HomeMy WebLinkAbout4485 AND the said Mortgago~ hereby covenantd and agree~
1. To pay all and singutar che principa! and incerest and other sums of moncy pay-
able by virtue of said promissory note and chis deed, or either, promptly and on the days
respectively the same severally become due.
2. To pay at! and singular the ~taxes, levies, liabilities, obligations and encumbrances
of every nature heretofore or hereafcer 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 ti~~e pay the.same without waiving or affecting the option
to foreclose or any right hereunder, and the amount of evrry payment so made shall bear
intetest from the date thereof at the rate which said note bears and shall be secured by the
lien of this mortgage; the Mortgagotsagree,b~ to furnish to the Mortgagee prior to April of
each year receipts for all ad valorem caxes paid by the Mortgagors , '
3. To pay all and singular the costs, charges and expenses, including tawyer's fees,
reasonably incurred or paid at any time by said Mortgagee because of the failure on the
part of the said Mortgagorsto 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 shal( bear interest from date at the rate which said note
bears and shall be secured by the lien of this mortgage.
4. To keep the buildings now or hereafter on said land insured against 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 sum nat less than fifty pe~ cent ( 50`~~ ) of ttie
full insurable value of said premises in a company or companies to be approved by Mort-
gagee, and the policy or polic;es held by and payable to said Mortgagee, and, in the
event any sum of money becomes payable under such policy or policies, the Mortgagee
shall have the option to receive and apply the same on account of the obligation hereby
~ecured or to permit the Mortgago~, to receive anc~ use it, or any part thereof, £or
other purposes, without thereby waiving or i~;zpairing any equity, (ien, or right under or
' by virtue of this mortgage, and may place and pay for such insurance or any part thereof
without waiveng or affecting the option to foreclose or any right hereunder, and the
' amount of each and every such payment shall Uear interes: from date a*_ the rate wliich
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said note bears and shall be secured by the lien of this mortgage.
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 constructed upon the premises hereinbefore described in good condition
and repair, and frorn time to time make such repaers, improvements or replacements upon
and to said building or buildings as may be necessary to keep rhe same in good condition
and repair.
~ 6. To perform, comply with and abide by each and ev~ry the stipulations, agree-
ments, conditions and covenants in said promissory note and en this deed set forrh.
I 7. If any of said sums of money herein referred to be not prompdy and fully paid
; within thirty days next after the same severally- become due and plyable, or if each and
every the stipu[ations, agreements, conditions and covenants of saic{ promissor~~ i~ore and
this deed, or either, are not duly performed. complied wit[i and abided by, the said
aggregate_stim mentioned in said note then remaininn «npaid, with accrued interesr and
all other sums secured hereby shall become due and payable forthwirh or thereaf:er at
the option of the Mort~agee, as fu[ly and completel}~ as if the said sums Nere originally
stipulated to be paid on such day, anythin~ in said promissory note or herein to the
contrary notwithstanding.
8. That should suit b~ brou~ht upo» this mortgage and the Mortgagee apply for
the appointment of a Receiver, the Court sh~~ll fo;thwith and v:~ithout notice to the Mort-
gagors(or other defendantsl apooint a Recesver of said property, including the income,
profits, issues and revenues therefrom. Sucli appointment shaI! be made as a matter of
absolute right of the Morrga~~ee wi:h~ut reference *o the adequacy or inadequacy of the
value of the property mortgaged or to the sol~ei~cv or insolvency of the Mortgago~,
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