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Home My WebLink About2886 AND the soid Mortgogor hereby covenants and ogrees w~th the soid Mortgogee os follows: fIRST: That the Mortgagor is lowfully seized of the ~bove described premises in fee simple ond hos good right to sell ond convey the same to the Mortgagee; that the said p?emises are free ond discharged of ond from oll toxes, tax titles or certificates, judgments, me:honic's tiens o~d encumbrar+ces oF o~y notu~e or kind whatsoever ond thol the Mortgogor w~ll fully wo~ront and defend the same to the Mortgogee, agains! the lawful claims a~d demands of all pe~sons whomsoever, ond will moke such fu~ther assurorxes to perfect fee simple title to said lond, in the Mortgogee, as moy reasonable be required, and will pay ihe severnl sums of money ogreed in the soid note to be poid and all installments of prirxipal ond interest thereon promptly when due, and according ro the true teno? and effect of the said ~o1e. SECOND: Thot the Mortgagor will poy o~ o~d singular the foxes, assessmenfs, levies, ond encumbrarxes of every noture on the above described property, and upon-ihis morfgage ond rate, or the money secured fhe~eby, before delinquency thereof ond receipts evidenci~g poyment of said taxes, assessme~ts, levies and encumbronces shotl be deposited with the Mortgagee on or before Mo?ch lst of each sutceeding yeor during the term of this mortgage; ond if same be not promptly paid when due, the Mortgagee may (without obligation to do so) poy fhe same, or become p~rthaser of any lowful eviderxe fhereof, or certificate therefor, without waiving or offecting any ?ight hereunder and in this mortgage, or the said note which this mortgoge secures; and such payments or expenditures so made shall bear interest from the dote thereof at the rote of eight per ce~tum (8°fo) per annum. THIRD: That the Mortgago? will keep all real and personal prope?ty now or he~eafter encumbered by the lien of this mortgage insured as moy_be required from time to time by the Mortgagee agoinst loss by fire, windstorm ond other hozards, cosualties and contingenties for such periods and for nof less ihan such amounfs as may be required by the Mortgagee ond to poy promptly when due all premiums for such insurance. The amounts of such insuronce required by the Mortgogee are expressive of only the minimum ama~nts for which said insurarxe shall be written ond it shall be irxumbent upon the Mortgagor to maintain such odditionol insurorxe as may be necessary to meet and tomply fully with all to-insurance requirements tonlained in said polities to the end that said Mortgogor is nof a co-insuror thereu~der. Insurarxe shall be written by a company or companies approved by the Mortgagee and all policies and renewols thereof shall be held by the Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all ogreements between Mortgagor and Mortgagee relating 1o insurarxe, now existing or hereafter made, shall be in writing and shall be a part of this mo~fgage agreement as fully as though set forth verbatim herein and sholl govern both parties hereto and their sutcessors and ossigns. No lien upon anr of said policies of insurance or upon anY ref~nci or return premium whicFi may be payable on the cancellotion or termination thereof, shall be given to othe~ thon the Mort- gogee. except by proper endorsement atfixed fo such policy and approved by Morigagee. Each policy of insuronce shall hove af~ixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, moking all loss or losses under such policy poyoble to the Mortgagee as its interest may appear. In fhe event any sum or sums of money betome payable thereunder the Mortgagee shall hove the option to receive ond apply the same on account of ihe i~debtedness hereby secured, or to permit the Mortgagor to reteive and use if, or any parf fhereof, without fhereby waiving or impdiring any equify, lien or right under and by virtue of this mortgage. In event of loss or physital damage to the mortgaged property the Mortgagor sholl give immediate notice thereof by moil fo the Mortgagee and fhe Mortgagee may make proof of loss if the some is not made promptly by the Morfgogor. In event of foreclosure of this morigage or other fransfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, al{ righf, tifle and interesf of fhe Mortgagor in and to any insurante policies then in force shall pass to the purchoser or grantee. Upon ony defoult thereof, the Mortgogee may ~but without obligatio~ on its part so to do) place insurar?ce on such buildings and poy the premium and charge such sums so paid to the Mortgagor and such sums of money w paid shall bear interest from the dote of poyment at the rofe of eight per centum (8°~) per annum. I ~ FOURTN: Thot oll sums of money paid or caused to be paid br the Mortgagee under the terms of this mortgage and herein j specificolly provided for, and including any expenses incurred br the Mortgagee in collection of the sum secured by fhis mortgage, ` shall be covered by ihe lien of this mortgage, the same as the sums of money represented by the note which this mortgage secures. I FIFTH: To permit, commit or suffer no woste, impairment or deterioration of said propertr, or ony part thereof, and upon the failure of the Morfgagor to keep the buildings on said propertr in good condition of repair, the Mortgagee moy demand the ~mmediate repair of soid buildings, or an irxrease in fhe amounf of security, or the immediate repayment of the debt hereby secured, and the failure of the Mortgagor to tomply with soid demand of the Morfgagee for a pe~iod of fiffeen (15) doys shall constifute o breoch of ihis mortgage, and, of the opfion of fhe Morfgogee, immediatelr moture the entire ~npaid principal and ~nterest hereby secured, and the Mortgagee may, without notice, inslitute proteedings to foreclose this mortgage, ond oppty for the appointment of o receiver, as hereinafter provided. SIXTH: Thot the Mortgagor hereby promises, covenonts and agrees to pay the sums of money and interest os ment~oned ~n soid promissory note, together with any and ail other sums justly due and owing the Mortgagee by the terms therein, and secured to be poid as stated therein promptly when due. If default shal~ be made in the payment of the said sums of money or anr Part thereof as provided in the said rate or this mortgage, or if the interesf thot moy become due thereon or any part thereof shall be in default and unpoid for a space of Fifteen (15~ doys, or stwuld the Mortgagor bread~ or fail to comply with any other covenant or agreeme~t on the part of the Mortgogor to be complied with (in those cases in which the option of fhe Mortgagee of accelera- tion is not otherwise expresslr provided herein) and such breach or non-compliance continue in existence for o space of fifteen (15) ~ doys, ~hen and from thencefo?th, ot the option of the Mortgogee and without notice to the Mortgagor, the whole of said principal wm expressed in soid note, together with all other sums therein os well as herein provided for, shall become immediately due and ~ payabie, without notice to the said Mortgagor. - ~ SEVENTH: That in case it should become necessary to ploce this mo~tgage and the note secured hereby or ei~her of them, ~ in the hands of an attorney for collection, the said Mortgagor covenonts and agrees with the Mortgogee to pay all costs, charges ond expenses of such collection, irxluding reasonable attorney's fees whether tolleded by fo?eclosure or otherwise_ ~ EiGHTH: That, in the event any suit is brought upon this mortgage, whe!her to foreclose it, to reform it, or otherwise, ~ and or to enforce poymenf of any cloim herevnder, fhe Morfgagee mar apply to any court having jvrisdiction thereof for fhe ~ appomlment of o receiver of said mortgaged property, as well as fhe income, profits, issves o~d revenues thereof, ond the said a ~ - ~ - - aooK2U5 PacE2885 ~ ~ , _ - _ ~ ~ . ~ r ~ ~r~ . . -