HomeMy WebLinkAbout0615 ~ AN~ 1h~ soid Mortpapo~ h~r~br tov~nonts and opre~s with th~ scid Mortycy~~ os folbws:
FIRST: Thot the Mort9a~or is lowfully seized of Me above deuribed premises in fee simpl~ ond has yood ri~hi to sell and
conver M+e sam~ to the Mo?t~oqe~; thot the said pren+ises a~e free and discharqed of o~d f?wn oll toxes, tox titles or ce~tificotes.
judyments, mechonK s liens and entumbrontes of any nature or kind whalsoever and fhot fhe Mortpaqor will fvlly war~ont a~d
defe~+d the same to the Mo?t~oyee, o~ainst the lawful cloims ond demands of all persons whomsoever, ond will make such fyrther
assuronces to pe?fect fee simple title ro said land, in Me Mortqoqee, os moy ?eosonable be ~equired, and will pay the sever~l
sums of money agreed in th~ soid note to be paid and all instollments of principol and interest thereon promptly when due, arxl
acco~ding ro the true teno~ and ~ffett of the soid note.
SECOND: Thot the Mortpagor will por all and singular the toxes, assessments, levies, ond encumbronces of every nature
on Me above described property, a~?d upon this mo~tqage and note, or the nwney secured therebr, before delinqvency thereof
and receiph evidencing payment of said taxes, ossessmenh, levies ond encumbronces shall be deposited with the Mortgapee on o?
before March lst of ~ath suaeedin~ yea~ during the term of this rnortgage; and if same be ~ot promptly paid when due, the
Mongogee moy (without obli9ation ro do so) poy the same, or become purchoser of anr lowful evidence thereof, or te~tificatc '
therefor, without woivin9 w ofFKfing any right hereunder and in this mortgage, or fhe soid note wFiKh this mortgoge setures; and
such payments or expenditures so mede shall bear interest from the dote thereof at the rote of eight per tentum (8~) per annum.
TNIRD: That the Mort~e~or wil) keep all real and personal property now or hereafter encumbered by the lien of this
mortgagc iinured as may be required from time to time by the Mortyagee agai~nt loss by flre, windstorm ar?d other haza~ds,
casualtics and contingencies for such periods and for not less thon such amounfs os moy be required by fhe MoMgagee and to poy
promptly when due oll pr~miums for suth insurance. The amounfs of such irtsurance required by the Mortgogee ere expressive of
only the minimum amounts for which said insuraoce shall be written ond it shall be intumbent upon the Mortgago? to maiotoin such
additional insurance as may be necessary to meet and comply fvlly with oll co-insurance requirements contained in said policies to
the end that said Morf~a~o? is not o co-inwror the?eunde?. Insurence shall be written by o oompany or canpanies opproved by the
Mongagee and all policies and renewals thereof shall be held by the Mo~tgagee. All detailed designations by the Mo?tgagor
which a~~ oaepted by the Mo~t~agee and all a~reements between Mortgagor and Mortgayee relating to inwrance, now existing
or hereafter mode, shcll be in writing ond sholl be a part of this mo~tgage agreement os fully os though set forth verbatim herein
and shall govem bofh parties i~ereto and their wccesson and ouig~. No lien upon any of said policies of inwrance or upon any
refund or retum premium which moy be payable on the cancellation or terminatwn thereof, shall be given to otfier than Me Mort-
gagee, except by proper endorsement alFixed to such policy and approved by Mortgagee. Each policy of iruuronce shall have
af~fixed thereto o Standord Mongagee Clouse aaeptcble to the Mortgagee, making all bss or losses under such policy poyable
to the Mortgagee as its interest moy oppear. In the event ony wm or wms of money become payable thereunder the Mortgagee
shall have the option to receive aod apply the same on aaount of the indebtedness herebr secured, or to permit the Mongagor to
receive and use it, or any parf fhereof, wiffiout fhereby waiviny or impoiriny any equity, lien or right under ond br virfue of this
mortgage. In event of bss or physicol damage to the mortgaged property the Mortyagor sholl give immediate ~otice thereof by
mail to fhc Mortgagee a~d fhe Mortyagee may make proof of bss if fhe same is not made prompNy by the Mortgagor. In event
of foreclosure of this nwrtgage or other transfer of title to the mortgoged property in extinguishment of the indebtedness secured
hereby, all right, tiNe and interest of the Mortgagor in and to any insurance policies then in force shall pass to thc purchoser or
grantee. Upon anr defauh thereof, the Mortgagee may (but withouf obligation on its port so to do) place insurancc on wch
buildings ond poy fhe premium and charge wd~ wms so paid to the Mo~tgagor and sucfi wms of money so paid shall bear interest
from fhe date of payment of fhe rate of eight per cenfum (8~) per onrwm.
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; FOURTH: That all wms of ma~ey paid or caused to be paid by the Mortgogee uoder the terms of this mortgage and herein
~ specifically provided for, and induding any experues incurred by the Mortgagee in collettion of the sum secured br this mortgage,
' shall be covered by fhe lien of this mortgage, the same as the sums of money represented by the note which this mortgage setu~es.
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~ FIFTH: To permit, tommit or wffer no waste, impairment or deterioration of said property, or ony part thereof, and upon
~ the failure of the Mo~tgogor to keep the buitdings on said property in good oondition of repair, the Mortgagec may demand the
immediote repair of said buildings, or an increose in the aman?t of security, or the immediate reporment 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
constitute o breoth of this mortyage, and, at the option of the Mortgagee, immediately mature the entire unpoid principal and
interest hereby secured, and the Mortgagee may, wifhout notice, institute proceedings to foreclose this mortgage, and opply for ,
the appointmcnt of o reteivsr, as hereinoher provided. .
SIXTH: That the Mortqaqor hereby promises, covenants ond a~?ees to por the sums of money and interest as mentioncd
in sai~ promissory note, topether with any and all other wms jusNy due ond owiny the Mortgagee by the terms therein, and secured
to be paid as stated M+erein prompNr when due. If defauk shal! be made in the payment of the said sums of money or any part
thereof as provided in the said note or this mortyaye, or if tfit interest that mar betome due thereon or any part thereof shall be
in default and unpaid for a spate of fikeen (15) days, or should the Mo?tya~or brecth or fail to tomply with any other wvenont
or ogreement on the part of the Mort~agor to be complied with (in those cases in whid~ the option of the Mortgagee of ouelera-
tion is not otherwise axpressly provided herein) and wcfi breach or rwn-oompliance continue in exisfence for a space of ~ifleen (15)
days, then and from thenceforfh, at the option of the Mortgagee ond without notice to the Mortgagor, the whole of said principal
~ sum expressed in soid note, toyether with all other wms therein os well as herein provided for, shall become immediately due and
payable, without notice to the seid Mortgogor. .
SEYENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them,
in the hands of on ottomey for wllection, the said Mortgogor covenants ond agrees with the Mortgagee to poy oll costs, chorges
ond expe~ses of wth colledion, inciuding reasonoble attomey's fees whether aollected by foreclosu?e or otherwise.
EIGHTH: Thot, in tfie event any suit is brought upon this mo~tgage, whether to foreclose it, to reform it, or otherwise,
ond,`or to enforce poyment of ony daim hereunder, the Mortgagee may apply to any covrt having jurisdiction thereof for the ~ ~
appointment of a receiver of said mortqaged property, as well os the income, profits, issves and revenues thereof, ond the said ~
_ _ 2 _ gooK 201 ~~E 614 ~
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