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Home My WebLink About0511 AND ~he said Mortgogor hereby covenants and agrees w~th the said Morfgagee as follows: FIRST: Thot the Mortgagor is lowful~y sei:ed of the obove descr~bed prem~ses in fee simple and hos good ~ight to sell ond convey the same to the Mortgagee; thot the said premises ore free and disthorged of and from oll toxes, tax titles or ce?tificotes, judgmeNS, methonic's liens and encumbrorxes of ony nofure or kind whotsoever ond thaf the Mortgagor will fully warrant o~d defend s'~e same fo Ihe Mortgogee, against fhe lawful tlaims ond demonds of o!I persons whomsoever, ond will make svth further assurorxes to perfect fee simple title to soid lond, in the Mortgogee, as moy reasonable be required, and will poy the several sums of money agreed in the said note to be poid and all instollments of principol ond inferest thereon promptly when due, and according to the true te~or ond effect of the said note. SECONO: That the Mortgogor will poy oll and singulor the toxes, ossessme~ts, levies, o~d encumbrances of every natvre on the above described property, ond upon this mortgage and note, or the money secured thereby, before delinquerxy thereof ond receipts eviderxing poyment of said toxes, assessments, levies and e?xumbronces shall be deposited with the Mortgagee on or before Morth lst of eoch s~cteeding year during the term of this mortgage; and if some be not promptly paid when due, the Mortgogee may (without obligotion to do so) pay the same, or become purchoser of ony lawful e.iderxe thereof, or ce~tificote therefor, without waiving or of~ecting ony right hereunder and in this mortgoge, or the said note which this mortgoge secures; and such poyments or expenditures so mode shall beor interesf from the dofe thereof ot the rate of eight per centum (8°~) pPr annum. THIRD: Thot the Mortgagor will keep all rea! and personal property now or hereafter encumbered by the lien of this mortgoge insured as may be required from time to time by the Mortgogee ogainst loss by fire, windsrorm cnd other hazards, casualties and co~tingencies for such periods ond for not less thon such amounts as may be req~ired by the Mortgagee and to pay promptly when due all premiums for such insurorxe. The omounfs of such insurance required br the Mortgogee are expressive of only the minimum amounts for which soid insurance shall be written and it shall be irxumbent upon the Morfgago~ to mainfain such additionol insurarxe os moy be necessary to meet and comply fully with all co-insurance requiremenh contained in said policies to the end thot said Mortgagor is not a co-insuror thereunder. (nsurorxe sholl be wriffen by a compony or componies qpproved by the Mortgogee ond all policies and renewals thereof sholl be held by the Mortgagee. All detailed designations br the Mortgagor which ore accepted by the Mortgagee ond all agreements between Mortgagor and Mo?tgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be o pan of this mortgage agreement os fully as though set forth verbatim herein and sholl govern both parties hereto ond their suctesson and ossigru. No lien upon ony of said policies of insurorxe or upon any refund or return premium which may be payable on ihe tantellation or terminotion thereof, shall be given to other than the Mort- gagee, except by proper endorsemenf affixed fo such policy and approved by Mortgagee. Eoch policy of insuronce shall have af~ixed thereto a Standard Mortgagee Clause aueptable to the Mortgagee, moking all loss or losses under such policy payable to the Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and apply the same on aaount of tFie indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or ony port thereof, without thereby waiving or impoi?ing any equity, lien or right under ond by virtue of this mortgage. In event of loss or physicol domage to the mortgaged property the Mortgagor sholl give immediate notice thereof by mail to the Mortgagee and fhe Mortgogee may make proof of loss if the same is not made promptly by fhe Mortgagor. In event of foreclosure of this mortgage or other fronsfer of title to the mortgoged property in extinguishmenf di the indebtedness secured hereby, all righf, title and interesf of the Morfgagor in and to any insurorxe policies then in forte shall pass to the purchaser or groMee. Upon any defoult thereof, the Mortgagee moy (but without obligotion on its part so to do) place insurance on such buildings and por the premium and chorge such svms so paid to the Mortgagor and such sums of moner so paid shall bear inferest ~ from the dote of payment at the rote of eight per centum (8°~p~ per onnum. i . FOURTH: That all sums of moner paid or coused to be paid br the Mortgagee under the terms of this mortgage and herein ` spec~fically provided for, ond including any experues incurred by ihe Mortgagee in collection of the sum secured by this mortgage, ~ shall be covered by the lien of this mortgage, the some as the sums of money represented by the note which this mortgage secures. t ~ FIFTH: To permit, commit er suffer no woste, impoirment or deterioration of said property, or anr porf thereof, ond upon E the failure of the Mortgagor to keep the buildings on soid property in~good tondition of repair, the Mortgagee may demond the ~ ~mmediate repair of said buildings, or on increase in the amount of security, or the immediote repayment of the debt hereby ~ secured, a~d the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (15) days shatl ~ constitute a breoch of this mortgage, and, at the option of the Mortgagee, immediately moture the entire unpaid prirxipol ond ~ ~nterest hereby secured, and the Mortgagee mar, without notice, institute proceedings to foreclose this mortgoge, ond apply for the appointment of a receiver, as hereinofter provided. ~ ~ SIXTH: Thot the Mortgagor hereby promises, tovenonis and agrees to pay the sums of money a~d interesf as mentioned ~ in said promissory note, fogether with ony and all ofher sums justly due and owing the Mortgagee by the terms therein, and secured ~ to be poid as stated therein promptly when due. If default shal: be made in the payment of the said sums of money or a^y Port ~ thereof as provided in the said note or this mortgoge, or if the interest thot may become due thereon or anr pan thereof shall be ' in default and unpaid for a space of fifteen (15) days, or should the Mortgagor breach or fail to complr with any other covenont ~ = or agreement on the port of the Mortgegor to be tomplied with (in those coses in which the option of the Mortgogee of accele~a- ~ . ~ t~on is not otherwise expressly provided herein) and such breach or non-tompliorxe continue in existerxe for a space of fifteen (1 S) a days, then ond f~om therxeforth, ot the option of the Mortgagee and without notice to the Mortgogor, the whole of said prirxipol - sum expressed in soid note, together wifh oll other s~ms therein as well as herein provided for, sholl become immediately due and parable, without notice to the said Mortgagor. ; SEVENTH: That in case it should become necessary to ploce this mortgage and the note secured hereby or either of them, s; in the hands of an ottorney for collettion, the said Mortgogor covenants and agrees with the Mortgagee to pay all costs, chorges and expenses of such collection, irxluding reasonable attorner's fees whether collected br foreclosure or otherwise. ~ ~ ~ EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, o.? otherwise, - and or fo enforce payment of any tloim hereunder, the Mortgagee may apply to ony court hoving j~risditfion ihereof for the t' oppointmeM of a receiver of sdid mortgaged property, as well os the irxome, profits, iswes ond revenues thereof, ond the said ~ ~ - 800K 21O PACE 5ii a _ 2 _ ~i ~ - - - - ~ - - - x ~ ~~Er.,ti~~ .~.._.~'`x.....~s`a~ _ . n.~°'r+,..?*~~ ~ ~ u~