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THE MORTGAGOR FURTHER COVENANTS AND AGREES: -- ..
<br />That the Mortgagor will pay the indebtedness as hereinbefore pr~~ ~, i; ` * m v
<br />That-tFre.-f4fortgsgor is the owner of .said property -in fee simple and has good- right and lawful authority to sell and
<br />comev the same and that the same is free acid clear of any lien or-encumbrance; and fhat Iviartgagor will -warrant and- defend the- --
<br />title to said premises against the claims of all persnns whomsoever. -
<br />To pay immediately when due and payable all general taxes;.special taxes, special assessments, water charges, sewer serv-
<br />ice charges, and ot}^xr taxes and chaigea-against said property, and- all -taxes levied on Lhe debt secured hereby, and to furnish-the
<br />Mortgagee, upon. request;-with the-original or dupiica#e receipts therefor. The Mortgagor agrees that there shall he added fo
<br />each monthly payment required hereunder or under the evidence of debt secured hereby an amount estimated by the Mortgagee
<br />~ to be sufficient to enable the Mortgagee to pay, as they become due, all taxes, assessments, and similar charges upvn the prem-
<br />~t ises subject-thereto; anY deficiency because of the insutciency of such additional payments shall he forthr}•ith deposited. by the
<br />Mortgagor with-:the ItilotEgagee upon demand by the Mortgagee. Any iiefautt under this paragraph shall-be deemed a default_in _ ,
<br />~ :payment of taxes, assessments, nr-similar charges required hereunder.
<br />..'~`a The Mortgagor agrees that There shall also be added to each mcnthty payment of principal and interest acquired here-
<br />under an amount estimated-by the Mortgagee to be sufficient to enable the Mortgagee to pay, as it becomes due, the insurance
<br />premium nn any insurance policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay-
<br />ffj menu shall be forthwith deposited by the Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
<br />P`~ paragraph shall he deemed a default in the payment of insurance premiums. Tf the pulley or policies depouited are such as Home-
<br />owners or all risk policies, grid the deposits are insut6cient tv pay the entire premium, the Mortgagee may apply the deposit to
<br />pay premiums on risks required to be insured by this mortgage.
<br />Payments made Hy the Mortgagor under the above paragraphs may. at the option of Ehe Mortgagee, be held-hy ii and
<br />commingled with other such funds yr its own funds for the payment of such items, and until so applied, such payments are hereby
<br />pledged as security for the unpaid balance of the mortgage indebtedness.
<br />To procure, deliver to, and maintain for the benefit of the Mortgagee during the life of this mortgage original policies and
<br />renewals thereof, delivered at least ten days before the expiration of any suet, policies, insuring against firr_ and other insurable
<br />hazards, casualties, and rnntingencies as the Mortgagee may require, in an amount equal to the indebtedness secured by this
<br />Mortgage, and in companies acceptable to the Mortgagee, with los.: payable clause in favor of and in fvrm acceptable to the Mortga-
<br />gee. In the event any policy is not renewed on or Fx;fore ten days of its expiration, the Mortgagee may procure insurance on the
<br />improvements. pay Lhe premium th^refvr, and such sum shall became immediately due and payable with interest at the rate set
<br />forth in said note until paid and shall he secured by this mortgage. Failure on the part of the. Mortgagor to Furnish such renewals
<br />as era herein required or failure to pay any sums advanced hereunder shalt. at the option of the Mortgagee, consti^~-`- a rlefavlt
<br />under Lhe terms o[ this mvr*-gage. The delivery-of such poiicie~ shall, to fhe event of default. constitute an assignment of the un-
<br />earned premium.
<br />Any sums received by the Mortgagee by reason of loss or damage insured against may tin retained by the Mortgagee
<br />and applied toward the payment of the debt hereby secured, or, at the option of the Mortgagee, such sums either wholly or in
<br />part may be paid over to the Mortgagor to be used to repair such buildings or to build'new buildings in their Place or far any
<br />other purpose or object satisfactory to the Mortgagee without affecting the lien nn the mortgage for the full amount secured here-
<br />by before such payment ever took place.
<br />To promptly repair, restore ur rebuild any buildings or improvements now or hereafter on the premises which may be-
<br />come damaged or destroyed; to keep said premises in good condition and repair and tree from any mechanic's lien or other lien or
<br />claim of lien not expressly subordinated to the lien hereof; not to softer or permit any unlawful use of o,- any nuisance to exist on
<br />said property oar tv permit waste on said premises, nor to du any other act whe,-eby the prolerty hereby conveyed site!! became
<br />less valuable, nor to diminish or impair its value by any act yr omission to act: to comply with alt requirements of law with respect
<br />to the mortgaged premises and the use thereof.
<br />That should the premises or any Part therev(be taken ur damaged Hy reason of any pubic impaovement or condemnation
<br />proceeding, or under the right of eminent domain, ur in any other manner, the Mortgagee sk:all be entitled to all compensations.
<br />awards, and any other payment or relief therefor, and shall be entitled, at its option, to commence, appear in and prosecute in its
<br />own name any aciron or proceeding, or to make any compromise or settlement in connection with such taking yr damage. Atl such
<br />compensation, awards, damages, right of action and proceeds are hereby assigned fo the Mortgagee, who may, after deducting
<br />therefrom all its expenses, release any moneys so received by it ur apply the same on any indebtedness secured hereby. The Mort-
<br />gagor agrees to execute such further assignments of any compensation, awards, damages, and rights of action and proceeds as the
<br />Mortgagee may require.
<br />That in case of failure to perform any of the covenants herein- the `.vlorteagee may do on the Mortgagor's behalf everything
<br />so covenanted; that the Mortgagee may also do any act it may deem necessary to protect the lien thereof; that the Mortgagor will „a
<br />repay upon demand any moneys paid or disbursed by the Mortgagee fur any o[ the above purposes, and such moneys together with '3-`
<br />interest thereon at the rate provided in said note shall became sv much additional indebtedness hereby secured and may be in-
<br />-eluded in any decree foreclosing this mortgage and he paid out of the rents or proceeds of sate of said premises if not otherwise aws
<br />paid;-that it shall-not be ubiigstory upon the Mortgagee to inquire iota the validity of any lien, encumbrances, yr alnico in ad->'+^v
<br />vancing moneys as above authorized, but nothing herein contarued shall be construed as requiring the Mongage~r r„ ad~aner- any ',
<br />moeteya for any such purpose nor to do any act hereunder; and that Mortgagee shall oat incur any pe rsvna; liabi{ity tx•cause of any- -'
<br />thing it may do or omit to do hereunder. - -
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<br />In the event of the default by Mortgagor in the payment of any installment, as required ity the Nofe secured hereby. or r"L}
<br />in the perfnrmsnce of the obligation in this-mortgage or [n the note secured thereby, the Mortgagee shall be entiHPd to declare-the _.
<br />debt secured "Hereby due and .payable without notice, and the. Mortgagee shall be entitled at its option, without notice, either by it-vela
<br />or by a receiver to be appointed by the court thereof, and without regard io the adequacy o£ any security for the imlehtedness se-
<br />cured--hereby, to_enter upon and. take pas§ession of the mortgaged premises, and to collect and receive the rents, issues.and profits
<br />thereof, and appfY: ~ same.-.less costs at. operation-and- rollection, upon the indebtedness secured by this -mortgage;. said rents,
<br />- ~ issues attd pro8fa tieing_hereby assigned to t}pe-Mortgagee as further security fat' the payment of-all indebtedness secured Hereby. -
<br />THe Mortgagee shall have the pdwer to appoint any agent or agents it may desire for the purpose of repairing said Prem-
<br />ices; renting the same; wl4ectin$ the rents. revenues and income, and it may. pay out of said income e!1 expenses incurred in rent-
<br />ing and managing the name and of collecting the rentals there€mm. The balance remaining. if any. shall be applied toward the
<br />discharge of Lhe mortgage. indebtedness. This assignment is to.terminate and become null and void open release of this mortgage.
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