|
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 FROMTIME 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 M ACCORDANCE WITH THE TERMS OF THIS MORTGAGE.
<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 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 />Ti) pay immediately when duo 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 receipts therefor. The \Mortgagor agrees that. there' shall ,be added to
<br />each monthly payment required hereunder or under the evidence of debt secured hereby an amount estimated ))y the 1Mortgagee
<br />to be, sufficient to enable the 14ortgagee 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 shall he forthwith, deposited by the
<br />Mortgagor Nvith the Mortgagee upon demand by the 1Mortgagee. Any default under this paragraph shall be deemed a default in
<br />payment. of .taxes, assessments• fir similar charges' required hereunder.
<br />Thee lfortgagor agrees ihatthere shall also he added to each monthly payment. of principal and interest.required here-
<br />under an amount estimated by the: Mortgagee to be sufficient to enable the 1Mortgagee to pay, as it becomes due, the insurance
<br />premium on any insurance policy deliverer] to the Niortgagee. Any deficiency because of the insufficiency of such additional pay-
<br />ments shall he forthwith deposited by the }Mortgagor %with the N'Mortgagee upon demand by the Mortgagee. Any default under this
<br />paragraph shall he deemed a defaiil�,i.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 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 />Payments. mane by the "Mortgagor under the above paragraphs may, at the option of the Mortgaged„ be 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 unp.dd balance of the mortgage indebtedness.
<br />To procure, deliver to, and maintain for the benefit of the Mortgagee during the life of this mortgage-6riginal policies and
<br />renewals thereof, delivered at least ten clays 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 />Mortgage,'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 renewed on or before ten 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 with interest "at the rate set
<br />forth in said note until paid and shall be secured by this mortgage. Failure on the part. of the Mortgagor to furnish such renewals
<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 event of default, constitute an assignmi•nt. of the un-
<br />earned premium.
<br />Any sums received by`the Mortgagee by reason of loss or damage insured against may he retained .hy the Mortgagee
<br />and applied,toward the payment of the debt hereby secured, or, at the option of the Mortgagee, such sums'either wholly or in
<br />prat may he paid over to the Mortgagor to he used to repair such buildings or to builcl'new buildings in their place or for any
<br />other I,�urpose or object satisfactory to the iNlortgagee without affecting the lien oil the mortgage'for the full amount secured here-
<br />by before -such paymentever took place.
<br />To promptly repair, restore or rebuild any' buildings or improvements now or hereafter on the premises which may be-
<br />come damaged or destroyed: to keep said premises in good condition and repair and free from any mechanic's lienor•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 nor to permit waste on said premises, nor to do any 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 Nvith all requirements of. 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 he entitled t6 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 secure(] 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 in case of failure to perform any of the covenants herein, the Mortgagee may do 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 Mortga{;or will
<br />repay upon demand any moneys paid or disbursed by the Mortgagee for any of the above purlioses, and such moneys together,with.
<br />interest thereon at the rate provided in said note shall become so much additional in(lebtedness hereby secuted and may.he in
<br />clucded 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 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 herein contained shall be construed as requiring the Mortgagee to advance any
<br />moneys for any such purpose nor to do any act. hereunder; and that Mortgagee shall not incur any personal liability because of anv-
<br />thing it may do or omit. to do hereunder.
<br />In the event of the default 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 he entitled to declare the
<br />debt secured hereby due and payable without notice, and the Mortgagee shall be 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 the adequacy of any security for theindebtedness se -
<br />..cured hereby, to enter. upon and take possession of the mortgaged premises, and to collect and receive the rents; is§ues 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 />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 therefroni: The balance remaining, if any, shall be,applied toward the
<br />discharge of the mortgage. indebtedness. This assignment is to terminate and become null 'and void upon release of, this mortgage.'
<br />
|