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HomeMy WebLinkAbout0857 chat Mortgagor will, at his own expeose. make such otAe~ and further instruments and assurances .to vest abaolute and fee simple title to said property in Mortgagee that may be requested by Mortgagee; and that Mortgagor will~ and his heire~ legal repreaeata= ti~•es and successora shall, v~arrant and defend the title to said pmperty unto Mortgagee against the lawful claims and demanda of all persons whomsoever. ~ PROVIDED ALWAYS. and these presents are upon these express conditions~ that ii Mortgagor shall pmmptly pay to afore- said Mortgagee certain pmmissory note, even date herewith, made by aforesaid MorEgagor a copy of which is attached hereto ss Exhibit "A" (Attach Copy of Note) And until fuil payment thereof~ or any extensions or renewals thereof, in whole or in part. and payment of all other indebtedness or liability that may become due or owing hereunder and secured hereby, shall faithfully and promptly comply with and perform each and every other rnvenant snd pmvision herein on the part of Mortgagor to be rnmplied with and performed, then these presents ~hall be void. And Mortgagor hereby covenants as follows: , To pay, with .interest. said note and any e~ctensions or renewals thereof, in whole or in part, and ali other indebtedneas or liability hereby secured. however created or evidenced, prnmptly when the same respectively becomes due; to pay and/or discharge ::ny other amounts, indebtedness and/or liability that may in the future become due, owing or outstanding ftom Mortgagor to 3iortgagee. however thE same may be or may have been contracted, evidenced or accrued; and that this mortgage shall secure all such amounts. indebtedness and/or liability to the extent of the amount of the note, in addition to all other amounts due or to become due hereunder as herein specified; to pay all taxes and assessments levied or assessed upon said propesty before the same • become delinquent, and in no event to permit said pmperty, or any part thereof, to be sold for non-payment ot taxes or sssessments; to keep said property in gnod repair and to permit, commit or suffer no waste, impairment oi deterioration thet+ewf; to comply . ~trictly with a11 la~cs and governmentat regvlations and rules affecting said propertq or its operation; to pay ail taxes that may be le.-ied or asseased on this mortgage or the moneys secured hereby. provided that in no event shall the amount paid on account of surh taxes, together with the interest paid on the indebtedness secured hereby. exceed the maximum interest rste allowed by law; ; to permit no mechanic's or other liens arising either by contract or by law~ which might be prior in lien to the lien hereof~ to be ` created or rest upon all or any part of aforesaid premises or property for ten days w-ithout the same being paid or released, and [ discharge of said premises and prnperty therefrom procured; and to pay all costs and expenses incurred or paid by Mortgagee ~ in collecting the moneys hereby secured or in enforcing or protecting the rights and security of the Mortgagee hereunder, in- # clud;ng reasonable attorneys' fees, in the event said mortgage and note or other evidence of liability be placed in the hands of an ~ attorney for collection. ~ Mortgagor further co~enants to keep the buildings. structures and other improvements now or hereafter erected or placed on ~ the premises and constituting a part of the mortgage security constantly insured against all loss or damage by fire in a snm sufficient to cover this indebtedness, and against all loss or damage by tornado or windstorm in a sum suft9cient to cover this indebtedness, ~ in iasurance companies satisfactory to Mortgagee (but Mortgagee shall not be liable for the insolvency_or irrnsponsibility of any such companies), and to promptly pay all premiams for such insurance, the policies representing which shall be deli~ered to and ~ held by Mortgagee as additional security for the payment of the indebtedness and liability secnrity hereby. All sums recoverable £ an any such insurance policies shall be made payable to 1liortgagee by a loss payable clause satisfactory to Mortgagee, to be ~ attached to such pQlicies. In the event any such insurance policy shall expire during the life hereof, Mortgagor agrees to procure ~ and pay for renewal thereof, w-ith the above requirements, replacing such expired policy, and deposit the same ~rith Mortgagee, ~ together with receipts showing payment in full of premiums therefor, ten days prior to the expiration date of such policy. In case of ~ !oss Mortgagee is hereby suthorized to adjust and settle any claim under any such policy and Mortgagee is suthorized to collect ~ and receipt for • any such insurance money and to apply the same, at Mortgagee's option. in reduction of the indebtedness hereby ~ secured, whether due or aot, or.to allow Mortgagor to use such insurance money, or any part thereof, in repairing the damage or ~ restoring the improvements or other ptoperty vvithout affecting the lien hereof for the full amount secured hereby. , x It is further rnvenanted that Mortgagee may (but shall not be obligated so to do) advance moneys that should have been ~ paid bq Mortgagor hereunder in order to protect the lien or security hereof, an3 blortgagor agrees without demand to forthwith ~ repay such moneys, which amount shall bear interest from the date so advanced until paid at the rate of ten (10) per cent, per „ annum and shall be considered as so much additional indebtedness secured hereby; but no payment by biortgagee of any such ~ moneys shall be deemed a waiver of Mortgagee's right to declare the principal sum due hereunder by reason of the defauit or ~ ~-iolation of Mortgagor in any of his covenants hereunder. ~ ~ Mortgagor further co~enantg that granting any extension or extensions of the time payment of any part or all of the total indebtedness or liability secured hereby~ or taking other or additional security for payment thereof, shall not affect this mortgage ~ or the rights of Mortgagee hernunder, or operate as a release from any liability upon any part of the indebtedness hereby secured, ~ under any covenant herein contained. ~ ~ It is further covenanted and made of the essence hereot thst in case of default for five daya in the performance of any of the covenants herein on the part of Mortgagor, then it shall be optional with Mortgagee to consider al) anmatured indebtedness or ~ liability secured hereby, and accrued interest thereon. as immediately due and payable, without demand and without notice or ~ declaration of said option, and Mortgagee shall have the right torthwith to institute proceedings to enforce the collection of all ~ moneya secured herebq and/or to foreclose the lien hereof. ~ It is further atipulated and agteed by and between the parties that the Mortgagee shall have the right to eaercise any option or privilege herein given or reaetved and to enforce ~n~ d~tQQ t,~e_EMo~~r st any time without further or dhet notice ~ eooK i~~7 ~ ~vs ~ . ~ _ _ ~ ~ ; r - w? ~:~a°7~r.~F.r.. . -v,.~_ ~ .