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Home My WebLink About2438 AND the said Mortgogor hereby covenants ond agrees with the said Mortgogee as follows: FIRST: Thot the Mortgagor is lawfully sei:ed of the above destribed premises in fee simple end hos good ri~h1 to sell cnd convey the some to the Mo~tgogee; thot the said premises are free and distho~ged of and from ell toxes, toz titles or cenificotes, judgments, mechonit's liens and encumbrances of ony noture or kind whatsoever and that the Mortgogo~ witl fully worront ond defend the same to the Mortgogee, ogainst the lawful cloims and demonds of all persons whomsoever, ond will make such further assurances to perfec~ fee simple title to said lond, i~ the Mortgagee, os may reosonabte be required, ond w~ll poy the sever~l sums of money agreed in the soid note to be paid and QII installmenfs of principol ond interest thereon promptly when due. and according to the true tenor ond effect of the soid note. SECOND: That the Mortgagor will poy all ond singulor the taxes, assessmenls, levies, and erxumbronces of every noture on the obove described property, and upon this mortgage and note, or the money setured thereby, btfore delinquency thereof and receipts eviderxing payment of soid taxes, assessments, levies and erxumbronces shall be deposited with the Mo?tgagee on or before March lst of each sutceedi~g year during the term of lhis mortgoge; and if same be not promptly poid whe~ due, the Mortgagee may ~without obligotion to do so) poy fhe same, or become purchaser of ony lawful evidence thereof, or certificote therefor, without waiving or af~ecting ony right hereunder and in this mortgoge, or the said note which this mortgoge secures; ond svch payments or expenditures so made shall bear interest f~om the dote thereof ot the rate of eight per centum (8°ff~) pe~ onnum. THIRD: That the Mortgagor will keep all reol and penonal property now or hereofte~ erxumbered br ihe lien of this mortgage insured as may be required from time to fime by the Mortgogee againsf loss by fire, wi~dsform ond other hazards, cosualties and co~tingerxies for such periods ond for not less than suth omounts as mar be required by the Mortgogee and to pay promptly when due ali premiums for such insurarxe. The amounts of sucfi insurance required by the Mortgagee are expressive of only the m~nimum amounts for which soid insurance shall be written and it shall be irxumbent upon the Mortgagor fo mointain suth additional insurance as moy be necessary to meet and comply fully with all co-insuronce requirements contained in said policies to the e~d that said Morfgagor is nof o to-insuror the~eunde~. (nsurante shal) be wriffen by a companY or tomponies approved by the Mortgagee and oll policies and renewals the~eof shall be held by the Mortgagee. All detailed designotions by Me Mortgagor which are accepted by the Mortgagee and oll ogreements between Mortgogor and Mortgagee reloting to insurorxe, now existing or hereofter made, shall be i~ writing ond shall be a port of this mort9a9e a9~eement as fully os tF~ough set forth verbatim herein and shall govern both porties hereto and their successon ond assigns. No lien upon any of said pOlicies of insurance or upon any refund or return premium which may be payable on the cancellation or termination thereof, sholl be given to other thon the Mort- gagee, except by proper endorsement affixed to such policp ond approved by Mortgagee. Each policr of insurarxe shall have afiixed thereto a Standard Mortgagee Clause atteptable to fhe Mortgagee, making ol! bss or losses under such poliq payable to the Mortgagee os its interesf may appeor. In the event any sum or sums of money become poyable tbereunder the Mortgagee shall have the option to receive ond apply fhe same on aaount of the indebtedness hereby secvred, or to permit the Mortgagor to receive and use it, or o~y port thereof, without thereby waiving or impairing any equify, lien or right under and by virtue of this mo?tgage. In event of loss or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by moil to the Mortgagee and the Mortgagee may make proof of loss if the same is not made promptly by the Mortgogor. In event 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 inte~est of the Morfgagor in and to any insurarxe policies then in forte shall pass fo fhe purchaser or grontee. Upon any defoult fhereof, the Mortgagea may (but without obligotion on its part so to do) place i~suronce on such buildings and poy the premium and charge such sums so poid to the Morigagor and such sums of money so paid shall beor interest ; from the date of payment ot the rote of eight pe~ centum (8°~) per annum. ' FOURTH: That all sums of money paid or caused ro be paid by the Mortgagee under the terms of this mortgage and herein ~ spetificolly provided for, and irxluding any expenses inturred by the Morfgogee in collection of the sum secured by this mortgage, I sholl be covered by the lien of this mortgage, the same as the sums of money represented by the note whith this mortgage secures. ~ ~ ~ FIFTH: To permif, commit or suf~er no waste, impairment or deteriorofion of said property, or ony port fhereof, and upon ~ the failure of the Mortgagor to keep fhe buildings on said properfy in good condition of repair, the Mortgagee may demand the ~ immediote repair of soid buildings, or an increase in the amount of security, or the immediate repayment of the debt hereby sec~red, a~d the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen ~15) dars shall ~ constitute a breach of this mortgage, and, af the option of the Mortgagee, immediately mature the entire unpaid prirxipol and ~nterest hereby secured, and the Mortgagee may, without notice, institute proceedi~gs to foreclose this mort~oge, and apply for rhe appointment of o receiver, as hereinafter provided. SIXTH: That the Mortgagor hereby promises, covenonts ond ogrees to pay the sums of money ond interest as mentioned in said promissory nofe, together with any ond al! other sums justly due and owing the Mortgagee by the terms iherein, a~d secured to be paid as stoted therein promptly when due. If defoult shalt be made in the payment of the said sums of money or anr part thereof as provided in the said note or this mo?fgage, or if the interest that moy betome due thereon or any part thereof shall be in defoult and unpaid for a space of fifteen (15) doys, or should the Mortgogor breach or fail to comply with any other covenant or ogreement on the part of the Mortgagor to be complied witf~ (in those coses in wliKh the option of the Mortgagee of occelero- tion is not otherwise ezpresslr provided herein) and such breach or non-compliance continue in existerxe for a space of fifteen (15) ~ days, then and from therxeforth, at the option of the Mortgagee and without notite to the Mortgagor, the whole of said principol ` sum expressed in said note, together with all other sums therein as well as herein provided for, sholl become immediotely due a~d ; poyable, without notice to the said Mortgagor. ~ ~ SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or eithe~ of them, ~ in the hands of an attorney for collection, the soid Mo?tgagor covenonts and agrees with the Mortgagee to pay all costs, charges and expenses of such coHection, including reasonoble ottomey's fees whether collected by foreclosure or otherwise. ~ ~ b: ~ EIGNTH: That, in the event any suit is brought upon this morigage, whet~r to forecbse it, to reform it, or otherwise, ~ ond or fo enforce poyme~t of any claim hereunder, fhe Mortgagee may apply to anr court having jvrisdiction thereof for the appointment of a receiver of said mortgaged propertr, os well os the income, profits, issues and reven~es thereof, ond the said ~ ~ ~ °R208 2438 ~ - ~ - ~ooK PacE ~f i - . - : . 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