HomeMy WebLinkAbout2307 AND thc soid Mortgagor hereby covenonts and ogrees with the said Mortgogee os follows:
FIRST: That the Mo?tgagor is lawfully seized of the obove described premises in fee simple and has good right to sell and
convey the same to the Nortgogee; that the said premises are f~ee and dischorged ot and from oll toxes, tax titles or cenificotes,
judgments, mechani~ s liens and encumbronces of ony ~oture or kind whotsoever and thot the Mortgagor will fully warrant ond ,
defe~d Ihe same to fhe Mo~fgagee, againsf the lowful tlaims and demands of all persons whomsoever, ond will make such further ~
assuronces to perfect fee simple title to said land, in the Mortgagee, as moy reasonable be required, and will pay the severnl
sums of mcmer agreed in the said nole to be poid and oll instollments of printipol ond interest thereon promptly when dve, and
otcording to the true tenor ond effect of the said note.
SECOND: Thot the Mortgogor will pay all ond singulor the toxes, assessments, levies, and encumbrorxes of every nature
on the above described property~ o~d upon this mortgoge and note, or the moner secured thereby, before delinquency thereof
ond receipts evidencing payment of said foxes, ossessments, levies and encumbrances sholl be deposited with the Mortgagee on or
before Morth lst of eath succeeding year during the term of this mortgoge; and if same be not promptly paid when due, the
Mortgagee may (without obligation to do w) poy the some, or become purchaser of any lowful evidence thereof, or certificate
therefor, withouf waiving or affetting any right hereunder a~d in this mortgoge, or the soid note which this mortgage setures; and
suth payments or expenditures so made sholl bear iriterest from the dafe fhereof ot the rate of eighf per tentum (8°/f~~ per annum.
. THIRD: Thot fhe Morfgegor will keep all real and pe~sonal property now or hereofrer encumbered by the lien of this
mortgagt i~sured as moy be required f~om time to time br thc Mortgagee against bss by fire, windstorm and oMer hozards,
tosualties and tontingenties fo~ such periods ond for not less than such amounts as may be required by the Mortgogee and to pay
promptly when due all premiums for such insurance. The amounh of such insurance required by the Mortgagee ort expressive of
only Me minimum omounts for which said insurorxe sholl be written and it sholl be incumbent upon the Mortgagor to maintain such
additional insurance as may be necessory to meet and comply fully with all co-insuronce requirements contoined in said policies to
the end that said Mortgagor is not a co-insuror thereunder. Iruuronce sholl be written by a company or companies approved by the
Mortgagee and oll polities and renewals thereof shall be held by the-Mcrtgogee. All detoiled designations by the Mo?tgagor
which ore accepted by the Mortgagee and all agreemcnts between Mortgogor and Mortgogee relating to iruuronce, now existing
or hereafter mode, shall be in writing and shall be o part of this mortgage agreement as fully as though set forth verbatim. herein
and shall govern both parties hereto and their successon and assigns. No lien upon ony of said policies of insurance or upon any
refund or retum premium which moy be payable on the concellation ~r te?mination thereof, sholl be given to other than the Mort-
gagee, extept br proper endorsement affixed to such politp and approved by Mortgagee. Each policy of insuronte shall have
afiixed thereto a Standard Mortgagee Clause atceptable to the Mortgogee, moking all toss or losses under such policy payable
to the Mortgagee as its interest may appear. In the event any sum or sums of money become poyoble thereunder the Mortgagee
shall have the option to reteive and opply the same on account of the indebtedness hereby secured, or to permit the Mortgagor to
receive and use it, or any part thereof, without thereby waiving or impoiring a~y equit~r, lien or right under and by virtue of this
mortgage. In event of loss or physical damage to the mortgoged property the Mortgagor shall give immediate notice thereof by
mail to the Mortgagee and the Mortgagee moy make proof of loss if Me same is not made promptly by the Mortgagor. In event
of foredosure of this mortgoge or other transfer of title to the mortgaged propertr in extinguishment of the indebtedness seturcd
hereby, all right, tifle and interest of the Mortgagor in and to ony insurance policies then in forte sholl poss to the purchaser or
grontce. Upon any default the~eof, the Morfgagee may (but without obligetion on its part so to do) ploce insurance on wch
buildings and pay the premium ond charge su~d? sums so paid to fhe Mortgagor and such sums of money w paid shall bear interest
from fhe dafe of payment ot the rate of eight per centum (8°~) per annum.
'i FOURTH: That all sums of money paid or caused to be pnid by the Mortgagee under the te?ms of this mortgage and herein
` specifically provided for, ond irxluding any exper?ses incvrred by the Mortgagee in collection of the sum secured by this mortgage,
shall be covered by the lien of fhis mortgage, the some as the sums of money represented by the rate which this mortgage secures. 1'
HFTH: To permit, commit or suffer no waste, impairment or deteriorotion of said property, or any part thereof, and upon
the failure of the Mortgagor to keep the buildings on said property in ~ood condition of repair, the Mortgogee moy clemond the
~ immediate repai? of said buildings, or an increase in the amount of security, or the immediote repoyment of the debt hereby
~ secured, and the foilure of the Morfgogor to comply with said demand of the Mortgagee for a period of fifteen (15) days shall
~ cputitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and
interest hereby secured, and the Mortgagee moy, without notice, institute proceedings to foreclose this mortgage, and apply for
the appointment of a receiver, os hereinafter provided.
SIXTH: Thot the Mortgagor hereby promises, tovenants and ogrees to pay the sums of money and interest os mentwned
in said promissory note, together with any and all other sums justly due and owing the Mortgagee by fhe terms therein, and secured
to be paid as stoted therein prompNy when due. If defavlt shol~ be made in the payment of the said sums of money or any part
thereof os provided in the said note or this mortgage, or if the interest that may bccome due thereon or any port thereof shall be
in default and unpaid for a spoce of fifteen (15) days, or should the Mortgogor breach or foil to comply with any other tove~ont
or agreement on the part of the Mortgagor to be tomplied with (in those cases in which the option of the Mortgagee of aaelera-
fion is not oth=rwise expressly provided herein) and such breoch or non-compliance continue in existerxe for a spece of fiftecn (15) ~ ;
~ days, then and from therxeforth, at the option of the Mortgagee and without notice to tfie Mo?tgogo~, the whole of said principal
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sum expressed in said note, together with all other sums therein os well os herein provided for, shall become immediately due and
payable, withovt notice to the said Mortgagor.
SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them,
in the hands of an attorney for tollection, the said Morfgogor covenents and agrees with the Mortgagee to poy all costs, charges ~
and exper?ses of such collection, including reosonable attorney's fees whether collected by foreclosure or otherwise.
~ EIGHTH: That, in the evenf any suit is brought upon this mortgage, wfiether to foreclose it, to reform it, or otherwise,
~ and;'or to enforce poyment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the ~
~ appointment of a receiver of said morfgaged property, os well as the income, profits, issues and revenues thereof, ond the said
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