|
<br />£, TEfE MSJft4Y"Af30R PfIf~FHER COVENAfVTB AND AGREES: ~~~ ~1 ~ ~ G ~l1 ~'~
<br />That-ttte }13ort;agor will paY flit indcb{edtz~s as hereintretore provided.
<br />That the Mortgagor is the dwrrer of said property in fee simple and has goal right and (awful authority !o salt oral
<br />convey the same and that Lhe saute is free and clear of any flan or erfcvmirranee; and that Mortgagor will w~arrank and defend the -
<br />#itle to said premises agaiact-the-c[aems at aiipemans wRansoeaer
<br />To pay immediately urban due and- payable a[[ genera} fazes, specia) taxes, special assessments. water charges, sewer serv-
<br />ice charges, and outer fazes and charges against said property, and a[[-taxes levied an the debt sutured hereby, and Yo furnish fhe
<br />Mortgagee, upon Yequesk with the 'original nr duplicate rectipfis there-tor The Mortgagor agrees that there shall be added to
<br />each monthly payment required hereunder ar under the evidence of debt cured hereby an amount estimated by the Mortgagee
<br />to be sufficient--W enable tine Mortgagee to pay, as they became due, all fazes. assesamenu. and similar charges upon the--pram.
<br />tees subject-thereto; any ileficierrcy trecause oC the insufficiency at such addiYianal payment shat) he forthwith deposited by the
<br />Mortgagor with the Mortgagee upon demand by the Mortgagee. Any default under thLs paregranh shall he deemed a default in
<br />payment of taxes, ass~,.menu, rn similar charges reouirid hereunder.. --
<br />The Mar?gagor agrees that there shall also tie added to each monthly payment oL principal and interest-required. here- .
<br />under an amount estimated by the Mortgagee to tee Safficient in enable the biortgagep to pay, as if becomes dap, the insn rance
<br />premium on any insurance policy delivered to the Mortgagee. Any deficiency hxausr of the insufficiency of such additignal Pay-
<br />rpents shall be Corhwith deposited-by the Mortgagor with the ;vinrigagee upon demand by the Mortgagee: Any default under this
<br />paragraph shag be deemed a default in the payment of irvaurance premiams. If the policy nr policies deposited are such'as hirme-
<br />owners nr all risk paGcies. and the deposits a e insufficient, car pay the entire premium, the 1lartgagee may apply the-deposit to
<br />pay premiums on risks required to be insured .hy this martgaKe.
<br />Paymen is made by the Mortgagor under the above naragraph=_ may- at the option of the Mortgagee. Ire held-hr if and
<br />commingled with other such funds or its owe. (u nds fur the payment of such items, and until sn applied, such Payments are hereby
<br />pledged as security far the unpaid balance of ilia mart„age indebtedness
<br />To prceure- deliver tn, and maintain tar the benefit of ilia MnrtK'agee donnK the life of this m .rtKage onginal policies and
<br />renewals thereof, delivered at Irasi fen days before fhe expiration of a ~ such (xrlicies. insuring against fire and other insurable
<br />hazards, casualties, and contingencies as the Mortgagee may require, in an amount equal to the indebtedness secured by this
<br />Mortgage. and in companies acceptable k. tbp Mortgagee-. with inns payaMp riau_a~ in (a•rnr ..t and in form acceptable vi the Martga-
<br />gee_ to the event any policy is not r wrtl on nr before ten days of its expi ra cur.. thn Morizxgee may prarurp i . urance .rn the
<br />improvement, pay the premium therefor, and such , ;halt become i meriiatr•Iy due and payable with interest at the rate set
<br />forth in said note until paid and shall ire secured bvitihis martgaga Failure ~:n the part cif the Mortgagor to Cornish such renewal=
<br />as are herein required car failure to pay any sums advanced Irerpunder shall, at the optin of the MorKagee. t nstitute a ~ietault
<br />under the Latins of this mortgage- -fhe delivery of _,uch policies :halt, in flit Fveni ._-i default. constitute an assignment of flip an
<br />earned premium.
<br />Any sums received i y the MurtgaGre by reason cat loss ~ damage scared against may be retained by the l~lortgagee
<br />and apRiied toward the payment of the debt heretic securevJ, a at the option of the Ulur[gagee. such sums tither wholly u
<br />Par:' may be paid over to the Mortgagor to b_- used to eepair such buildings or to Iruiid new buildings in th<-ir place or Fur any
<br />ct4~=r purtwse s r object .a.iafacton- t, the '.SortgaKee •+nnout e,RprtinK *.ire ?ten nn the- mnrtKaKe for the full amount s+rurr=d here-
<br />by t>e(ure such payment ever took place.
<br />.. pro=mptly r!pas r, restore .*etru:id any .^,°utld:nKs , .tnRravemenfs r. ., erpafter ou flip ~ e
<br />' + ~r • as - r n - frrrmtsec wnith may n
<br />came damaged or destroyed; to keep said premise-: in Krad c.,ndition and rei:air and tree &rm any mechanic's (ten or other tier. m
<br />clot= of lien net pzPre;-sly = rdinated to th:- is ..:<ra ~. ~, ,... ,~.- „r pr mil a- wi a -. of nr any nuisance to e- ist „n
<br />said properly nor to Permituwa-te on said premises, net fur do a ~athrr soft wherr'hy ulhe property hereby c ved shall Ivxrnm€
<br />- - valuable. our to dimimsat ar impair its vsiue by n v act .,r omi....un .o ae,-. to comply with alt try uirrments of ~iaw with respect
<br />to ±hA mortgaged psemiie, and ilia use thereof.
<br />That should the pre y part therpu( lee taken or ramaged by r. of coy' public improvement ~• rundcmnat!an
<br />proceeding, o under the rightriuf gin ant domain. ~, other n r, for ,'d,i tgaKre sualC Lr rntitled to ell camirrnsations,
<br />awards, and any other payment or relief therefor, and shall he entiiledj,rat its option, to commence, appear in and prasecu?p in its
<br />own name any action car proceeding, car fo make any carnpn,mise or settlement in connection with such takinK ar damage. All such
<br />compensation, awards, damages, right of action and proceeds are hereby assigned to the Mortgagee-. who may. after deducting
<br />therefrom all its expenses, release any moneys so arrnived by it or apply the same on any indebtedness secured hereby. The Mort-
<br />gagor agrees to- execute such furttrer assignments of any compensation, awards, damages, and rights of action and proceeds as the
<br />Mortgagee maY regatta.
<br />That in rase of Pailure to perform any of the <-avenants herein, the Mortgagee may da on the INortgagar's behalf everything
<br />se ibvenanted; that Ehe Mortgagee may also do any act i*. may :le. m ::ecessary u, protect the lien Eherrof; that the Mortgagor will
<br />repay upon demand any moneys paid or disbursed by the Mortgagee (or any of the above purposes, and such moneys together with
<br />interest therr;on at {he rate provided in said note shall become so much additional indebtedness hereby secured and may he in-
<br />cluded is any dacree foreclosing this mortgage and he paid out of the rents w proceeds nt sale of said premises if nut otherwise
<br />paid; that it shall not }re obligatory upon the Mortgagee to inquire into the validity of any lien, encumbrances, ar claim in ad-
<br />vamsng moneys as shove authorized, but nothing herein contained shall be construed as requiring [he Mortgagee to advance any
<br />moneys tot any such pur#wse nor to do any act heceunrler; and that Mortgagee shall not incur any pervutal liability because of any-
<br />thing.it-stay do nr utnit.W do hereunder.
<br />In the event of the default by Mortgagor in the payment of any installment, ae required by the Noti- secu reel hereby- or
<br />rn the performance of the +>Erligafion io this mortgage ie the note .. cured thereby, the *Sortgagee shat! he entitlrl W dr~lare the
<br />debt secured hereby clue and payable without notice, and she Mortgagee steal[ be- entitled at its option, w-ithaut notrco-. either by itself
<br />nr by a rec4iver to he appointed by the court thF-taut, and without regard tr. the adv~tuacy of any cPCUrify tnr the indeMadm>gi' se-
<br />cured hereby, to enter upon and take Irasltedsion~ aP the mortgaged premises, and ire cnltect and receive the rent, issues and profits
<br />(hared, and~apPly the same, .less case a! operation and collection, upon the indehepdness secured by this mortgage; said rents,
<br />iasuea'and prefifs brizt6' herehy-aeutgrred to fhe Mortgagee as further security for the payment of alt indebtedness secure=d hereby.
<br />The Mortgagee shall have the power to appoint any agent nr agents ii may desire far the Pur(rase n( repot ring said prem-
<br />ises: renkrtig the same: colleMing- the tetra, revemtes and inemne, and it may pay aui of said income all expenses incurred in rent- -
<br />ing and managing- ilia same and d colleeiing the renfals therefrom. The balance remaining, i( any, shall }x, app[i€rl toward the ~ -
<br />discharge tithe trwrtyage indebtedness. This assignment is iu terminate and lwcanrr null and void upon release of this mortgage.
<br />
<br />
|