The URL can be used to link to this page

Home My WebLink About1561 ANO the said Morlgogor hereby covenants and ag?ees with the soid Morlgagee as follows: FIRST: Thot the Mortgagor is lawfully seized of the above descr~bed premises in fee simple and hos good righf to sell and ; convey the same to the Mortgagee; that the said p?emises ore free ond dischorged of ond from oll toxes, tox Iitles o~ certificates, ;udgments, mechanic's ~ieni and e~cumbrances of a?+y nature or kind whotsoever ond thot the Mortgogor will fully wa~ront ond defend ?he same ro the Mortgagee, ogainst the lawful cloims o~d demands of oll persons whomsoever, ond will make such further asiurorxes to pe?fect fee simple fitle to said lond, in the Mortgogee, as moy reasonoble be requi~ed, a~d will pay the sever~) + sums of money ogreed in the soid note to be paid and oll i~stallmenls of prirxipal an~ interest thereon promptly whe~ d~e, ond ~ according to the tr~e tenor a~d effect of the seid note. j , SECOND- Thot the Mortgogor will poy all and singular the faxes, assessments, levies, and ertcumbronces of every nature on rhe obove described property, and upon this mortgoge ond note, or Ihe money secured thereby, before delinquency thereof ~ and receipts evidencing poyment of said taxes, ossessments, levies and erxumbrences ~holl be deposited with the Mortgagee on or before March 1 s? of eath sutceeding year during the term of this mortgoge; ond if same be ~ot promptly paid when due, the Mortgagee may (withou? obliqo?ion to do so) pay tht some, or become purthaser of any lawful evidence thereof, or certifitofe therefor, without woiving or aifiecting any right hereunder ond in fhis mortgoge, or the said note which this mortgoge setures; and such payments o? expenditures so made shall bear interest from the date the?eoF ot the rate of eighf per centum (8~) per an~~m. i THIRD: Thot the Mortgogor will kecp all real and personal property now or hereafte? encumbered by the lien of this mortgage insured as moy be required from t+me to fime by the Morigagee against loss by fire, windstorm and ofher hazards, cosvolt~~s a~d contingencies for such periods and for not less than s~ch amounts as may be required by the Mortgagee a~d to pay promptly when due oll premiums for such insuronce. The amounfs of suth insurarxe required by the Mortgogee are expressive of only the minim~m amounts for which said insurance shall be written ond it shall be irxumbent upon the Mortgagor to mointain suth additionol insurance os may be necessary to meet and complr fullr with all co-insurarxe requiremenfs contained in said poiicies to the e~d that soid Mortgagor is nof a to•insuror thereunder. Insura~ce shall be writfen by a company or companies approved by ihe Mortgogee and all policies and renewols thereof shall be held by the Mortgagee. All detaited designotio~s by the Mortgogor which are accepfed by the Mortgagee and alt agreements between Mortgagor and Mortgogee rclating to insurance, now existing or hereofter made, shall be in writing ond shall be a part of this mortgoge agreement as fully as though set forth verbatim herein and shall govern both parties hereto and their s~ccessors and assigns. No lien upon any of said policies of insurarxe or upon any refund or return premium which may be payable on the corxellation or termination thereof, shall be given to other thon the Mort- gagee, excep? by proper endorsement af~ixed to suth policy and approved by Mortgagee. Eath polity of insuronte shall have ofiixed thereto a Standard Mortgagee Cluuse acceptable to the Mortgagee, moking all bss or losses under such polic~r poyable to the Mortgagee as its interest may oppeor. In the event any sum or sums of money become payable thereunder the Mortgogee sholl hove the option to receive ond apply the some on account of the indebtedness hereby secured, or to permil the Mortgagor to receive and use if, or ony part thereof, wifhouf fhereby waiving or imp~iring any equity, lien or right under and by virtue of this mortgage. In event of loss or physital damage to the mortgaged property the Mortgagor shall give immediote notKe thereoi by mail to the Mortgagee ond the Mortgagee may make proof of loss if the some is not made promptly by the Mortgagor. In event of foreclosure of fhis mortgage or other fronsfer of fifle to the mortgoged property in extinguishment of the indebfedness sec~red nereby, all ~ight, tifle ond interesf of fhe Mortgagor in ond to any insurance polities then in force sholl pass to the purchaser or r grantee. Upon anr defoult thereof, the Mortgagee moy (but without obligation on its part so to do) place insurance on suth ! bvildings and pay the premium ond charge such sums so paid to the Mortgagor ond s~ch sums of money so paid shall bear interest ~ from the date of payment at the rate of eighf per cenfum (8~) per annum. 3 FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein ' specificolly provided for, and intluding any expenses incurred by the Mortgagee in collection of the sum secured by this mortgage, i shall be covered by the lien of this mortgage, the same as the sums oi money represented by the note which this mortgage secures. ~ ~ FIFTH: To permit; commit or sufier no waste, impairment or deteriorotion of said property, or ony part ihereof, ond upon ~ the foifure of the Mortgogor to keep the bvildings on said property in good conditio~ of repair, the MoHgagee may demand ihe ~ ~mmediote repair of said buildings, or an increase in the amount of securitr, or the immediote repoyme~t of the debt hereby ~ ~ secured, and the failure of the Mortgagor fo comply with said demand of the Mortgagee for a period of fiftee~ (15) days shall ; constitute a breach of this mortgage, and, ot the opfion of the Mortgagee, immediately mature fhe entire unpaid pri~cipol and r ~nterest hereby secured, and the Mortgagee may, without notice, insfitufe proceedings to foreclose this mortgage, and apply for ~ : € tne oppointment of a receiver, os hereinafter provided. ' ~ ~ ; ~ SIXTN: Thaf the Mortgagor herebr promises, covenants and agrees to pay the sums of money and interest as mentioned ~ f ~ in said promissory note, fogether with onr and al) other sums justly due and owing the Mortgagee br fhe terms fherein, and secured ~ to be poid as stated therein promptly when due. If defavlt shal: be made in the payment of the said sums of money or any pa?t fF1QfCOt OS provided 111 fht Sald ~lOfe O! 1h15 RIOf19Q9Q~ or it tne inieresi inoi moy oecome dve inerevn vr a~r ilicPcvf i~iGii vc ~ ~n defoult and unpaid for a spate of fifteen (15~ days, or should the Mortgogor breach or fail to tomply with any other covenant ~ or agreement on the part of the Mortgogor to be complied with (in those cases in which the option of tfie Mortgagee of accelero- + tion is not otherwise expressly p~ovided herein) and such breoch or non-compliance contin~e in existence for a spoce of fifteen (15) - days, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal ~ = sum expressed in soid note, together with all other sums therein os well as herein provided for, sholl become immediotely due and - payable, without notice to the said Mortgagor. ~ SEVENTH: Thaf in case it should become necessary fo ploce fhis mortgage and the note secured hereby or either of them, in the h~nds of an aftorney ~or collection, fhe soid Morfgagor tovenanfs a~d agrees wifh the Mortgagee to pay oll costs, charges ond expenses of such collection, including reasonable attor~ey's fees whether colleded by foreclosure or otherwise. ' EIGHTH: That, in fhe event anr suit is brought upon this mortgoge, whether to foreclose it, to reform it, or otherwise, and or to enforce poyment of onr claim hereunder, the Mortgagee may apply to any tourt hoving j~risdiction thereof for the - _ appointment of a receiver of said mortgaged propertr, as well as the irxome, profits, issves and revenues thereof, ond the said ~ 1 r:'?' ~ ~i { i t - -2- ' 800K ~~7~ PACE 1, r -