HomeMy WebLinkAbout15767U.~ V.L IPl'L6r.A-t..r
ST. ~'~';iE C~11NTY. ALA.
TOGETHER 1VITII ail and singular the tenements, hercditaments and appurtenances thereunto belonging or in anywise
thereunto apfxrttining and the rents, issue and profits thereol, and also all the estate, right, title, intertst and all claim and
demand ss}:atsoever, as well in law as in equity, of the said bortgagor in and to the saute, including but not limited to:
(a` :VI rents, profiu, revenues, royalties, rights and benefits derived from (1) crops grown on said security and produce
of the soil othcrwis; (2) oil, g.u or mineral leaxs 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 tine accruing, whether under leaxs or tenancies now existing
or hereafter created; in tae's st:ch ca_e with t`::. s;6: i„ tlse Mortgagee, but only at its option, to receive and receipt therefor
and to apply the same as it may elect to any indebtedness secured hereby, and the ?1lortgaget, at its option, may demand, sue for
and fr•coter any such payment!, resen'ing to the >\iort¢agor, however, so long as said Mortgagor is not in default hereunder, the
right to rc•ceise and retain such rents, issues and profits.
ih) :III juden:cnts, awanls of damages and settlements hereafter made as a result of or in lieu of any taking of the
prrmiscc or any part thcresf under the power of eminent domain, er for any damage (whether caused by such taking or othenvix)
to the premises or the improvements thereon or any part thereof; such part of any such judgment, award or settlement, as the
I`tort¢a¢ee may elect to be applied to the indebtedness hereby secured and the balance thereof, if any, to be reserved to the
party or parties otherwise entitled thereto.
TO fI:~VE A\D TO HOLD the above granted and described premises to the said Iliortgagee, its successors and assigns,
forever, and the said Dfortga¢or does hereby fully srtrranl the title to said land, and will defend the same against the las,•ful
claims of ail lrersons whomsoever, provided always that if hfortga¢or shall pay to Mortgagee that certain promissory Hate above
described and shall perform all other covenants and Conditions of said promissory note, and of any renewal, extension or snodi-
' fication thereof. :uc~i of this mortgage. th-n this mortgage and the es•ate hereby crested shall cease and he null and void.
?\tortra¢or further rot•enants and a¢rees with Mortgagee as follows:
1. To pay al} stuns including interest iecured hereby when due, as provided for in said promissory note and any renewal,
extension or rn«lification thereof and in this mortgage, all such sums to Ix payat,le in lawful money of the United Mates of
America at ~inrteaeee's aforesaid principal effect, or at st:h other place as Mortgagee may designate in writing.
2. To pay when due, and without requiring any notice from \tortgagce, all taxes, assessments of any type or nature
and other .har¢es levied or assessed against the premises hereby encumbcrerl or any interest of Mortga¢e therein. To immedi-
ately pav :md diuhar¢e any claim, lien or encumbrance against such premises which may be or become superior to this mort-
gage and to permit no default or delinquency on any other lien, encumbrance or charge against such prcmixs.
3. If required by bortgagee, to also make monthly depa;its with i\fortga,ec, in anon-interest bearing account, together
with and in addition to interest and principal, of a sum equal to one-twelfth of the yearly taxes and assessments which may lx
levied against the premixs, and (if so required) one-tw-lfth of the yearly premiums for insurance thereon. The amount of such
taxes, asscc;ments and premiums, when unknown, shall be estimated by Mortgagee. Such deposits shall be used by Mortgagee
to pay such taxes, assessments and premiums when due. Any insuf6cienry of such account to pay such charges when due shall
be paid by Mortgagor to 'Mortgagee nn demand. If, by reason of any default by Mortgagor under any provision of this mort-
¢a¢e, btort¢agce declares all sums secured hereby to be due and payable, Mortgagee may then apply any funds in said account
against the entire indebtedness secured hereby. The enforceability of the covenants relating to taxes, assessments and insurance
premiums herein otherwise provided shall not be affected except in so f :r as those obligations have been met by compliance with
this paragraph. Atortgagce may (rem time to time at its option waive. and after :_ny such waiver reinstate, any or all provisions
hereof requiring such deposits, by notice to Istortgagor in writing. .\'hile any such waiver is in effect 11fo~tgagor shall pay taxes,
assessments and insurance premiums as herein elsewhere providtd.
4. To pay all taxes, stamp tax or other charge which may be assessed upon this rtrsr*.gage, or said note, or indebtedness
secured hereby, without regard to any law, Federal or State, heretofore or hereafter enacted, imposing payment of all or any
part thereof upon Mortgagee. In event of enactment of any law imposing payment of all or any portion of any such taxes upon
\fortgagee, or the rendering by any court of last resort of a decision that the undertaking by Mortgagor, as herein providtd, to
pa~• such tax or taxes is legalls• inoperative, then, unless Mortgagor nevertheless pays such taxes, all sums hereby secured, without
any deduction, shall at the option of 1\iortgagce become immediately due and payable, notwithstanding anything contained herein
or any law heretofore or hereafter enacted.
5. To keep the premises .nsured against Loss or damage. ~y fire, windstorm or extended coverage and such other hazards a,
may be required by 1\tortgagee, in form and amounts satisfactory to, and in insurance companies approved by Mortgagee, and with
acceptable mortgagee loss payable clauses attached. Such policies, together with such abstracts and other title evidence of may
be required by I\forigacre, shall be delivered to and held by Mortgagee without liability. Upon foreclosure of this mortgage or
other acquisition of the premises or any part thereof by Mortgagee, said policies, abstracts and title evidence shall become the
ah;olute property- of Dtortga¢ee. -
'`~ 6. To fine obtain the written consent of Mortgagee, such consent to be granted or withheld at the sole discretion of such
J bfort~actt• lxfore (al remm•ing or demolishing any building now or hereafter erected an the premises, (b) altering the arrange-
meet, design or structural character thereof, (c) making any repairs which involve the remos•al of structural parts or the ,
expocurc of the interior of such building to the elements, or (d) except for dom-stic purposes, cutting or removing or permitting
the cutting and r^moval of any trees or timber on the premiss. •
7. To maintain premises in good condition and repair, including but not limited to the making of such repairs as Mortgagee
may from time to time determine to be necessary for the preservation of the premises and to not commit nor permit any waste thereof.
8. 'fo comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting the premises, and not
ro suffer or permit any s•iolation thereof.
9. If Itfortgagor fails to pay any claim, lien ar encumbrance which is superior to this mortgage, or, when due, any tax or
assessment or insurance premium, or to keep the premises in repair, ar shall commit or permit waste, or if there be commenced
any zction or proceeding affecting the premises or the title thereto, then Mortgagee, at its option, may pay said claim, lien, encum-
brance, tax, assessment or premium, with right of suhrogation thereunder, may make such repairs and take such steps as it deems
advisabte to prevent or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and take
such acdcn therein as )\iortga¢ce deems advisable, and for any of said purposes Mortgagee may advance such sutras of money,
including all costs, fees and other items of expense as it deems necessary. Mortgagee shall be the so]e judge of the legality.
ealidity and priority of any such claim, lieri, encumbrance, tax, assessment and premium, and of the amount necessar,~ to be paid
in satisfaction thereof. Mortggagee shall not be held accountable for any delay in making any such payment, which delay may
result in any additional intertst, wst, charges or expense otherwise.
10. ?~fortgaror will pay to Mortgagee, immediately and without demand, all sums of money advanced by Mortgagee punu-
ant to this mortgage, together with interest on each such advancement at the rate of ten per cent. (10°l0) per annum, and all
such sums and intertst thereon shall br. soured hereby.
l 1. A!! sums of money secured hereby shall lx nayable without any relief whatever from any valuation or appraisement laws.
12. If default be made in payment of any instalment of principal or irtcrest o[ said note or any part thereof when due, or
in payment, when due of any other sum secured hereby, or i-. performance of, any of Mortgagor's obligations, covenants or
• , agreements hereunder, all of the indebtedness secured hereby shall become and be immediately due and payable at .the option of
Atorigage"e,• without notice or demand which are hereby expressly waived, in which event Mortgagee may avail itself of all righb