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Home My WebLink About1168 # 3 . j AND the soid Morfgagor hereby tovenants and ay~ees with the said Mortgo9ee as follows: ! FIRST: That the Mortgagor is lowfully seized of the above desuibed premises in fee simple ond has good right to sell ond conver Me some to the Mortgogee; thot the said premises o~e free ond dischorged of ond f~om all toxes, tox titles or tenificates, ' judgments, mcchanK s liens and encumbrances of ony nature o~ ki~d whatsoever ond thot the Mortgogbr will fully wa~rant and defe~d the same to the Mortgogee, against the Iewful claims end demonds of aU persons whomsoever, and will make such further ossurances to pe~fect fee simple title to soid land. in the Mortgagee, os moy reasonable be required, ond will pay the several sums of money agreed in the said note to be paid and all installments of principal and inte?est thereon p~omptly when due, ond aao~din9 to the true tenor end effect of the soid note. SECOND: Thol the Mortgagor will pay oll and singulor the toxes, assessments, levies, ond encumb~antes of every r+oture on the above destribed property, and upon this mortgage and note, or fhe money secured thereby, before delinquency thereof and reteiph evidencing payment of said taxes, ossessments, levies ond encumbrarxes shall be depasited with the Mortgagee on or before March lst of eath sucteeding year during the term of this mortgoge; and if same be not promptly paid when due, the ; Mongagee moy (without obligotion to do so) pey the same, or become purchoser of any lawfvl evidence the~eof, or ce~tificate therefor, without waiving or ai~ecfing ony righf hereunde~ ond in fhis mortgage, or the said note which this mortgage setures; and suth poymenh or expenditvres w made shall bear inte~est from the date the~eof at the rote of eight pe~ centum (8~) per anrwm. THIRD: That the Mortgagor will keep all real ond personal property now or hereofter encumbered by the lien of this ~~9a9e ~~surcd os may be reqvired from time to time by the Mo?tgagee agair?st loss by fire, windstorm and other ho:ards, casuolties and contingencies for such periods and for not less than such amounts as may be required by tne Mortgogee ond fo pay prompNy when due all premiums for such insurance. The amounh of such insurante required by thc Mortgagee are expressive of only the ~ninimum omounts for whith soid irtsurance shall be written and it sholl be incumbent upon the Mortgagor to maintain wch additional insurance as may be necessary to meet and tomplr fully with all co-insurance requiremcnh contained in soid policies to the end fhat said Mortgagor is not o to-insuror thereundcr. (r?suronte shell be wriften by a oompany or compa~ies approved by the Mortgagee and oll policies and renewals thercof shall be held by the Mortgagee. All detailed designatiorts by the Mortgagor wfiKh are aaepted by thc Mo~tgagee end all agreements between Mortgagor and Mortgagee relating to iruu~once, now existing or hereofter mode, shall be in writing and shall be a paff of this mon9a9e a9~eement as fully os though set forth verbosim herein and shall govem both parties hereto and their successon and auigns. No lien upon ony of said policies of insuronce or upon ony refund or retum premivm ;:-ti'Kh may be payable on the cancellotion or termination thereof, shall be given to other fhon the Mort- gogee, except by proper endoaement afFixed to such polic~? a~d approved by Mortgagee. Each policy of insuronce shall have offixed thereto o Standard Mortgegee Clause aaeptable to the Mo~tgagee, moking all loss or losses under wch policy payable to the Mortgagee as ih interesf may appear. In the event ony wm or sums of money become payable thereunder the Mortgagee sholl have ihe option ro receive end apply the same on account of the indebtedneu hereby secured, or to permit the Mortgagor to receive and use if, or any part thereof, wiMwut thereby waiviog or impairing any equity, lien or right under ond br virtve of this nwrtgage. (n event of loss or physical damage to the mortgaged propeMy the Mortgagor shatl give immediate notice thereof by mail to the Mortgagee aod the Mortgagee may make proof of loss if the same is not made promptly by the Mortgagor. In event of foredowre of this mortgage or other transfer of title to the mortguged property in extinguishment of the indebtedneu secured hereby, oll right, title and interest of the Mortgagor in ond to any insurance policies then in force shall puss to the purchaser or g~antee. Upon any defoult thereof, the Mortgagee may (but without obligation on its pert so to do) place insurance on wch buildings and pay the premium and tharge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest ' from the date of payment at the rote of eight per tentum (8~) pe~ annum. FOURTH: That ull sums of moner paid or toused to bc paid by the Mortgagee under the te~ms of this mortgage ond he~ein speci&olly provided for, and induding any experues incurrcd by the Mortgages E~ ~~+!!etfion of the sum setured by fhis mortgoge, ` sholl be tovered by the lien of this mortgage, the same as the sums of money represented by the note wiiKh this mortgage secures. ~ ~ HFfH: To permit, tommit or suffer no waste, impairment or deterwrafion of said property, or any part thereof, ond upon ~ the failure of the Mortgagor b keep the buildings on said property in good condition of repair, the Mortgagee may demand the ~ imenediate repair of said buildings, or on intrease in the amount of seturity, or the immediate repoyment of the deb~ hereby ~ secured, and the foilure of the Mortgagor to comply with said demond of the Mortgagee for a period of fifteen (15) days shall ~ constitute a breoch of this mortgage, and, at the option of the Mortgogee, immediately mature the entire unpaid prirxipal and ~ interesf hereby secured, and the Mortgagee may, without rqtite, irutitute proceedings fo foreclose this mortgage, ond apply for the appointment of o receiver, as hereinaNer provided. SIXTIi: Thaf the Mortgagor hereby promises, tovenonts and agrees to pay the sums of money and interest as r~entionecf ~ in said promissory note, together with any and all other sums jusNy dve ond owing the Mortgagee by the terms therein, and secured ~ to be paid as stated therein promptly when due. If default shal~ be m~de i~ the poyment of the soid sums of money or any part thereof as provided in tfie said note or this mortgage, or if the interest thot moy become due tl~ereon or any part thereof shall be in default and unpaid for o spote of fifteen (15) days, or sF~ould the Mortgagor breath or foil to complr with any other tovenant or agreement on the part of the Mo~tgagor to be oomplied with (in those cases in which the opYwn of the Mortgagee of oaelera- tion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for a spoce of fiRecn (15) ~ days, then and from thenceforth, at the option of the Mortgogee and without notice to the Mongagor, the whole of said principal ~ sum expressed in said note, together with all other wms therein as well as herein provided for, shall become immediately due and " payable, without notice to the said Mortgogor. ~ ~ SEVEPITH: Thot in cose it should become necessary to place this mortgage and the note secured hereby or either of them, ~ in the hands of an attorney for collection, the said Mortgagor covenants ond agrees with the Mortgagee to pay oll costs, charges ~ and experaes of such collection, including reasonable ottorney's fees whether tollected by foreclosure or othe?wise. ~ ~ EIGHTH: That, in the event any suit is brought upon this mo~tgage, whether to forecbse it, to reform it, or otherwise, ~ andjor to enforce poyment of anr daim herevnder, the Morfgagee may apply to any court having jurisdiction thercof for the ~ ~ oppointment of a receiver of said mortgaged property, os well as the income, profits, issues and revenues thereof, and the said ~ soox 1~~ ' 66 ~ ~ ~ - ~ _ . ; x~~~ , ~ ~_r~~~c-~