|
<br />THE MORTGAGOR FURTHER COVENANTS AND AGREES:-. :, "~"
<br />That the Mortgagor wilt pay the indebtedness as hereinMfore piwided,
<br />That the Mortgagor is-. the- owner of said property in fee simple and has good right and law[ul authority to self and` -
<br />rnnvey the same-ard that the samo-ia free-and clear-oLany lien or~encumbrance; and that Rortgagor-wilt warrant-and~:d@fend the'
<br />' title to said premises againab-:the ~ olaims- of all peisons whixnsoeve^ -
<br />To pay itnrpediately?-when due`and payable all general taxes, special taxes, special assessments, water charges; sewer sere-• -
<br />ice charges, and--other taxes and charges against said property, and all taxes levied on the deirt secured hereby, and to furnish the
<br />~f Mortgagee, upon request, with the criginal or duplicate receipts therefor. The bortgagor. agrees that there shall. tae- added ~toa --
<br />each monthly payment required hereunder nr under the evidence of debt secured hereby an amount estimated by the Mortgagee
<br />to be su@icient- to: enable she- Mortgagee- to pay, as they become due, all taxes, assessments. and similar charfies upon-:the-prem~'
<br />lass sutiject theietoC any tleficietic~• because riF the incufSciency of such additional payments shall he forthwith deposited"bythe - - -
<br />Mortgagor wrth the Mortgagee upon demand by the Mortgagee- Any default under this paragraph shel3 he deemed a default in
<br />payment of Loxes, assessments, nr srmilar charges required herewuler.
<br />The Mortgagor agrees that there shall also he added iu each monthly payment of principal and interest required here-
<br />O under an amount estimated by the ~4nrtgagee to kw sufficient to enable the lnrlgaFPr to pay, as it becomes due, the insuranm
<br />N/ premium un any msu ranee policy delivered to the Mortgagee. Any deficiency because of the insufficiency of such additional pay-
<br />ments shall ire forthwith deposited by tF.e Mortgagor with the Mortgagee upon demand try the Mortgagee- Any default-under this
<br />• paragraph shat! tte deemed a default in the payment of insurance premiums. If the palic7 policies deposited are such as hume-
<br />nwners or all risk policies, and the deposits are insufficient to pay the solos premium, the Mortgagee may apply the deposit to
<br />pay premiums nn risks required to be inured by this mortgage
<br />Payments made by the Mortgagor under Lhe above paragraph:; may, at the option of the Mortgagee, he held by it and
<br />commingled wifh other such funds or iLs own funds for the payment of such items, and until sa applied, such payments are hereby
<br />pledged as security for the unpaid balance of the mnrt_agr indebtedness-
<br />To procure- deGcc, to, and maintain for the hene8t of the '<lortgagee during the hfe of thts martgaee ungmat policies and
<br />renewals thereof, rleliver.~t at least ten days tu>fore the .•zp!ratiun of any such policies, ,nsun ng agamst lire and other msurahle
<br />hazards, casualties, and aantingancies as the Mortgagee m.ay require, in an amount squat to the indehtedne-_c w,eured by t#tis
<br />Mortgage, and in companies aeceptnble m the ~torcgagce..vith toss payable riause in fa.~or of and m :arm acceptable m the ;45ortga-
<br />gee. In the event any policy is not renewed r,n or be,fura ten dat~s ,~i eta +-zpirattnn, the Mnr[gaeea maV i!recure msura rce on the
<br />improvements, pay the premium therefor, and .ouch mum ~hali Lrc Mme +mmediare!} due and payable with carte rt>aL at the rate' set
<br />faah in said note until patd and shall he .rcureKi 1,-.- this mori gage- I°adure ~~n the part uC the ilertgagor 4n furmsh such renew'alx
<br />as are herein required ~r tadu,-e to pap any wms advanced he-rrunder ~ha!L a[ tbr> r+ption of the 'd ort~agrr-..-:nstitute a ar•fault
<br />under the Lt--ems of rhea mortgage. The deli. erv of much pol~rtr= ~;;^ali .n ~ha .-oer.t ,~, arfault i onstaute• ao a~iKnmrnt .,i the un-
<br />earned premium.
<br />Ary sums rrcen-ed by the Alf origagee by ;roam of lose .u :lamage ir~ured a_eamst may he rrtame,l by She \i~~rtgagee
<br />and applied toward the payment o£ the debt hereby srcureci, o at fie opvan nt the Sortgagee. such sums eti her wholie ..r car
<br />part may ce paid aver to the Mortgagor in he used to rrparr such nwJdings or to hudd-Hew- hmldirgs to thrtr place :,r for am~
<br />r,6nrr €purpose > r o63ect dtsfactvrp to t}+e Mnrtrage,~- ..,thuut :,fir; tor;; the !ten . n ;.hr cr~rtgage f„r the R.~- ,u++„u nt "r creel hr re
<br />by restore wch payment aver YeKrk place.
<br />Tn promp¢iy repair, resters or rebuild any huildtngs or tmprovements o- ~~r ?;rceattrr on the prrmt.r, wntrh maY trc
<br />come damaged car destmyr<l; to keep .aid premi=_es m good cnnditrun and repair and tree from any mrchanir's Iten car other lien or
<br />claun of Ilan oat expressly subs rdinated to [he L•en hereof; not to suffer or i?arm.' any un'sawfui use cf car am nutsancc> to exist an
<br />Bard pmperty our t<r permit waste an said premises- . car to do any other act whereby the props rp Hereby cr+nveyed ->hal3 }>ecotne
<br />Tess vslnabie, aor to dimrmsh cr impair iL value by sn, art ,a nmtssiun ;u aM. t-~ nmph ..ith ail reymrecnents c.F law u-ith n~apect
<br />to [hr mortgaged promises and the use thereof.
<br />Thal should the prem~~, -,r any part ihea•+tf iw la -,; .lamagrd he r _ m .,t ar - ~ubLa +mprtn= r*,.~nt .~, rvnde-; +nauon
<br />ptxx:eedirtg, err under the right at rn;rnent domai , or is ang ether manner, the 'alertgagee shall br enttled i+• all camprnsaWans,
<br />awards, and any other payment or rebel thanfar, and shall See entitled, at its option, [( commence, spin ar in and prusecutr in it
<br />aw•tt name any ar`tion car proceeding, car [o make any compn:mtsr car setxlement in cunnectrwt with such taking car damage.:lll such
<br />comtaertsatian, awards, damages, righk cf action and practt ads are hereby assigned to Ihr \SortGaGer, ~.~ha m after dectnetsng
<br />therefroaa all its expenses, release any moneys so r$cYrved by it <rr apply :fir same ,.rn ary ;ndcbtednes-; securrciaiaerehy. 'Fhe Mart-
<br />gagoi agrees to execrate such further assignments of any ccaniaenaetiwn, awards, damages, sort right. nt a.•iron and pr<xrrds as the -
<br />Morigagee msY regatire,
<br />That m rase o[ failure Io perform any o[ the cvrrr:anl. iaerrrn. ihr Mortgagee may rlo nn the \tar[gagar's behalf even•thmg
<br />so covenanted.; that the Mortgagee may also da any act it may dorm necrsury to Jxutecf the lien thereof, that the Mortgagac will
<br />repay upon demand any moneys paid nr disbursed hr the Mortgagee ter any of the above purposes. and such moneys together with
<br />interest thereon at the rate provided in said note- shall become so much additional indebdedness hereby secured and may br in-
<br />cluded in any decree toreciosing this mortgage and be paid out rf the rents or per =reds of sale of card prrmtses if not otherwise
<br />paid; that it shall not be obligatory upon the Aiartgagee to inquire tofu the validity r,f any lien. rncumhrances, yr claim m ad-
<br />vaatCi66 moneys si above authorized- but nothing herein ronfained shall }>e construed as requiring the Mortgagee to advance any '
<br />moneys for any such purpose nor to do any act hereunder; and that Mortgagee shall nnL incur app pe rsunal habilaty because of any-
<br />thitag it may do ar +unit to do hereunder.
<br />In the event cd the default try 14(artgagar in the payment of any installmrni. as requrrrd by the Nate srcu red herefr}•. nr
<br />in !be performance of the obligation in this mortgage or in the note securzvl thereby, the Mortgagee :hall hr entitled car declare the
<br />debt secured heceby due attd pay-abie without rtatice, and the, *lortgagee shall Ore entiRed at its optxm, :vtthctut noUCe. ruher by itself
<br />or by a receiver to be aPfwinted by the court thereof, and without regard to the adequacy of any security fur the indebtedness .,.•-
<br />tured hereby, to enter upon and take pos§ession of the mortgaged premises, and to collect and receive the rents. issues and profits
<br />thereof; and apply the same. .less costs of aperakron and ceitection, upon the indebtedness secured try this mortgage; said rents,
<br />lassoes and prafiL being~taereby-assigned to Ltae Mortgagee as~ further security for the payment n[ all inrlebtrdness secured hereby.
<br />The fvturtgagee shelf have rite power to appoint arty agent nr agents i! may desire for the purp<.:e of rr{,airing said prem-
<br />ises; renting the same; collectink the rents, revenues and im•eme, and it may pay out of card rnmme all er p<-Hass rncurrerl to rent-
<br />ing sold managing the sarce and of collecting the rentals therefrom. The balance remaining, 4[ any, shalt br applied toward the
<br />discharge of the mortgage indebtedness. This assignment is to terminate and become null and vroid upon release of this mortgage.
<br />
|