|
0-10816
<br />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, A I ND
<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 FURTHE R COVENANTS AND AGREES:
<br />'I'liat tile Afortgagor will pay the indebtedness as liereinbefore provided,
<br />'I'liat,,the Xlortgagor is the owner of said property in fee simple and has good right and lawful authoritv to Sell and
<br />coflvov the same and that tit(, sarne is free and clear of any lien or encumbrance: and that Nfortgagor will warrant and defend tile
<br />tilIv to Said premises against the clainis of all lrf�rsons whounstiever.
<br />'Fo pay ininiediatelv Nvilell (hit, zind payable all general ;taxus, special taxes, special assessments. sewer scrv-
<br />ict, charges. and other taxes and chargv� against said propLON1, and all tam'S IeViVd Oil tit(' d('bU.1;VCLJred liereby.'and to furnish tho
<br />i%lortgagee, upon �vqtjest, with the origin'al or duplicate receipts therefor. 'I'lie Alortgagor agrees that there_sliall Iw
<br />nIoIltIIIN payment required hereunder or under ill(, evidence of deht sectired herebY ;sit amount "tiniated 1) ' v t1w Nlortgagve
<br />to be , sufficient t , o enable the Nlortgagve to pay. ."Is they beco"10 (hit', 111 tnxes; assessments, and similar charge, upoll tilt, prom -
<br />i ses slibject. thereto; Iny d0fiCiVIIVY heC.1LIsP Of tilt! insufficiency of such ilddifiolill IMynients shall he forthwiti 1 1. deposited by tilt-
<br />%fortgagor with. -the Nlortgagev upon dejunno 1) ' v the INIortgagce. An ' v default 'under tlii,, paragraph sliall he (I'venled .1 defallif in
<br />payment of f;lxes, asses.-mielits. oi- similar charges requirvd heremider.
<br />'I'lle Nlortgagor agrees that there sliall also he added to pach Ilionthly payment of' principal and interest rt-quired li(!r(,-
<br />under. all aniount.eStilMited bY the Alorfgmgee to Iwslifficient to enable the Nlortgageo to pay. ';is it fit'ie, tit(. jnst�ranco
<br />premium (ill an.y.itistirance policY delivured to the,Alortgagve, Any deficiencY becallse of tile ili'mificiencY of such additional 1) av-
<br />Inents sliall be forthwith depo.site(l I)v tile �\Iort"�Jgor with t1w Nlortgagee upon dellmild b%7 tile. Nlortgagee. Anv default under this
<br />paragraph shall lie,deOlned a default in tit(- pa.11.11,rit of insurmice prein it] Ills. If -the polivY or policies dcpo�ziteql nry slj(�Il as lionle-
<br />owners or all risk policie.�, and tile deposits are insufficient to paN, the entire prernitifil. tit(, �%Iorhlagee may apply fliv deposit to
<br />pay 15rernitinis o q.risks required to he insured bN1 I'his mortgage.
<br />PaYnIon!"; Inade by tile Nlorigagor under ' the paragraphs Iflay. at the option of the '\Ior1gagev,- b,� held bN. it 'ind
<br />commingled with other such funds or its own funds for the payllit-lif of such iten'S. Mid Until so41PPIi0d, slich payments ;ire jlf,rvbY
<br />pledged as secdrit.N for the unpaid balance of tit Illortgage indebtedness.
<br />'I'o procilre, deliver to, ;Ili(] maintain for 4he henefif of tit(- lNlortgagee (IIII-ing tit(' life (it this Illortgage original policios :)11(1
<br />renewal,; thered. deliv(-rcd at least tell daY.-i bef(irf'. tilt, expiration of :Illy slivIl policies. insurii;g ngainst fire and other insurallk.
<br />liazards,. casualt.ies, art(] contingencies I,; tit(- Nfortgagee may require, Ili an I . mount equal to the ill(lel)tecilless secured fly tlii,�;
<br />'\Iort, ti ! With loss I),IyZIbIV CIMISe in favor of anfl ill form acceptable to tit(. Njortgn-
<br />fit(] in companies ac(,ept�jbj(� to If
<br />get,. Ili Jlj(, event.anN, policY is riot renewed on or hi -fore ten daYs of its (�xpiration. tit(, Alodgiigve may procure insiminceoll 'the
<br />improvements, pay' the premium therefor. and Mich still) shall becmile immediately (11W -M'd \%'ill' ink-ro-st at ill(- ratf, s, -t
<br />forth in said riot(- until paid and sillill b(- socurt- , of Im, this mortgage. Failure (;It Ilw part. of Iliv i%lortgagor to furnisil -;uch rvnf-%\�;ds
<br />,is are herein required or failure to pay any stillis advanced herounder shall, it H10 of)tion of tit(, %lortgaget% c'misti tilte :1 (it.f.,Ixllt
<br />under tilt, fernis of this mortgage. 'I'll(, (14-livi-rY f)f such policie.,� sluill, in the i'vent of dofalilt. constitute an as.,igillilvilt of III,- till-
<br />ent-ned prernitup.
<br />Ali sur.ns received hY tilt, ',\,Ior(g�jgj,, I)Y reasoll of loss or damage iiisured against Illay he relained bY the %Iort!:;I� .
<br />and applied toward tit(, pa i vnient o , f tjj(� debt liercl) ' v --wcured. or. at the Option of tile Silell stims eit1wr wholiv or'm
<br />part nia ' v he pai( ' I over to the 1\1origagor to he used to repair such huildings of- to huild,now huildilig., in tht-Jr placc of f . ()I- ,IIIN
<br />other purpose or object satisfnctor.v to tit(- INlortgaget, witilolit ;Iffiq-ting tit(, lien on tilt. mortgage fortiv. full aillount scrurt-d here.
<br />bY before such payment ever took placo.
<br />'I'o promptly repair, restore or rebuild ;Ili * v Imildings.or improvements no%%, or hi-reafter oil tho prejjji�(�s N%.Ili(,Il 111�1%. iw-
<br />conit, dainaged or destro , ved: to hvep Said proillises it, izood condition and repair ;Ili(] Irce front ;111N, Ineclialli(.'s lien orot:-,(,r hun:or
<br />Claim of liell riot exim.'ssly stihordinated to the lien livroof: not tosuffvr or permit any unlawful use Of or aliN. lluisnlice to
<br />said
<br />property nor to permit wasto of] said pronlises. nor to do Ill f other act fit(- propertv herebv conveved shall Im-coila,
<br />less valliable' nor to diminish or impair its by any act. or ornission (o act: foxonlplv with all requirt,inenk, of'law %vitil respiq-t,
<br />to tit(- niortgage!Ppremises and tit(- if.,(- thereof.
<br />'Phat shopld the premisos or ;Ili.%, part thoreof he talwn or dalliaged b\1 I'(1ZISOII Of any public improvement or condemnation
<br />proceeding, or fill * �Ier tilt, right (if eminent domain, or in anN, other mainwr, tit(, !jNjortg;jgp(, shall hp entitled to '114 compens"It.ions.
<br />awaids, Mid any'i)tlier payment or rf�lief therefor, -and sliall be entitled. at. its option, to co rill" Ien Ce , ;II)I)var in and pro-wcutc in its
<br />O%vI1 liatile any �Jction or J)"Oev0diti— or to make any compromisf, or settlement ]-it colIII(_q:(ioII \Nitil sn(-II t,,1king, or daninge. A]I ,mcll
<br />cimipensation. aNN; ards, darnages. right (if action 'and proeeeds. are hereby a.,;SignCd to Ilie Nlortgagee. Who may. aftvi- ded m-1 i I),,,
<br />therefrom all it�s,expvnses, relvase any nioneys so r;-ceived hy it or apply the sainl.e "ll �111N' iIIfl('htVdIIesS sPcIlrPff
<br />gagor agrees to' exectite such further as"ignments of anN, compensation. aw:11-fis. (1,1111ages, mid rights of nctioll and proceeds ;).� the
<br />,Nlortgage(- In# -requirot
<br />'Fliat ill.case of failure tit perform ,III.\, of tile covenants herein. tilt- ATON79-19Ct' JiMy (10 ()If the Nlortgagor*.�; 1)(41all evervi[hing
<br />so covenzinted: If ' lat the IN'lortgagee Inay also (to any act, it nMv decIll nect's.,ary fit J)"Olect the ]it -11 thereof: Hurt 'the i%lortgago'r �k,ill
<br />repay upon denij.1nd ally Inolleys paid or dishursed bv tile iNlortgagev for "111N, Of *tit(, above purposes, and snell riIojjo,%1, together with
<br />interest thereon. at. t.lie rate provided in said note slmll bVCMII0 so lllll(!Il "(1ditiOn,"I in( . 10I)tvdiless livreb ' v svcjjr(�(l incl nInv he in -
<br />Chided in ariv decrec, foreclosing this mortgage aild be paid out. of the rents or , . 't h(
<br />, . . I proceeds of of said premisys if not o -rwise
<br />paid; that. it shall riot he obligatory Upon the to in(Illire into file N,,Ili(lil.v Of '11IN, li(-n. enCIII'llbrallres. or clailil in 1(1-
<br />vancing moneys.as above authorized, but nothing herein contained shall be construed as 1-(�(Itjiring tit(, i\lortgag'ce to advance
<br />moneys for lily such purpose nor to (to Ili%, act.-herounder; and that 1%Ior(g,1gvv shall not inctir any porsonal liabilitv lwcall,�(� of anv-
<br />filing it. may do or ornit to do hereurider.
<br />In the.event of the dt�falllt 1) ' N' 11,rfortgngor ill fill, pnyllIent Of Illy installment. a.,� required Ilk, fliv Note secured jjf,r(,j)N% or
<br />in tit(- performance of the obligation in this mortgage or in tile ]lot(' secured thereby, the \Iortg;i ce , - ("Ititled to declar'.
<br />9 sll;lll h( e the
<br />debt SeCUred hereby due and I)ayable Without notice, and the iWortgagee sliall he entitled at its option, Nvilliont Ilotice, either by itself
<br />or by ,I receiver to be appointed by fill! court fliereof. and without regard to tile Id(?fjtMcy Of Illy security for (it(, st.-
<br />cured hereby. to onter upon and take possession of the mortgaged prenli.ws, and to collect. and receive th,e 1`0114S. isslies ']it(] profifs
<br />thereof, and apply the sarne., less Costs of operation and collection. upon tit(' indebtediwss secured IIN, thiS mortg,"ge; said rents,
<br />issues and profits being liereliv assigned to the Nlortgageo ,I.,; further securitY for the paynic"Int of all iudelitedness secured lierehv.
<br />The Nlortgagep sliall have.the power to nI)I)oijIt 1113r agent or agents it may de.4iry for tile purpo,;e of repairing said preni-
<br />iscs; renting tit(! ',;arne; collecting the rents. revenues and income. in(] it IiliN1 pIy ont of sai(I'inconiv all expenses incurred in rent-
<br />ing fit(] unanagin.- tire sarne and' of co�lvcting tit(, rentals therefrom. 'Flit! balance remaining, if "IN, - SIInII be �11)plivd toward the
<br />di.scharge of the mortgage ind(lbtedriess, 'I'llis assignment is to ter-Jilinate and become null "nd void upon releasv (if 1hismoitgage.
<br />
|