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HomeMy WebLinkAbout1523 I ! !t is understood and agreed that this conveyance is made subject to, and that the suid Grantor S and Beneficiary ~ have agreed on and are hound by, and will observe and fulfill the following convena~ts, stipulations and conditions, as ; obligaiory upon their respective parts: ~ ' FIRST: In addition to che aforesaid indebtedness and any and'all extensions or rene~•als of the same or any ; part thereof, this instrument is intended to secure and does secure any and all debts, obligations, or liabilities, direct ; or conHngent, of any Grantor herein, whether now c~isting or hemafter arising at any time before actuai canceltation ' of this i~strument on the public records of riortgafies and Deeds of Tnut, and .+~he r th saq~~ ~e ~videnced by note, ~ o n account, overdraft, assi ' pr gnmrnt, indorsement, guaranty, pledge or other~~. ; ~ SEC01'D: The said Grantor s.. . will pay during the liEe of this security and as the same mature, a11 taxes against ~ i said property and deposit the official tar receipts therefor with the Beneficiary not later than ttie lOth of January ~ i following the year for which such taxes are assessed, and will pay off and discha~ge an~ and all liens, assessments, or ~ incumbrances against the same, and ~~•ill effect and mai~tain in some insutancr a~mpan~• or companies authorized to do i business in the State of l~fississippi, and acceptable to the IIencficiary, fire and tornado insurance, upon the insurable ~ Three and 16/100---- 1 property herein conveyed, each in the amount of .T~nty-Eight i~housand, One Hundred~__Twenty- . ~ltars, ~ ~~r as much thereof as is obtainable, the policies to have Ne~v York standard mortgage clauses attached in favor of the . said Beneficiary, as h interest may appcar. Th~ said policies shall be delivered to and remain in j possession of the said Beneficiazy until al) of the indebted~~rss herehy secured shall ha~~e been paid. - THIAD: If said Crantor . s default in any of the payments mentioned in the last preceding paragaph here- ~ i i <~f, ihen the said Beneficiary is empowered to pay such taxes, pay off and discharge such liens and incumbrances and to effect and maintain said insurance upon said property, and any and all sums of mone~~ so expended are hereby made a part of the debt secured by this instrument, and shall bear interest, to be like~~~ise secured, at the rate of eight per cent. per annum, from date such payments are made. i FOURTH: If said Grantors defautt in the pa~~ment of said taxes or other charges, liens, assessments, or i ; incumbrances, or fail to effect said insurance, or to pay the premiums on same as hereinbefore provided, or fail ; ~ to pay any of the indebtedness hereby secured, principai, interest, or anv part of said principal or interest, or fail . ~ j faithfully to keep and perform any covenant or condition hereof, or upun the suspension or failure, or insolvency, or ~ upon any application for the adjudication in bankrupte~•, of any party hereto, or upon the application by or against any r ; Party hereto for a respite, assignment, or receivership, or if the value of any of said propert~~, ~vhether real or personal ~ or both, in ihp opinion of the holder hereof, be impaired by the aM of any gantor herein, or by waste, deterioration, act of God, neglect or otherwise, at any time, or if ariy legal praceeding affecting the said pro~erty be begun against ~ any Grantor herein, then and in any such case the whole of the indebtedoess herein described, and all other obligations ' and liabilities, d'uect or cantingent, of ihe parties hereto, and each of them, to the said Beneficiary, shall at the option of ; said Beneficiary,-become immediately due, and this instrument may be thereupon foreclosed at any t~itne without notice nf the exercise of such optian and without regazd to any forebearance that ma~ have been exercised after such default ~r failure or the happening of any such event, anything contained herrin or in an}• contract secured hereby to the i contrar~• notH~ithstanding; and in any and every such e~~ent, said Trustee and any suecessive trustee is fully authorized ~ and empo~vered to proceed to sell the said properh~ hereby con~•eyeci, at p~iblic outcry~, to the highest bidder, after advertising the time, terms and place of sale as required by la~v if the properh• to be sold is real estate. Said sale may he made at such Nme and at such place and for cash or upon such terms as may be designated in the nofice of such i sale, and in case the reat property herein conveyed is tocated in more than one Coanty, all of said properiy may be ~ sc~ld in any County where any of said property may be at the time. Any personal property conveyed hereby may be ~ soid under any foreclosure hereunder at the courthouse or at any place selected b} the Trustee after advertising the time, terms and place of snch sale for ten days by posting notices thereof in three public places. It shall not be neces- i sary for the Trustee to take such personal property into his physical possession in order to make sale of the same, or ~ t~ ha~•e same present at the place of sale. Separate sales, and as many sales as may be determineci by the Trustee and ; at as many different times and dates as he may elect, may be made of the several pieces, parcels, or articles of property I herein conveyed as may be consistent with law. Out of the proceeds azising from such sale shall be paid the cost of c•xecuting this trust, the indebtedness hereby secured, principal and interest, w•hether due or not, any and all sums of money that may have been paid out for and on account of taxes or other charges, assessments, liens or incumbrances, or insurance premiums as aforesaid, with interest thereon as aforesaid, and any other indebtedness, obliga6on or liability secured hereby with accrued interest as aforesaid, and any sums which may be required to be expended for the preservation, protecNon or handling of any personal property herein conveyed. FIFTH~ The Beneficiary may proceed in equity to foreclose this Deed of Trust if the Beneficiary shal) deem bcst, and en such event a reasonable fee may be allowed by the court to the attorne~• representing the Beneficiary under this Deed of Trust, to be secured hereby and paid as a part of the costs and expenses of foreclosure. SI\TH: It is further agreed, that when any payments shall be made on the indebtedness hereby secured, the ~ Beneficiary or any legal holder hereof shall_ have the eactusive right to make application of said payment to aoy part ~ c~f the indebtedness hereby secured which he may eiect, u•heiher Lhe indebtedness to which said pa}'rnents may be ~ applied be spccifically mentioned in this Deed of Tnist or not. SEVENTH: The said Beneficiary may, at any time deemed best, and without giving any reason therefor, appoint, ; ; in any manner authorized by law a successur to the trustee herein named, or to any succeeding trustee, who shall j have the same tide, authority, and powers as the trustee herein named and act in his stead. Such successor, trustee or ' trustees may be, if the beneficiary elect, an employee, agent, attornev ~r other representaHve of the Beneficiary. ~ € ~ ~ ' 80~3t! ~~WJ PA6~1~~ ; ~Y _ - > ~ - -