|
TI•fE MORTGAGOR FLJRTIIER COVENANTS AND AGREES:
<br />That the Mort a or will x. 3a
<br />g g pay the indebtedness as hereinhefore providel~rlt~; y#" C' ~ ~_
<br />ThattheIv[aztgagar is the dwner of said property in fee simple and has good right and lawful authority to sell and
<br />~° convey the same and thattha same is free and-clear a€ any lien or encumbrance; and that Mnrtgagor will warrant and defend the
<br />IS title to said premises agsittst tft~ cfaims of all persons whc*manever.
<br />Ta pay immediately when due and payable alt general !axes, special taxes. special assessments, water charges, sewer serv-
<br />ice charges; and-other taxes ar<~ ~ -sgai~,t said party,-sad all taxes levied an the debt secured hereby. and to furnish the
<br />Mortgagee, ~ upon.- request, with the orfginaf or dupliaafe receipts therefor. The Mortgagor agrees that there shall be added to
<br />each monthly payment required hereunder or under the evidence of debt, secured hereby an amount estimated by the Mortgagee
<br />to be sut$eient to enable the Mortgagee to nay, as trey become due, all taxes. assessments, and similar charges upon the prem-
<br />ises subject thereto,- any deficiency because of the insufficiency of Such additional payments shat( be forthwith deposited, hy_the
<br />Mortgagee cvitb~the Mortga~xe open demand By' the Mortgage e. Any default under this paragraph shall be deemed a default in
<br />payment of taxes, assessments, nr similar charges required hereunder. -
<br />The Mortgagor agrees that there shall also i e added to each monthly payment of principal and interest required here-
<br />under an amount estimated by the Mortgagee to be sufficient to enable the Mortgagee #o pay, as it becomes due, the insurance
<br />pmmium nn any rnsuranee policy delivered to the Mortgagee. Any deficiency Because of the insufficiency of such additional.pay-
<br />"'~ ,.menu shall 6e Eorthw~th dep~ited by Ehe Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this
<br />~ paragraph shall be deemed a default in the papmer.! of insurance premiums. If the policy or policies deposited are such.as hime-
<br />-o owners or alt risk policies, and the deposits are insufficient to pay the entire premium, the Dortgagee may apply the deposit to
<br />pay premiums nn risks required to be insured by this mortgage-
<br />~ Payments made By the Rortgagor under the above paragraphs may, at the aption of the Mortgagee, be held by it and
<br />h rnmmingled with other such Eunds ar its own funds for the payment of such items, and until so applied, such payments are hereby
<br />pledged as secu city for the unpaid balance of the mnrfgage indebtedness.
<br />To procure, deliver to, and maintain for the Benefit of the Mortgagee during the IHe of this mortgage original policies and
<br />renewals thereof, delivered at least ten days Imfore the expiration of any such policies, insuring against fire and other insuwBle
<br />hazards, casualties, and contingencies as the Mortgagee may require, in an amount equal to the indebtedne~ secured by this
<br />hivrtgage, sod in companies aeceptabie to the Mortgagee, with foss payable clause in favor of and in form acceptable to the Mortga-
<br />gee. In the event any policy is not renewed un or before ten days of its expiration, the Mortgagee tray procure insurance on the
<br />improvements, gay the premium therefor, and such sum shalt became immediately due and payable with interest at the rate set
<br />forth in said note until paid and shall be secured by this mortgage. Failure on the part of the Mortgagor to furnish such renewals
<br />as are herein required ar failure to pay any sums advanced hereunder shalt, at the option of the Mortgagee. constitute a default
<br />under the terms of this mortgage. The delivery of such policies shall, in the event of default, constitute an assignmen# of the un-
<br />earned premium.
<br />Any sums received By the Mortgagee by reason of loss or damage in=cared agains' may be retained by •`~~ Aortgagee
<br />and applied inward the payment a( ?he debt hereby secured. or, at the option of the ILfortgagee, such sums eithee wholly or in
<br />part may be paid over .o the Mortgagor to tee used to repair such building=_- or to build new buildings in their place or for any
<br />other purpose or object satisfactory to the Mortgagee without affeMing the hen nn the mortgage for the full amount secured here-
<br />by Before such pavmert ever took place.
<br />To promptly repair, restate car rebuild any buildings or improvements now car hereafter on fhe premises which may be-
<br />come damaged or destroyed: to keep said premises in good condition and repair and free from any mechanic's lien or other lien or
<br />claim of lien not expressly subordinated to the lien hereof; not to suffer or permit any unlawful use of or any nuisance to exist on
<br />said property nor to permit waste nn said premises, nor to do any other act whereby the property hereby conveyed shall Become
<br />teas valuable, nor La diminish or impair its value by any act or omission to act. io comply with ail requirements of law with respect
<br />to the mortgaged premises and the use thereof.
<br />That should the premises or any part thereof be taken err damaged hp reason of any- public improvement or condemnaLian
<br />proceeding, or under the right of emenent dcsmain. or in any ester manner. the Mortgagee shall be entitled to all cumpensatioas,
<br />awards, and any other payment or relief therefor, and shall be entitled, aF its aption, to commence, appear in and prosecute m its
<br />avm name any action or proceeding, or to make any compromise ar settlement in connec{ion with such taking u; damage. All such
<br />compensation, awards, damages, right of action and ptnceeds are hereby assigned to the Mortgagee, who may, after deducting
<br />therefrom ail its expenses, release any moneys so received By St car apply the same can any indebtedness secured hereby. The Mort-
<br />gagor agrees to ezeeute such further assignments of any compensation. awards, damages. and rights of atticn and proceeds as the
<br />Mortgagee may require.
<br />That in rase of failure to perform any of the tovenant~ herein, the Mortgagee may do nn 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
<br />repay upon demand any moneys paid or disbursed By the Mortgagee for any of the above purposes, and such moneys together with @
<br />interest therein ai the rate prcvtded in said note shat) became so much additional indebtedness hereby secured and may he in- ,'~".,--
<br />ciuded in any decree foreclosing this mortgage and he paid out of the rents or uraceeds or sale of said premises if not otherwise ~^°~
<br />paid; that it shall not be obtigafory upon the 'Mortgagee to inquire into the validity of an}~ lien, encumbrances, or claim in ad- p:.r
<br />vatteang moneys as above authorized, but nothing herein contained shalt Be construed as requiring the Mortgagee to advance any _~~-
<br />moneys for any such purpose nor to do any act hereunder: and that 'tiarigagee shall oat incur any personal liability because of any- -~
<br />thing it may do or ot6it to des hereunder.
<br />In the event if the default by Mortgagor in the payment of any installment, as required by fhe Note secured hereby, or
<br />in the performance of the obligation in this mortgage ar in the note secured thereby, the Mortgagee shat! be entitled to deciare..the
<br />debt secured hereby due and payaSie wiihrntt notice, and the Mortgagee shall be entitled at its option, without notice, either by itself
<br />ar by a receiver to be appointed By the eau rt thereof, and without regard to the adequacy of any security for chr cndebtedness se-
<br />cured hereby, La enter upon and take possession of the mortgaged premises, and to collect and receive the rents, issues and profits
<br />thereof, and apply the.same,.i~s costs of_operatioit~and callectian. upon the indebtedness secured by this mortgage; said rents,
<br />~isaues and pref$fa being-hereby assigned fo the Mortgagee as further security for the payment of all-indebtedness securer(-hereby.
<br />- - The Mortgagee alts(( bade°fhe power to aplwint any agent or agents it mey desire for the purpose of .repairing said prem-
<br />ises; renting the same; collecting the rents, revenues and income, and it may -pay out of said income alt expenses incurred in rent-
<br />ing acrd managing the same and of cotleMing fhe rntals therefrom. The Satance remaining, it any, shat( be applied tawarct the
<br />discharge ct Ghe :mortgage- indebtedness. This assignment is to terminate and become null and void upon release.nf this mortgage.
<br />
|