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Home My WebLink About1408 AND the soid Mort9agor hereby covenonts and agrees w~th the soid Mortgogee as follows: FIRST: Tho1 the Mo~tgogor is lawfully seized of the above described premises in fee simple ond hos good righ~ to sell ond convey the same to the Mortgogee; thot the said premises are free and dischorged of end f~om all foxes, tox titles or certificates, iudgments, mechonic's liens and encumbronces of ony nature or kind whotsoever and rhot the Mor?gogor w~ll fully worront and defe~d ihe same to the Mo?tgogee, againsf the lawfut cloims ond dema~ds of all persons whomsoever, ond will make sucl~ further ossuronces fo perfect fee simple title to said lo~d, in fhe Mortgogee, as may reosonable be required, and witl poy the sever~l ~ sums of money agreed in the soid note to be poid ond oll installments of principal a~d interest thereon p~omptly when due, and according to the true tenor and ef~ett of the soid note. SECOND: Thot the Mortgagor will poy all and singular the taxes, ossessments, levies, ond encumbra~ces of every noture on the obove described property, and upon this mortgage and note, o~ fhe money secured thereby, before delinquency thereof and receipls evidencing poyment of said taxes, ossessmenls, levies and encumbronces sholl be deposited with the Mortgogee on o? before March lst of eath sucteeding year during the term of Mis mortgage; and if same be not promptly poid when due, the Mortgogee moy (without obligotioe to do so) par the same, or become purchaser of ony lowful evidence fhereof, or tertificote therefor, without woiving o? afFetfing any right hereunder ond in this mortgege, or fhe said nofe whith this mortgage secures; and such poyments or expenditures so made sholl beo~ i~terest from the dote thereof ot Me rote of eigh! per centum (8°~1 per annum. THIRD: Thot the Mort9o~or will keep all real and personal property now or hereafter encumbered by the lien of this mortgage insured as moy be required from fime to time by the Mortgogee against loss by fire, windstorm and other hozards, caiualties a~d contingencies for such periods and for ~ot less than sud~ omounts as moy be required by the Morfgagee ond to pay promptly when due all premiums for such insuronce. The amounts of such insuronce required by the Mortgagee are expressive of only the minimum amovnfs for whith said insurance shall be written and it shal) be intumbent upon the Mortgagor fo maintain such odditional insurance as moy be necessary to meel and comply fully with all co-insurance requirements co~tained in said policies to the end thof said Morfgagor is not o co-insuror thereunder. Insurance sholl be written by o tompony or componies approved by the Mortgogee a~d all policies and renewols fhereof shall be held by fhe Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreemenh between Mongago~ ond Mortgagee reloting to insuraece, now existing or he~eafter made, shall be in writing ond shall be o part of fhis mortgage agreement as fully as Nwugh set forfh verbotim herein and shall govern both porties hereto and their successon and assigns. No lien upon any of said policies of i~surante or upon any refund or return premium which may be payable on the cancellotion or terminotion thereof, shall be give~ to other thon the Mort- gagee, excepf by proper endonement affixed to such polity and approved br Mortgagee. Each policy of insuronce shall have affixed ~he~eto o Standard Mortgagee Clouse aaeptoble to the Mortgagee, making all bss or losses under such policy poyoble ~o the Mortgagee as its interest moy oppear. In the event any sum or sums of money become payable thereunder the Mortgagee sholl hove the option to receive and apply the same on account of Me indebtedness hereby secured, or to permit the Mortgogor to receive and use it, or any part fhereof, without thereby woiving or impairing any equitp. lien or right under and by virtue of this mortgage. In event of loss or phrsicol damoge to the mortgaged property the Mortgagor shall give immediete notice thereof by moil to the Mortgagee and fhe Mortgagee moy moke proof of loss if the same is ~of made promptly by the Mortgogor. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, oll righf, title ond interesf of fhe Mortgagor in and to any insuronce policies then in force shull pass to the purchaser or grontee. Upon ony default the?eof, the Morfgagee may (but without obligation on its part so to do) place insurance on suth buildings and poy the premium ond charge suth sums so poid fo fhe Mortgagor ana such sums of money so paid shall beor interest from the date of payment of the rate of eight per centum (S°~) per annum. } FOURTH: Thaf oll sums of money paid or toused to be paid by fhe Mortgagee under the terms of this mortgage and herein ; specificolly provided for, and irxluding any expenses incurred by the Mortgagee in collection of the sum secured by this mortgage, shall be covered br the lien of this rreortgage, the same as the sums of money represented by the note wii~ch this mortgage secures. i ~ ~ FIFTH: To permit, tommit o~ sufier no waste, impoirment or deterioration of said property, or any part thereof, and upon ¢ the failure of the Mo?tgagor to keep the buildings on said property in good tondition of repair, ihe Mbrigagee may demand ihe ~ ~mmediate repair of said buildings, or an increase in the amount of security, or the immediate repayment of the debt hereby ~ secured, and the foilure of the Mortgagor to tomply with said demand of the Mortgagee for a period of fifteen (15) doys shall ~ conslitute a breach of this mortgage, and, at the option of the Mo?igogee, immediately mature the entire unpaid principal and ~ ~ ~nterest hereby secured, and the Mortgagee moy, without notite, institute proceedings to forecbse this mortgage, and apply for ° the appointment of a receiver, as hereinofter provided. ~ ~ SIXTH: That the Mortgagor hereby promises, covenants and ogrees to pay the sums of money and interest as mentioned } ~ +n said promiswry note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, a~d secured to be paid as stated therein prompfly when due. If defcult shal: be made in the payment of the said sums of money or any part ~ thereof as provided in the said note or this morfgage, or if fhe interest thot moy become due thereon or any part thereof shall be ! ~ ~ ~n default and unpoid for a space.of fiftee~ (15) doys, or should the Mortgagor breach or foil to comply with any other covenant - or ogreemen! on ihe part of the Mortgagor to be complied wifh (in those cases in which fhe option of the Mortgagee of occelera- 3 tion is not otherwise expressly provided herein) and suth breoch or non•compliance continue in existence for a spoce of fifteen (15) days, then and from thenceforth, at the option of the Mortgagee and without notice to the Mo?tgogor, the whole of said principol ~ ri sum expressed in said note, together with all other sums therein as well as herein provided for, shall betome immediately due ond ~ poyable, without notice to the soid Mortgagor. _ ~ SEVENTH: Thot in cose it should become necessary to ploce ihis :twrfgage and the note secured hereby or either of them, ; in ihe hands of on atforney for collection, the said Mortgagor tovenanis and agrees with ihe Mo?tgagee to pay al) costs, chorges ~ and expenses of such collection, including reosonable attomey's fees whether tollected by foreclosure or otherwise. ~ `'f ~ ~ _ EIGHTH: That, in the event any suit is brought upon this mortgage, whether to fereclose it, to reform it, or otherwise, ond or to enforce poyment of ony claim hereunder, the Mortgogee moy apply to anr court having jurisdiction thereof fo~ the ~ appointment of a receiver of soid mortgaged property, as well as the income, profits, issues and revenues thereof, and the said ~ . - - 2 - b0~u~0 MCE~~~7 ~ ~ ~ - - - - - II~ . ~ - _ ~~..y...~ - __._.~_:.s.... , ...v~~~_,~~.~~