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HomeMy WebLinkAbout2959 AND the soid Mortgogor hereby covenants and ag?ees with the soid Mortgagee as follows: fIRST: That the Mo~tgagor is lowfully sei:ed of 1he obove described premises in fee simple o~d has good right to sell and conver the same to the Mortgagee; that the said premises are free and discho~ged of and from oll toxes, fax titles o~ certificotes, j~dgments, mechonic's tiens and encumbrarxes of any noture or kind whatsoever ond that the Mortgagor will fully warront ond defend fhe same fo the Morfgagee, agoinst the lowful tlaims and demands of all persons whomsoever, and will make such further assvra~ces to perfect fee simple title to soid lond. in fhe Mortgagee, os moy reasonoble be reqvired, ond witl poy the severat sums of money agreed in the soid note to be paid a~d oll installments of principol ond interesf thereon p~omptly when due, and according to ?he true tenor ond ef~ect of the soid note. SECOND: That fhe Mortgagor wili pay all and singulor the taxes, assessments, levizs, and encumbronces of every noture on the obove described property, ond upon this mortgage ond note, or the money secured thereby, before delinquency thereof and receipts evidencing.payment of said taxes, assessments, levies a~d encumbronces sholl be deposited with the Mortgagee on o~ before March lsf of eath sucteeding year during the term of this mortgage; and if same be nof promptly paid when due, fhe Mortgogee may Iwithout obligotion to do so) pay the same, or become purchaser of any lowful evider+ce thereof, or certificate therefor, without waiviny or afFecting anr righf hereunder and in thiz mortgege, or the said note which this mortgage setures; and svch payments or expenditures so made shall bear interest from the dote thereof at the rate of eight per centum (8°fo) per annum. THIRD: That the Mo~tgogor will keep all real and personal prope?ty now or hereafte~ encumbered by the lien of this mortgage insured as moy be required from time to time br the Mortgagee against loss by fire, windstorm and othe~ hozards, casualties a~d contingerxies for such periods and for not less than such amounts as moy be required by the Mortgagee ond to pay promptly when due all premiums for such insurance. The amounts of such insuronce required by the Mo~tgagee are expressive of only the minimum amounfs for which soid insurance shall be wriHen and if sholl be intumbent upon ihe Mortgogor to maintain suth additional i~surance as may be aecessary to meet and tomply fully with all co-insurance requirements contained in said policies to . the end that said Mortgagor is not o to-insuror thereunder. Insuronce shall be written by o company or componies approved by t1?e Mortgagee ond all policies and renewals thereof shall be held by the Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between Mortgogor ond Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be o part of this mortgage agreement as fully as though set forth verbatim herein ond shall govern both parties hereto and their successors and ouigns. No lien upon any of said policies of insurance or uRon a^y refund or return premium which moy be payable on fhe carxellofion or termination thereof, shall be given to other than the Mort- gagee, except by proper endonemenf af~ixed to such policy and approved by M~rtgagee. Each policy of insurance sholl hove af~ixed thereto o Standard Mortgagee Clause acceptoble to the Mortgogee, making oll bss or lasses under such policy payable to the Mortgagee as its interest may appear. In the evenf any sum or sums of money become payable thereunder the Mortgagee sholl have the option fo receive and apply fhe same on actount of the indebtedness hereby secured, or to permit ihe Mortgagor to receive and use it, or any part thereof, without thereby waiving or impairing ony equity, lien or right under and by virtue of this mortgage. In event of bss or physical damage to the mortgaged property the Mortgagor shall give immediote notice thereof by mail to the Mortgagee ond the Mortgagee moy make proof of loss if the some is ~ot made promptly by the Mortgagor. In event of foreclosure of this mortgage or other tronsfe~ of title to the mortgoged property in extinguishment of fhe indebtedness secured hereby, all right, fitle and inferest of the Mortgogor in ond to any insuronce policies then in force shaH pass to the purthaser or grantee. Upon any defoult thereof, the Mortgagee moy (but without obligation on its part so to do) ploce ~nsuronce on such buildings and par the premium and tharge such sums w paid to the Mortgagor and suth sums of money so paid sholl bear inferest from the date of payment at the rote of eight per centum (8%) per onnum. 'j j FOURTH: That all sums of money paid or taused fo be paid br fhe Morfgagee under the ferms of fhis mortgage and herein ~ specificolly provided for, and irxluding any expenses incurred by the Mortgagee in collection of the sum secured br this morigage, ~ sholl be covered by the lie~ of this morfgage, fhe same as the sums of mone~y represented by the note which this mortgage secures. ~ FIFTH: To permit, tommit or suf~er no waste, impairment or deterioration of said property, or any part thereof, ond upon the failure of the Mortgagor fo keep ihe buildings on soid properfy in good condition of repoir, the Morigagee may demand ihe ~mmediate repair of said buildings, or an increase in the amount of seturitr, or fhe immediate repaymenf of the debt hereby secured, ond the foilure of the Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (15) days shall constitute o breach of this mortgage, and, at the option oi-the Mortgagee, immediately mature the entire unpaid prirxipal and interest hereby secured, and the Morigagee may, without nofice, institute proceedings to foreclose this mortgage, ond opply for the appointment of a receiver, as hereinafter provided. SIXTH: That the Mortgagor hereby promises, covenanfs and agrees fo pay the sums of money and interest as mentioned ~n said promissory note, together with any and all other sums justly due and owing the Mortgagee br the terms therein, and secured to be paid as stated therein promptly when due. If default shalt be made in the payment of the said svms of money or anr part ~ thereof os provided in the said note or this mortgage, or if the interest thot moy become due tbereon or ony par! thereof shall be in default and unpaid for a space of fifteen (15) days, or should the Mortgagor breach or fail to comply with ony other tovenont or agreement on the part of the Morigagor to be complied with (in those tases in which fhe option of the Mortgagee of actelera- " tion is not otherwise expressly provided herein) and such breath or non-compliarxe to~tinue in existerxe for a space of fifteen (15~ dars, then and from therxeforfh, at fhe option of Ihe Mortgagee a~d without notice to the Mortgagor, the whole of said principal ~ sum expressed in said note, together with al) other sums therein os well as herein provided for, sholl become immediatefy due and ~ poyable, without notice to the said Mortgagor. ~ ~ SEVENTH: Thaf in case if should become necessary to place this mortgage and ihe note secured hereby or either of them, ~n the honds of on attorney for collettion, fhe said Mortgagor covenants and agrees with the Mortgagee to pay all tosts, charges ~ ~`i ond expenses of svch collectian, irxluding reawnable attorney's fees whether collected by foreclosure or otherwise. ~ ~ EIGHTH: That, in the event any suit is braught upon this mortgoge, whether to foreclose it, to reform it, or otherwise, ~ ond or to enfo~ce porment of anr claim hereunder, the Morfgagee may apply fo any tour/ having jurisdittion thereof for fhe ~ oppointment of a receiver of said mortgaged property, as well os the income, pro~ts, issues and revenues thereof, and the scid ~ ~ ~ 800K 2O5 PACE~9~S 3~'~ ~ - ~ - ~ j`_ S4i : ,L 7 ~:s': . . 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