HomeMy WebLinkAbout0648ANO 1M said Mortgagor hereby covenants and agrees with tM said Mortgagee o: folbws:
ffltST: That Hse Mortgagor is lawfully seised of Ha above described premises in fee simple and has good right to sell and
convey >h. same b the Mortgagee; that the sold premises ore free and discharged of and from all taxes, tax titles or certificates,
judgments, medwnic's liens and er>cwnbronces of any nature or kind whatsoever and that 1M Mortgagor will fully warrant and
defend the some b the Mortgages, ogoirsst 1M lawful doims and demands of all persons whomsoever, and will make such further
aswrontes b perfect fee simple title b sold (and, in the Mortgagee, os may reosonoble be required, and will pay the several
sums of mousy agreed in the said note b be paid and all installments of principal and interest IMreon promptly when due, and
according b the true tenor and effect of 1M sold note.
S~CONDr That the Mortgagor will pay all and singular Hie foxes, ouessments, levies, and ancwnbrantes of every nature
on the above described Property, and upon this mortgage and note, or the money secured Hereby, before delingwncy tMreof
and receipts eviderrap payment of said taxes, assessments, levies and srt<wrrbronces shell be deposited with the Mortgagee on or
before Mardi 1st of each woaseding year during the term of this nartgage; and if wme be not promptly paid when due, the
Mortgagee may (without obligation b do so) Pay ~ ~~. o- beoane purchaser of any lawful evidence thereof, a certifkote
therefor, wiNaut waivirp or affecting any right hereunder and in Ibis nartgogs, or the sold rate which this mortgage secures; and
such payments or expenditures so mode shall bear interest from tM dote thereof of the rote of eight per centum (8~ per amum.
THIRD That the Mortgagor will keep all real and personal Property now or hereafter encumbered by the lien of this
mortgage inwred as may be required from time b time by the Mortgagee against bss by Are, windstorm and other hazards,
cosuoMies and contingencies for such periods and for not leu lhon suds amounts os may be required by the Mortgagee and b pay
prompty when due all promiums for such inwrance. The omaxds of such insurance required by the Mortgagee are expressive of
only the mininnrm amounts for which said inwrance shall be written and it shoU be inannbent upon the Mortgagor b maintain such
additional inwrante as may be necessary b meet and comply fully with afl co-inwronce requirements contained in said pdicies b
the end that sold Mortgagor is not o oo-inwror thereunder. kswrante shall be written by a canpony or companies approved by the
Mortgagee and all policies and renewals HNreof shall be held by the Mortgagee. All detailed desigratans by the Mortgagor
which ore oaepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating b inwronte, now existing
or hereafter node, shall be in writing and shall be o port of this mortgage agreement as fully as though set forth verbatim herein
and shall govern both parties hereb and their waessors and assigrn. No lien upon any of said pdicies of insurance or upon any
refw~d or return premium whidr may be payable on the cancellation or termination thereof, shall be given b other thou the Mort-
gagee, except by Proper endorsement affixed b such pdicy and approved by Mortgagee. Each policy of inwronce shall have
affixed lhereb o Standard Mortgagee Clause oaeptable b the Mortgagee, making all bas or bases under such polity payable
b the Mortgagee os its interest may appear. b fhe event any wm or wms of money become payable thereunder the Mortgagee
shall hove the option b receive and apply the some on account of the indebtedness hereby secured, or b permit the Mortgagor b
receive and use it, or any port thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this
mortgage. ti event of loss or physical damage b the mortgaged property the Mortgagor shall give immediate notice thereof by
moil b the Mortgagee and the Mortgagee may make proof of loss if the some is not mode promptly by the Mortgagor. In evert
of foredowre of this mortgage or other trar-sfer of title b the mortgaged property in extinguishment of the indebtedness seared
hereby, all right, title and interest of the Mortgagor in and b any inwrance policies then in force shall pass b the purdwser a
grantee. Upon any default thereof, the Mortgagee may (but without obligation on its port so b do) Place insurance on such
buitdirps and pay the premium and charge such wms so paid b the Mortgagor and such wms of money so paid shall bear interest
from the date of payment at the rate of eight per centum (89b) per annum.
FOURTH: That all sums of money paid or caused b be paid by the Mortgagee under the terms of this mortgage and herein
speciflcoUy provided for, and including any expenses marred by the Mortgagee in collection of the sum secured by this mortgage,
shall be covered by the lien of this mortgage, the some os the wms of money represented by the rate which this nartgage secures.
FIFTH: To permit, commit or suffer ra waste, impairment or deterioration of sold Property, or any port thereof, and upon
the failure of the Mortgagor b keep the buildings on said property in good condition of repair, the Mortgagee may demand the
immediate repair of sold buildings, or an increase in the amount of searity, a the immediate repayment of the debt hereby
seared, and the failure of the Mortgagor b comply with said demand of the Mortgagee for a period of fifteen (IS) days shall
constitute o breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and
interest hereby secured, and the Mortgagee may, without notice, institute proceedings b foreclose this mortgage, and apply for
the appointment of o receiver, os here'rrsofter provided.
SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the wms of money and interest as mentaned
in said promissory note, together with any and all other sums justly due and owirp the Mortgagee by the terms therein, and secured
to be paid os stated therein promptly when due. p defauM steal: be mode in the payment of the said sums of money or any part
thereof os provided in the sold note a this mortgage, or if the interest that may become due thereon or any port thereof shall be
in defouM and unpaid for o space of fifteen (TS) dogs, or should the Mortgagor breach or fail b comply with any other covenant
or agreement on the port of the Mortgagor to be complied with (in Hose cores in which the option of the Mortgagee of oaelera-
tan is not otherwise expressly provided herein) and such breech or non-oomplionte oontirwe in existence for o space of fifteen (IS)
days, then and from thenceforth, at the option of the Mortgagee and without notice b Hie Mortgagor, the whole of sold principal
wm expressed in sold note, together with all other sums therein as well as herein provided for, shall become immediately due and
payable, without notice to the said Mortgagor.
SEVENTH: That in rose it should become necessary b place this nartgage and the note seared hereby or either of them,
in the bonds of an atbmey for collection, the sold Mortgagor oovenonts and agrees with the Mortgagee b pay all costs, drarges
and expenses of sorb collection, indudirp reasonable ottomer s fees whether collected by foredowre or otherwise.
BGHTH: That, in the event any suit is brought upon this mortgage, whether b foreclose it, ro reform it, or otherwise,
and/or b enforce payment of any claim hereunder, the Mortgagee may apply b any court hoeing jurisdiction thereof for the
appointment of a receiver of sold mortgaged property, as well os the income, profits, iswes and revenues thereof, and the said
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