HomeMy WebLinkAbout0708 AND the said Mortgagor hereby covenants ond ogrees wilh the said Mortgogee as foilows:
FIRST: Thot the Mortgagor is lowfully sei:ed of the above described premises in tee simple and hos good right to sell and
convey the same to the Mortgagee; that the said premises are free ond dischorged of and from all toxes, tax titles or certificates,
j~dgments, mechonic's liens and encumbrorxes of any notu?e or kind whatsoever ond thot the Mo?tgago~ will fully worront and
defe~d the same fo the Mo?tgagee, agoinst the lawful cloims and demands of ol! persons whomsoever, o~d will moke such further
oss~rarxes to perfect fee simple title to soid land, in fhe Morfgogee, as moy reoso~able be required, ond will pay the several
sums oi money agreed in the said note to be poid and oll instollments of prirxipal and i~terest thereon prompfly when due, and
according to the true tenor ond efFect of the said note.
SECOND: That the Mortgagor will por oll ond singular fhe toxes, assessmenfs, levies, and entumbrances of every nafure
on the above described p~operty, and upon this mortgage and note, or the money secured thereby, before delinquencr thereof
and receipts evidencing poyment of said toxes, assessments, levies and encumbrances shall be deposited wifh fhe Morigagee on or
before Mo~ch lst of each s~cceeding year during the term of this mortgage; and if same be not prompfly paid when dut, the
Mortgogee moy (without obligation to do so) pay the same, or become purchoser of ony lowful evidence thereof, or certificote
therefor, without waiving or offecfing any right hereunder and in fhis mortgoge, or the soid note whith fhis mortgage setures; and
such poyments or expenditures so mode sholl beor interest from the dofe thereof at the rote of eight per tentum (SQfp~ per annum.
THIRD: That the Mortgagor will keep all real and personat property now or hereafter erxumbered by the lien of this
mortgage insured as may be required from fime fo time by the Mortgagee againsf loss by fire, windstorm and other hazards,
casualtie: and contingenties for such periods and for not less than suth amounts as may be required by the Mortgagee and to pay
prPmptly when due all premiums for such insurance. The amounts of such insurarxe required by the Mortgagee ore expressive of
only the minimum amounfs for which said insuronte shall be written a~d it shall be intumbenf upon the Morfgagor to mainfain such
additionol insurance as mar be necessary fo meet and tomply fully with all co-insurorxe requirements to~tained in soid policies fo
the end thqt said Mortgagor is not o co-insuror thereunder. Insuronce shail be written by o compa~y or componies approved by the
Mortgogee 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 Mortgegee reloting to insuronce, now existing
or hereofter made, shall be in~writing and shall be o part of this mortgoge agreement as fully as though set forth verbatim herein
and sholl govern both parties hereto and their sutcesson and assigns. No lien upon any of said pOlicies of insuronce or upon any
ref~nd or retur~ premium which may be payable on the cancellotion or termination thereof, shall be given to other than the Mort-
gagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance sholf have
offixed thereto a Standard Mortgagee Clouse accepfable to the Mortgagee, moking oll bss or losses under svch policy payable
to the Mortgagee os its interest mar appear. In fhe evenf any sum or sums of money become poyable thereu~der the Mortgagee
sholl have the option to receive and apply fhe same on account of the indebtedness hereby setured, or to permif the Mo?tgagor to
receive and use it, or ony part thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this
mortgage. In event of loss or physical damage to the mortgaged property the Mortgogor shall give immediate notice thereof by
mail to the Mortgagee and the Mortgagee may moke proof of loss if the same is not made promptly by the Mortgagor. I~ event
of foreclosure of this morigage or other transfer of title to the mortgaged property in extinguishment of the indebtedness sec~red
he~eby, all right, title ond interest of the Mortgagor in ond to ony insurance polities then in force shall poss to the purchaser or
grontee. Upon anr default thereof, the Mo?tgagee may (but wifhout obtigation on its part so to do) ploce insurance on suth
buildings and poy the premium and tharge suth sums so paid fo ihe Morfgagor ond such sums of money so paid shal) bear interest
from the date of payment af fhe rote of eight per cenfum (8°~p) per onnum.
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~ FOURTH: That oll sums of money paid or caused to be paid by the lu~ortgagee under the terms of this mortgage and herein
~ specifically provided for, and including any expemes incurred by the Mortgagee in.collection of the sum secured by this mo?tgage,
~ shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mortgage secures.
FIFTH: To permit, commif or suffer no waste, impairment or deteriorafion of said property, or any part thereof, and upon
the failure of fhe Mortgagor fo keep the buildings on said properfr in good tondifion of repoir, the Mortgagee may demand the
~mmediate repair of said buildings, or on irxrease in the omount of security, or the immediate repayment of fhe debt hereby
secured, and the failure of the Mortgagor to tomply wifh said demand of fhe Mortgagee for a period of fifteen ~15) doys shatl
constitute a breach of this mortgage, and, at ihe option of ihe Mortgagee, immediafely mafure the entire unpaid principol and
interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for
the appointment of a receiver, as hereinaffer provided.
SIXTH: That the Mortgagor hereby promises, covenants and agrees to poy the sums of money and interest os mentioned
in said promissory rate, together with any and all other sums justly due ond owing the Mortgogee by the terms therein, and secured
to be paid as stoted therein promptly whe~ due. If default shal~ be made in fhe parmenf of the said sums of money or ony part
thereof as provided in the soid nate or this mortgage, or if the interest thot may become due thereon or any part thereof shall be
in default and unpaid for a space of fifteen (15~ dars, or should the Mortgagor breach or fail to comply with any other covenant
or agreement on the part of the MortQagor to be complied with (in those cases in which the option of the Mortgagee of occelera-
tion is not otherwise expressly provided hereinj and such breach or non-compliarxe continue in existerxe for a space of fifteen ( t S)
~ days, then and from fhenceforth, at the opfion of the Morfgagee and wifhouf notice to fhe Mortgogor, fhe whole of said principol
~ sum expressed in soid note, together with oll other sums therein as well as herein provided for, shall betome immediately due and
poyable, without notice to the said Mortgagor.
SEVENTH: That in case it should become necessary to ploce this mortgage and the note secured hereby or either of them,
in the hands of an atforney for collecfion, the said Mortgogor covenants and agrees with the Mortgagee to poy all costs, charges
and expenses of such collection, including ~easonable attorney's fees whether collected by foreclos~re or otherwise.
EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose if, to reform it, or otherwise,
and or to enforce payment of any cloim hereunder, the Mortgogee may opply to any court having jurisdiction thereof for the
appointmant of a receiver of said mortgaged prope?ty, os well as the income, profits, issves ond revenues thereof, ond the said
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