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;005040°
<br />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 TIMEAN THEjFUTURE 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 TERMSOF THIS MORTGAGE. '
<br />THE MORTGAGOR FURTHER COVENANTS AND AGREES:`
<br />That the Mortgagor will piny"the indebtedness as hereinhefore provided.
<br />That the I-Oort agor is th(,. 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 ani] clear of any lien or'encumbrance; anSl� that Iviorigagor' will w n rant. "Incl dcfc>nd the
<br />title to said premises against the claims of all persons whomsoever; ( r
<br />To pay immediately when due and payable: ail general taxes,rspecial t axes, ,spc ci tl 4ssessments, water charges,: secrer scrv-
<br />ice charges, and other taxes and charges against said property, , and all taxes levied on the �di.bt secured hereby, and. to'Jurnish the
<br />Mortgagee, upon request, with the original or. duplicate receipts therefor. The Nlo'rtgagor, agrees that there shall he .adder! to
<br />each monthly payment required hereunder or under the evidence of debt secured lirreby an .amount estimated by-the Mortgagee
<br />to besuRicient to enable the Mortgagee to pay, as they become due, all taxes, as,�t;r5smen6,' and similar charges upbi i the prem-
<br />ises subject thereto; any deficiencyhecause of the insufliciency of `such additional pavnient.5shall hip forthwith deposited by the
<br />Mortgagor with the Nlortgagtle inion demand by .the Mortg rgee., Any default undi>r this paragraph shall he deeriaed a default in
<br />payment of taxes, asscssmenl:s, or similar charge; require(] hereunder.
<br />The Mortgagor agrees thait there shall also he added to each monthly' pa-inent. of Irrincipal and into rest iequired here-
<br />under an amount estimated by the.i\�Iortgagee to be sirflicient to enable. the Mortgagte e. to'. pay', ai it. becomes, ,due, the insurance
<br />premium on any insurance pcihcy delivered to the Mortgagee. Any:defrciency becaulo of the' insufJ}eiency of such additional pay-
<br />merits shall be forthwith deposited 1>y'the Mortgagor with the i\lortgagee upon dem;ritd by the Nfort ogee. Any defaiult under this
<br />paragraph shall be (deemed n,defaralt in the payment. cf insurance premiums. if that>olicy,ol ,policic3 depoSited are such as home-•
<br />owners or all risk policies, an°d the deposits are insufficieirt. to pays the entire. premi�tnr, tll,o.; fortgagee may ;apply' fhc; deposit, to
<br />pay premiums on risks requirlyd to he insured by this mortgage.
<br />Payments made by the �4ortgagor under the above paragraphs may at thil.3iophon j if the Alortgagcr bo., held by it and
<br />commie lid with other such funds-or its own fluids for the. payment of such items, . rjr"l uatil;so applied. such paynicnts are horebj•
<br />pledged as security kir the `unpaid balance of the mortgage indebtedness. } J
<br />To procure, deliver tfr, and maintain for the benefit of the \lortgagee durirltl the life of this mort-ago mortgageoni;in al.policics and
<br />renewals thereof, delivered at" least ten days before the expirationof any such poli acs, insttnn against fire and c>fher 'insurable
<br />hazards,casualties, and contingencies as the Mortgagee may require, in an amour Iegnal lot the indebtedness -secured by this
<br />Mortgage, and in companies acceptable to the Nlortgagee, with loss payable clause infavor of akd. in form acceptable io ilre Mortga-
<br />gee. In the evc,nt any; policy is not renewed on or before ten days oC its" expiration �hc b3ot t •aagee may procure insurance on the
<br />improvements; pay "the premium therefor: and such sunt shall become, immediately due. and'payahle.tvith interest at the rate set
<br />"forth in said not(, until paid And shall be secured hy.this mort-age.,Failure on the I�airt of�the' Mortgagor to furnish such renewals
<br />as are herein required or failure to,,pay any sums advanced hereunder shall, at ilio: rpt.ion'of thc� i•1'ortgagce eimstitulc a default
<br />under the ;term~ of this mortgage. The delivery of such policies shall; yin tile' event,7() clef Cult' constitute an asst nnacnt. of the till
<br />-
<br />carned . prenu um. .
<br />t Any sums recc ive'd 6y-'file Mortgagee. by reason of loss: or damage insurt4i against Ina
<br />y lye retained b�: the1 Alortgagce
<br />alio applied toward the payment oC the debt hereby secured, or at the option oC the Mori °ace�e, such sums ei'ther wholly or in
<br />�
<br />part. may he paid over to the Mortgagor to he ,user: to repair slide.-buildings or to rudd ner v; buildings in the rr, phice or for any
<br />other _purpose orohject vatrsfactoryfo the T4orCgggee without at%acting the lien on�lu morn nge_fod the Full alliqzLint yccurcd here-
<br />by Before such payment ever Iook - place:
<br />,
<br />To promptly repair, restore• or rebuild any buildings or improvements notl,•'or hc,r afteroia the premises which may he-
<br />coilw damaged or destroyed; to keep said premises in good condition and repair and free froin'anyriuchanic's lien or. other lien or
<br />claim of lien not expressly .subordinated to the lien hereof; not to suffer or pi+rmit any;uial(twful ase {af or ant nuisa»c"eS to exist on
<br />said-property nor to permit waste on said premises, nor to do any other act where}>y thea: pr'.operty hereby conveyed -Shall become
<br />rless to the Imor'f mortgaged to-diminish
<br />im rata its h ua act or onus5rorn til dl requirements of laiti: with respect
<br />g g I the use thereof.
<br />1 f I Y y tict, to co lIllc wt
<br />That should the prenirses rr any part. thereof Ire taken br:damaged by reasofn! of .an Itublic• improvement or.ciindenunation
<br />proceeding, or under the right' of emineint. domain, or in any other. manner, the Mort ngce's a ill be.entitled to all compensations,
<br />awards, .and any other payment or relief therefor, and shall he entitled at its oplion,� to cornrnince, appear in and prosecute in its
<br />ownname any action' or proceeding, or to make any compromise, or settler,ient in ciirinectiori with such taking or daiarage. All such
<br />compensation, "awards, d rnrag<rs, right of action::and proceeds are: hereby assigner! Eci the '.1Q<trtgagee, who may;` after deducting
<br />therefrom all its expenses, relctase any moneys so received by it or: apply the same ot} fany indebtedness secured hereby. The Mort-
<br />gagor agrees :to execute such furtlier assrgrinaiints of any compensation, awards, damages, and, rights of action and proceeds as the
<br />Mortgagee nlay rccltiire X
<br />That'in case of failure to.perform-any of .the cmetiatits herein, the AJortgageel may cto,o;n the \Iortg ig( s.hehalf everything
<br />so covenanted; that the il4ortgagee may also do any act it. may deem necessairy -to protect thejlien thereof, that the Alcirtgagor will
<br />repay "upon dcniand,any moneysaiaid'or. disbursed by the Mortgagee fedi era of the above err poses
<br />_ Y ,and such mane
<br />.: f P ys.together with
<br />interest thereon at the rate previd'ed in Said note shall become so much additional �ndebted?less hereby. secured'and..may be in-
<br />eluded 4t any decree foreclosing this mortgage and-be, paid out of, the rents or proceeds (if sale of said premises. if; not otherwise
<br />pat[l;,fhat it. shall net be obligatory upon the Mortgagee to inquire-into the validitvjof any lien, encumbrances; or claim in ad-
<br />avancing•moneys as above.authbrized, but nothing herein contained shall be construed �as regitiiing the i\dortgageG to advance any
<br />Inioncys for•any such purpose nor to do any act hereunder; and that Mortgagee shall not. incur. my personal liability because of any-
<br />�; thing i,t may do or omit to do hereunder.
<br />In the event of the default by Mortgagor in the payment; of any installment,'as reti6ired by the Note'secured hereby, or
<br />in the performance of the obligation in this mortgage or in the note secure(: therehy,'f.he Morigagee shall he entit.lod: to declare the
<br />debt securefi hereby due and payable without notice, and the Mortgagee shall be entitled at itsioption, without notice, either by itself
<br />or bv.a,receiver to be appointod by the court thereof, and without regard to the adecjtiacy of any security frar the;incJchtedness se-
<br />cured.:horeby, to enter upon and take possession of the mortgaged. premises, and to'collect and receive the rents,.issues and profits
<br />thd ereofS ,anapply the same, I"ess costs of operation and collection, upon the indellteriness secured: by this mortgage; said rents,
<br />issues .and profits !icing hereby assignee] to the Mortgagee as further security'for the pament,of allindebtedness secured hereby.
<br />The Mortgagee shall have the power to appoint any agent, or agents it may desire for file purpose of repairing said prem-
<br />' tses ,renting Jhe same; collecting the rents, revenues anti income, and it may pay ou�. 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 be appl}ed towerd the
<br />discharge of the mortgage indebtedness. This assignment is to terminate and become'mull and void upon release of this mortgage.
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