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HomeMy WebLinkAbout0959BCRlt llU FACE~O~ • TOGETHER \VITH all and singular the tencmenb, hereditamcnts and appurtenances thereunto belonging ^r in anywise thereunto appertair.irg and the rents, iuues and profiu -hereof, and also all the state, tight, title, interest and aU claim end demand whatsoever, ~ well ih law as in equity, of the said Mortgagor in and to the same, including but twt limited to: (a) All trots, profits, revenues, royalties, rielrts erne! benefits derir•ed from (1) crops grown on said security and produce o[ the soil etherw•ise (2)-oil, gas ^r mineral !rases of the premises or any part thereof, now existing or hereinafter made, 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; in each such case with the right in the Mortgagee, but only at its option, to receive and receipt therefor anal to :+pply the same as it may elect to any indebteslneu secured hereby, and the bfartgageq at iv option, may demand, sue for and rerosrr any such payments, resen•ing to the Aortgagor, however, so long as said Mortgagor is not in default hereunder, the right to receive and retain such rents, issues and profits. (bl :\ll jud¢ments, awards of damages and settlements hereafter made as a result of or in lieu of any taking of the pren+isc; or any part thereof under the lwwer of ernincnt domain, or for any damage (whether caased by such taking or otherwise) to the premix<s or the improvements thereon or any part thereof; such part of any u.ch judgment, award or settlement, as the Hiort¢agee may elect to be applied to the indebtedness hereby secured art the balance thereof, if any, to be reserved to the party or parties otherwise entitled thereto. TO HAVE AND 'I'O Ii01.D the above granted and described premises to the said Mortgagee; its succeswrs and assigns, forever, erne! the slid Mortgagor does hereby fully warrant the title to said land, and will defend the same against the lawful claims of all parsons whomsoever, provided always that if llfortgastor shall pay to ~tortgagce that certain promissory note above dcscriheri and sh all perf~nn all other covenants and conditions of said promissory rote, and of errs renewal, extension or modi- fication thereof. and o[ this mortgage, then this mortgage and flu estate hereby created shall crate and he null and void. [' biort¢a¢or further covenants and aerees with Mortgagee as follows: /!' 1. To pay all sums inchulinP interest secured hereby when due, as provided for in said promissory note and any renewal, l extension or modification thereof and in this mortgage, al! such sums to be payable in lawful money of the United States o[ :\mtrica at ~fortna¢ee's aforesaid principal office, or at such other place as hortgagee may designate in writing. •' 2. To aay when due, and without requiring any notice from \fort¢agee, all taxes, anrssments of any type or nature and other char;es Ieviect or assessed a¢iinst the premises hereby encumbered or any interest of Mortgage therein. To immedi- ately pav and disrhar¢e any claim, lien or encumbrance against Birch premises which may be or become superior to this mort- gage and to permit no default or delinquency on any .they lien, encumbrance or charge against such premises. 3. if required by 'iortgagee, to also make monthly dtposib with Diorts;a,ee, in anon-interest bearing account, rogether with and ir. addition to :n;erest and principal, of a sum 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 amuunt of such taxes, assessments and premiums, when unknown, shall be estimated by Mortgagee. Such deposits shad be used by hiortgaget to pay such taxes, assessments and p-emiums when due. Any insufficiency of such account to pay such rharoes when due shall be pawl by ~iortcagor to 11o:tgaoee on demand. If, by reason of any default by Mortgagor under any provision of this mort- qa¢e, lstort¢a¢ee decUres all sums senrred hereby to be due and payable, Mortgagee may then apply any funds in said account against the entire ir.•lrbtedness secured hereby. The enforceability of the covenants relating to taxes, assessments and insurance premium; herein otherwise provided shall not be affected except in so far as those obligations have been met by compliance with this para¢raph. Nfort¢a¢ec may from time to time at its option waive, and after any such waiver reinstate, any or all provisions hrreaF requirinc such depasiu. h}• notice to Alrrtgagor in writing. While any such waiver is in effect Dortgagor shall pay taxes, assezsrnents and insurance premiums as herein elsewhere provided. 4. To pay all taxes, stamp tax or other charge which rosy be aueucd upon this mortgage, or said note, or indebtedness secured hereby, without rr¢ard to any law, Federal or State, heretofore or hereafter enacted, impaling payment of all or any part thereof upon Isfert¢ager. !n event of enactment of any law imposing payment of all or any portion of any such cases upon ?sfort¢:+¢rr• err the renderin¢ b~ any court of last resort of a decision that the undertaking by Mortgagor, as herein provided, to pay such tax or taxes is legally inoperative, then, unless Mortgaeor ne~crtheless pays such taxes, all sums hereby secured, without any deduction, shall at the option o[ !sfortgagee become immediately due and payable, notwithstanding anything contained herein or any law heretofore or hereafter enacted. 5. Ta keep the premises insured against loss or damage by fire, windstorm or extended coverage and such other hazards as may he required by biartga¢ee, in form and amounts satisfactory ter, and in insurance companies approved by Mortgagee, and with acreptable mort¢a¢ee loss payable clauses attached. Such policies, together with such abstracts and other title evidence as may he required by ~fort¢aere, shall be deliv?red to and held by \iortgagee without liability. Upon foreclosure of this mortgage or other acquisition of the premises or any part thereof by Dortgagee, said policies, aMtracts and 4itle evidence shall become the absolute property of lfortgagce. fi. To first obtain the written consent of Mortgagee, such consent to be Printed or withheld at the sole discretion of such ~~ biort¢a¢er, before (a1 removing or demolishing any building now or hereafter erected nn the premises, (b) altering the arrange- - moot, desi¢n or ztrurtural character thereof, (c) making any repair which involve the removal of structural parts or the :\ expoarre of the interior of such huilding to the elements, or (d) except for domestic purposes, cutting or removrng err permitting I the rutting and removal of any trees or timber on tht premises. 7. To maintain premises in ¢ood condition and repair, includin¢ but not limited to the making of such repairs as biortgagte tray from time to time determine to be necessary for the preservation of the premises and to not commit t+.or perms am• waste thereof. 8. To comply with all laws, ordinances, regulations, covenants, conditions and rertrictions affecting the i;remi!es, and not to suffer err permit any violation thereof. 9. If \fortearor f.ril; to pay any claim, lien or encumbrance which is superior to this mortgage, or, when due, any tax or assezsmrnt err insurance pr~mium, or to keep the premises in repair, or shall cammit or permit waste, or if there be commenctd any action err procerdin¢ affcrtin¢ the pr•:nises or the title thereto, then Mortgagee, at its option, may pay said claim, lien, enrum- branre tax, as;rssrnrnt or prrrnium, with n¢ht of suhrogition thereunder, may make such rcp..irs and take such steps as it deems +dcisable to prevent or cure such wine, and may appear in any such action or proceeding and retain counsel therein, and take sttrh action therein as ~fort¢aeee deems advisable, and for any of said purposes Mortgagee may advance such sums of money, includin¢ alt costs, fees and other items of expense as it deems necessary. Mortgagee shall be the sole judge of the legality, validity and primr.ty of any.such claim, lien, encumbrance, tax, assessment and premium, and of the amount necessary to be paid in satisfaction thereof. Aior:¢agee shall not be held accountable for any delay in making any such payment, which delay may result in any additional interest, cost, charges o: txpense otherwise. IG. htort¢agor will pay m biortgagec, immediately and without demand, all sums of rrroney advanced by biortgagte pursu- ant to this giortgarc, to¢ethcr with irterest on each such advancement at the rate of ten per cent. (lOr/o) per annum, and all such Burns art! interest thereon shall bt secured hereby. 11. :111 Burns of money secured hereby shat! be payable without any relief whacevzr from any valuation or appraistment laws. 12. If default be made in payment of any instalment of principal or interest of said note or any part thereof when due, er in pivment, when due of ens other sum secured hereby, or in performance of any of Mortga3or's obligations, covenants or agreements hereunder, all of the indebtedness secured hereby shall become and be immediately due and payable at the option o? lsfortgagee, •xithout n:,tice or demand which are hereby expi•euly waived, in which event Mortgagee may avail itstl[ of all righu s . .. 1>l l J