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HomeMy WebLinkAbout1884 AND the so~d Mortgoqor hertby tovenants a~d ag~ees with the so~d Mprtgogee as follows: . fIR51: That the Mortgoqor is ~towfulty se~zed of the ~bove descnbed premises in fee simple ond hos good ri~ht to sell and c~nvey tFe same to the MO?tgagee; thot the so~d p?emises ore f?ee and dischorged of ond from all toxes, tox titles or cert~ficates, ;udgments, mechonic's tiens ond encumbronces of ony nature or ki~d whotsoeve? ond thot the Mort~ago~ will fully worrant and defend the same to the Mortgogee, against the lawful cloims and demands of ell persons whomsoever, ond will make svch fvr?her ossurarxes to perfect fee s~mple title to sa~d lond, in the Mortgagee, as moy reaso~able be req~ired, ond will pay the severol j sums of money agreed in the soid note to be paid ortd oll insta~lments of principal and interest thereon promptly when due, and ' according to the true tenor ond efFect of ~he soid note. SECOND: That the Mortgagor will poy all ond singulor the taxes, ossEssments, levies, ond encumbrances of every noture i on the obove dex~~bed property, ond upon this mortgage and note, or ?he money setured thereby, before delinquerxy thereof R ond rece~pts evidencing payment of soid toxes, assessme~ts, levies and erxumbrontes shall be deposited with the Mortgogee an or ~ before Morch 1 st of each succeeding yeor duri~g the ~erm of this mortgage; and if some be not promptly paid when due, Me Mortgogee may (without obligation to do so1 pay the somr, or become purchoser of any lowful evidence thereof, or certificate therefo~, without woiving or oi~etting any right hereunder and in this mortgage, or the said note which this mortgoge setvres; ond such payments o~ expendit~res so mode shall bear interest from the date thereof of the rote of eight per ccntum (8~~ per an~um. ~ THIRD: Thof the Mortflogor will ketp oll reol ond personal propeRy now or hereafter encumbered by ihe lien of this ~ mortgage insured os may be required from time to time by the Mortgaqee ogai?ut {oss by fire, windstorm and other hotards, 4 cosvalt~es and contingencies for sucF+ periods and for not less than such omounh os may be required by the Mortgagee ond to poy ~ promptly when due all premiums for such iruuronce. TF~e omovnts of s~ch insuronce ?equired by the Mortgagee are expressive of ~ only the minimum omounts for which said insurance shall be written and it shall be ~ncumbent upon the Mortgogor to maintai~ such ~ odditio~al insurance os may be necessary to meet ond comply fully with all co-insurarxe requiremenh contained in soid policies to the end thot said Mortgogor is not a co-insuror thercunder, tnsuronce shall be written by a tompany or tompanies approved by the Mortgogee a~d all policies and renewals Mereof shall be held by fhe Mortgagee. All detoiled designations by the Mortgagor which arc accepted bY the Mortgagee and all ogreemenh between Mortgogor and Mortgogee relating to insuror+ce, raw existing or hereofter mode, shall be in writing ond shall be a port of this mortgage agreement as fully os though set foHh re~botim herein and shall govern both parties hereto ar+d their suttessors and ouigns. No lie~ upon ony of said policies of insurance or upon any refu~d or return premium whith may be payable o~ the cancellafion or termination thereof, shall be given to other than the Mort- gagee, extept by proper endonement affixed to suth policy and approved by Mo?tgagee. Each poiicy of insuronce shall have afiixed thereto a Standa~d Mo~tgagee Clause oaeptable to the Mortgogee, making all bss or bsses ~nder such policy payable to the Mortgagee as its interest moy appear. In Me event any sum or wms of money betome payable thereu~der the Mortgagee sholi have the option to receive and apply the same on oaount of the i~debtedneu he~eby secured, or to permit the Mo?tgagor to receive ond use it, or any part Mereof, without fhereby waiving or impairing any equity, lier. or right under and by virtue of this mortgage. In event of loss or physical damage to the mortgaged property the Mortgagor sholl give immediate notice thereof by mail fo the Mortgagee and the Mortgagee moy make proof of loss if Me some is noT made promptly by the Mortgagor. In event of forecbsure of this mortgage or other tro~sfer of title to.the mortgaged property in extinguishment of the i~debtedness secured ' hereby, all right, title and interest of the Mortgagor in ond to any insuronce policies then in force sholl pass fo the porchoser or r ; grantee. Upo~ any defouh thereof, the Mortgagee mar (but withaut obligation on its part w to do) pluce insuronce on such y ° buildings ond poy the prcmium ond chorge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest g =ro.~ e date of payment af the rate of eight per ce~tum (8°~) per anrwm. ~ ~ ~ 4 FOURTH: That oll s~ms of mo~ey paid or co~sed to be poid br the Mortgagee under the terms of this mortgage ond herein i ~ specifically provided for, and i~cluding any expenses incurred by the Morfgagee in tollettion of the s~m secured by this mortgage, 5 sholl be covered by the lien of this mortgage, fhe same as the sums of money represented by the note which this mortgage secures. s ~ FIFTH: To permit, commit or suffer no waste, impairment or deteriorotion of said property, or any part thereof, ond upon ' the failure of the Mortgagor to keep the buifdings on said property in good condition of repair, the Mortgagee moy demand the ~ ~mmediate repair of said buildings, or an increase in the amount of seturit~r, or the immediate repayment of the debt hereby ~ secured, ond the foilure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (15) days shall ' constitute a breoch of this mortgage, and, at the option of the Mortgagee, immediotely moture the entire unpaid principol and ~ ~nterest hereby secure~, and the Mortgagee may, without notice, institute proceedings to foredose this mortgoge, and opply for ~ tne appointment of a receiver, as hereirwfter provided. ~ j SIXTH: Thot the Mortgagor hereby promises, covenonts and agrees to pay the sums of money and interest os ment~oned ~ in said promissory note, together with any and all other sums 'rystly due and owing the Martgagee by the terms fherein, arx! secured ~ to be poid ns stated therein promptlr when due. If default shal: be made in the poyment of the soid sums of money or ony port thereof as provided in the said note or this mortgage, or if the interest that moy become due the~eon or ony part thereof sholl be ~ ~ ~n default and unpaid for a spoce of fiheen ~15) days, or should the Mortgagor breoch or fail to complr with any other covenant ~i . = or agreement on the part of fhe Mortgagor to be tomplied with (in those cases in whith the option of tfie Mo?tgagee of accelera- ~ - tion is not otherwise expressly provided herein) and such breach or r?on-campliance co~tinue in existence for o spate of fiheen (15I ~ = days, then ond from therxeforth, at the option of fhe Mortgagee and without notice to the Mo~tgagor, the whole of said principal ~ = sum expressed in soid note, together with all other sums therein as well as herein provided for, sholl become immediately due and j _ poyable, without notice to the said Mortgagor. ~ `r= 3 _ SEVENTM: That in case it should become ~ecessary to place this mortgage and the rate secured hereby or either of them, ~ - in the hands of on attorney for collection, the said Mortgagor covenants a~d agrees wifh the Mortgagee to pay all costs, chorges ~ and expenses of such collection, incl~ding reasonoble attorney's fees whether wlleded by foreclosure or otherwise. ~ EIGHTH: Thot, in the event any suit is bro~ght upon this mortgage, whether to foreclose it, to reform it, or otherwise, ~ and or to enforce poymen! of ony tloim hereunder, the Mortgagee may opply to any court hoving jurisdiction thereof for the appointment of o receiver of said mortgaged property, os well os the income, profifs, issves and revenues thereof, ond the said = o ir ~ W S ~ f-~ ~ C~-F i- L J~~ 1 v~? ~ c.~ ~ t~CCUi~-i~;~TCi'•, S7:~~ ~P -i:=X ~ - 1 ~ JI1N10'T2 ~ ~'Y\ - -2- ~ ~ - • ~ ! 000= N LiiT.ys ffM{F'YE ~ _ P.d.~9~~~2 ° . _ _ . ~