HomeMy WebLinkAbout0656 And the said second party hereby jointly and severally covenants and agrees
to and with the said first party as follows:
1. If the first party should hereafter advance to or for the benafit of
the second party any monies, such monies so advanced shall be deemed to have
been advanced under the aforesaid note and shall be secured by this Agreement;
provided, however, that such advancement, together with the balance remaining
unpaid under the aforesaid note and this Agreement, shall not exceed the orig-
inal indebtedness.
2. To pay all and singular the principal and interest and other monies
payable by virtue of said Promissory Note and this Agreement, or either, on
the due dates thereof and to perform, comply with and abide by the stipulations,
agreements, conditions and covenants, and each of them, contained in said
Promissory Note and this Agreement, and to`pay all costs, charges and expenses,
including attorney's fees and costs of abstracts of title, incurred or paid by
the holder hereof because of the failure of the maker to comply with such
covenants and conditions, or any of them.
3. To pay all and singular the taxes, assessments, municipal liens,
levies, liabilities and obligations of every nature on said described property
when due and payable and to deliver to the first party, on or before March 15
, of each year, tax receipts evidencing the payment of all lawfully imposed taxes
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for the preceding calendar year; and, if the same shall not be promptly_paid. _
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the first party may at any time, either before or after delinquency, pay the
same without waiving or affecting the option to foreclose or any other right
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~ hereunder.
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~ 4. To keep all property encumbered by this Agreement insured in a company
~ or companies approved~by the first party in a swn equal to at least the amount
of the Agreement, or in an amount sufficient to prevent the second party or
the first party from becoming a co-insurer, covering loss from fire, windstorm
and other hazards; said policy or policies shall contain a clause making the
manies due thereunder payable to the first party, to the extent of its interest,
the policy or policies being held by the first party. The first party may place
- and pay for such insurance or any part thereof without waiving or affecting its :
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~ option to foreclose or any other right hereunder. The second party agrees to
~ deliver renewal policies of insurance to the first party at least ten (10) days
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~ prior to the policies, the first party shall have the option to receive and apply
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~ the same on account of the indebtedness t~ereby secured, or permit the second
~ party to receive and use the same, or any part thereof, for other purposes,
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