|
<br />THE MORTGAGOR F(TRTFiER COtrENAAt7'A ANA AGREES: p ~ ~ \ t .~ L~ t~ ~ ~'- --
<br />. :t
<br />That fire ldortgtgtor wilF pay .the indebtrd~tess ee treeeinbefare provided.
<br />That the Mortgagor 7rs tip ehvner of said property in fee simple and has good right and lawful authority to sect and
<br />mnvey the setae artd that the-••~-is.fttx artd clear of any lien or encumbratrce; and that Mortgagee will warrant and de[erad the
<br />rifts W said premiers against- the da2ttis o! ~ti-persona whtmtsoever.
<br />To ~y-=~,.~;~~-eIi whe_ sr ~dua ~ ~y~tt^ a!I getiPrat-tszoa. epeeist 4ssxrs, special assessments. water charges. sewer se'rv-
<br />i+ce eiwrges, and othti uses stir} charges aganns" said property. and atF taxes levied on the dehE secured hereby, send to furnish the
<br />Mortgagee, upon- rtqurat, with ttte original or dapticate receipts therefor. The Mortgagor agrees that there shall Ue ceded to -
<br />each monthly payment required hereunder nr under the evidence or debt secured hereby an an;nunt estimated by the Mortgagee _
<br />to be auffieiett~tn-eaa$le Lher *h48€t8agle to pay, as they became due.. at! taxes, asaesatnents, and similar chaegea Upon the~prem= _ '-
<br />ilea subject thereto; any defic}errcy because of the insufficirrtcy of such additional payments shall be forthwith deposited -by the _- -
<br />lUlortgagar witb tier Mortgagee utxrn demand fiy the Mortgagee. Any default under this paragraph shall fie deemed a default in
<br />payment of taxes, aseeasrrrenta, nr similar charges required hereunder.
<br />Thr Mortgagor agrees That there snail also he added to each monthly payment nt princ}pa! andinterest required hete-
<br />under an amount estimated by the Mortgagee to tee +ufficient to enable [he ~inrtgaXer to pay, as it hec tines due, the insurance
<br />premium an any insurance policy delivered to the Mnrtgagero• :lay detrctrney M•cause of the insufficiency of such addifianat Pay-
<br />ments shall be forthwith etepnsited fry Lfie Mortgagor with the Mortgagee upem demand by the PJfortgagee. 'Any default under this
<br />paragraph sttnll rte deemed a default in the payment at in«uranre premiums If the police or polities deposited are such as }tome,
<br />owners or alt risk policies, and the detxtsit err- insuft5cr. nt to pa th..• enure premium. the Mortgagee may apply the deposit to
<br />pay premiums on risks required to kte insu red by this mnrtg:tgr
<br />Payments made by the Mortgagor under the akwvr paragraphs may, at ttte option o[ the Mortgagee, tee held ~hy it and
<br />commingled •.vith other such funds nr its own funds fur the payment „f such items. and unlit st± applied, such payments are hereby
<br />pledged as security for the unpaid balance of the murtr;acr mdr htcdne.~
<br />To procure, deliver ta, and mamtatn fur the i>Nnrfit „f ihe• ASortragee +iunng the hfe of this mortgage original policies and
<br />remewa}s thereof, defies ter} at bast irn dace krrfon. the rx ps rau~.n ~d arse +uch p insuring against fire and other insurable
<br />hazards, casualties, and rantingencies as the 74lartgager ma•,' require, irs an amounts sequel to the indebtedness secured by this
<br />Mor.gage. and in companies atccrptahlr to the ]lortga Kee, w-rth !,s payable clause in favor !,f and in form acceptable to the Mortga-
<br />e~e. In the event any pniicy is not renew.vi cr, ur M<forr bas dace :~f tt.. rxptraucn the Mortgagee may procure in«urance an the
<br />improvements. Gay Lhe premium th.•rrf.,r. and ,uch sun :haR b~c=. •' :mmediat=-1. clue and pacahfe with interest at the rate set
<br />(arch in said rote unUt }>atrl and $al: tw .rcurr,} he the m,.rt. age (}adore o. ,.. cart of the Ltortgagu: to furnish such renewals
<br />ss are herein requi rent ur tatlute d; pav any aims ads saved hr rHUndar .hall, ai thr• =grtinn of th+= Zlortgagee. cnnsGtute a default
<br />under the terms of thrs mortgugr The +irhv:•n' ,ri much p•,i!ci«•. Thal?. ... the ,-. rat of default. rn rstrt;tte an assignment of [he un-
<br />earned premium.
<br />Anv sums rr: steed by the .'.S ~.riFagee b. rra«!,n •:. ..x •.r damage :r.~urrd against may he n=tainrd by the :tlurtgagee
<br />and applied toward the say meat •d the ~Irbt hereby a-cure,i ~•.r .at th+~ ~rptmn ••( :hr Storragee, wch sums etther wholly ur in
<br />part may 6e paid Derr [o the 1lo rty;agnr tr: fw :cr+, e rr}:air =.:+-6. !-,..i,!inF= •r --, ~=..-sew huikliags ;n their place nr for any
<br />other purpose =rr ohiect sat}steel,+ry k, the 1+tortgager w~tthr:u, aft:r-!rig th.- i:rr• ~=r. !?•..- m,-rlgage far the- full arrount secured here-
<br />by before such payment ever t<xrk place.
<br />Ta nrumpEly repair. rcwKrre •.r n•but;d am~ hu~id; ny;~ ~ r •rr. f:r•. ~~.~m+~nt, n. ~,r hrreaitrr on the iremises which may ha-
<br />came damaged ar destroyed; to kenq• paid ,armlets ;n ,-;,xrd ~r'•nd~t:,•r. aria rrparr and fr+rr from any mechanic hen or other tier. nr
<br />claim of }ten not expressly subordinated to the h.•r. hervnt m,r ;, <u ff,~r ~• .mil an> unVawful use n( or any nuisance to exist nn
<br />said proprrtY nor to permit waste ,r .aid Prrnsvw.- n. •. ,.< - .aFrr rte. +h,•r~i-v v,r pn=te'rty t. rrby- c„ curd shall become
<br />Less vaiuaWe, nor to diminish or impair ttz value try ary act •+r <,mas-re.n tr, :i~t' tr, ~ e~mirl.~ wuh all r.-quiremrntsnuf law with rest>rrt
<br />to the mortgaged premises and the ose thereof.
<br />That should the arrmisrs or any part thereof br taken or damaged h . a.on .,f any public improvement or <andentnation
<br />proceeding. or tinder flit rig?tt of rmtnent +tomam. +rc in am- oche: marnrr. the ri~4crtgagtw =haH tw rntitkd to sit cwmpensations.
<br />awards, and say other payment or relief the. rrfur. an : shat} be rn ttttrd- at it£ feu=rn. t++ r*mmrm'e. appear to and prosecute to its
<br />own name any action or pra.-ee%ling, or Fn make ang- compnrmsse or ~ei,ttrment in cannretton with such taming or damage. All such
<br />cotttpensation, awards, dame8~• right of action and proceeds are hereby assigned to the Mortgagee. who may, after deducting
<br />therefrom all its expenses, release any moneys em received by it or apply the same un any indrb/edness secured hereby. The Mort-
<br />gagor agteea to esecute such further assignments aP any cnmtrensa[i+tn. awards, damages. and rights of action and proceeds as the
<br />Mortgagee may require.
<br />That in rise of failure ta pertarm any of the +-uvrnants hereto, the Mortgagee may du on the 7:4Aartgagar's behalf everything
<br />so covenanted; that the Mortgagee may also da any act it may dorm necec•:ary to protect ttte lien thereof: that the Mortgagor call!
<br />repay upon de:nsrtd any motleys paid or d}sbursed br the Mortgagee for any of the above put:pmtes, and such moneys together with
<br />intareyt thereon at the rate provit}rd }n said note shalt became sa moth additional indebtedness hereby secured and may Ire }n-
<br />atudrd in any decree foreclosing this mortgage and be paid out of the rents ar proceeds of sate of said premises }f oat otherwise
<br />paid; that it shall not lie oMigatary upon the .'vfortgagee to enquire into the validity of any tier, erncumbrances. or claim to ad-
<br />vineiag moneys m above auiherised, but nothi»g herein contained shall be construed as requiring the Mortgagee to advance any
<br />tamtaYa for any aactt purpose nor to do ant act he:eurider; and that Mortgagee shat) not itxvr any personal liability because of any-
<br />- thitttt it may do or omit to elo hereunder.
<br />In ttte Event of Lhe default by '4:or.gagor :n cite payment of ary inataliment, as required by the Note secured hereby, or
<br />in the performance of the obi}ga!}on in this mortgage or in the Hair secured thereby, the Mortgagee shall be entitled to declare the
<br />debt secured hereby due earl payable without notice, and ftte tiloetgagee shale be entitled at its option, without notice, either by itself
<br />or fly a tetsiver to be appetinted by the court thereof, artd -without regard to the adequacy of any security far the indebtedness se-
<br />curtd hete#y: ta enter upon and take ptiskessioti of the mortgaged premises- acrd to collect and receive the rents, tssttes and Prttfita
<br />- tltereoE, smd apQiy the satrre,.lees casts of operation amt rnttection, upon the itdebtedness-srcttred by this mortgage: said rents,
<br />lessees and ptrt6ta tieirt8 hereby assigmd to the Moegagee as further security for the payment of alt irtdebtedrfess secarer# hereby.
<br />The Mortgagee atastt have the power W appoint any agent or agents it tray desire for the pu tease of repairing said prem-
<br />isp; renting itre same; cotttsting the rents, revenues atu! incortsr, amd it tnay pay out. of said intolite sit expenses incurred in rrnt-
<br />ittg ant} martatting rite same and of caitttcting the rentals theref tom. Ttte balance remaining, it any. shall be applied toward the
<br />d»ehstYo tt( the rsrarttatte ice. This assignment is to terminate atu! become mull and void upon release u[ this mortgage.
<br />
<br />
<br />
|