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HomeMy WebLinkAbout0126 ~ 's AND the said Mo.tgogor hereby covenants ond ogrees with the said Mo~tgayee as follows: FIRST: Thot fhe Mort9o9or is lawfully seized oi the obove described p?emises in fee simple and hos good right to setl and ~ convey the same to rhe Mortgagee; thot the said premises are free ond dischorged of o~d from oll taxes, tax titles or certificates, i judgments, mechanic's liens and encumbrances of ony noture or kind whotsoever ond thot fhe Mo~tqogor will Eully worront ond defend the same to the Mo~tgagee, ogainst the lawf~l cloims and demands of all persons whomsoeve~, end will moke such furthe? osiurances to pe~fect fee simple title to soid land, in the Mortgagee, as moy reasonable be required, and will poy the severol s~ms of money agreed in the said ~ota to be paid ond oll installments of prirxipal and interest theteon promptly when due. ond according to the tr~e ter+or end ef~Fect of the said note. SECOND: Thot the Mortgagor will poy all and singular the toxes, assessments, levies, and encumbrances of everjr nature on the above described property, a~d upon Mis mortgage and note, or the money setured thereby, before delinquency thereof and receipts evidencing payment of said toxes, assessments, levies and encumbronces shall be deposited with Me Mortgagee on or before Morch lst of each succeedi~g year during the term of this mo~tgage; and if some be not promptly poid when due, the Mortgagee mor lwitlw~,t obligofion to do so) pay the same, or become purchoser of ony lowful evidence thereof, or certificotc therefor, without woiving or ofFccting ony right herevnder and in this mortgage, or the said note which this mortyage secu?es; ond • such poyments or expenditures so mode shall bear interest from the date thereof at the rate of eiyht per centum (8°~) pe~ annum. THIRD: Thot the Mortgogor will keep all real and personal prope?ty now or hereafter encumbered by the lien of this mongage insured as may be required from time fo fime by the Mortgagee ayairuf loss by fire, windstorm and other hozords, cosvalties and conti~gencies fo~ such periods o~d for not less than :uch amounts as moy be reqvired br the Mortgagee ond to pay promptlr when due all premiums for such insurance. The amounis of suth insuronce required by the Mo~tgagee are exp?essive of only the minimum amounh for which said insura~ce sholl be written and it sholl be incumbent upon the Mortgegor to maintoin such additional ~~:~~o~xe as mor b~ ~«e:sory to meet a~d co~?Ply f~~iy with all to-insuronce requiremenK contained in soid policies to the end that said Mortgagor is not a to-insuror thereunder. lnsurante sholl be written by a company or companies approved by the Mortgagee and oll policies and renewols thereof sholl be hcld by Me Mortgagee. All detailed desi9nations by the Monga~or which are accepted by the Mortgogee and all ogreements between Mortgayor and Mo?tgogee reloting to insurance, now existing or hereafter made, shcll be in writing and shall be a po~t of this mortgage agreement as fully os though set forth ve~batim herein ond sholi govern both pa?ties herefo ond thei~ suctesson and assig~x. No lien upon ony of said policies of +nsura~ce or upon any refund or return premium whith may be poyable on the tancellotion or terminotion fhereof, shall be given fo other thon the Mo?t- gogee, except by proper endorsement af~ixed to such polity and approved by Mortgagee. Each policy of insurance shall have affixed thereto a Standard Mortgagee Clause aaeptable to the Mortgagee, making oll bss or losses under such policy poyable to the Mortgagee as its interest may appeor. In Me event anr wm or sums of money become parable the~eunder the Mortgagee shall have the option to receiwe ond opply the same on aaount of the indebted~ess hereby secured, or to permit the Mortgogor to receive ond use it, or any port thereof, wiM~out fhereby waivin9 or impoirin~ any equitr, lien or ~ight under ond by virtue of this mortgoge. In event of loss or phrsical domage to the mortgaged property the Mortgaqor shall give immediate nofice thereof by moil to the Mortgagee and the Mortgagee moy make proof of bss if the same is not mode promptly br the Mortgagor. In event of foretbsure of this mortgoge or other transfe~ of title to the mortqaged property in eztinguishment of the indebtedncss secured hereby, all ri~ht, titfe ond interest of the Mortyo~or in ood to any insurance policies then in force shall poss to the purthaser or gro~tee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) place insu~ance on such . buildings and pay the premium and chorye wd~ sums so paid to the Mortgagor a?~d such sums of money so paid shall bear interest from the dote of poyment ot the rate of eight per cenfum (8°fb) per aru?um. G FOURTH: That afl sums of money paid o? caused fo be paid by the Mortgagee under the ferms of this mortgage and herein ~ s ecificall rovided for and intludin an ex enses incurred b the Mort a ee in collection of the sum sccured b this mort a e f P YP . 9 Y P Y 9~ Y ~ Q• € shall be covered by the lien of this mortgage, the same as the sums of nwney represented by the note wiiich this mortgage setures. ~ FIfTH: To permit, commit or sul~er no wasfe, impairment or deterioration of said properfy. or any porf fhereof, ond upon the foilure of the Mortgagor fo keep the buildings on soid propertp in yood condifion of repair, the Mo~tgogee mor demand the ~mmediate repair of said buildings, or an increase in fhe amount of seturify, or fhe immediate repayment of the debt hereby secvred, and the fo+lure of the Mort~ogor to comply with said demund of the Mortgayee for a period of fifteen (15) days sholl constit~te a breach of this mortgage, and, at the option of fhe Mortyogee, immediofely moture the entire unpaid principat and ~nterest hereby secured, and the Mortga~ee may, without notite, institute proceedings to foreclose this mortgoge, and apply for the appointment of o receiver, os hereinofte~ provided. SIXTM: That the Mortgagor hereby promises, covenonts ond agrees to por the sums of money and interest os mentioned ~n said promissory note, together with any ond all other sums jusNy due and owiny the Mort9ayee by the terms therein, and secured to be paid as stoted therein promptly when due. If default shol: be made in the parment of the soid sums of money or ony part thereof os provided in the said note or this rtart9aqe, or if the interest thot mor become due the~eon or ony po~t thereof shall be ~n defoult and unpaid for a spoce of fifteen (15) dars, or should the Mortyoyor breach or foil to complr with any other covenant or agreement o~ the pa?t of the Mortgagor to be tomplied with (in those coses in whid~ the option of the Mortyagee of occelero- t~on is not otfierwise expressly provided herein) and such breoch or non-compliance continue in existence for e space of Rfteen (1 S) ~ doys, the~ and from thenteforth, ot the opfion of Ihe Mortgegee ond without nofice fo the Mortgagor, the whole of soid principal a: sum expressed in said note, togethe? with all other sums therein os we~l os herein provided for, sholl become immediotely due ond ~ payable, without notKe ro the said Mo~tyoyor. SEVENTH: Thot in cose it shovld become necessory to plate this mortyape ond the note secured herebr or either of them, ' in the hands of on attorney for collection, the said Mortgagor covenonfs ond ayrees with the Mortgoyee to por oll costs, charges ond expenses of such collection, includinq reasonable onorneY's fees whether coltected br forecbsure or otherwise. EIGHTH: That, in the e~ent any suit is brouqht upon this monyoqe, whefher to foreclose it, to reform it, or otherwise, and or to enforce poyment of ony cloim hereunder, the Mo?tgoyee may applr to a~y court having jurisdiction thereoi for the oppointment of o receiver of said moA~a~ed propertr, os well os the income, profits, issues ond revenves thereof, ond Me said gou« ~ ~ ~ - - . , . , . . _ , - -