The URL can be used to link to this page

Home My WebLink About5670 AND the sa~d Mortgogor hereby covrnonts ond og?ees w,+i?~the sa~d Mor~gagee as follows: FIRST: Thot the Mortgagor is lawf~lly se~:ed of the above descr~bed premises ~n fee simple and hos good r~ght to sell ond convey the some to the Mortgogee; thof the said prem~ses ore iree ond discharged of ond from o(i toxes, tax titles or certificotes, judgments, mechan~c's liens and encumbrances of a~y noture or kind whotsoever a~d thot the Mo~tqogor will fully worrant ond defend the same to the Mortgagee, ogo~nst the lawf~l doims and demands of all perso~s whomsoever, and will make such further assuronces to perfect fee simple title to soid lond, in the Morfgogee, os may reosonable be required, and wiii puy t`r seve?ai sums of money ogreed in the soid note to be paid and all installments of principol and inte~est fhereon promptly when due, ond accord~ng to the true tenor ond effect of the said note. SECOND: That the Mortgogor will poy all and singuler fhe foxes, assessments, levies, and encumbrances of every noture on the above described property, and upon this mortgoge and note, or the money secured thereby, before delinquency thereof ond receipts evidencing poyment of soid taxes, assessments, levies and encumbrances shall be deposited with the Mortgogee on or before March lst of each svcceedi~g year during the term of this mortgoge; and if same be not promptly poid when d~e, the Mortgagee moy (without obligotion to do so) pay ihe same, or become purchoser of any lawfu) eviderxe thereof, or certificote thereTOr, without woiving or affetting any right hereunde~ and in this mortgoge, or the said note which this oi;,:!~nge secures; and svch poyments oi expenditures so modt shall bear interest from fhe date ?hereof at the rote of eight per tentum (8~~ per annum. THIRD: That the Mortgagor will keep all real and personal p~operty now or hereofter encumbered by the tien of this mortgoge insured os moy be required from time to time by the Mortgagee agoinst loss by fire, windstorm a~d other hazards, casualt~es and contingencies for svch periods and for not less than such amounts as may be required by the Mortgagee and to pay promptly when due all premiums for such insuronte. The amounts of such insurante required by the Mortgogee are ezpressive of only the minimum amounh for which said insurance shall be written and it shall be incumbent upon the Morfgagor to maintoin svth additionat insurance as may be necessary to meef ond comply fully with oll to-insurance requirements contained in said policies to the end that said Mortgagor is not a co-insuror fhereuoder. Insuronce shall be written by a compony or companies approved by the Mortgagee and all policies ond renewals thereof shall be held br the Mortgagee. All detailed designations by the Morigogor which are occepted by the Mortgagee and all ogreements between Mortgagor a~d Mortgagee relating to insurance, now existing or hereafter mode, shall be in writing ond shall be a port of this mortgage agreement as fully as though set forth verbatim herein and sholl govern both parties hereto and their successors and assigns. No lien upon anr of said policies of insuronce or upon any refund o~ return premium which may be poyable on the tancellotion or fermination thereof, shall be given to other than the Mort- gagee, except by p~oper en~orsemenf affiixed fo suth policy and approved by Mortgagee. Eoch policy of insurance sha~! have afiixed thereto a Standard Mortgagee Clause ucceptable to the Mortgagee, making all loss or losses under such policy payable to the Mortgagee as its interesf may oppear. In fhe event ony sum or sums of money betome payabte thereunder the Mortgogee shall have the option to receive and apply the same on accounf of the indebtedness hereby secured, or to pe~mit the Mortgagor to receive and use it, or any part thereof, withouf thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In evenf of loss or physital domage to ihe mortgaged property fhe Mortgagor shall give immediote nofice thereof by moii fo fhe Mortga~ee and the Mortgagee may make proof of loss if the same is not made promptly by tht Mortgagor. (n 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~esf of fhe Mortgagor in and to any insurance policies then in force sholl pass to the purchaser or grantee. Upon ony defoult fhereof, the Mortgagee mar lbut without obligotion en its part so to do) place insurorxe on such ~ buildings ond pay the premium and tharge suth sums so paid to the Mortgagor ond such sums of moncy so paid shalS bea~ interest ~ from the date of payment at the rote of eighf per centum (8~) per annum. ~ FOURTH: Thaf all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein ~ specifically provided for, ond including any expenses incurred by the Mortgagee in collection of the sum setured by this mortgage, shall be covered by the lien of this morfgage, fhe same as fhe sums of money reprtsented by the note which this mortgage secu~es. 1 FIFTH_ To permit, commit or suffer no woste, impairment or deteriorotion of soid property, or ony port thereof, and upon ~ the failure of the Mortgagor to keep the buildin s on said ro e in ood tondition of re air the Mort a ee mo demand the ~ 9 P P?tY 9 P . 9 9 Y ~ ~mmediate repa~r of said buildings, or on increase in the amount of security, or the immediote repayment of the debt hereby ~ secured, and the failure of the Mortgagor to tomply with said demand of the Mortgagee for o period of fifteen (15) days shall + co~stifufe o breach of this mortgage, and, ot the option of the Mortgagee, immediately moture the entire unpaid prirxipol ond ~ interest hereby secured, and the Morigagee may, wifhout notite, instifufe proceedings to foreclose this mortgage, and apply for the appointment of a receiver, os her~inafter provided. ~ ~ SIXTH: Thof the Mortgogor hereby promises, tovenonts and agrees to pay fhe sums of money and interest as menfioned ~ ~n said promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, o~d secured to be paid os stated therein promptly when due. If defaulf shal~ be made in the payment of the said sums of money or any part ~ thereof os provided in the said note or this morigage, or if the interest that may become due thereon or any part thereof sholl be ~ ~ ~n defoult and unpaid for o space of fifteen (15) days, or should the Mortgogor breoth or fail to comply with ony other covenont ~ or agreeme~t on the part of ihe Mortgagor to be complied with (in those coses in which the option of the Mortgagee of occelera- t~on ~s not otherwise expressly provided herein~ ond such breach or non-tompliarxe continue in existence for a space of fifteen (15) ~ doys, then and from therxeforth, at the option of the Mortgagee and wifhout nofice to the Mortgogor, the whole of said prirxipol sum expressed in said note, together with oll other sums therein as well os herein provided for, sholl become immediately d~e and - payable, without notice fo the said Mortgagor. c~ = SEVENTH: Thot in cose it sho~id become necessary fo place this mortgage a~d fhe note secured herrby or either of ihem, in the hands of on attorney for collection, the said Morigagor covenants and agrees with the Mortgagee to poy oll costs, charges _ and ezpenses of svch collection, irxluding reasonoble attorney's fees whether collected by foreclosure or otherwise. EIGHTH: Thot, in the evenf any suit is brovght upon this mortgage, whether to foreclose it, to reform it, or otherwise, ' and or to enforte poyment of any claim hereunder, the Mortgogee may apply to ony court having jurisdiction thereof for the a'; appointment of o receiver of said mortgaged properfy, as well as the irxome, profifs, iss~es and reven~es thereof, ond the said ; 349 r~~~iy27 Y~ ~3 -2- aoaK2U9 PACE2660 - z . _ ' =~"?t . . . . _ . _ ; L.. _