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HomeMy WebLinkAbout2736 AND the said Mortgagor hereby covenants and ogrees with the soid Mort9o9ee as follows: FIRST: Thot the Mor~gogor is lawfully seized of Ihe above described premises in fee simple and hos good right to sell and convey the same to the Mortgogee; thal the said premises ore free and dischorged of and from oll toxes, tox titles or certificotes, ~udgments, mechonit's lie~s ~::;:-~c_^~~s of any noture or kind whatsoever ond thof fhe Mortgogor will fully warrant and defe~d fhe same to fhe Mortgogee, against fhe lowful tlaims and demands of oll persons whomsoever, an~ will moke such fu?ther assvrarxes to perfect fee simple title ~o said land, in the Mortgogee, as may reasonable be required, and w~l) pay the sever~l sums of money ogreed in the soid note to be poid and al) insiatlments of prirxipal and interest fhereon promptly when due, ond according to the true teno~ and effect of the soid note. SECOND: Thot the Mortgagor will par all ond singular the taxes, assessmenls, levies, and encumbrances of every noture on the above described property. ond upon this morfgage and note, or fhe money secured thereby, before delinque~cy thereof ; , and receipts evidencing payment of said toxes, ossessments, levies and encumbronces shall be deposited with the Mortgogee on or before Morch Ist of eoch succeeding year during the term of thi~ morfgage; and if some be not promptly paid when due, the Mortgoqee moy (without obligation to do so) pay the same, or become purchaser of any lowful evidence ?hereof, or certificate therefor, without woiving or offietting any right hereunder and in fhis mortgoge, or fhe soid note which this mortgage setures; ond such payments or expenditures so made shall bear interest from the date thereof at the rote of eight per centum (8~) per annum. THIRD: Thot the Mortgagor will keep all real and personal property now or hereafter erxumbered by the lien of this mortgage insured as moy be required from time to time by the Mortgogee agairut loss by fire, windstorm and ofher hazords, casualties and contingencies for such periods ond 4or not less thon such amounts as moy be requ+~ed by the Mortgagee ond to pay promptly when due all premiums for such insurance. The amounts ai such insurarxe required by the Mortgogee are expressive of only the minimum omounts for which soid insu~once shall be written and it shall be irxumbent upon the Mortgagor to maintain such additional insurance as may be necessary to meet and tomply fully with all to-insurarxe requirements contained in said policies to the end that said Mortgagor is not a to-insu~or ihereunder. Insurance shall be written by a companr or tompanies approved by fhe Mortgagee and all policies and renewals thereof shall be held by the Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgogee and all agreements between Mortgagor and Mortgagee relating to insuronce, now existing or hereafter made, sholl be in writing and shall be a part of this mortgage agreement os fully os th~ugh set forth verbatim herein and sholl govern both porties hereto and their suctessors ond assigns. No lien upon any of said pOlicies of insurance or upon any refund or return premium which may be poyoble on the tancellafion or terminotion thereof, shall be given to other than the Mo~t- gagee, except br proper endorsement ofiixed to sud~ polity and approved by Mortgagee. Eoch policy of insurance shall have ~ af~ixed thereto a Standard Mortgagee Clause acceptabie to the Mortgagee, making all loss or losses under such policy poyoble ~ to the Martgagee as its interest moy appear. In the eveot any sum pr sums of money become payable thereunder the Mortgagee 2 shall have the option to receive and apply the some on atcount of the indebtedness hereby secured, or to permit the Mortgogor to - receive and use it, or any parf thereof, without thereby woiving or impairing any equify, lien or right under ond by virtue of this morfgage. In event of loss or physical damage to the mortgaged property the Mortgogor sholl give immediote notice thereof by mail to the Mortgagee and the Mo~fgagee may make proof of loss if the same is not made promptly by the Mortgagor. In event . i of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurarxe polities then in force shall pass to the purthaser or grantee. Upon any default thereof, fhe Mortgagee mar (but without obligation on its port so to do) plate insurarxe on suth buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall beor inferest from the date of payment at the rote of eight per centum (8°~) per onnum. ~ FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mo?tgoge and herein specificolly provided for, and intluding ony expenses incurred by the Mortgagee in collection of the sum secured by this mortgage, sholl be covered by the lien of this mortgage, the some as the sums of money represented by the note wFiich this mortgage secures. FIFTH: To permit, commit or suf~er no woste, impairment or deterioration of said property, or any part thereof, and upon the failure of fhe Mo?igagor to keep fhe buildings on said property in good condition of repoi~, the Mortgagee moy demand the ~mmediate repair of said buildings, or an irxrease in the omount of seturity, or the immediate repoyment of the debt hereby secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (15) dars shall ` constitute a breoch of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid prirxipal and i ~nterest hereby secured, and the Mortgagee may, without notice, institute praeedings to foreclose this mortgage, and apply for the appointment of a receiver, as hereinafter provided. , SIXTH: Thot the Mortgagor hereby promises, covenonts and agrees to pay the sums of moner and interest os mentioned in said promissory note, togethe~ with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid as stated therein promptly when due. If default shal7 be made in the payment of the said sums of money or any part thereof as provided in the said note or this mortgage, or if the interest thai may become due thereon or any part thereof shall be in defa~lt ond unpaid for o space of fifteen (15) days, or should the Mortgagor breach or fail to comply with ony other covenant or ag~eement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelero- tion is not otherwise expresslr provided herein) and such breoch or non-tompliance continue in existerxe for a space of fifteen (15) doys, then and from thenceforth, af fhe opfion of ihe Mortgagee and without notite to the Mortgogor, the whole of said principol sum expressed in said note, together with all other sums therein os well as herein provided for, sholl become immediately due and ~ payable, without notice to the said Mortgagor. SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, ~n the hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to poy all tosts, charges ; and expenses of such collection, including reosonable attorney's fees whether collected br foreclosure or otherwise. _ EIGHTH: Thot, in the event onr suit is brought upon this mortgage, whether to foretlose it, to reform it, or otherwise, and or to enforce payment of any claim hereunder, the Mortgegee may apply to any court having jurisdiction thereof for the appointment of a receiver of soid mortgaged property, as well os the income, profits, issues and revenues thereof, and the said R~Rx~~`~ r~~~27~~ - -~s ~ . ~ ~ ~ ` ~ x ~ ~ xi- ° . ~"~~~`L _