|
THIS MORTGAGE IS ALSO TO BE AND CONTINUE TO BE, FROM TIME TO TIME, SECURITY FOR THE PAYMENT OF SUCH
<br />SUM OR SUMSOF MONEY AS THE MORTGAGEE MAY FROM TIME 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 IN ACCORDANCE WITH THE TERMS OF THIS MORTGAGE.
<br />THE MORTGAGOR FURTHER COVENANTS AND AGREES:
<br />That the Mortgagor will pay the indebtedness as hereiribefore provided.
<br />Thavth(� Mortgagor is file 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 in(] clear of any lien or enctjmhran�,e; and that 'NIortgagor will warrant and defend tile
<br />title to said liremises against. the claims of all persons whomsoever.
<br />To pay ininiediately when due and payable all general taxes, Special taxes, Special assessments, watercharges, so��werserv-
<br />ice charges, and' other taxes and charges against said property, and all taXeS IeViCd Oil tile dVbt. SMired hereby, and to furnish tile
<br />INIorigagee, upon request. Nvith the original or duplicate receipts therefor. 'I'll(- Mortgagor agrees that there shall he added to
<br />each monthly payment required hereunder or under the evidence of debt secure([ hereby in amountestimated by the INIortgagee.
<br />to bv- sufficient to enable the Nlorigagee to pay, -its thev become due, all taxes, assessments, and similar charges tipon the prem-
<br />ises Subject thereto; ally deficiency hecallse of the insufficiency of such additional payments shall he forthwith deposited by.the
<br />JiMortgagor with- the Mortgagee upon dernand by the Mortgagee. �\ny default under this paragraph sliall be devoted a default in
<br />payment of ta.\vs, assessments, or similar charges required hereunder.
<br />'I'll(- Mortgagor agrees that there sliall also I)v added to each monthly paynient. of principal and interest required here-
<br />under all anjOuntr estimated 1) , v the Nlortgagve to be sufficient to enable the Mortgagee to pay, as it becomes due, the insurance
<br />premium on any insurance policy delivered to the-Morigagee. Any deficiencY because, of the insufficiency of such additional pay-
<br />inents shall he forthwitl ' i deposited by the Mortgagor with Ille 'J\rlortgagee 11I)011 (lemand by the Nlortgagev. Any default under this
<br />paragraph shall ' be deemed a default in the payment of histirance premiums. If the polic ' v or policies deposit.ed ire such as home-
<br />owners or all risk policies, and the deppsits are insufficient. to pay the entire premium, tile Nlortgagee may.11
<br />apply the deposit to
<br />pay premiums oil risks required to be insured by'this mortgage.
<br />Pa , villents made by the Mortgagor under the above paragraphs may, at. the option of the Mortgag6e, be lield by it, and
<br />conlillingled with other such funds or its own fun(Is for the paymefit of such items. in(] until so applied, suclipayments art, herebY
<br />pledged as Security for the unpaid balance of the mortgage indebtedness.
<br />TO prOcure, deliver to, and maintain for the henefit of the INIortgagee,during the life of this mortgage original policit�s and
<br />renewals thereof, delive.red at least ten daYs before the expiration of any stiefiopolicies, insuring against. fire.and other in,; u rable.
<br />hazards, Casualties. and Coll t i ngeneieS 'IS tile jNrjortgagee may require, in in ainount, equal to the indebtedness secured by this
<br />iviortgage, 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 oil or before ten daYs of its expiration, the Nlortgagve may proepre insurance oil the
<br />improvements, pay the premium therefor. and such Stan sliall becon*w immediatel ' v (Iliv and payable with interest. at. the rate';.set
<br />forth in said note until paid and shall be secured 1) 1 v this niortgage..Failure oil the part (if file Nlortgagor to furnish such renewals
<br />-is are herein required or failure to pay any surns advanced hereunder shall. at the option of the Nlortgagee, constitute a default
<br />under the ternis of thiS mortgage. The deliverY Of such I)OliCiVS shall, in the vvi-Ilt of (](,fault, constitute an assignment of the all-
<br />varned premium.
<br />Anv stinis received 1) 1 lortga,ree - reason of loss oi- damage insured against. may be retained by the Nlortgagee
<br />y the N , b
<br />and applied toward the payment (if file debt hereby Secured. or. at the option of the MortgageL.such Stan,., vitherwholly ol in
<br />part ma * N, be paid Over to the Mortgagor to he used to repair such buildings or to build new buildings in their place or for ally
<br />other purl)OSO or object Satisfactory to the Nlortgagve without affecting the lien oil ille mortgage for the full aniount secured here-
<br />bY before Stich payment vv(�r took place.
<br />w
<br />TO promptly repair. restore or rebuild anY buildings or improvements no%\- or hereafter oil fit(, premises which zilay,he-
<br />(70111t, daniaged or destroyed: to keep Said prenlises in goo(Pcondifion and repair and free from any mechanic's lien orother lien or
<br />claim of lien not expressly stihordinated to the lien hereof; not to suffer or pvrnlit any unIa\VfL1I'llS(' of or in ' v nuisance to exist oil
<br />Said property nor to permit wastv oil said premises. nor to (to any other act whereby the property hereby conveyed sliall become
<br />less valuable, nor to diminish or impair its value by any act or omission to let; to complY with all requirements of law with reSpect,
<br />to the mortgaged promises and the its(, thereof.
<br />That s ' hould the premises or anY part thereof lie taken or damaged by reason of any public improvement or condemnation
<br />proceeding. or liader the right of eminent domain, or in any other inanner, the Nlortgagee shall he entitled to all Coil) ponsat i oils,
<br />awards, and any.olher payniviii (ir relief therefor, and shall he entitled. at, its option, to Commence. appear in in(] prosecute in its-
<br />qwn nanie any action or proceeding, or to make any compromise or settlenlol�nt if' connection With such taking or damage. All such
<br />ation, award.q, damages, right of action and proceeds are herehy a ssigned to the Nlortgague. who may. after deducting
<br />eonlpvns�
<br />therefrom all its , expenses, release any moneys so. received bY it. or apply the sqatile Oil any i ndebted ness secured hereby. The
<br />gagor agrees tWexecute such further assigninent.5 of any compensation. awa.rds, damages, and rightsofaction and proceeds as (lie
<br />w1ortgagev may require-.
<br />That in -case of failure to perform any of the covenants herein, the Nlortgagee may do oil the Nlortgag6r's helialf everYthing
<br />so covenanted: that the Mortgagee may also do any act. it, may deem. necessary -to protect the lien thereof:
<br />that the INTortga-tir will
<br />repay upon deinafid my moneys paid or diSlairsed bY the Nlortgagee for any of.the above purposes. and such Intineys together with,
<br />interest. thereon' at the rate provided in said note sliall beconle So much additional indebtedness hereby Secured and may Ile ' in-
<br />cluded ill any decree foreclosing this mortgage and Ile 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 Nlortgagee to inquire into the validity of any lien, encumbrances. or claim in ad-
<br />valicing moneys as above authorized, but nothing hervin contained shall Ile construed as requiring. the iviortgagee to advance any
<br />moneys for any such purpose nor to do any let heretinder: in(] that Nlortgagee.sliall not incur any personal liability because of 111N
<br />thing it may do or ornit to do hereunder.
<br />. In the ovi"11( of the default by Mortgagor in fit(- payment of any installment, as required by the Notesectired hereby, or
<br />in the performance of the obligatio'n in this mortgage or in the note Secured thereby, tile INIortgagee shall be entitled to declare the
<br />debt secured hereby due ,in(] payable without notice, and the Mortgagee shall be entitled at. its option, without notice. vitherby, itself
<br />or by a receiver to be appointed by file court fliereof, and without regard to the adequacy of any security for the indebtedness se -
<br />cared 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 tile same, les.s cost.,; of operation and collection, upon the indebtedness Secured by this mortgage: said rents,
<br />is.sues and piol"its being hereby assigned to the Mortgagee as further sectiritY for the payment of all indebtedness secured hereby.
<br />The Mortgagee sliall have1he power to appoint, any agent or agents it. may desire for the purpose of repairing Said prem-
<br />ises: renting tliv Same: collecting the renis, reventies and income, and it may pay out of Said income aII expenses incurred in rent-
<br />ing and managing the samo and Of coflecting the rentals therefrom. Tho balance remaining. if 1111Y, Shall be applied toward the
<br />discharge (if the mortgage indebtedness. This assignment. is to tennina.te all(] become null and void upon releaseofthis mortgage.
<br />37
<br />
|