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MORTGAGORS MAY MAKE PREPAYMENTS OF PRINCIPAL ON ANY INSTALLMENT DUE DATE. SUCH PREPAYMENT SHALL 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 .\,Iortgagor will` pay the indebtedness as horeinhefore provided.
<br />'That. the Mortgagir,is the owner of sand property in fee sinnplc•.and has good right and lawful authority to sell and
<br />convey the same :aid that the same is free and clear of any lien or:encumhrance: and that Mortgagor will Nvarrani'anl defend the
<br />title to said ,,remises against, the claims of all persons whonisoever.
<br />To pay immediatel • when due and payable all
<br />i ) I y 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 seisrr-ed hereby, and to furnish the
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<br />\46rtgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that. there shall he added to
<br />each monthly payment required hereunder or under the• evidence of debt. secured hereby an au'ount estimated by the ,116rtgagee
<br />to he suflicient to.ellable the Mi rtgagee to pay,'as they hecome clue, all taxes, assessments, and similar charges upon tht; prem
<br />ices subject, theretci; any deficiellcy.because of the insufficiency of such additional payments shall he forthwith tle•posited: by the
<br />Xfortgagor with the Mortgagee upon demand by. the Mortgagee: Any default -uncder ,this paragraph shall be deemed a d6fault in
<br />payment, of taxes, assessments, or similar charges required hereunder.
<br />The \Morl'agor agrees that there shall also he added to each monthly payment of principal and interest required here-
<br />under an amount estimated by the Mortgagee to he sufficient to enable the \Mortgagcel to pay, as it N'COmes due, the insurance,
<br />premium on any insurance policy delivered to the Mortgagee. Any deficiency bec�nuse of the insufficiency of such addiliorial pay-
<br />ments shall be forthwith deposited by the Mortgagor with the Mortgagee upon cdernalud by tile Mortgagee. Any default snider this
<br />paragraph shall he deemed a default in the payment of insurance premiums. If the po licy or policies deposited are such :is home'
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<br />owners or all risk' policies, and the deposits are insu(licient to pay the entire premium, the Mortgagee may apply the deposit to
<br />pay premiums on 'risks required to he insured by this mortgage.
<br />Payments made by the AMortgagor under' the above paragraphs may. at the (iption of the AMortgagee, he held b% it and
<br />commingled with other such funds or its own funds for the payment, of such item's, and until so � applied, such paynients are; hereby I
<br />pledged as security for the unpaid balance of the mortgage -inrdebtedness.
<br />To procure; deliver to, and maintain for, the henefit. of the Mortgagee during the life of this mortgage original poli i-ies and
<br />renewals thereof, delivered at least ten hays before the expiration of any such policies, insuring against. fire arirl other iirsurabl
<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 1%4ortgagee,•with loss payable clause in Fa%or of and in form acceptable to the NMortga-
<br />gee. tri the event any policy is not. renewe(l on or before len days of its expiration, the Mortgagee may procure insurance on the
<br />improvements, pay flip premium therefor, and such sum shall become immediately due', and payable with interest at the 'rate set
<br />forth in said note until paid and shall he secured by this mortgage. Failure on the part of the \Mortgagor to furnish such renewal:;
<br />as are herein required or (ailuro to pay any sunrsaohancerl hereunder shall, at. the option of the Mortgagee, cimslituto al rlefatilt
<br />under the terms of this mortgage) The delivery of such policies shall, in the event of default, constitute an assignment of ithe un:
<br />earned premium.,
<br />Any Burns receiver) .by the Mortgagee by reason of'loss:or damage insured against )nay he retained,hy the NN)rtgagee
<br />and applied toward the payment of the dcbi hereby secured; or, at the option of the \iortgagce, such sums either wholly or in
<br />part may be paid over to the Mortgagor to he sowed to repair such buildings or to build new buildings in their place orifor any
<br />other purpose or object satisfucti�ry to the Afortgagee without affecting the lien-nn the 'mortgage for the full amount securi•d here-
<br />fly before such 1myment ever tool: place. i
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<br />To promptly repair, restore or rebuild',in\, buildings or'improvenients,now or hereafter on the premises which niay be-
<br />come damaged. or destroyed; to keep said premis( in gond condition and repair and free from any mechanic's lien or other lion or
<br />claim of lien not texpressly suborcd.inate d to the lien hereof; not to suffer or permit any ulrlawful 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 the property hereby conveyer) shill! hecomi-
<br />less valuable. noir 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 th• 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 ofleminentdomain, or in any other manner, the Mortgagee shall he entitled to -all compensations,
<br />awards, and any `either payment or relief therefor, and shall he entitled, at. its option, to commence, appear in and prosecute in its
<br />own name ,lily% action. or proceeding, or to make iury compromise or settlement in connection with such taking cr *damage. All sued
<br />compensation, a%vards, damages. 'right. of actionanid proceeds are hereby assigneil to the Mortgagee. Nvho m:fy, after deducting
<br />therefrom all its expenses, release :illy moneys so received by it or apply the same'on any indebtedness secured'hereby.'Tdie Mort=
<br />I agor agrees to kecute such further assignments of any compensation, awards;=d:unagv.s. 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 do on the Mortgagor's behalf evi•rythillg
<br />so covenanted; that 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 moneysjpaid 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'.adrditional indebtedness hereby securer) and may he
<br />ain-
<br />cluded in any decree foreclosing this mortgage in(] be paid out. of the rents or proceeds of sale of said premises if not oiherwke
<br />paid; that it shall not. he obligatory upon the Mortgagee to inquire into the validity of ,lily lien, encumhranci•s, or -claim in ad-
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<br />vancing moneys as above authorized, but nothing herein contained shall be construed as requiring the Mortgagee to advance any
<br />moneys for any such purpose nor?to do any let hereunder; and that Mortgagee shall notincur aury personal liability.becausc of any-
<br />thing it may do or omit to (lo hereunder. I
<br />In the event of the rlefatilt by Mortgagor in the payment of any installment, as required by the Note secured 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 securer] hereby clue and payable without notice, and the Mortgagee shall be entitled at its option, without notice, either try 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 rents, issues and *profits
<br />thereof, and apply the same, Icss, 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 securer) heri•bv.
<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; eollecting9 the rents, revenues and income, and it: may payout of said income all expenses incurreol lin rent-
<br />ing and managing the same anuli 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 ailed become null and void upon release of this mortgage.
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