HomeMy WebLinkAbout4479 AND the said Mortgagois hereby covenant~ and agree~ •
1. To pay all and singular the prencipa! and interest and other sums of money pay-
able by virtue of said promissory note and this deed, or either, promptly and on the days
respectively the same severally become due.
2. To pay atl and singular the taxes, levies, liabilities, obligations and encumbrances
of cvery nature heretofore or hereafter imposed, placed, levied and assessed on said de-
scribed property, each and every, and if the same be not promptly paid prior to delinquency
the said Mortgagee may at any time pay the.same withoiit waiving or affecting the option
to forecIose or any right hereunder, and the amount of every payment so made shall bear
interest from the date thereof at the rate which said note bears and shall be secured by the
lien of this mortgage; the Mortgagossagree~'to furnish to the Mortgagee prior to April of
each year receipts for all ad valorem taxes paid by rhe Mortgagors.
3. To pay all and singular the costs, charges and expenses, including lawyer's fees,
reasonably incurred or paid at any time by said Mortgagee because of the failure on the
part of the said Mortgagorgto perform, comply with and abide by each and every the stip-
uladons, agreements, conditions and covenants of said note and this deed, or either, and the
amount of every such payment shall bear interest from date at the rate which said note
bears and shall be secured by the lien of thu mortgage.
4. To keep the buildings now or hereafter on said land insured againsc loss by fire in
a sum not less than the amount of this mortgage from time to time oustanding and unpaid,
and insured against loss by windstorm in a s~im not less than fifty per cenr ( 50`~~ ) of rhe
full insurable value of said premises in a company or companies to be approved by Morc-
gagee, and the policy or policies held by and payable to said Mortgagee, and, in the
event any sum of money becomes payable under such policy or poIicies, the Martgagee
shal! have the option to receive and apply the same on account of the obligation hereby
secured or ro permit the Mortgagorsto receive anc~ use it, o: any part thereof, for
other purposes, without thereby waiving or impairing any equity, lien, or right under or
by virtue of thes mortgage, and may place and pay for such insurance or any part thereof
without waiving or affecting the option to foreclose or any right hereunder, and the
amount of each and every such payment sh~ll bear interes: f rom date a* the rate which
said note bears and shal! be secured by the Iien of this mortga~e.
5. To permit, commit or suffer no waste, impairment or deterioration of said pro-
perty or any part thereof, and to keep and maintain the building or buildings now located
upon or hereafter const~-ucted upon the premises hereinbefore described in gaod condition
and repair, and from time to time make such repairs, improvements or replacements upon
and to said buiiding or buildings as may be necessary to keep the same in good condition
and repair.
6. To perform, comply with and abide by each and every the stipulations, agree-
' ments, conditions and covenants in said promissory note and in this deed set forth.
: 7. If any of said sums of money herein referred to be not promptly and fully paid
! within thirty days next after the same se~erallj• become due and payable, or if each and
~ every the stipulations, agreements, conditions and covenants of said promissory~ note and
this deed, or ei-her, are not dulv performed, complied with and abided by; the said
aggregate sum mentioned in said note chen remainin~ ienpai~. ~vith accrued interest and
all other sums secured hereby shall become dtce and payable forthwith or thereaf=er at
the option of the Mortgagee, as fully and completel}~ as if the said sums were originally
stipulated to be paid on such day, anythin~ in said promissory note or herein to the
contrary notwithstanding.
~
8. That should suit be brou~hc upo» t~is inortgage and the Mortgagee apply for
the appointment of a Receiver, the Court sh:?tl fo:thwith and without notice to the Mort-
gagor (or other defendants} apooint a Recziver of said property, including the income,
profits, issues ard revenv.e~ therefrom. Such appointment shall be made as a matter of
absolute right of the Mortga~ee wi:hout r~fere~ice to the adequacy or inadequacy of the
value of the property mortgaged or to the sol~e~~cv or insolvency of the Mortgagors,
gpil~ .~.3~ ~r.~'~
r ~ ~r~
-5-
- - ~ ~
:
. _~..c - r ''a~~ ~
. . _ .V . . . - ~ . r~r.+L-