|
jr 9,;1
<br />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 REGULATION.S 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 TREPAYMENTS HAD 13EEN MADE.
<br />THE MORTGAGOR FURTHER COVENANTS AND AGREES:
<br />That the,Nlortgagor will pay tile indebtedness as hervinbefore provided.
<br />That the Morlgagor is tile owner of said property in fee simple an(i has good right and lawful autlic.)rit'Y to sell and
<br />convey (it(! same and that the same is free and clear of my lien or encurnbrance: and that Nfortgagor will warrai . it. in(] defend the
<br />title to said premis(N against the claims of all person,, whomsoever.
<br />To pay iliniediately when'due in(] payable all general taxes, special taxes, special assessments, water chirges, SeWerSel"11-
<br />i ' ce charges, and other tax" and charges against said propertY, and all taxes levied oil the debt secured hereby, and to furnish the
<br />Nfortgagee, upon request, Nvith tli�- original or duplicate receipts therefor. The.iNlortgagor agrees that there sliall he added to
<br />each monthly payment, required hi�rotinder or under.the evideince of debt secured hereby all amount estimated by the Nfortgagee
<br />to he Sufficient to onable tile Mortgagee to pay, as,they become (lite, all taxes, assessments. ;in(] Similar charge,
<br />S upon the prem-
<br />ises , subject thereto; any deficien", because of tile insufficiency of such additional payments shall be forthwith deimsited by the
<br />Nfortgagor with th(� Mortgagee ul')oll demand by tile' Mortgagee. Any default under this paragraph Shall he devni'M i default in
<br />PaYint'lit of taxes, ass(�ssinvnts, or similar charges required hereunder.
<br />The INJortgagor agrees tivit there ,;hall also be added to each monthly payment of prinripal and required here-
<br />under in aniount, estimated 1) , v thv�,Mortgagvv to be milicient to vnable the Mortgagee to Pa�'- ;IS it beconles diij% �the insurance
<br />prerniurn oil any insurance policY delivered to the Alortgagee. Any deficiency because of the insufficiency of Such, additional pay-
<br />.1nents ,;hall he forthwith deposited))v the Alortgagor with the Nlortgagee ill alid hv the Niortgagee. Any dvfault unde- this
<br />)on dem,
<br />paragraph shall. be ' devined .1 default it, the payrnent"of insurance premiums. If tl.le policy or policies dvpositvd.�ire slich as home-
<br />owners or ill risk policies, and tile deposits are insufficient. to pay: the entire premium, the IN'lortgagee may applyllie deposit to
<br />pay premiums oil risks required to be insured 1)), this mortgage.-
<br />Paynients...made by the M 5)rtgagor under the above paragraphs may, at. the option of tll(, \Iortgageel h( held by it and
<br />commingledr Nvith o,tli(-r such ftlod,';�or its own fluids for the payment of such items, and until so apl)lied. Such pa�ments are hereby
<br />pl(,dged 'IS SPCurity for the unimid. balance of the mort,,age indebtedness.
<br />To procure, deliver to, and maintain for the beriefit of i lie Nlortgagee during tile life of t his mortgage ori�illal policies and
<br />renewals thereof, delivered at least ten days.before- the expiration of ally slich policies, insuring against. fire:and . oth . vr insurable
<br />hazards, casualties, and contingencies as the Mortgagee may require, in ;in amount. equal to the indebtedness 'secured by this
<br />Mortgage, and in companies acceptablo to tfie Nlortgagee, with loss payable clause in favor of and in form acceptable to the 'NIortga-
<br />,ce. In tile event any policy is not renewed (in or before ten da�,s of its expiration. the Nlortgagee may procure � nsu'ranco oil tile
<br />improvenients, pay tile preinitini t ' herefor, and stich suin shall hecOmO itunlediatelY due and 1j,"Yable Nvith interesi. nt.'the rate set
<br />"it -v. Failure on the part. of the Nlortgaor to furnis�h such rene'Wals
<br />forth in said note until paid and Shall be secured by this mort ,
<br />, n,
<br />.; are hervin required or failure to paN anN Sums advanced hereunder shall. at the option of tbo Nfortg;'lgve, cont�titutv a default
<br />under the terms of this mortgagv. Tho delivery of such policies shall, in the event, of default, constitute an assign , inii'lit of Ihe un.
<br />carried premium.
<br />Any sums received by the Nlortgagee by reason of loss, or damage insured against, may be retained lit, the N-lortgagee
<br />and applied toward the payment of the debt hereby secured, 0,
<br />1�, at tile option of the Nlortgagee, such Sums eidier wholly or in
<br />part may be paid.over to the I'vTortgagor to be used to repair su�h buildings or to build now building-; in their 1)lace or for any,
<br />other purpose or object satisfactory to the Mortgagee without affecting tile lien oil the mortgage for the fill] amolint Secured here -
<br />fly before such *payment ever took. place.
<br />ally
<br />To promptly repair, restore or rebuild , buildings o r improvements no\%, or. hereafter on the premises which mav be-
<br />come damaged or destroyed: to keep said premises in good condition and repair and free from my mechanic's liellorother lien or
<br />claim of lien not expressly subordinated to the lien hereof; riot. to suffer or permit any unlawful use of or an
<br />y ntii.�ance to exist on
<br />said property nor to permit waste oil said premises, nor to do any other act whereby the property hereby conve.11ed . Shall become
<br />less valuable, no�'r to dimini,;h or impair its value by my let or ornis I.";ion to act: to complY with all requirements of )a\v:xvith 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 in)- public improvenien I t or 6ondern'nation
<br />procceding, or under the right of eminent. domain, or in my othev manner, the Mortgagee ,;hall be entitled to I'll compensations,
<br />awards, and my other payment or -relief therefor, and sliall. be entitled, at its option, to commence, appear in and� prosecute in its'
<br />own name any action or proct�eding, 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 Nlorl�agce, \%,)to may,; after deducting
<br />therefrom all its'expenses, release'any moneys so received by it or apply file same on any indebtedness secured liqreby.The Mort-
<br />gagor agrees to execute such further assignments of my compensation, awards, damages, and rights of action and . proceeds as the
<br />Mortgagee may require.
<br />That in case of failure to perforhi any of tile covenant,,;
<br />herein, tile lvlortgagei� may do oil the Alortgagor's I ' whalf ever\thing
<br />so covenanted; that the A/lortgagee ' may also do any let it may deern necessary to protect dit, lien thereof: that ih$�'Mortgagiir will
<br />repay upon demand any moneys paid or disbursed fly the Mortgagee for my of the above pul-pbses, and Such moneys togetherwith
<br />intercit, thereon at the rate provided in said note shall become so: much additional indebtedness hereby secufed and may be in -
<br />chided in anv decree foreclosing tl�is mortgage and be paid out. of, Lite rents or proceeds of salL. of said premises, if . not otherwise
<br />paid; that it shall not be obligatoiy upon the Mortgagee to inquire into the validity of any lien, encumbrancis," or claim in ad -
<br />i -
<br />vancing moneys as above authorized, but nothing herein contained Shall be construed as requiring Ale Nlortgagee' ti).advallc.c my
<br />.moneys for any such purpose nor to do any act hereunder; and that. Mortgagee ,;hall not incur any personal liabilit ! b
<br />thing it may do or omit to do hereunder. !ecause of any -
<br />In tile event of tile default by Mortgagor in the payment'of ;my installment, iis required by the Note se: tj�'
<br />c ed hereby, or
<br />in the performance of the obligation in this mortgage or in the note secured thereby, the INIortgagee'sliall be entitle'dto' declare the
<br />(10A.Se,cure'd hereby due- and payable without notice, and the Mortgagee shall be entitled at its option, without n0iicL.1eithcr by itself
<br />or by a receiver -to be appointed by the court thereof, and withou t: regard to the adequacy of any security for the indebtedness S6 -
<br />..cured hereby, to' enter, upon and tike possession of, the mortgaged premises, and to collect. and receive the rents, iSsue� and -profits
<br />thereof. and apply 'the samL, less �:osts of operation and collectio�. -upon the indebtedness secured by this rnortka�e"; said rents,
<br />issue.,; and profits being hereby assigned to the Nfortgagee as further� security for fit
<br />e payment of all indebtedness secilied hereby. -
<br />The Mortgagee shall have the power'to appoint my agent or agent.,; it -may desire for the purpose of repairing said prem-
<br />ises; renting the same; to Ilecting the rents. revenues and income, and it may pay out of ,;aid income all expenses incurried in rent-
<br />ing and managing the' same and of collecting the rentals therefrorn: The li'alance remaining, if any, Shall lie it I )plied,toward the
<br />dis'chaige' of the mortgage indebt(;dness. This assignment is to terminate and become null and void upon release of this mortgage.
<br />7'
<br />
|