itself to repair such l:uildings or to huild'new. huildings in theii` place or for any
<br />other purpose or object satisfacton• to the Mortgagee'withouL afiect'ing the lien on'thc for the- full am of secured here-
<br />hy before such payment evirr tool: place.
<br />To promptly repair, restore or rebuild any building; or improvements now or hereafter on the prern7i.es which may be-
<br />come. damaged or destroyed: tri keep said premisesiu good condition and repair and froe from any mechanie's lieil or other lien or
<br />claim of lien not expressly subordinated to the licca hereof; not to ',uffor or permit any unlw.c fill a>c• of or an}• -nuisance to exist on
<br />said property nor to permit, waste on said premises, nor to do any other act whereby the pri,perty herc•hy c•onvcycd shall become
<br />less valuable, nor to diminish or impair its value by any act or omission to abt; to comply %i itll all req Ill remenls:of: lair with respect
<br />to the mortgaged premises and the use thereof.
<br />That should tha premises or any partthereof he taken or damagerl by reason of ani- puhlic• improvc•ment'•ur c•und(-mnation
<br />proceeding, or under the right of eminent domain, or in any other manner, thoMortgagee shall ho entitled to' all compensations,
<br />-awards, and any other payment or relief therefor,'attd shall bo entitled, at. its option., to commence. appear n and prosecute in its
<br />own name any action or proceeding, or to make airy comprornise or'.settlement in connection with such .akin;, or damage. All :such
<br />compensation, awards, danmrges, right of action and pnnsrods arc- hereby assiglli,d to the ATort, n ec, who niav,'after deducting
<br />therefrom all its expenses, release any moneys so received by ii or apply the same on any indehlednes, secure l herehv. The Mort-
<br />gagor agrees to execute such further assignments of any componsatitin. awards. damages, and ri;;his of action nncl proceeds as the
<br />Mortgagee may require.
<br />That in case of failure to perform any of thi! covenants heroin? the Alorlgmsee may do on the Mortgagors heh:df everything
<br />so covenanted; that the Nlortgageo may also do any act it, nrcy'cloom irccessary to: protect the lien thereof; that the Mortgagor will
<br />repay upon demand any moneys paid or disbursed by the Mortgagee for any of the above purpose.:, said such mi,neys together with
<br />interest thereon at the rate provided in said note shall become so much addilional indebtt duos= hareby sec•urecl .anrf may be in-
<br />chtded in any decree foreclosing this mortgage,and.he paid out. of the rents or proceeds of stile of said premises:if not otherwise
<br />paid; that it. shall not be obligatory upon the AMortgagee to inquire into;the. validity of any, lien. encurnlnances„or clairn in ad-
<br />v:uicing moneys as above authorized, but nothing:hcrein contained shall be construed as requiring the Mortga"ce to advance any
<br />moneys for any such purpose nor to do any act. hereunder; and that \forlgageo shall not. incur any personal liability hic:nt.;e of any-
<br />thing it may rlo or omit to do hereunder.
<br />Ili the event of the default. by Mortgagor•in the payment of.nny installment, as required by the Notci sccurr;d hereby, or
<br />in the performance of the obligation in this mortgage or in the 'not(, secured thereby, the "Mortgagee shall he entitled to declare the
<br />debCsecurer] herebi_y dire and payable without: notice, and the \Mortgagee shall he;ent.itled "If. it option, v:ithout notice. either hyjIsolt'
<br />or by receiver to beappointed by the court thereof, and without regard to the adocjuaey of any sevurity for the indebtedness se-
<br />cured hereby,. to enter upon and take possession ,of the: mortgaged premises, and to collect: and receive the rents, issue+sand profits
<br />thereof, and. apply the same, less costs of operation and collection, upon rthe judlbtedness seccur•d by chi, marl tge; said rents,
<br />issues and profits being hereby assigned to file Mortgagee as further security for the payment or all indahtecdness securrvd hereby.
<br />The Mortgagee -shall have the power to appoint :my agent or!agents it may desire los 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 zinc]• managing the same' and of collecting the rentals therefrom: The balance remaining, if any, shall be. toward the
<br />discharge of the mortgage indebtedness. This assignment is to terminate and boconre mill and void upon release cif this mortgage.
<br />•
<br />57.
<br />
|