HomeMy WebLinkAbout1176 { the origiaal of
the fore ~s ~md caaceled pu
su~s~nt td.obl~sv
~ are affi~oed to .
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llnd sLall duly, Pro~t?l~Y and llal]J? Psrfora, . discbar~pe, execute, eflect,
co~plet,e and ca~ly vith and abide by -eacb aad erery the stipul,ations, a~re~aants,
conditions aad covenants of said pra~issory note and o! thie a~rtgage, tben this
mortg,egs and tbe estnte bereby crestad shall.cease aad be null and ~oid.
Aad the I+[ortgagor covenanta snd agrees to aad vith the Mlortgagee ns follAws:
l. He vill pay tbe principel and intereat and the various an8 aw~dry suaos
of aoney peysble by virtua of said pra~issory not,e snd this m~ortgage pra~pt~r oa the
a~ys tbe same becoa~e aue ana be will p~o~pt]~? rerrorm ana co~mpl~y vith ee~cb ana every
otber covenant and agreement in.said pro~ieaory note and mort~age.
2. Se xill pe~y the ta~ces, asseasaenta, levies, lisbi].itie8, obli~e?tions .
and incLmobrances of every nature aad kind nov on said described property, or that
hereafter me~y be imcposed, au!`tered, placed, levied or ssaessed thereoa, or thst here-
after me~y be ]~evie8 or assessed upon tbis mort~re~ge or tt~e i~ebte8ness secured hereby, .
rrhen due and payable accorfling to lav, be~ore they beca~e delinquent, and before aay
interest attaches or aqy pene~lty is inc~d; and in so far as aqy theraof is of
record the ssme shall be pra~ptly satistied and discharged of record and tbe origine?1
official document evidencing such satisfaction and dischar~e shall be placed in tbe
hands of said Mortgagee irithin ten days next at'ter pe~yment.
3. He vill keep the impro~vements noir existing or hereafter erected on
the mortgaged property insured against loss by fire and other hazards, casualties .
and contingencies in such amounts and for such periods as mey be require8 by Mortg~a~ee.
All insurance shall be carried in companies approved by Irlortgagee and tbe policies
and renevals thereof shall be beld by Mort~gee and have attsched thereto loss peyable
clauses in favor of and in form acceptab]~e to the Mortgagee. Ea event oY loss be vill '
give i~ediate notice by a~il to Mortgagee, and Mortgagee me~q make proo! of loss if
not made prompbly by Kortgagor, and each insurance c~p~a~r concerned is htreby authorized
and directed to malce pe~yment for such loss direct]y to Mortgagee instead of to l~ortgag~r
and Mortgagee ~ointly, and the insurance proceeds, or an~ peurt t2yere.wf,mey be applied
by Mort~agee at its option either to the reduction of the indebtedaess hereby secured
or to the restoration or repair of the property damsged. In e~v~ent o! forecl,osure o!
this mortgag~e or other treasfer of title to the m~rtgaged property in extinguia2~ent
of the indebted~ess secured hereby, all right, title and interest of the l~tortg~sgor .
in and to a~r iasurance policies then in force shall pass to the purchaser or grantee.
4. 8e ~rill perait, eomait, or suf'f'er no ~raste, impairment or deterioration
of said property or aRy part thereof and eill keep all buildings aad impraveaents
nov or hereafter on said property in good repair an~d will me~ke- a~q? repairs vhich
I~I Mortg,egee in his discretion shall deem necessary !or the proper preservation of said ~
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i buildings aad iacprovements. .
i
f ' S. Se vill'pe~y all and singular the costs, cUarges and expenses, including ~
~ reasonable attorney's fees, cost of abstracts of title and titLe searches incurred
' or paid at ai~y tise by the l~iortgagee because of the failure on the psrt of the Mortgagor
€ pra~ptly and l1i1]y to perform the agreements and crnrenants of said aote and this
~ mortg,age, and said costs, ct~arges and expen$es ahall be iamediate]y due aad peyable ~
aad ahall be secured by the lien o! this mortgage, and such expenditua~es shall draw ~
interest at the rate of eight per centum~ per affi~. {
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6. T'hat (a ) in tbe event . of atqr breach of this m4rtgrag~e or default on ~
the part of the 1~+Iortg,a~or, or (b ) in the event a~r of said s~s o! aoney berein
referred to be not prospt]y and llil~y pe~id vithout demaad or notice, or (c ) in tl~e
~ event th~e stipulations, agreements, conditions aad crnrenants of said note and this
mortgs~ee are n~ot duly, pro~ptly and ftiil.]y pertoz~oed, then in eitber or asqr such
eveat, tbe said ag~~e~e?te avm~ aentioned in said note then reaaining unpaid, vlth
interest accrued to that time, and all moneys secured heraby,.ahall becaoe due and
~ payable forthvitb, or t.bereafter, at the option ot said Mortgagee, as llil,ly aod ~
~ co~plete]y as if a11 ot tbe said s~s of money ~+ere originally stipulated to be psid
~ on such de~q, s~ything in said note or in thia mort~ to tbe contrsry notvithstanding;
and thereupoa or thexeatter, at t2ye.option of said ~lortgagee, vithout notice or
deaend, suit et lav or in equity, ne~y be prosecuted as i! all moneys secured hereby
haa satured prior_to ita institution.
7. The Mortgs~x aey, at a~pr tise vhile a suit is peading ~o foreclose
or to refors this aortg,a~e, or to enforce anpl claims ariaiag hereuad~er, spply to
the court having 3uriediction thereof for the appointaent of s recei~er, sud such
~ court shall forthvith appoint a receiver o! the presisas 8ad e~ll other p~aperty
covered hereby, inclwding all aad singular tbe inca~e, profits, renta, issues and
3YD ~oYS M-2906 -
c9-~-60~ - J - sooK186 PAGE1174
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