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010120
<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% O� 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 tile INIortgagor will pay tile indebtedness as liereinhefore provided.
<br />That the Mortgagor is tile owner of said property in fee silliple an(i ll,,Is go,(l right and lawful aut . flority to sell and
<br />conVeY tile same and th,"t tile same is free and clear of illy lien or encumbrance; and that, Nlo'rtgagor will warrant and defend the
<br />title to said premises against the claims of all persons Whomsoever.
<br />'I'o pay immediately whell (file anoi ),'Yable all general taxes, sp(�ciaj taxes, sI)ecial iss,ssillents. watercha . rges, sewer serv-
<br />ice charges, and other taxes and charges against s,,Ii(l property, and all taxes levied On tile debt. secured hereby. all(] to furnish the
<br />Nfortgagev, upoll rtqjjjegt, %vith t.he original or duplicate receipts therefor. The iNfortgagor agre" that there �hall be added to
<br />e,'Icll monthly 1myrnent, required 'hereunder or under the evidence Of debt secured'hereby ,In aniount. estimated fly tile Mortgagee
<br />to be sufficielit. to enable the NIPrigagee to pay, as they become due, all taxes. assess,11,11t,. u(I ;imila
<br />r charges nboll tile prem-
<br />iSel; subject thereto; illy def'C'ell&Y beCIIIISe of tile inSUffiCiellev of such additional I)ayments shall be forthwithIdeposite(l by tile
<br />Xfortgagor wit), tile Mortgagee twon demand by tile Mortgagee. Any default. under this paragraph shall be depmed a default in
<br />payment of taxes, assessil-lit.,;, or similar charges required hereunder.
<br />The Mortgagor agrees t flat. there shall also he "Idded to each monthly payinelit of principal and ijljo�rt�st required here-
<br />under in aniount estilliat,(I 1w the Mortgagee to be sufficient to ellable fit(! iNfortgagee to pay, as it beeomes due, tile insurance
<br />prernium oil any insurance poliCY delivered to the:Mortgagee. Any (leflci`ucy bec,"I'SO Of ill(' i list, ffici ency of sticjl additional pay-
<br />ments shall be forthwith depo,,,ited by the Nfortgagor with tile Mortgagee upon flemazid by file Nlortgagee. Any �lefalllt under this
<br />paragraph vball be deenied a default in the PaYllu-'rit Of insurance premiums. If file imlicy orpOlici-dvimsited presuch as honle-
<br />owners ror all risk policies, all(I tfle� (jej)osits are insufficient. to )),Iy tile entire premium, the Mortgagee nlay applv tile (1,I)osit to
<br />pay pre'llit'llis oil risks require(I t -o be insurvd 1*1 this mortgage..
<br />Payments made by the Xfortgagor under fit(! above paragraphs may, at tile option Of tile NIortg
<br />Commingled % agee, lle'lleld by it and
<br />vith other such funds or its own funds for the P11YInent Of such items, and until so appli6d, such pay'ril,ents are herobv
<br />Pledged as security for the unpaid b,"lance Of the mortgage indebte(bless.
<br />To procure, deliver to, and maintain for tile benefit Of tile 'Nlortgagee dur'ing tile life of this mortgage original policies all(I
<br />renewals thereof, delivered at least ton da ' vs before tile expiration of any such policies, insuring against. Nre add other insurable
<br />hazards '. casualties, and contingencies as the Mortgagee may require. in all aniount, equal to tile indebtednessi secure(] by this
<br />Nlortga
<br />ge, and ill comparlies acceptable to ill(! Nfortgagee, with loss Payable clause in favor of and. ill form acceptable to tile Mortga-
<br />gee. In the event III,,, policy is lot. renewed oil or before ten days Of its expiration, file Nlorigagee may procurdinsuranceon the
<br />improvements, pay tile Premium therefor, all(I such still' sh,"ll becOule illunedirttelN clue and payable with interest. at. the rate set
<br />forth in said note Itiltil p,,Ii(I and sliall be secured by this mortgage. Failure oil the part, of ill(.. Mortgagor to furnish Such renewals
<br />as are herein required or failure fo I)ay any sums advanced hereunder shall. at tile OPtion Of the Mortgagee, constitute a (jefault.
<br />under the terms of -this mortgage.-I'he delivery of such policies shtill, in tile event. of default', Constitute an assignment of ill(, tin -
<br />earned prorniurn.
<br />Any sums received by the Mortgagee by reason of los�.,; or damage insured against rmw be retained i)y' Il'ie Nlortgagee
<br />and am)lierl toward tile paymeni of the debt. hereby secured, or, at the OPtioll Of tile Mortgagee, such sums eitherwholly or in
<br />part. may be 1),aid over to the Mortgagor to be Ilse(] to repair such buildings or to builcl nV buildings in their Wace or for lily
<br />other purpose or object satisfaculry to the IN'Tortgagee without, affecting tile lie" ()It tile mortgage for the full am(nint secured here-
<br />by before such 1mynient, ever took place.
<br />To promptly repair. restore or rebuild any buildings or improvements now or hereafter oil tile premi.4es which may be -
<br />conic damaged or destroyed; to keel) said premises in good coll(lition and repair an(l free from any mech,allic's li . e, 11 or"other lien or
<br />claim of lien not expressly subordinated to tile lien hereof; not to stiffer or permit ;lily unlawful Ilse Of or lily nuisance to exist on
<br />said property nor to permit waste on said premises, nor to do my other let whereby the property hereby coliv&yed sl . mll become
<br />less valuable, n6r to diminish or impair its value by ally aet or omission to let; . to coIIIPlv with all requirements of . law with respect
<br />to the mortgage(] premises an(I file Ilse thereof.
<br />That should the premis" or illy part. the reof be take it or damaged by reason of any Imblic improvement or condemnation
<br />proceeding, or under the right of eminent domain, or in any other manner, tile Mortgagee sball be entille(I to Ill compensations,
<br />awards, and any' other payment or relief therefor, and shall be entitled, at its option, to commence, appear in and prosecute in iLs
<br />own name any action or proceeding, or to make any compromise or settlement in connection with such taking oij f I lamage. All such
<br />compensation, awards, damages, right of action and procceds are hereby assigned to the INIortgagee, who may, after deducting
<br />therefrom all i6; expenses, release my 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 ally compensation, awards, damages, all(] rights of action aq . (I I)roceeds as the
<br />MoHgagee may require.
<br />That in case of failure to perform any of tile covenants herein. the Mortgagee may'd() on'the Nlortgagor's�bebalf everything
<br />covenanted; that tile Mortgagee may also do my act it may deem. necessary to protect tile lien thereof: that tile Nfolrtgago'r will
<br />repay upon demand any moneys paid or disbursed by tile Mortgagee for any of the above purposes, and such monevs together with
<br />interest thereon at the rate provided in said note s-h,,*ilI become so much arlditional indeh'tedness hereby secured and may be in-
<br />cluded in any decree, foreclosing this mortgage and,be paid out of file- rents or proceeds Of sale of said liremises' if not ofiler-wise
<br />paid; that it shall not be obligatory upon the M 0 rtgagee to inquire into the vaii(lity Of alp,1 lien, encumbrance's, or claim in ad-
<br />vancfng moneys as above authoriz'ed, but nothing herein contained shall be construed a,; requiring the Mortghg", to advance ally
<br />moneys.for any such purpose norio do any -let hereunder; and that Mortgagee sliall not incur any personal liability because Of ally -
<br />thing it may do or omit to do hereunder.
<br />In the event of the default fly Nlortgagor in the payment of any -installment, as required by the Note secured hereby. or
<br />in the performaneu Of the omigation in this mortgage or in tile note secured thereby, tile Mortgagee shall be entitle(l to declare the*
<br />debt secured hereb able without notice, a,(I the Mortgagee shall be entitled at its option, without lloti�6, either by itse f
<br />y due and pay
<br />or by a receiver to be appointed by, ill(! court. thereof, and withou t regard to the adequacy of any' security for thf" indebtedness se-
<br />'curef.1 hereby. to enter upon and take I)Ossession of tile mortgagect premises, all(I to collect'and receive the rents,'issucs 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 in(] I)rofib; being It . creby assigned to the Mortgagee as further security for tile j)ayment of all illdebtedness se6ireri hereby.
<br />The Mortgagee shall have the power to api)Oint lily agent -or agents it may desire for the purpose Of rep . airing said prem-
<br />ises; renting (lie same; collecting 'tile rents, revenues and income, au(I it may pay out of s,-Ii(l income all expenses, incurred in rent-
<br />ifig -and managing the same and'of collecting the rentals theref rom. The balance remaining, if any, shall be applied toward tile
<br />discharge of tile. .; mortgage indebte'diiess. This assignment is to terminate and become mill and vbid ulion release'of this mortgage.
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