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and recover any such payanents but shall not be required so to do; and (3)
all other rents, issues and profits of the premises from time to time
accruing, Whether under leases or tenancies now existing or hereafter
. created, reserving to Mortgagor, however, so long as Mortgagor is not in
default hereunder, the right to receive and retain the rents, issues and
profits in clauses (1) and (3) herein.
b. Al1 judgments, awards of damages and settlements hereafter
made resulting from condemnation proceedings or the taking of the premises
or any part thereof under the power of e~inent domain, or for any damage
(~~ther caused by such taking or otherwise) to the premises or the im-
provements thereon or any part thereof, or to any rights appurtenant there-
to, including any award for change of grade of streets. Mortgagee is here-
by suthorized, on behalf and in Che name of Mortgagor, to execute and
deliver valid acquittances for, and to appeal'from, any such judgments or
awards. Mortgagee may apply all such sums or any part thereof so received,
after the payment of all of its expenses, including costs and attorneys'
- fees, on the indebtedness s~cured hereby in such manner as it elecCs, or,
at its optian, the entire amount or any part thereof so received may be
released.
TO HAVE AND TO HOLD the above granted and described premises to
Mortgagee, its successors and assigns, forever, and Mortgagor does hereby
fully warrant the title to said land, and will defend the same against the
lawful claims of all persons whomsoever; provided always that if Mortgagor
shall pay to Mortgagee that certain promissory note above described and
shall perform aZl other covenants and conditions of said promissory note,
and of any renewal, exterision or modificaCion thereof, and of this mortgage,
then this mortgage and the estate hereby created shall cease and be null
and void.
Mortgagor further covenants and agrees with Mortgagee as follows:
1. To pay all sums including interest secured hereby when dne,
as provided for in said promissory note and any renewal, extension or modi-
fication thereof, and in this mortgage, all such sums to be payable in law-
II' ful money of the IInited States of America at Mortgagee's aforesaid principal
~ office, or at such other place as Mortgagee may designate in writing.
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2. To pay when due, and without requiring any notice from Mort-
gagee, all taxes, assessments of any type or nature and other charges levied
or assessed against the premises hereby encumbered and produce receipt there-
for upon demand. To immediately pay and discharge any claim, lien or encum- ~
brance against such premises Which may be or become superior to this mort-
gage and to petmit no default or delinquency on any other lien, encumbrance
~ or charge against such premises.
3. If required bq Mortgagee, to also make monthly deposits with ,
Mortgagee, in a non-interest bearing account, together with and in addition '
to interest and principal, of a s~en equal to one-twelfth of the yearly taxes
and assessments Which may be levied against the premises, and (if so required)
one-twelfth of the yearly premiums for insurance thereon. The amount of such
ta~ces, assessments and premiums, when unknown, shall be estimated by Mort-
gagee. Such deposits shall be used by Mortgagee to pay such taxes, assess-
ments and premiums When due. Any insufficiency of such account to pay
~ such charges when due shall be paid by Akirtgagor to Mortgagee on demand.
~ If, bq reason of any defauZt by Mortgagor under any provision of this mort-
~ gage, Hortgagee declares all sums secured hereby to be due and payable,
~ Morgagee may then apply any funds in said account against the entire indebt-
edness secured hereby. The enforceability of the covenants relating to
taxes, assessments and insurance premiums herein otherwise provided shall
not be affected except in so far as those obligations have been met by ~
compliance vith this paragraph. Mortgagee may from time to tir.ie at its
option vaive, and after any such Waiver reinstate, any or all provisions
hereof requiring such depc+sits, by notice to Nortgagor in Writing. While
anr such vaiver is in effect Mortgagor shall pay taxes, assessments and
insurance prer~tums as hcrein elsewhere provided.
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