|
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 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 />Tiiat tile* lvlortgagor Nvill pay the indebtedness as hereinbefore 1 . )rovided.
<br />That tile - Mortgagor is the owner of said property in fee simple and has good right and lawful audlority to (Al and
<br />ponvey tile same �Tnd that the same is free and clear of lily lien or encumbrance; and that Nlortgagor will warrant in([ defend the
<br />title to said premises against the claim,, of all persons whomsoever.
<br />To pay immediately when due and payal)le all general taxes, special taxes, special assessments. water charges, sew0l, serV-
<br />ice charges, and other taxoi.s and charges against said PropertY, and all taxes levied oil the debt. secured hereby. * and to furnish the
<br />Alortgagee, upon request, with tile original or (I * uplicate reccipts therefor. The. %Jortgagor agrees that there. shall be added � to
<br />each morithly payment required hereunder or under the evidence Of debt SeCL.iredjivreby ;in aniount, estimatod by the Nlort*,,ague
<br />to Ile sufficient to bnable the iNlortgagee to pay,. as they beconle line, .111 ta X.es.,,.Issessl ne lit S, and similar charges upon the preni-
<br />ises suliject. tlivriAo; lily deficiency because of flip' insufficiency of such additional.paYments shall he forthwitil.d.eposited by the
<br />Nfortgagor with -tile Nlortgagee upon demand I . )y` the Nlortgagee. Any defaul.t Under this paragraph Alall he dev . Toed a default in
<br />payinent of . taxol.�, assessments, or similar charge's required hereunder.
<br />The Nlortgagor agrees that there shall also he added to (,;Tell monthly paynient of principal and interest required herp-
<br />under iiii amount.' estimated by the INIortgagee to be' sufficient to enable the iNforigague to pay, as it becomes (Ili(-' the insurance
<br />prommin oil apy,insurance policy delivered to the' Nilortgagee. An ' N, defici6ne ' v because of tilt, insufficiency of slich additional j).ly-
<br />nients shall be forthwith deposited by the Nlortgilgor wit.1i the '%I()i-tgig(,(,- upon.deniand by the Nlortgag(10. Anv defaidt under t1ii,
<br />paragraph sliall * be ' deenied a default ill tile paylilent. Of insurance premitinis. * IT ill(, polic , v or policies deposited. are such as lionle-
<br />owners or all ris�� policies, and the deposits are inslifficient. to pay tile entire pronli kill), tile 11\1ortgagee Inay apply 014, deposit to
<br />pay pr(Nniums oil risks required to he insured by'this mortgage.
<br />PaYinellts Illade by file Nlorlgagor under the above paragraphs may, id tile option of the Nlortgagee, be-lield hY it and
<br />commingled with other such funds or its own funds for the payment. of such iten)�, and until so applied, -;twh payments are liorebY
<br />pledged as security for the unpaid halance of the mortgage indebtedness,
<br />To procure, deliver to, and maintain for' lit(, henefit. of the Nilortgague during the life (if this mortgage original policies a�llcl
<br />renewals thereof, delivered at. least, ten daYs before,I)w expiration of anY such policies. in.suring against fire and other insurable
<br />liazards,- casualties, and contingencies as the Alortgagee may require, in ;in aniount equal to �tlie indebtedness secured by this
<br />1%lortgage, and in-companips acceptable to Ihe Nfortgague, with Inss payable clause in favor ofand in form neveptable to the %Iortga-
<br />-ee. Ill tile evelA, ally policy is not renewed oil or before ten days of its expiration, the 'Nlortg;
<br />lgee may proctin- insurance oil t he
<br />i ill provenients, Pliy� the premium therefor, and such suni qll;llll bec:)Ille ininlediatek' (IM, and I)ayable with interest at the rate "et
<br />forth in Said note lintil paid and shall he secured IT i N, this mortgage. Failure oil flie part (if the iMortgagor to furnish such rcrw%%"d5
<br />as are herein required or failure to pay any sunis-advanced herelinde.1- sliall, lit tll(, option of tile Alortgageo. constitlite a def.,111TI
<br />under the term,; of this mortgage. The deliverY of such policies shall. ill the vv(16t (if default. rollstittite an ils,4j gTilm n I of the Till -
<br />earned preinitim.
<br />Ali\, sums received by the Nlortgagee bY reason of loss oi- dalliage-Illskired agailist'll-TaY he retained bY Hit' Mmlgagee
<br />and applied toward the payment of the debt
<br />hereby secured, or, lit the option of the i%1ortglq,'0V, SLICII S11111.1 pith0l' wholiv Or in
<br />part may he paill over to the Nlortgagor to be used to repair such buildings or lo build,new building., ill their place Or for any
<br />other purpose o'� object. satisfactory to the %Iortgnvv without affectin" the lien oil the inortgnge for tile full alliount socurell lierv-
<br />by before such pa�F11jent ever tooli IflaCe.
<br />To pr(iftiptl repair, restore or rebilild in.\, buildings Or improvements now or hereafter oil The \%hiclj ina ' v lie-
<br />corne damaged or destro i ved: to k cep said pronlises in good condition and repair "Ind free from :lily nivchanic'�! lien or othQr liell (ir
<br />claim of lien ilo.t' expressly suhordinated to the�livn hert-of; not to suffer or perillit ally unlawful lisp of or allY lillisallce to exist oil
<br />said propertY "nor to permit %vast(! oil said pr(,�lllisys, nor to (to any other act ' �Oiervhy the property liorebY conveved sliall 1)(.(.olllf-
<br />less valuable. nc;r to diminish or impair it., value by illy let Or onii.-;1ion to act: hi coniplY with all requirements' (if law with rospect
<br />to the niortgagqd premises and the use thereof.
<br />That sh(nild the prinilises or anY part ther(.1of he taken or damaged by.rea.-�on of any public improvement or condenination
<br />proceeding. or mider tilt., right of eminent dornain, or in ;in%, other inanner. tile, `,\lortgagee shall lit- entitled to lill.conlpvll�atinns,
<br />awar6s, and any other payment or relief therefor, and shall be entitled, lit, its option. to collillience. appear ill and pro,;(.-cutu in.its
<br />O%vTi nalne ,Illy action or proceeding, or to make any compromise or settlement in connection with such taking or danlage. Afl such
<br />cohipenslition, awards, daniages. right (if action and proceeds are hereby as�igjied to ill(, T\Iortgagev, who niav, after deducting
<br />therefrom all it�,; expenses, release any moneys so received bY it or apply the same oil any indvblednes., secured here1w. 'I'll(, Mort-
<br />gagor agrees to execute such further assignments of any compensation, awards, dinnages, and rights of action and procpvo�ls as the
<br />Nfortgagee may require.
<br />That in case of failure to perform ,lily of tilt, covenants liervin. tile Nlortgagee may do (in the Nlortgagor's behalf ever ' vIh , ing
<br />So covenanted; that the Nlortgagee may also do ally act it Illay deeni necessary to protect the lien thereof: that the '\IOj*tgagOr %vill
<br />repay upon deniand any moneys paid or disbursed by the 1\1ortgagee for any of the above jAirposes. and such nionev� together%vith
<br />interest thereon at. the rate provided in said note shall beconle so much additional indebtedness herebY secured ;in(] may ITT, in-
<br />cluded in any decree foreclosing this mortgage and he paid out of the rents Or proceeds of sale of said 1)1-t'llli SOS it' not 00101-wiSe
<br />paid; that, it sliall not he obligatol-V LlI)Ol1 the IMortgagee to inquire into the validity (if anY lien. encumbrances. or claini in ad-
<br />vancing moneys as above authorized, but. nothing herein contained shall be construed as requiring, the Niortgagev to advance an\
<br />moneys for any.such purpose nor to do ,lily act hereunder; and that IN Tort gagve shall not ificur ,in.\ personal liabilitY becau�4(- of all.\
<br />thing it may (to or ornit to (to hereunder,
<br />In the *vvelit. of the default by i%lortgagor in the payment. of any installment. as required bY the IN"ote s.ccurpd hereby. or
<br />in tile performance of tile obligation in ti , iis mortgage or in the not(! s-ecured thereby, the Nlortgagve shall be entitled to declare the
<br />debt secured hereby (tile and payable without notice, and tile Nlortgagee sliall lie, entitled at its Option, without notice, either by.itsvlf
<br />or fly a receiver to Ile appointed by tile court thereof, and without regard to flie adequacy of any securit.N. for the indebtedness se-
<br />cured hereby. to enter upon and take possessioft of the mortgaged premises, and to collect. and receive the rents. issues in(] 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 li,ereby assigned to the Nlprtgagewas further securitY for -the payment of all hereby.
<br />The Nlortgagee shall have flie power to -appoint, lily agent or agents it may desire for the purpose of repairing said prem-
<br />ises: renting tile same; collecting the rents, rev�enues and income, and it may J)iY OUt Of silid income all expenses incurred in rent-
<br />ing and managing the same. and of collecting tile rentals therefrom. Tile balance remaining. if any, shall he al)plied toward the
<br />discharge of* the mortgage indebtedness. This iiissignillent is, to terminate and�livconle null and void upon release (if this mortgage,
<br />
|