|
THE MORTGAGOR FURTHER COVENANTS AND AGREE9:
<br />_ ~3 ..
<br />That the'Mortgagor will pay the indebtedheaa as hereinbefore prwirlad,
<br />That the Mortgagor is~ the owner of raid property in ter simple and ha-a good right and lawful authority to sell and ~-
<br />convey the same and that thesame:is-tree and-clear of any lien or encumbranrr: and that Mortgagor wilt warrant and defemlthe' - "
<br />title to said premises againaE'the,:-claims a[ ap' persona whomsoever:
<br />To pay immediatelywhen'due and payable all general taws, special Taxes, special assessments, water charges, sewer-serv- --•
<br />ice charges, and other taxes and charges against said property, and all taxe_a~levied on the debt secured hereby, and to furnish the
<br />Mortgagee, upon request, with the original or duplicate receipts therefor. The Mortgagor agrees that there shall be.added to~: "-.
<br />each monthly paymenC required hereunder or under the evidence of debt secured hereby an amount estimated by the Mortgagee
<br />Ln be suRicierit tb enable the Mortgagee to pay, as they becomo due. all taxes, assessments, and similar charges upon-ihe prem-
<br />ises subject thereto: any deficiency Iier•.ause of the inauaciency of Bach additions! payments shat! Pre forthwith deposited 6y t4e~
<br />Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under this paragraph ::hall he deemed a default in
<br />payment of truces, assessments, nr similar charges required hereunder.
<br />d The Dtortgagnr agrees that there shall also rte added to each monthly payment of principal and interest required here-
<br />- under an amount estimated by the Mortgagee to rte sufficient to enable the ivtort gager to pay, as it becomes +Iue, the insurance
<br />premium nn any insurance policy deliverers to the Mortgagee- :1n}' deficiency because of the in.¢ufTciency of se additional pay-
<br />meatts shalt be forthwith depa>,ifed by the Mortgagor with the Mortgagee upon demand t,y the Mortgagee. Rny default under this
<br />Y~ paragraph shalt tie deemed a de(au!t in the payment of insurance premiums. If the policy or p+licies reposited are such a5 home-
<br />owners or all risk policies, and the delwsi is err ursu(Ticient to-pay fire +>nh re premium, the Mortgagee may apply the deposit [o
<br />pay premiums nn asks required to lw msure+:i h}• this mortgage.
<br />0 Payments made by the Mcrry;agnr under :he above- paragraphs may, at the option of the Mortgagee, he held by it sari
<br />commingled with other ouch funds or it_c a,w~n tumis for the payment of such items. sari until sn applied, such Fayments are~herehy
<br />pledgi'<i ac secunt}• far the unpaid balance .,f rho mortgage indebtedness.
<br />Fa procure, deirvwr m. .:nxi maintain for the benefit ut the Mor[KaKee .,i t. ring the life rd flits mortgage angina! F>olici es sad
<br />renewals thereof, delire red at least n•n days before the rx peratinn of anti such policies, ;nsurmg against. fire and other insurable
<br />hazrirds, casualties, and mntingencirg a_a the M1iurtgagre may require. in an amount equal to the indebtedness secured by this
<br />Siurtxaxe, and in rnmpamec an eptabie tr. rt,r Mortgagee, with bss payable clause in Cavor of :md m f,mm acceptable tc the ;<tortga-
<br />gee. In the event any pniicp is oat reno•a."awl 0 ,:r hetore ten day. ,;f its oxpitancn, the Mortgagee may procure insurance on the
<br />improvements, pay the premium thereto r. and ,~uch ;urn shall hrc:>me immediately due and ;>ayable with interest. at the rate set
<br />forth in said note unfit paid and sha1S tu- ,aeons! k:. this mortgage Failure on the part of the Mortgagor to fiirnish such renewals
<br />as are herein rrgmmd or failu.-o to pay am' su ~ adranoaryi hereunder :hat; at the option t f the 'vl urtgagee, constitute a alefault
<br />under fhe Perms of this m+~rtgage. "Phe da3ix er.~rf <uch inch, ;,~>-+.r!1 ,. -.» .vent ,~f •la~tauit. <onshtute an assignment ut ;he un-
<br />earned premium-
<br />Any sums recen~rd by the '<to rtgag:K• by' mason ,i. ,r damage arsured against may be retained by the Mx;rigagee
<br />and applied toward the ;cayman*, ,+. .he debt hereby ~<, ~-ec. - at !. r nPtu,n ~~t the Sortgagee. such =ums either whalh' ~,, .,,
<br />inert may ire Paul +ver a. the Murtga,;or to h_>• u.r+ii v. r much Innidings ur tv fiuad~nrw hutlrhngs an their place ur for any
<br />rr"pat
<br />other purpose or ubfect satts[aeton• to the M<,^teaeer -~vtth:,u? afirez:nR the lien ~n: the mertgage tar ihe ful! am.runt ~rcu end here-
<br />by before .uch payment ev..r -m dace.
<br />Fa promptly repatr, restore =:r rehwtd a _~ bwldings <~ mxpr+•crmznu now c:r hrreaftrr nn the uremises which may !~-
<br />cumr darnaged or destroye•ai. to i;reP .utd Premisrsnsn g«;ci m:xditiun atxl repatr and free from env mechanic's hen or other hen or
<br />claim td lien not expreyiv subtxdirtaied to the- hen hrrra.f: nc.r to coffer >,r prrmrt an> stdawful use .,E or and nuisance to ,=xtst un
<br />aatd property nor to Permit waste un >atd prrmic-s, nor to rio ,any other act rv hrmb} the Frrnprrtr hereby a•nnveyed sha31 Income
<br />less vaiuab!e, nor ie dimm>_.it yr unpsu af.,c valor by any" .,ct •.r am!cs; <na :,. act in ,,:mFaa wish all rrgnrcrments „f law with :aspect
<br />co rite mortgaged premises and ihe use ttx-reof
<br />That should the Frremxse±+,r an}• patt tnareu£ t+e taken a.r lamaged i>s r ._ ,n .,[ a+. public tmprn any or wndenmauvn
<br />peoccrdiag, ue under the right of enunrnt domain. or :n az;y a,ther manner, fhe Mortgagooe shat! f;e enrrUed lrtu al cumitensattuns.
<br />awaais. arx4 aziy other payment or calla{ t}rr rrfur. and shall lx entitled, at its op±ton, to comma-ncr, ap{rear in and i>rosaru?e in its
<br />own name any actron „r proceeding- or to tnawr any a,mprumur ur o-ettirtneat .n r.,:rnecuun ~.~rth much tai,tnK or damage. Ai! sucF.
<br /><wnpertsatian, awards, damages, right of action and prvicerds are hereby assigned to tier 1i<,rigager, who may, after dt~ciucttng
<br />therrfrum all its exper+scs, release anY moneys so receta-ed by ii ar a;rpt}• the same ..n any mdehterine..c secured hereby. 7'he -llorl-
<br />gatot attte~ in execute such further aasignmenL¢ of any n.-,mprnauun, axvards, aiamage•s, and ngnis of actrnrt anal pro!'evris a: rite
<br />Mottreagee- rosy require.
<br />That in case of failure to perfurnt any ui the :-ovenanta harem, the !~tortgager ma} du an tine ~lortgagur's }rehalf everything
<br />si: ctwensnted; {list the Mortgagee may also do any act at may Berm nrarrssary to ;.rotect the lu•n thereof; that the ".lnrtgagur will
<br />repay upon demand any moneys paid ar dicbursed by the Morigagt•r for any of the above purtwses. and such moneys tagettier with
<br />interest thereon at the rate provided in said note stsa}3 tteconte sn much addrtrnnat rndebtedne.s beech} .,enured and may },r in-
<br />tistdad in any decree foreclosing ibis mortgage and hc-: paid out ,rf the n•nt or praxxc-ads of ale of aid premises if nut otherwise
<br />paid; iYrai it shall not rte uWigatary upon the Mortgagee to inquire tutu the vaitdity •d dry hen, rrtcumFrcancea, or claim to ad-
<br />,::raaang tnieteys ae abWe authorized, but roihing herein captained shall he runs{curd as requiring the Mortgagee to advance any
<br />tourieys for soy such purpose nor to do any act hereunder, and that Mortgagee ,hail nisi incur any tx rsa,nat lialxl.ty trecause ..f any-
<br />thin{. it may do or omit io do itereuader.
<br />in the eaent of the default by Mortgagor in the pa}'men2 of any :nstaliment, as reyuirrd by the Noir =.ecurrd hereby, ar
<br />in the performance oI the obligation in this mortgage or in the note secured themby, the ttnrtgagr.•e ;hall ku• eniriled to de~tarr the
<br />debt sewrred hereby due and payable wtttwut notice. and the Mortgagee shall Pre enlttleci ai ;u a~ptrun, without notice, either by icelt
<br />or by a fetriver to be appointed by ttte mutt iherivf, and withrar# regard tc tiw adequacy cf dry security fur the indebtedness se"
<br />cured herby, to enter upon and take poasiysiun of the mortgaged premises, and t.a collect sent receive ?he rents. ;,sues anti pr~rfita
<br />the,•retrf, and apply fire sense, Sass costs of operation and in}lactien, upon the indebtedness x~cured by this murtgagr,_ sold rents,
<br />itritK and pnaBW being hete4y assigned io the Mortgagee as further srruri.ty for the payment of alt indehfetiness secured hereby
<br />Tttr Mt?rfgagee shat! have the Fxra°zr to apiwtnt asp agent or agent+ ik may deli ra= dar the purpose of reparrrng sold prom-
<br />iaes; renLng tfrc samq; cdlecting ihe mote, rerenoes and income, and ii may pay out of .said mru,me art ezpensc, mcurretl m rent-
<br />itrff and marwying the same and of €~leeting the r(+ntais therefzc,m, The balance remauang, d any. shall br applied tuwen3 the
<br />diaclwrge of the rnortgase irdehtednexs, Thu assigmnent is tsr terminate and hetx.me null and vutd upon re=iearx of ihi.c rnor?gage.
<br />
<br />
|