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0088039-1-
<br />THIS
<br />03330-zTHIS MORTGAGE IS ALSO TO BE AND CONTINUE TO BE, FROM TIME TO DIME, SECURITY FOR THE PAYMENT OF SUCH
<br />SUM OR SUMS OF MONEY AS THE MORTGAGEE MAY FROM TIME TO TIME IN TH&FUTUREADVANCE TO THE MORTGAGOR, AND
<br />EVIDENCED 13Y 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 />THEMORTGAGOR , I URTII);R COVENANTS AND AGREES:
<br />That the Mortgagor will :pay the indebtedness as hereinbefore provided...
<br />I.
<br />That the N4ortgagcir is the owner of said property in fee simple and . has goocd. ,right and lawful authority. to sell and
<br />convev the same and that. the same is free anti clear of any lien or encumbrance; ;tnid that \dortgagor will, warrant and defend the
<br />title to said promises against the: claims of all licrsons whomsoever.
<br />To pay immediately when dire and payable all general taxes, special taxes special issessments, water c}iarges, 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. Tile Nlortgagor agrees that there. shall: be added. to
<br />each monthly payment recji.dred hereunder or under the; evidence of debt secured, hereby an amount estimated by. the Mortgagee
<br />to he sufficient to enable the Mortgagee to,pay,'as they beconne due, all taxes, asessrowits, and similar charges.ulion• the prem-
<br />ises subject thereto; any deficiency because of the insufficiency of such additional', pavineirts shall be forthwith =deposited by the
<br />Mortgagor with the: h,Iortgagee 'upon demand `by the Mortgagee. Any default. under this!liaragraph shall he deemed a default in
<br />payment of taxes, assessments, or similar charges. required hereunder.
<br />The
<br />The Mortgagor agrees that. there shall also he added to each monthly payment of principal and interest required here-
<br />under an amount estimated by the Nlortgagee. to be sufficient to enable the 14ortga„ ce to: p ay, [as it becomes ilio, the insurance
<br />premium on any insurance policy-delivered to the. Mortgagee. Any deficiency because of -the; insufficiency of sirch'addiiional pay-
<br />ments shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by: the ,i\dortgagee. Any default under this
<br />paragraph shall he deemed a default in the payment of insurance premiums. If the polic%:or policies deposited are such as home-
<br />owners or all risk policies, and the deposits are insufficientto pay the enf.ire pretiiiunn, they Alortgagee may apply the deposit io
<br />pay premiums on risks required to he insured by this mortgage.
<br />Payments made bvi'the Nlortgagor uitd'er the above paragraphs may, at t)e option.bf :the Mortgagee; het held by it, and
<br />commingled with other such funds or its own funds for the payment of such items; :ruin until so applied-, such payments are hereby,
<br />pledged as security for the 'unpaid balance of the mortgage indebtedness.
<br />To procure; dcliver� to, and maintain for the henefit. of the Ndortgagee durijng the liki of this mortgage original policies and
<br />renewals thereof, delivered itt least ten clays before the expiraticin of lily ,Such policies, insuring against fire and. tither insurable
<br />hazards, casualties; and coitingerrcies as the: Mortgagee may require, in an amount equal;';to the indebtedness secured by this
<br />Mortgage, and in companies acceptable to the Mortgagett, with loss payable clause in favor of and in form acceptable to the Mortga-
<br />gee. In the event any poliev is not renewed on or before ten d:ivs of its expiration. the'\iortgagee may procure insurance on the
<br />improvements, pay the premium therefor, and such sten shall became immediately 'Out, :in( Ipayable with interest, at, the rate set
<br />forth in said note until pair) and shall he'secured by this mortgage. Failure on th( part. of1he Mortgagor to furn-isrnsuch renewals
<br />as are herein required or failure:to pay any sumc
<br />s advaned hereunder shall, at the ;optic�o,nf the i\4ortgagoe, constitute a default
<br />under the terms of This morigage: The delivery of.tiut•}n policies shall, in the event of defaulf;'cunstihrtc an assignniont of the un-
<br />earned prenniuni.
<br />j
<br />Any sums received by the Mortgagee by reason of loss or damage insured against. may be retained zby the Mortgagee
<br />and applied toward the payment of the debt hereby st+cured, or, at the option- tiff the Nlohgagee, such sums either wholly or in
<br />part may he paid over to the Morigagor Jo he used to repair. such buildings or tobuild: n6µ buildings in their place or for any
<br />other purpose or object: satisfactory to the Mortgagee without affecting the lien oil f.hc mortgage for the full amount secured here-
<br />by before such payment ever took place.i '
<br />To promptly repair, restore or rebuild anv buildings or improvements niow or "hc :rafter on the prc misesAvhich may be-
<br />conk damaged or destroyed: to keep saicd'pre niises •in good condition and repair allot free fFcim any rnechanie.'s lien dr other lien or
<br />claim of lien not expressly s'nbordinatecd to the lien hereof; not to suffer or permit iii} unlawful, use of or any nuisance to exist on
<br />said property nor to permit'. waste on said premises, nor to do any other act whereby thejproperty hereby cony
<br />veed shall become
<br />less valuable, nor to diminish or impair its value by any act or omission to act; it) crjrinphy with all requirements'i)f law with respect
<br />to the mortgaged premises and the use thereof.
<br />That should the pr •nnises or any part thereof be taken or damaged by reason of'ainvl public improveni?, int lot condemnation
<br />proceeding, or under the right of eminent domain, or in any other manner, the Nlort ague shill be entitled to:adl compensations,
<br />awards, and any other payment or relief therefor, and shall be entitled, at: its option, to commence• appear in aintl prosecute in its
<br />i
<br />own nine any action or proceeding, or to make any compromise or settlement incsonnectloii with such taking.ordamage. All such
<br />compensation, awards, damages,: right: of action and proceeds
<br />are hereby assignetlj to thct": 1lgrtgagee, who may, after deducting
<br />=therefrom all its expenses, release any moneys so received by it or apply the same on any indebtedness secured hereby: The Mort.
<br />'gagor agrees'to execute such further assignments of any compensation, awards, chim•nges'. and rights of action -and proceeds as the
<br />:Mortgagee may require.
<br />I
<br />Thatin case of failure to perform any of the covenants herein, the Mortgagee may do, oil the Mortg gpr's behalf everything
<br />so covenanted; that the Mortgagee may also do any act it may deem necessary to,lii•otect; the,lien thereof; that't}ie Mortgagor will
<br />:repay upon demand any mcineys paid or disbursed by the Mortgagee for any oftlie!ahovc purposes, and such rniuieys together with
<br />interest thereon at the rate provided in said note-shall become,so much additional indebtirdness hereby secured and may he in-
<br />eluded in any decree foreclosing this mortgage and he paid out of the rents or 1)r rceerds!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 anis lien, encumbrances,.or claim in ad-
<br />vancing moneys as above authorirecd, hilt nothing -herein contained shall be construed as reiluiring the Nlortgagee fo advance any
<br />moneys for any such purpose nor to do any act hereunder; and that Mortgagee ,;hall; not. incur any personal liability because of any-
<br />:thing it may do or omit to lir hereunder.
<br />In the event of the'default by Mortgagor in the payment of any installrn6nt, as ri-quired by the Note securer) hereby, or
<br />in the performance of the obligation in this mortgage or' in the note secured thereby; the Mortgagee shall be entitled to declare the
<br />,debt secured hereby due and payable without notice, and the Nlortgage'shall be entitled :it. its option, without notice; either by itself
<br />or by a receiver to be 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 tir'•collect lion receive the rents, issues and profits
<br />thereof, and apply the same, less costs of olieration 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 thc'laymenEof 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 />ises; renting the same; collecting the rents, revenues and income, and itmay pay bili 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 the mortgage indebtedness. This assignment is to terminate andlhecome null and void upim release of this mortgage.
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