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<br />00-90,09
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<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 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 FURTHER COVENANTS AND AGREES:'
<br />That the, Mortgagor will pay the indebtedness as hereiribef6re provided.;.
<br />That the'i\Iortgagor is the owner of said property in fee simple and! I.ias good right and lawful aiititority to sell and
<br />convey the same and that dic same is free torr] clear of any lien or encumbranc( ';ind that Mortgagor will warrant anti defend the
<br />title to said premises against the claims of all,liersons whomsoever.
<br />ro pav immediately when clue and payable all general fazes, special ta-xps, special assessments, water;cliargcs, sewer serv-
<br />ice charges, and other taxes and charges against said property, and all taxes levipil on •tire debt secured hereby;.and to furnish the
<br />Mortgagee, upon• rirquest, with the original or. duplicate receipts therefor. The *Mortgagor agrees that there."shall be adder] to
<br />(.,tell monthly payment required.hereunder or under the evidence of debt secu"red...hereby art amount estimated by the Mortgagee
<br />to ire sufficient to enable the D'lortgagee to pay, as they become due, all taxer, assessmcttts, and similar charges upon the prem-
<br />ises subject thereto, any deficiencv because of the -insufficiency of such additi6nal payments shall he forthwith'- deposited by the
<br />Mortgagor with t}ie Mortgagee upon demand by the Mortgagee. Any default.tinder this para;;raph shall he decined a (](.fault 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 ,in amount estimated by the Mortgagee to' lie sufficient to enable the ,lfortgagee to pay, as it hecomes due, the insurance
<br />premimn on arty insurance policy delivered to the"iifortgagee. Any deficiency because of the insufficiency of such -additional pay-
<br />ments shall he foftliw•ith deposited by the Mortgagor with the Mortgagee upon ilentand by the Mortgaged. Anv default under this
<br />paragraph shall be deemed a default in the payment of insurance premiums. If the pulicv or policies deposited :ire 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 />Yaymenls made by the Mortgagor under the above paragraphs may, at the option of the \lortgagee; be held by it find
<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 henefit. of the Mortgagee during the life of this ntOrtt;ag(• Original policies and
<br />renewals thereof,- delivered at least ten days before the expiration of any such :pglicids. insurin ; against fire :uul 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 acceplAble to the Mortga-
<br />gee. In the event'any policy is not, renewed un or before ten days Of its expiration, the ,Mortgagee may procure insurance On the
<br />improvements, pay.,the premium therefor, and such sunt shall hec tme immediately due and payable with interkst at the rate set
<br />forth in said riot(- until paid and shall be secured:bv this mortgage. Failure on file Bartof the Mortgagor to furnish such renewals
<br />as are herein required or failure to pay any suns a Ivanced hereunder shall, at thir option of. the ,Alortgagee• constitute a default
<br />under the tdrnts of this mortgage. The delivery Of siuh pOlicios shall, in the everid Of, default, constitute an assignritdnt Of rho un-
<br />earned prdmiunt:
<br />Any sums -received by the iNfortgagee by, reason of loss Or damage irisiired against may he retain,() liy the %lorn-mgee
<br />and applied toward, the payment. of the debt hugely secured, or, at the optiori,of the idortgagee, such sums, either wholly Or in
<br />part may be paid Over to the Nlortgagor to he used to repair such buildings or'fo huild'llew buildings in their.place or for any
<br />other purpose or objectsatisfactory to the tAlortgagdd without affecting the liert fin the mortgage for the full tunomit secured here-
<br />by before: such payment ever tool: place.
<br />To promptly repair, restore or rebuild any building; or inrprovemdnl. .'non' or hereafter on the prernises which ,tory he -
<br />come damaged or (Iestroyed: to keel) 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 lion hereof; riot to suffer or, perrnii any unlawful use of or :illy nuisance to exist :o It
<br />said property nor to permit waste on said premises, nor to do any other act whereby the property herehv conveyed shall become
<br />less valuable, nor to diminish or impair its value by any act or omission lO act: to comply with all requirements Of law with respect
<br />to the mortgaged premises and the use thereof.
<br />Thatshould the.prentises 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 cuntponsations,
<br />I and any other payment or relief therefor, and shall he 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, anti:arcls, 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 arty indebterbtess 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 />Mortgagee may -require.
<br />That iii case of failure to perform any of.the covenants herein, the "Mortgagee may (lo on the Mortgagor's behalf everything
<br />SO covenanted; #hat the Mortgagee 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 disbursed by the Mortgagee for any of the above purposes, and such -moneys together with
<br />interest thereon -At the rate provided in said note shall become so much additional indebtedness herehv secured and may he in-
<br />cluded in any doe'ree foreclosing this mortgage and he paid out. of the rents or •tirocvvds of sae. 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• heroin contained shall bo construed as, requiring the Mortgagee'.to advance :illy
<br />moneys for any such purpose nor to do any act hereunder: and that Mortgaged shrill not incur arty personal liability° because of any-
<br />thing it may do or. omit to do hereunder.
<br />In the event'of the default by Mortgagor in the payment of auy installment• as required by the Neite, secured hereby, or
<br />in the performance -of the obligation in this mortgage or in the note sccurefl therfby%, the Mortgagee shall he enfitied to declare the
<br />debt secured herebyR due and payable without notice; and the Mortgagee shall be't:ntitled at its option, without notice, either by itself
<br />or by a receiver to be appointed by the court thereof, and withoutregard to the adequacy of any security for the indebtedness se-
<br />cured hereby, to enter upon and take possession of the mortgaged premises, aneVto collect and receive the rents, issues and profits
<br />thereof, and apply the same., less costs of operation and collection, upon the iridubtedness securer] by this mrrrtgagc: said rents,
<br />issues and profits being hereby'assigned to the Morigagee as further security for th Iiayment of all-inlehtedness securer] herehv.
<br />The, Mortgagee shall have the power to appoint any agent or agents it. ma y. desire for file purpose of repairing .said prem-
<br />ises; renting the same; collecting the rents, revenues and income, and it may pay, out 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 and become null and void upon "releasiruf this mortgage.
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