|
THIS MORTGAGE IS ALSO TO BE AND CONTINUE TO BE, FROM TIME TO TIME, SECUR)TY FOR THE PAYMENT OF SUCH
<br />SUM OR SUMS OF. MONEY AS THE MORTGAGEE, MAY FROM TIME TO TIME IN THE FUTURE ADVANCE TO•TH£-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 rURTHER COVENANTS AND AGREES: .
<br />That the Mortgagor, will pay the indehte�dness as hereinbefore provideil,
<br />That the Afortgagor 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; and that. Mortgagor will warrant and defend the
<br />title to said premises against the claims of all persons whomsoever.
<br />Po pay'immodiately when due and payahlo all general taxes, special taxes, special assessments, water charges, sewer serv-
<br />ice charges, and other taxes and charges against said property, and all taxes leviNI on the debt secured hereby, and to'furnish the
<br />Mortgagee, upon. request, with the original or duplicate receipts therefor. The A4ortgagor agrees that there shall be added. to
<br />each monthly payment required,hereunder or under the evidence of debt secured hereby an amount estimated by the Mortgagee
<br />to lie sufficient, to enable the Mortgagee to pay, as they become due, all taxes. assessments, and similar charges upon the prem-
<br />ises subject thereto; any deficieney because of the insufficiency of such additional payments shall he forthwith deposited by the
<br />Mortgagor wltll• the Mortgagee upon demand by the Aortgagee. Any default'under this paragraph shall he devilled a default in
<br />payment, of taxes, assessments, or .similar charges required hereunder.
<br />The Mortgagor agrees that there shall also he added to each monthly payment of principal and interest required here-
<br />under an amolint,estintated by the \4ortgagee to he sufficient I enablethe A4ortg<igee to pay, as it becomes clue, the insurance
<br />premium on ;lily insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such •additional pay-
<br />ments shall he,forthwitlr.deposited by the A4ortgagor with the il4ortgagee upon octane by the Aortgagee. Any default under this
<br />paragraph shall br,dermed a default in the payment of insurance premiums. If 'the. policy or policies deposited are such as home-
<br />owners or all risk 4 pol icies, and the deposits are'insufficient. to pay the entire primium, (lie Mortgagee may apply the deposit: to
<br />pay premiums oro 'risks required to be insured by this mortgage.
<br />Yaymenis made'by the Mortgagor under the above paragraphs may, at.. the option of the Mortgagee, lrc held by it and
<br />commingled with other such funds or its own fund, for the payment of such itei'lls; and until so applied, such piyinonts are hereby
<br />pledged as security for the unpaid balance of they mortgage indebtedness.
<br />To procure, deliver to, and maintain for'the benefit of the Adortgagee•dirring the life of this mortgage original policies and
<br />renewals thereof, delivered at least ten days bc4ore the expiration of any such'I'mlicies, insuring against fire and other insurable
<br />hazards, casualties, and contingencies as the Mortgagee may require, in an amount equal to the indebtedness secured by tills
<br />Mortgage, and in companies acceptable to the 1146rtgagee, with loss payable clausi*,in favor of and in form acceptable to the Mortga-
<br />gee. In the event- any policy is not renewed on. or before ten clays of its expir.1ho n, the Mortgagee may procure insurance on theimprovements, pay .the premium therefor. and shell sum shall become immediately clue and payable with inferest al the rate set
<br />forth in said note until paid and shall he secured by this mortgage. I'aidure ow.Mf? part Of the Nlortgagor to furnish such renewals
<br />as are herein required or failure to pay any surnsadvnnced hereunder shall, at, .fb�e option of the Aortgagee, cynstitute a default
<br />under the terms of this mortgage. Thin delivery of`s'uch policies shall, in the eveatt.. of default, constitute an assignment of the fill -
<br />earned premium.
<br />Any sums .received by the Mortgagee bj• reason of loss or damage insured against may he retained by the Mortgagee
<br />and applied toward, the payment. of the debt. hereby secured, or. atthe option of the Aortgagee, such sums either wholly of in
<br />part may he paid Ever to the Mortgagor to be used to repair such buildings or to huilrl'neur.buildings in their place or for any
<br />other purpose or' object satisfactory to the Mortgagee without affecting the lion on the mortgage for the full amount. secured here-
<br />by before such i)a}anent ever tools place.
<br />To prgimptly repair, restore or rebuildany buildings or improvements.now or hereafter on the preniises \06ch may be-
<br />come damaged sir destroved; to keep said premises in gond condition and repair and free from 5ny 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 exist on
<br />said property 116r to permit waste on said premises, nor to do any Tither act whereby the property hereby conveyed shall become
<br />less valuable, not to diminish or impair its value by any aam
<br />;let or ornissioa to ct: to comply with all requirements cif law with respect
<br />to the mortgaged premises and the -use thereof.
<br />That should the premises or any part thereof he 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 be entitled to '.;ill compensations,
<br />awards, and any other payment Or relief therefor, and shall he entitled, at its option, to commence, appear h an I prosecute in its
<br />own name anv action or proceeding, or to make -any compromise or settlement in connection with such taking of damage. All such
<br />compensation, awa?ds, damages, right of action and proceeds are hereby assig, ed to the Mortgagee, who, ma,y',. after deiluefing
<br />therefrom all its expenses, release any moneys so received by it or apply the s:inu,on any indebtedness secured hereby. The Mort-
<br />gagor agrees to ex.eorrte such further assignments of any compensation, awards,,.damages, and rights of action ,)nd. proceeds as the
<br />Aortgagee may nequire.
<br />.That in case of failure to perform any of the covenants herein,'the Mort g igee may do on the A4ortgatgor's behalf everything
<br />so covenanted; that the Mortgagee may also do any act it. may deem necessary t6. protect the lien thereof; that the A4ortgagor will
<br />repay upon demand* any moneys paid or disbursed by the Mortgagee for any ofYlie above purposes, and such moneys together with
<br />interest thereon at the rate provided in .said note shall become so much additici ial indebtedness hereby secured and may be in -
<br />chided in any decree foreclosing this mortgage and be paid outof t1w rents or .proceeds of sale of said premises if not otherwise
<br />paid; that it shall not be obligatory upon the -Mortgagee to inquire into the %glliility of any lien, encumbrances, or claim in ad-
<br />vancing moneys as above authorized, but nothing• herein contained shall be construed as requiring the Mortgagee til advance any
<br />moneys for any.sucli purpose nor to do .any act hereunder; and that Mortgagee shrill not incur :illy personal liahiliiy because of any-
<br />thing it may do or omit to do hereunder.
<br />In the event of the default by lvlortgagor in the payment of any instadlrnent, as required by the Note secured hereby, or
<br />in the performance of the obligation in this mortgage or in the note secured therehy, the Mortgagee shall he entitlx•cl to declare the
<br />debt secured hereby -due and payable without notice, and the Nlortgagee shall ht entitled at, its option, Without notice, either'by itself
<br />or by a receiver to he appointed by the court thereof, and Without. regard to tlie•adequacy of ally security for the indebtedness se-
<br />cured hereby, to: enter upon and take possession of the mortgaged premises, and to collect and receive, the rents, issues and profits
<br />thereof, and apply the same, less costs of operation and collection, upon the ifidbbtedness secured by this mortgage; said rents,
<br />issues and profits 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 />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 ajrplied toward the
<br />discharge of the, mortgage indebtedness. This assignment is to terminate and Become mill and void upon release of this mortgage.
<br />_
<br />
|