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HomeMy WebLinkAbout1861 { AN~ the said Mortgaqor hereby covenants ond ogrees w~th ~he sa~d Mortgagee cs follow:: FIRST: That fhe Mortgogor is lowfully seited of the above described premises in fee simple and hos good right fo sell and convey the some to the Mort9agee; thot the soid premises ore free and discharged of ond from oll toxes, tax titles or certiFicates, judgments, mechanit s lie~s ond entumbrantes of ony noture or kind whatsoeve~ ond thot the Mortgogor will fully warranf and defend the :ame to the Mortgegee, ogainst the lowiul tloims and demonds of all persons whomsoever, and will make such further assurances to perfecl fee simple title to soid lond. in the Mortgogee, as may reoso~able be required, and will pay the several sums of money agreed in the said note to be paid ond all installments of principol ond interest thereon promptly whe~ due, and accord~ng to the true tenor and eftcct of the said note. SECOND: Thot the Mortgagor will pay oll ond singular the taxes, as:esaments, levies, ond encumb~arxes of every nature on the above deuribed properfy, and upon this mortgoge and note, or Ihe mo~ey setured thereby, befo~e delinquency thereof ~ ond receipts eviderxing poyment of said taxes, assessments, levies ond encumbronces shal) be deposited with the Mortgagee on or before March lst of each succeeding year during the term of lhis mortgoge; and if same be not promptly paid when due, the ~ Mortgogee may (wifhouf obligotion to do so) pay the same, or become purchoser of ony lowful evidence thereof, or certificate t therefor, wifhout waivin~ or al~ettin~ any right hereunder and in this mortgage, or the soid note whith this morfgage secures; and such poyments or expendifures so made shall bear inte~est from fhe dafe fhereof of the rate of eight per centum (8~) per annum. THIRD:• Thot the Mortgogor will keep all real and personal propenr now or hereafter erxumbered by the lien of this mortgage insured as may be required from time to time by the Mortgagee ogairul loss by fire, windstorm and other hazords, casualties and contingencies for such periods ond for not less than sucfi amounh os moy be required by the Mortgogee ond to pay = promptly when due all premiums for such insurarice. The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounts for which said insurance sholl be written and it shall be incvmbent upo~ the Mortgagor to maintain such additional iRSUrance as may be necessory to meet and comply fully with all to-insurance requirements contained in said policies to the end that said Mortgagor is not o co-insuror therew~der. Insuronce sholl be written by o company or componies approved by the Mortgagee and oll policies and renewals thereof shall be held by the Mo~t9agec. All deteiled designations by the Mortgagor which are accepted br the Mortgagee and all ogreements between Mortgagor and Mortgagee relating to i~uurance, now existing or hereafter made, shall be in writing and shall be a part of this mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto and their successon and ossigns. No lien upon any of soid policies of insurance or upon any refund or ~eturn premium whicFi moy be poyable on the cancellation or te~mination thereof, shall be given to other than the Mort- gagee, except by proper endonement afFixcd to such polity and approvrd by Morfgagee. Eoth policy of insurance sholl have affiixed thereto a Standard Mortgagee Clause aaeptable to the Mortgagee, making all loss or bsses under such policy poyable to the Mortgagee as ih inferesf may appear. In the event any sum or sums of money become poyable thereunder the Mortgagee shall hove the option to receive and apply the same on account of the indebtedness hereby setured, or to permit the Mortgagor to receive ond use it, or any port thereof, wiH~out thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In event of toss or physical domage to the morfgoged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee ond the Mortgogee moy make proof of loss if the same is not made promptly by the Mortgago~. !n event of forecbsure of this mo?tgage or other transfer of title to the mortgaged prope?ty in extinguishment of the indebtedness secured hereby, all right, title ond interest of the Mortgagor in and to any insurarxe policies then in force shall pass to the purchaser or grantee. Upon any default thereof, the Mortgagee may ~but without obligation on its port so to do) place insuronce on such , buildings and pay the premium ond chorge such sums so paid to the Mo~tgagor and such sums of money so paid shall bear interest from the date of payment at the rate of eighT per cenfum (8~) per annum. ~ FOURTH: That all wms of money poid or caused to be poid by the Mortgagee under the terms of this mortgage ond herein specifically provided for, and intfuding anr experues incurred by the Mortgagee in collection of the sum secured by this mortgage, shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mo~tgoge secures. ~I i i FIFTH: To permit, commit or suf~er no woste, impairment or deteriorafion of said property, or ony part thereof, and upon i ~ the failure of fhe Mortgagor to keep fhe buildings on said property en good conditio~ of repair, fhe Mortgagee may demand the E immediote repair of said buildings, or an int~eose in the amount of security, or the immediate repayment of the debt hereby f secured, and the failure of the Mortgago~ to comply with said demand of the Mortgagee for a period of fifteen 115) doys shalf ~ constitute o breach of this mortgage, and, at the option of the Mortgagee, immediately moture the entire unpaid principal and { ~ interest hereby secured, and the Morigagee moy, without notice, institute proceedings to foreclose this mortgage, and apply for ~ the appointment of a receiver, as hereinofter provided. ~ ~ SIXTH: That the Mortgeyor herebr promises, covenants and ag~ees to pay the sums of money and interest as mentioned , ~ ~n said promissory note, foyether with any and ol) other sums jusNy due ond owing the Mo~tgagee br the terms therein, and secured ~ ~ to be paid as stated therein promptly when due. If default shal: be made in Nte poyment of the said sums of money or any port ~ thereof as provided in the said note or this mortgoge, or if the interest that moy become dve thereon ar any part thereof shatl be ~ in default and unpoid for a space of fifteen (15) doys, or should the Mortgagor breach or fail to comply with any other covenont or ogreement on the port of the Mortgagor to be complied with (in those cases in whicfi the option of the Mo?tgagee of ~accelera- ~ tion is not othe?wise expressly provided herein) and such breoch or non-compliance continue in existence for o space of fifteen (15) days, then ond from thenceforth, ot fhe option of the Mo?tgagee and without notice to the Mortgagor, the whole of said principal F s~m expressed i~ said note, together with all other sums therein as well os herein provided for, sholl become immediately due ond ~ poyable, without notice to the said Mortgagor. ~ - ~ - ~ SEVENTH: That in cose it should become necessary to place this rtw~tgage ond the note secured hereby or either of them, in the honds of an otfor~ey for tollettion, the said Mortgagor tovenants and agrees with the Mortgagee to poy all cosfs, charges ~ and expenses of such collection, including reasonable ottomey's fees whether colleded by foreclowre or otherwise. € f ~ EIGHTH: Thot, in the event any suit is brought upon this mortgage, whether to forttlose it, to reform it, or otherwise, ; ~ ~ and or to enforce o ment of on tlaim hereunder the Mort a ee ma a 1 to an tourt havin urisdiction thereof for the ' ~ Pr r . 99 Y PPY Y 91 ~ ~ appointmenf of a receiver of said mortgaged property, as well as the irxome, profits, issues and revenues thereof, and the said ~ ~ ~ ~ - 2 - 600K205 ~~E186i ~ ~ ~ , _ ~ _ ~ .