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0091.13
<br />MORTGAGORS MAY MAKE PREPAYMENTS OF PRINCIPAL ON ANY INSTALLMENT DUE DATE. SUCH. PREPAYMENT SHALt BE
<br />APPLIED TO INSTALLMENTS LAST TO BECOME DUE: UNDER THIS MORTGAGE. PROVIDED THE UNDERSIGNED ARE NOT IN DEFAULT
<br />AND ARE THEN THE OWNERS OF.THE MORTGAGED PROPERTY, UPON REQUEST' OF THE UNDERSIGNED, OR EITHER OF THEM,
<br />PAYEE AGREES TO FURNISH TO THE UNDERSIGNED 100% OF SUCH PRINCIPAL PREPAYMENTS,. UNLESS ADVANCEMENT IS PRO-
<br />HIBITED BY THE' REGULATIONS OF CHARTERING AND SUPERVISORY AUTHORITIES THEN IN EFFECT. ALL SUCH ADVANCEMENTS'
<br />SHALL BE SECURED BY,THIS MORTGAGE IN THE SAME MANNER AND EFFECT AS IF NO PREPAYMENTS HAD BEEN MADE.
<br />THE -MORTGAGOR FURTHER COVENANTS AND AGREES:
<br />That the Mortgagor will pay the indebtedness as hereinbefore provided.
<br />That the Mortgagor 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 air(] clear of any lien orencumbrance; and that. Mortgagor will warrant and defend the
<br />title to said premises against the claims of all persons whomsoever.
<br />To pay immediately when clue and payable 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 levied on the debt secured hereby, and to furnish the
<br />,Mortgagee, upon request, with the original or duplicate receipis therefor. The Mortgagor agrees that there shall he added. to
<br />each monthly payment required. hereunder or under the evidence of debt secrired hereby in amount estimated. by the Mortgagee
<br />to be 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 deficiency because of the insufficiency of such additional payments sha11 he forthwith deposited by the
<br />Mortgagor with the Mortgagee upon demand by. the Mortgagee. Any default. under this paragraph shall he deemed a default in
<br />payment of taxes, assessments, ar similar charges required hereunder.
<br />The Mortgagor agrees that there shall also he added to each monthly paymentof principal and interest required here-
<br />under an amount estimated by the \Mortgagee to big sufficient. to unable the \Mortgagee to pay, as it becomes clue, the insurance
<br />premium on any insurance policy delivered to tlie_ Mortgagee. Any deficiency because of the insufficiency of such -additional pay-
<br />ments shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the \Mortgagee. Any default under this
<br />liaragraph shall he deemed a default in the payment of insurance premiums. If the policy or policies deposited are such as home-
<br />owners or all risk policies, and the deposits are ijisufiicient'to pay the entire premium, the Mortgagee may apply the deposit; to
<br />pay premiums on risks required to he insurer) byahis mortgage:
<br />Payment's made by the Mortgagor under'the ahove paragraphs may„at the option of the Mortgageej)e held by it and
<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 tile Benefit of the Mortgagee during the life of: this mortgage original policies and
<br />renewals thereof, delivered at. least ten days before the expiration of any such policies, 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 this
<br />1%lortgage, and in companies acceptable to the Mortgagee, with loss payable clause in favor of and in form acceptable to the Mortga-
<br />gee. In the event- any policy is not renewer) on or before tell days of its expiration, the Mortgagee may procure insurance on the
<br />improvements, pay the premium therefor, and such sum shall become immediately due and payable Nvith interestaf the rate set
<br />forth in said note until paid and shall he secured I>v this mortgage. Failure on the Bart, of the iINMortgagor to furnish such renewills
<br />as are herein required or failure to pay any sums advanced hereunder shall, at the option of the Mortgagee, constitute a default
<br />under the terms -of this mortgage. The delivery of such policies shall, in the eventof default, ccinstitute an assignment of the ein-
<br />earned premium.
<br />Anv sums received by the Mortgagee by reason of loss or damage insured against May he retained by the Mortgagee
<br />and applied toward the payment. of the clebt. hereby secured, or, at the option of the. ildortgagee, such sums either wholly or' in
<br />part may he paid over to the Mortgagor to be used to repair such buildings or to build new Buildings in their place or for any
<br />other purpose or object satisfactory to the Mortgagee without affecting the lien on the mortgage for the full amount secured here.
<br />by before such payment ever tool: place.
<br />To promptly repair, restore or rebuild any buildings or improvements now or hereafter on the premises which may he -
<br />come damaged or destroyed; to keep 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 lien liereof; not to suffer or permit any unlawful use of or any nuisance to exist on
<br />said property nor to permit. waste on said premises, nor to downy other act. whereby the property hereby conveyed shall become
<br />less valuable, nor to diminish or impair its value by any act or omission to act; to comply with, all requirements of law with respect
<br />to the mortgaged premises and the use thereof. _
<br />That should the premises 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 Be entitled to *all compensations,
<br />awards, 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, awards, 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 any indebtedness secured hereby. The Mort-
<br />gagor agrees to execute such further assignments of any compensation• awards,.d.amages, and rights of action and proceeds as the
<br />Mortgagee may. require..
<br />That in case of failure to perform any of the covenants herein, the Mortgagee may cto on the Mortgagor's behalf everything
<br />so covenanted; that the Mortgagee may also do any act it may deem necessary to protect the lien thereof; that the IViortgagor will
<br />repay upon.demand any moneys paid or disbursed by the Mortgagee for any of the above purpcises, and such moneys together with
<br />interest thereon at the rate provided in said note shall become so much adcditional indebtedness hereby securer) and may he in-
<br />cluded in any decree foreclosing this mortgage and be paid out. of the rents or proceeds of sale of said premises if not otherwise
<br />paid; that it shall riot 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 herein contained shall he construed as requiring the Mortgagee tri advance ariv
<br />moneys for any such purpose nor to do any act. hereunder; and that Mortgagee shall riot incur any personal liability because of any-
<br />thing it may Flo or omit to do hereunder.
<br />In the event of the default by f4ortgagor in the payment of any installment, as required by the Note securer) hereby, or
<br />in the performance of the obligation in this mortgage or in the note securer) thereby, the Mortgagee shall he entitled to declare the
<br />debt secured hereby (life and payable without notice, and the Mortgagee shall he entitled at its option, without. notice• either')y 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 to collect and receive the refits, issues and profits
<br />thereof, and apply the same, less costs of operation 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 the payment of all indebtedness secured hereby.
<br />,I'll(. Mortgagee shall have the power to appoint any agerit 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 payout of said income all expenses incurred in rent-
<br />ing and managing the same and of t:ollecting the rentals therefrom. The balance remaining, if any, shall lie applied toward the
<br />discharge of the mortgage indebtedness. This assignment is to terminate and become null and void upon release of this mortgage.
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