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HomeMy WebLinkAbout1801 ANO the soid Mon9ayo~ hereby cave~o~ts and ayree: with the said Mortqaqee as folbws: FIRST: ~hot the Mo~tqagor is lowfully seized of the above described premises in fee simple ond hos good riyht to sell and conver the soma to the Mort9a9ee; Mat the said premises ore f~ee and dischar~ed of and from all taxes, tax titles or ce~tificates, judgments, mechani~ s liens a~d encumbronces of any nature or kir~d whatsoever and that the Mortpaqor will fully worront and defend 1he some to the Mort~a~ee, a~ainst the lawful daims and demaods of all perswu whomsoever, ond will make such furtfie~ ouurances to perfetf fee simple title to said lar?d, in the Mort~oyee, as moy reaso~wble be required, ond will pay fhe several sums of rtaney ayreed i~ the said note to be poid ond cll instollments of p~incipal and interest thereon pramptly when due, and aaordi~ to the true tenar ond e~Fect of the said note. SKOND: That the Mortyapor will pay all and sin~ular the taxes, assessments, levies, ond encumb~ances of every nature ~ on the above described property. and upon this ~nortpaqe ond note, or the money sacured thereby, befo~e delinquency thereof and receipts evidencin~ poyment of said toxes, ossessments, levies and encumbro~ces sholl be deposited with Me Mortgaqee on or before Mcrch tst of each woceedi~p rear durin9 the te~m of this mortyage; and if same be not promptly paid when due, the ~ Mwtqc9ea may (without obliyation to do so) pay the same, or become purchcse~ of any lowful evidence thereof, or certiRcate + the~efor, without waivin9 or afFectin9 any riyht hereunder and in this na?tga~e, or the soid note which this mortgage sacures; and ' such paymesnh or expenditures so made shall bear interest from the date thereof ot fhe rote of eight per centum (8~1 per anrwm. THIRD: Thot the Mort~agor will keep oll real and personal property raw or hereofter encumbered by the lien of thi~ ~ mortsoge insured as may be required from time to time by the Mortgagee ayai~t bss by Rre, windstorm and other hazards, cawalties and contingencies for wch pe~iods and fw not less Mwn such omounK as mor be reqvired br the Mo~tgagee and to poy i pranpNy when due all premiums fo~ such inwronce. The amounh of wch insuronce required by the Mortgagee are expreuive of ~ only the minimum amounh for which said irnurance shali be written and it shall be incvmbent upoo the Mortgcgw to maintain such ~ additiorwl i~uronce as may be necessary to meet and comply fuUy with all eo-iruuronce ~equirements contained in said policies ro ~ the end that said Mortga~o~ is not a co-insuror thereunder, Inwronte shall be written by a company or companies approved by the ~ i Mortpayee ond all policies and renewals thereof shall be held by the Mortgayee. All detailed designotions by the Mortgagor ~ which are aaepted by the MoMgagee and oll ag~eements between Mortgagor and Mortgagee reloting to iruurance, now existinq or hereofter made, slwll be in writiny ond shall be a part of this rtartgage agreement as fully as though set forth verbatim herein ond shell govem both po~ties herero and their successon and ossigns. No lien upon any of said policies of inwrance or upa+ eny i refund or return premium whith may be payable on the tancellation or termination thereof, shall be given to other than the Mort• i gagee, extepf by proper endorsement afFixed to wch policy ond approved by Mortgagee. Euch policy of insurance shall have ~ affixed thereto a Standard Mortgagee Clouse aaeptable to the Mortgagee, making oll bss or bsses under suth policy payable to the Mortgagec as its interest may oppear. In the event any wm or sums of ma?ey become pareble thereunder the Mortgagee shall have the optan fo receive and apply the some on oaount of the indebtedness hereby secured, or to permit the Nlortgagor to receive and vse it, or any part thereof, without thereby waiving or impairing any eqvity, lien or right under end by virfve of this mortgage. M event ot bss or physical dama~e to the mortgaged property the Mortgagor shal! give immcdiote notice the~eof by mail to the Mortgagee and the Mortya9ee may make proof of bss if the some is not made prompNy by the Mortgagor. I~ event of foretlosure of this mortgage or other transfer of title to the mortgaged property in extinguishmen? of the indebtedness secured hereby, all right, tiHe and interest of the Mortgagor in ond to ony inwronce polities then in force shall pa:s to the purchoser or gra~tee. Upon any defoult thereof, fhe Mortgagee may (but without obligation on its part w to do) ploce insuronce on wd~ buildings and poy the premium and charge wch wms so poid to the Mortgegor and such sums of money so paid shall bear interest ~ ~ from the date of payment ot the rate of eight per centvm (8°fb) per annum. ~ j F f FOURTH: That all wms of money paid or caused to be paid by the Mortgagee under Me terms of this mortgage and herein s spetifically provided for, ond induding any exper~ses incurred by the Mortgagee in collection of the wm secured by this mortgage, ~ shall be covered by the lien of this mortgage, the same as thc sums of money represented by the note wFiich this mortgage secures. i ~ ~ HFTH: To permit, commit or wffer no wastt, impairment or deteriorotion of said property, or any port thereof, and upon g the foilure of the Mort a or to kee the buildin s on said ro e ~n ood condition of re air the Mort a ee ma demand the S 9 P 9 P P?~Y ~ 9 P. 9 9 Y ~ immediate repair of said buildings, w on increase in the amount of security, or the immediate repayment of the debt hereby ~ secured, and the foilure of the Mo?tgagor to oomply with said demand of the Mortgagee for a period of fifteen (15) dars shall ~ constitute o breach of this maiigaye, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and ~ ~nterest hereby secured, and the Mortgogee moy, without notice, iratitute proceedings to forecbse this mortgage, and opply for ~ the appointment of o receiver, as hereinafter p~ovided. ~ SIXTH: That the Mortyo9or hereby promises, oovenonfs and ayrees to pay the sums of money ond interest as mentioned ~ in said promiuory n~te, together with ony ond al) other sums jusNy due and owiny the Mortgagee by the terms therein, and secured ~ to be paid as stated therein prompHy when due. If default shol~ be mode in the payment of the seid sums of money or anr part ~ thereof us provided in the said note or this mortgaye, or if the interest that may become due the~eon or any part thereof shall be ~ in defauk ond unpaid for a space of Rfteen (15) days, or should the Mortgagw breach or fail to comply with ony other covenant ~ ~ or aqreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of euelero- tion is not otherwise expreuly provided herein) and wch breach or rwn-compliance continue in existerxe for a space of fifteen (15) ! ~ days, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgogor, the whole of soid principal - sum expressed in said note, together with oll other sums therein as well as herein provided for, shall become immediately due and porable, wiNaut notice to the said Mortgayor. .J - SEVENTFI: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, ~=W in fhe hands of an attomer for collecfion, fhe said Mortgago~ covenants and agrees with the Mortgagee to poy oll costs, charges and eapenses of such collec?'wn, includiny reaso~?able ottomey's fees whether oollected by foreclosure or otherwise. EIGHTH: Thot, in the event ony wit is brought upon this mortgoge, whether to foreclose it, to reform it, or otherwise, ; ~ andjor to enforce poyment of anr daim hereunder, the Mortgayee may apply to any court hoving jurisdiction thereof for the ~ ~ appointment of a receiver of soid mort~aged property, os well as the intome, profits, issues ond revenves thereof, ond the said ' ~ ~ g~oK 190 179? ~ti~ ^a~ ~ : " . . ~ , . ; - ~ ' ~ . -.r'.~