|
;~i„r
<br />T-tf~ MORTCI,afAR rr~~>n aaj~*srl~.;•iTSi aiwl3 ~iIt>'r~s~., ,
<br />That the Mortgagor wiii pay ihr Indebtedness as-Iiereinbefore provided. ~~ ~~~ -.t
<br />That the Mortgagor is the dwner of said property in fee simple and has Bond right and lawful authority to soli and
<br />convey the same-arid (fiat the sameis free.and Blear of any tier or encumbrance; and that Mortgagor wiii warrant and defend the-
<br />titie to said premises against the claims of ail persons whomsoever.
<br />To pay immediately when~due and payable aA general taxes.-Special taxes, special assessments, water charges, towel- sere=
<br />ice charges, and other-taxes and charges against said property, and ail taxes levied on the debt secured h?rehy. and to furnish the
<br />Mortgagee. upon-r+eajueat, with the original os duplicate rr'ceipts therefor. The 'torgagor ag rtes that [here shall Fre added to
<br />each monthly payment required heretmder or under the rvidenee of debt secured hereby an amount estimated by the Mortgagee
<br />--~ Yo F,a su~rirnt.to enable the Mortgagee to pay, as they become due, alF taxes, asses,=.ments, and =imiiar charges open th.• prem-
<br />ises subject thereto; any deficiency because of the insutHciency of such additionaF payments shalt ne forth•a•~th deposited by the
<br />~~Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph shall be dormed a default in
<br />payment of _Laxes, assessments; or similar charges required hereunder.
<br />The Mortgagor agrees That there shall also be added to each mcmthly payment of principal and interest requited here-
<br />under an amount estimated by ihr 14ortgagee to be sufficient to enahlr the R1orF6,_gee to pay, as it becomes due, the insurance
<br />premium nn any iresu ranco policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional Pay
<br />meets shall-M forthwith deposited by the Mortgagor with that Mortgagee upon demand by the lortgagee_ Any default under ibis
<br />~ paragraph shall be deemed a default ir, the payment of insurnnce premiums. If the pot icy or policies deposited are suet. as }rome-
<br />~ owners er alt risk ixilicirs, and the delx>sits are insufficient to pay the r-mire pra•mium, the Mortgagee may apply the. deposk to
<br />pay premiums on risks r~quirrd to he insurwt by this mortgage
<br />Payments mane by ihr :Sortgagor under the aiiove paragraphs may, at the option of the t?;;rtgagee, he• held by it and
<br />commingled with other such funds or its own funrts for ihr payment of such items, sect until sn applied. such payments are hrrehy
<br />pledged as security for Lhe unpaid balance of the mortgage indebtedness.
<br />To pr:cu:e, deliver !e, and maintain for the hrarefit %,r tl+.r M1lnrtgager during the life of this mortgage original puhcies and
<br />renewals thereof, deliverer( at least tan days Before the expiration of any such ixilicies, insuring against fire and other insurable
<br />haards, 'ra~salt:rs. and cnr.tingenci~ s~ the l:ln~ gageP m require, in a...,mount equal m Lke inde~.~•'nc-as s~:ured by this
<br />Mortgage, and in companies accrpta6le to the 4furtgagee, with Foss payable clause in favor of and m form scceptablr tr.,, the 9lortga-
<br />gee. In the eva~nt are}' policy is not rrurwrvi rm or im'.fore t. ,; says of its e pir<!t=on, the Mortgagee may ttr[uure insurance on the
<br />improvements Pay the premium therefor, and such =um shall her>-nr :r~^e~-i:'!c!:' i::e 1 payai:!e w-ith :...Brest ak the. rare vet
<br />forth in said note until psi<S and s}rail tx~ sv<vred h~~ this mortK.;Ke. Failure on the part of thB Dlorigagor to furnish such renewals
<br />as are here„[n required ur failure to pay any sums advanced hvreundrr shall, at the n,frt4+'m of the Mortgage, constit-utz a default
<br />under the t[^rnxs cif this mortgage. The delivery of such polirios shall, in the event aI default, consf itute an assignment ref the un-
<br />earned premium.
<br />Any sums received h}• the Mortgagee by reason of toss or damage insured against may he retained by the Mortgagee
<br />and applied toward the payment of the debt hereby- secured, or, at the option of the Dlnrtgagee, such sums eilhet 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 thrrr F>lace or fnr any
<br />other purpose or ohjerrt satisfacfory to the Mortgagee witiecuf affecting the lien nn the mortgage for the flrll amount settrrrri here-
<br />by before such payment ever took place.
<br />To promptly repair, restore ur rebuild any buildings or improvements new or hereafter an the premises which may be-
<br />come damaged or destroyed; fo keep said premises in goad rnnditiun and repair and freer. from any mechanic's lien or other Fien or
<br />claim of lien not expressly sulx~rdin ated io ihr• iii-n hereof; not to suitor or permit any unlawful use of ar ant' nuisance to exist cn
<br />said property ear to permit waste on said premises, ear fo do any other act whereby ihr^ property hereby conveyed shall become
<br />less valuable, nor to diminish or impair its value by any act or omission to act_ to a~nrplg with al! requirements of law with respect
<br />to the mot#gaged premises and the use thBreof-
<br />That should the premises or any part thereof be taken or damaged by reason of <rny public improvement or aondrmnation
<br />pros-~et~tling, or under the rig ht of eminent domain, or in any ether maaaar, the Ri.,rtgagc=z shall he entitled tr. ail ~mgsensationa,
<br />swards, and any other payment or relief therefor, and shall be-entitled, at its-of}ttcm, in-e emmenr~: aprx~ar i-n-artri prole ,~l'at~-yin lts - - -
<br />awn name any action or prceeeding, ur to make any compromise or settlement in crnvu•rtion with such taking or damaga'.~11 such
<br />ixaripensation, awards, damages, right of action and proceeds are hereby assigned to tine Mortgagee, who may, after deducting
<br />therefrom alt its expenses, release any moneys so received h}• it or apply the same on any indebtedness secured hereby. The Mort-
<br />gagor 9grees to executesuch further assignments of any compensation, awards, damages, and rights of artian an<I proer.eJ~eds as the
<br />Mortgagee may require.
<br />i~
<br />Thal in case of failure to perform any of ihr covenants he«•in, ihr 'slortgager may do on khr Morigagm's behalf everything ~~
<br />so covenanted; that Ehe Mortgagee may also du any act it may dorm nec•wsary to pratrct the lien thereof; that the Mortgagor will ~-
<br />repay upon demand any moneys paid or disbursed by ihr Mortgagee fnr any of the shove purposes, and such moneys togrtlier with -
<br />interest thereon at the rate provided in said note shall hrcome so much additional indebtedness hereby secured end may he in-
<br />eluded in any decree (orecloaing this mortgage and be paid out of the rent-s or proceeds ut sale of said premises it not otherwise ,."~
<br />paid; that it shall not be obligatory upon the Mortgagee k> inquire into ihr validity of any lien, encumbrances, or claim in ad• '"
<br />vatsairtg moneys as strove authoriaetl, but nothing herein contained shall be comtrued ss inquiring the Mortgagee to advaner any
<br />moneys for any sueh purpose not tv do any act hereunder; and that Mortgagee shall not incur any personal liability because of any-
<br />thing.it may da or-omit W do hereunder. -
<br />In the event of the default by Mortgagor in the payment of any installment, as required by the Note secured hereby, or
<br />in the performance cat the obligation in this mortgage or in the note secured thereby, the Mortgagee shalt be emitted to drelare the
<br />dew ee~atirsd }tereby due and payable without nytice. and the Mortgagee shall br entitled at its option, without notir~, either by itself
<br />or-by a fCGSiver to-be appointed-by the court thereof, and without regard to the adequacy of any security fnr the indiebtedness se-
<br />cured he7elry, to ent`r apbn-and talcs po~easion o'f the mortgaged premises, and to txsilect and remive ihr rents, isst:es and pinflts
<br />thetaof, acid apply tote-acme;-.leas caafs of aperatioti end eallectian. open the indrbtedrtess secured by this trrertgage: said tents,.
<br />iasites sod proflb using hereby aaSfgned`to the Mortgagr^ as ttirther security'for ttte payment of all indehtednes4 secured hereby.
<br />'1`he Mortgagee shall have ttse ptnver to appoint any agent or agents it may desire for the purpose of repairing said prem-
<br />ises; renting the same; collecting the rents, revenues anti income, and it may pay nut of said inrnme all expenses incurred in rent-
<br />iteg and managing the same and of collecting the- rentals therefrom. The balance remaining, if any, shall br applied -toward ihr
<br />diadtarge of the mortgage indebtedness. This assignment is to terminate and become null and void upon release of this mortgage.
<br />
|