HomeMy WebLinkAbout0999 AN~ the soid Mo~tqa~or hereby cuvenonts and o9rees with the soid Mortyoqee cs follows:
FIRST: That the Mo~tgogor is lawfully seized of the above described premises in fee simple and hos good ~i~h1 to sell and
conver the same to fhe MoMgayee; that the said premises ore free ond disthar~ed of ond from oll toxss, tcx titles o? ceNifkotes,
judgments, mechanK s liens cnd erxumbronces of any ~oture or kind whotsoever ond thot the Moh9o~or will fully warront and
d~frnd the som~ tc !!se Mertga$at. aQcitss! the tcwfv! cleiens and deeaands of a!! persons whomsoever, ond will make wch further
assuronces to pe?fect fee simple title to said lond, in fhe Mon~ogee, as mey reosonable be ~equired, ond will poy the several
sums of money ogreed in the soid note to be paid and ell instoltments of principol and interest thereon promptly when due, and
atcording to the true terar ond ef~ect of Me said note.
SECON~: That the Mort~agor will poy all end singular the toxes. essessments, levies, and encumbra~ces of every not~re
on the above described properly, and upon this mortqage and note, or the nwney secured thereby, before delinquency thereof
and receiph evidencin9 poyment of said taxes, assessments, levies and encumbronces shall be deposited with the Mortgogee on or
bcforc March lst of each succeeding year du~i~g the term of Mis mo~t9age; ond if same be not promptly paid when due, the
Mo?tgagee moy (without obligatior? to do so) pay the same, or batome purchaser of any lawful evidente fhereof~ or tertititate
therefor, withouf waiving o~ offetting anr ~ight hereunder and in this mortgaqe, o? the soid ~ote which this mortgage secures; ond
such payments or expenditures so made sholl bear interest from the date fhereof af the rate of ei~ht per centum (8%) p~r onnum.
THIRD: That the Mongagor will keep all ~eal and penonal property now or hereaher e~xumbered by the lien of this
~rt9a9e insured as mcr be required from time to time by the Mortgagee against loss by fire, windstorm ond othen c~zards,
casuolties and contingenties for wch periods and for not less than sud~ omounts os may be required br the Mortgagee ond b pay
promptly when due all premiums for such insurance. The amow~ts of such insu~a~ce required by The Mortgagee are expressive of
only the minimum amounfs for which soid insurance shall be written ond it shall be intumbent upon the Mortgagor to maintain wch
additiorwl insurance os may be necessary to meet and complr fully with all co-inwrance requiremenh contained in said policies to
the end thaf said Mortgagor is nof a co-inwror thereunder. I~urante sholl be written by a companr o~ companies approved br the
Mo~tgagee and all policies and renewah thereof shall be held by the Mortgagee. All detaited desi~nations by the Mortga~or
which are aaepted by the Mortyagee a~d all a~reemeots between Mortgaqor ond Mortgeyee relaNng ro irnuronce, now existing
or hereafter made, sholl be in writing and shall be a paff of this mortqape a~reement os fully as Mwugh set forth verbatim herein
and sholl govern both parties hereto onci their tutcesscin ond a~sig~s. Na lia+~ u~n on7r of said p~l~ies af i~uurance or upon any
refund or retum premium which may be porable on the concellation or temnination thereof, shall be give~ to other than the Mort-
gogee, except by Proper endonement afF'ixed to wch policy and approved by Morfyogee. Each policy of inw~ance sholl have
offixcd the~eto a Standard Mo~tgagee Claux aaeptable to the Mortgagee, making oll bss or losses under such polic~? paroble
to the Mo~tgagee as ih iMe?est may appeor. In the event ony wm or wms of moner beoome payoble thereunder the Mo~tgagec
shall hove the option to receive end applr the same on aooount of the indebtedneu hercby secured, or to permit the Mo~tgayor to
receive and use it, or any part fhe~eof, wiHwu~ thereby waivin~ or impairing any equify, lien or right under and by virtue of this
mortgage. In event of bss or physital damage to tfie mortgaged propertp the Mortgago~ shall ~ive immediate notice thereof by
mail to the Mortgagee and the Mortgaqee moy make proof of loss if the same is not made prompNy by the Mortgagor. In event
of foredosure of this nwrtgage or other tronsfer of title to the mortgo9ed property in extinguishment of the indebtcdness secured
hereby, all right, tiNe and inte~est of fhe Mortgagor in and to any inwrante policies then in force shall pass to the purchoser or
grantee. Upon anr default thereof, fhe Mortgagee may (but without obligotion on iti part so to do) place inwrance on wch
buildiogs and par the premium and tharqe wch wms so paid to the Mortgagw ond wth wms of money so poid shalt bear interest
from the date of payment at the rote of eight per centum (8~) per annum.
FOURTH: Thot all sums of moner paid or taused to be paid br the Mortgagee under the terms of this nwrtgage and herein
~ specificolly provided fo?, and induding any experaes incurred by the Mortga~ee io collection of the wm secured br this mortgage,
shall be covered by the lien of this mort~age, the same os the sums of money represented by the note which this mo~tgage secures.
~ HFTH: To ermit commit or sufFer ra waste im airment or deterioration of said prope , or ony pert thereof, ond upon
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~ the failure of fhe Mortgagor to keep Ihe buildin~s on said propertp in good co~dition of ~epeir, the Mortgagee may demand the
immediate repair of said buildings, or an increase in the amamt of securitp, or the immediate repayment of the debt he~eby
secured, and the failure of the Mortga~or to oomply with said demond of the Nb~tgagee for a period of fifteen (15) days sholl
constitute a breach of this mortgage, ond, at the option of the Mortgagee, immediately mature the entire unpaid pri~cipol ond
interest hereby secured, and the Mortgagee may, wifhouf netite, institute proceedings to foreclose fhis morfgage, and apply for
the appointment of a?eceiver, as hereinoRer provided.
SIXTH: Thot the Mortya9or herebr promises, wvenonts ond ag~ees to pay the sums of money and interest os mentioned
in soid promissory note, together with ony and all other sums jusHy due and owiny the Mortgagee by the terms therein, and secured
to be poid as stated therein prompNy when due. If defauk sha10 be made in the poyment of the said sums of ma~ey or any pan
thereof as provided in the said note or this mort~aye, or if the interest that mar become due thereon w any part thereof shall be
in defautt and unpaid for o space of fifteen (1S~ days, or should the Mortga~or breach or fai) to con?plr wifh any other covenant
or agreement on the part of fhe Mort~a~or to be complied with (in fhose cases in which tfie optioo of the Mortgagee of aaelera-
twn is not otherwise exp~eulr provided herein) and wcf~ breach or non-canplio~ce continue in existence for a space of fifteen (1S)
dars, then and from thenceforth, at the option of the Mort~aqee and withouf notice to the Mortgagor, the whole of said principal
sum expressed in said rate, together with oll other wms therein as well as herein provided for, shall become immediately due and
poyable, without notice to the said Mo~tgagor.
SEVENTN: That in case it should become necessary to place this mortgoge and the rate sccured hereby or either of them,
in the hands of on ottorney for collettion, the said Mortgagor covenants and agrees with the Mo~tgagee to poy all costs, charges
and expenses of such colledion, induding reosonable ottomey's fees whether collected by foreclosure or othe?wise.
EIGHTH: Thot, in the event any wit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise,
and;`or to enforce payment of anr daim hereunder, tlre Mortgagee mar apply to any court having jurisdictan thereof for the
appointment of a receiver of said mo~tgaged property, as well as the income, profits, issues and revenues thereof, ond the said
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