HomeMy WebLinkAbout0237 ANO Me soid Mor~qo~or hereby co~en~nts and ayrees wirh the soid Mortqa~ee as foliows:
FIRST: Thot the Mortgayor is low(ullr seited of the aboye described p~emises in iee simple ond hos good ri~ht to sell and
convey the same 1o the Mort~o4 ~e; thol the said prem~ses ore free ond discharqed of ond f~om all toxes, tox titles o~ certificotes,
iudgments, mechonic's liens ond encvmbrontes of ony ~oture o? kind whetsoever and thof the Mortgagor will fvlly wor~ont ond
defend the some to the Mortgogee, agoinst the lowful tlaims ond dema~ds of oll perso~s whemsoeve~, ond will make such further
ossurances to perFett fee simple ti11e to said lond, in the Mo~tgogee, os may ~eosonoble be required, and will pay Me sever~l r
sums of m~?ey ogreed in the soid note to be paid and oll i~stollments of pri~,cipol and interesf thereon promptty when due, ond '
occo.dinq to tl+e true +enor ond efFed of the said note.
SECONp: Thot the Mortgogor will poy oll ond sin9ulor the taxes, ossessments, levies, ond encumbrorxes of every noture ;
on Me obove described property, ond upon Mis moHqege ond ~ote, or Me money setured thereby, before delinquency fhereof `
and receiph evidencing poyment of said toxes, assessments, levies ond entumbrances sholl be deposited with the Mortgoqee on or ~
bef~e Merch lsf of each sucteedin~ yeor during the term of Mis mort9age; ond if some be nof promptly poid when due, tha ~
Mortyoyee moy (without obligotior, to do so1 poY the some, or become purchoser of onr towful evide~ce Mereof, o~ tertificate ~
the?efor, wiMo~t wo;vin9 or oRecting ony ri~ht hereunder ond in fhis rtwrfga~e, or fhe said note which fhis mortgoge sttures; and
s~ch paymenfs or expenditvres so made sho8 beor interest from Mte dota fhereof af Me rote of eight per centum ($'OfTp) per annum.
THIRD: Thot the MortgoQor will keep ell real ond personal propert~r now or hereofter encumbered by Me lie~ of this
mongcge iruured as moy be ~equired from time ro timt by Me Mort~ayee agai~st loss by fi~e, windstorm ar+J other hozards, ~
casualties and contingencies for sucA per~ods ond for not less thon s~cA omou~ts os mar be required by Me Mortga~ee ond to poy
promptly when due all premiums for such insuronce. The anw~x~ts of such insuronce required by the Mortgaqee are expressive of
only the minimum omou~ts for which said insurance sholf be w~ittcn and it sholl be incumbent upon the Morfgogor to mointain such
additionol iruuronce os may be netessary to meet ond comply fvlly with oll co-insuronce requirements contained 'en said policies to
Me end that soid Morigagor is ~+ot a co-insuror thereunder. Inwrante sholl be wriMen by o tompony or tomponies approved by the
Mortgagee and al! polit+es and rencwols thereof slwll be held by the Mo?tgogee. All detoiled designations by the Mortgagor !
whid~ ore oaepted by the Mortgo~ea ond all ayreements between Mortgo~or and Mo~tgogee relating to insuronce, now existing ~
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o~ he~eafter mode, shall be in w~itiny cnd sholl be o poN of this mort~c~e ag~eement as futly as though set forlh verbatim herein
and shall gov~rn both parties hereto ond Meir successon ond ossi4ns. No lien upon any of soid policies of insuronce or upo~ any -
refund or retum pre~mium which may be poyable on the cancellatio~+ or tern+inotio~ the~eef, shall be given to otfier than the Mort- ;
gagee, except br proper endonement olfiixed to such policy ond opproved by Mongagee. Ead? poiiq of inwrance shaN hove ~
of~ixed lhereto o Star+dord Mort~a~ee Clavse oaeptoble ro the Mortgogee, makinQ oll loss or losses under such policp poyable ~
to the Mortgagee os ih inlerest nwr appear. M fhe event any swn crr sums of nwney become poroble thereunder the Mortga~ee
sholl hove the option to receire and opplr fhe same on atoovnf of the indebted~eu hereby secured, or to permit the Mortqa~or to
rrceivc and use it, or any part thereof, witiwut thereby weivirp or impoiring ony equity, lien or riqht under ond by virtue of this
mortgage. In evcnt of loss or physical domege fo the mort~oged property the Mortgoyor sholl 9ive immediote notice thereof by
moil to the Mwigagee ond the Mort~ayee may make proof of loss if the some is not mode promptly by M?e Mortgogor. In eveet
of forecbwre of this mort~aqe or other trar?sfer of title to the mort~cyed property ie extinguishment of the indebtedness secured
hereby, all ri~ht, tide and interest of the Mortgesor in and to any inwrarne policies then in force sholl pass to the purchaser or
grantee. Upon ony defeuk thereof, the Mort~a~ea may (but without obtigation on ih part so to do~ place ~nsuronce on wd~
bvitdinqs ond poy the premium and chor~e wd~ sums so poid fo the Mort~ayor ond suth sums of money so poid sholl bear interest
from the dafe of porreeet ot the rate of eight per centum (8~) per omum, ~
FOURTH: That oll sums of money paid or coused to be poid by the Morfgogee under the terms of this mort~age and hereie ~
specificatly providad for, ond indudin~ ony expenses incurred by the Mortyagee in collection of the sum secured by this mortgage, _ ~
shall be covered by the lien of this mortga~e, tfie some os tfie sums of nwney represented by the note which this morigaQe secures. t
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FIFTH: To permit, commit or wfFer no waste, impoirmenf or deterioratiort of soid properly, or onr port thereof, ond upon `
the fo+lure of the Mortgayor to keep the buildin~s on soed propertr in good cor?dition of repai~, the Mortgagee moy demand the
immediate repair of soid buildings, or an inuease in the amount of security, or the imrrKdiote repayment of the debt herebr ~
setured, and the foilure of the Nlortgcgor to tanply with :aid demar?d of fhe Mortgogee for o period of Rfteen (15) doys sholl ~
co~stitutc o brcach of this mortyage, and, et the option of tF~e Mortyagee, immediately mature the entire unpaid principal ond
interest hereby se~cured, and the Mort~a~ee mar, without notice, institute proceedings to foreclose this mortgoge, and apply for '
the appoiMment of a receiver, os hereinofter provid~d. ;
SIXTH: Thot tfie Mort~oqor hereby promius, cover+ants end oy~ees to poY the sums of money and ;nterest as mentioned
in soid promitsury rrote, togefher with ony and oll other wms justly dve and owin~ the Mortpogee by the terms therein, and secured
to be poid os stated the?ein prompfly whea dve. If defouk shol: be made in the poyment of the soid sums of money or onY part
thereof os provided in the said nofe o~ this mort~o~e, or if fhe interesf tfiat moy become due thereon or anr part thercof sholl be
~n defeult ond unpoid for a space of fifteen (1S) days, or sF~ould the Mort~ogor breach or fail to comply with ony other tovena~t
o~ oyreement on the pa?t of the Mortyoyor fo be tomplied with (in those cases in which Me option of the Mortgagee of aaelero- ~
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tion is rwt otherwise expresslr provided he~ein) and wch breeth or rwn-compliarxe continue in existence for o spoce of fifteen (15) €
dors, then ond from rhenceforth, at the option of the Morigoyee ond without notice to the Mortyagor, the whole of said principol ~
sum expressed in said note, togetF?er with a(1 other wms therein as wetl as herein provided for, shal! become immediotely due end
poyable, wiNwut notice to the said MortQo~.
SEVENTH: Thot in cose it should betoine netessary to ploce this mortgoge ond the note secured hereby or either of them,
in the hands of on ottorney for collection, the said Mort~agor covenonts and ayrees with the Mortgagee to pay all costs, charges
ond expernes of such collection, including reasonable ottorney's fees whether collected by foreclosure or otherwise. ~
EIGHTH: That, i~ the event ony suit is brouyht upon this mortgage, whether to foreclose it, to reform it, or otherwise,
and or to e~force poyment of ony deim hereunder, the Mortyagee mar oppiy to any court having jurisdiction thereof for the
appointment of o receiver of seid morfgoyed prope?ir, as well as the intome, profits, issues end rewenues thereof, ond the soid
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