HomeMy WebLinkAbout1704 AI~ID the said Mortgagor hereby covenants and a~re~s:
1. To pay all and singular thz principal and interest and ~ther sums of money pay
able by virtue of said promissory note and this deed, or either, prompdy and on the daya
respccdvely the same severally bPCOme due.
Z. To pay all and singular the taxes, levies, liabilities, obligations and encumbrances
uf every 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 without waiving or affeccing the option
to foreclose or any right hereunder, and the amounc of everf~ payment so made shall bear
interest from the date thereof at the rate which said note bears and shall be secured by tlie
lien of this mortgage; the Mortgagor agnes to furnish to the Mortgagee prior to April of
each year receipts for all ad valorem taxes paid by the Morrgagor.
3. To pay all and singular the costs, charges and expenses, including lawyer's fees,
reasonably incutred or paid at any time by said Morcgagee because of the failure on the
pact of the said Mortgagar to perform, comply witb and abide by each and every the srip-
ulations, agreements, conditions and covenants of said note and this deed, or either, and the
amount of every such payment shall bear interest from date ac 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 Iand insured against luss 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 not less than fifty per cent ( S Oq~ ) of the
full insurable value of said premises in a company or companies to be approved by Mort-
gagee, and the policy or policies held by and payable to said Mortgagee, and, in the
event aiiy sum of money becomes payable under such policy or policies, the Mortgagee
shall harc :hc option to receive and apply the same on account of the obligation her~by
~ecured or to permit the Mortgagor to rec~ive and use it, or any part thereof, for
other purposes, without thereby waiving or impairing any equity, lien, or right under or
by virtue of this mortgage, and may place and pay for such insurance or any part thereof
without wativing or affecting the option to foreclose or any right hereunder, and the
amount of each and every such payment shall bea= interes: from date a*. the rate which
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 canstructed upon the premises hereinbefore described in good condition
and repair, and from time to time make such re~airs, emprovements 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, complf• with and abide by each and every the stipulations, agree-
ments, conditions and covenants in said promissory note and in this deed ser forrh.
7. If any of said sums of money hereen referred to be not promptly and fully paid
within thirty days next after the saine severallj- become diie and payable. or if each and
every the stipulations, agreements, conditions and covenanrs of said promessory nore and
this deed, or ei-her, are not duly performed. ~omplied with and abided by. the said
aggregate sum mentioned in said noze then remaininR unpaie, with accrsed inceress and
alI other sums secured hereby shal[ become diie and~payable forthwith or thereaf:er at
the option oE :he Morrgagee, as fully and completetS~ as if the said sums were originally
stipulated to be paid on such day, anything in said promissory note or herein to the
contrary not~vithstanding.
R. That should suit be brau~fit upo:~ this mortgage and the Mortgagee appIy Eor
the appointment of a Receiver, the Court shall fo:thwith and Y~ithcut notice to the Mort-
gagor (or other defendantsl appoint 1 Rec~iver of said properry, including the income,
profits, issues ard revenues therefrom. Such appoincment shal[ be made as a matter of
absolute right of the Mortgagee wi:h~ut reference to the adequacy or inadequacy of the
value of the property mort~aged or to the solve>>cy or insoIvency of the Mortgagor.
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