HomeMy WebLinkAbout0146 AND the said Mor~yopo? hereby covenants ond o9rees with the said Mortyoqee os follows:
FIRST: Thot the Mortyagor is lawfully sei:ed of the obove deuribed p~emises in fee simple ond hos good right to sall and
convey fhe some to the Mortgagee; thot the soid premises are f~ee ond dischoryed of and from oll taxes, tox titles or tertificotes,
judgmcnfs, mechonit's liens and encumbrances of ony noture or kind whotsoever ond thot the Mort~o~or wil) fully worront and
defend the same to the Mo~tgogee, againsf the lawful tloims and demonds of all perso~s whomsoever, and will make suth fu?fher ~
ossurances to perfecf fee simple title fo said land, in the Morfgagee, as may reosonable be required, and witl poy the several
sums of money agreed in the said note to be paid ond oll installments of principal and interest thereon promptly when due, and
according to the true tenor and ef~ect of the said note.
SECOND: Thot the Mortgogo~ will poy all and singular the toxes, assessmenfs, levies, and erxumbrances of every nature
on the above dexribed propeny, and upon this mo?tgage end rate, or the money secured thereby, before delinquency thereof
and receipts eviderxing poyment of sa~d foxes, ossessme~fs, levies and encvmbronces shall be deposifed with thc Mortgagee on or
before March lst of each succeeding rear during the te~m of this mortgoge; and if same be not promptly paid when due, the
Mortgagee may (without obligation to do so) poy the same, or betome purchaser of any lowfut evidence thereof, or certificote
therefor. without waiving or af~ecting any right hereunder and in fhis mortgoge, or the said note which this mortgage secures; ond
such parments or expenditures so made sholl bear interest from the dote thereof ot the rate of eight per centum (8°fb) per annum.
THIRD: That the Mortgagor will keep all real ond personal prope?ty now or he~eofter encumbered by the lien of this
mortgoge insured as moy be required from time to time br the Mortgagee against loss by Rre, windstorm and other hazards,
casualties ond contingencies for such periods and for not less than such amounh os moy be required by the Mortgogee and to pay
promptly when due oll premiums for suth insurance. The amounts of suth insv?ante ~equired by the Mortgagee are expressive of
only the minimum amounts for whith said insurencc shall be written a~d it sholl be incumbent upon the Mortgagor to maintain such
additional insurarxe as moy be netessary to meet and tomplr fully with all co-insurance reqvirements contoined in said policies to
the end that said Morfgagor is ~ot a to-insuror thereunder. (ruvrante shall be written by a tompany or tompanies approved by the
Mortgagee and oll policits and renewals thereof shall be held by the Mortgogee. All detailed designotions by the Mortgagor
which are accepted by the Mortgagee and oll agreements between Mortgogor ond Mortgagee reloting to insurence, now existing
or he~eafter made, shall be in writing and shall be a part of this mortgage agreement as fully as though set forfh verbatim herein
and sholl govern both porties hereto and fheir successors and ouigru. No lien upon any of soid policies of insu~ance or upon any
refund or return premium which may be payable on the cancellation or fermination thereof, shall be given to other than the Mort-
gagee, except by proper endorsement affixed to such policy and approved by Mo~tgagee. Each policy of insurarxe shall have
aPFixed fhereto a Standard Mortgagee Clouse aaeptable to the Mortgagee, making all bss or losses under such policy poyable
to the Mortgogee as its interest may appear. In the event any sum or sums of nwney become payable thereunder the Mortgagee
shall have the option to receive end apply the some on atcount of the indebtedness hereby setured, or to permit the Mortgagor to
receive and use it, or any part thereof, without fhereby waiving or impairing any equit~r, lien or right under and by virtue of this
morigage. In event of loss or physical damage to the mortgaged property the Mo~tgogor shal) give immediate notice thereof by
mail to the Mortgagee and the Mortgagee may make proof of lou if the same is not made promptly by the Mortgagor. In event
of foreclosure of this mortgage or other transfer of title to the mo~tgaged property in extinguishment of the indebtedness secured
hereby, oll right, title and interest of the Mortgagor in and to any insuronce policies then in force shall pass to the purchaser or -
grantee. Upon any defoult thereof, the Mortgagee may (but without obligation on its part w to do) place insurance on such
buildings and pay the premium and charge such sums so paid to the Mortgagor ond such sums of money so paid shall bear interest
from the date of payment at fhe rate of eight per centum (8~) per annum.
j FOURTH: Thot all sums of money paid or coused to be paid by the Mortgagee under the terms of this mortgage and herein
~ specificolly provided for, and irxluding any experues incurred by fhe Mortgagee in tollection of the sum secured by this mortgage,
~ shall be covered by the lien of this mortgage, the same as the sums of money represented by the note wFiich this mortgage secures.
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FIFTH: To permit, commit or suffer no wasfe, impairment or deterioration of said property, or any part thereof, ond upon
the failure of the Mortgagor to keep the buildings on said properfp in good condition of repair, the Mortgagee may demand the
immediate repair of said boildings, or an increase in the omount of security, or the immediate repoyment of the debt hereby
secured, and the foilure of the Mortgagor to comply with said demand of the Mortgagee for a period of fiheen (15) days shall
constitute a breach of this mortgage, and, at the option of the Mortgogee, immediatelr mature the entire unpaid principal and
interest hereby secured, and the Mortgagee may, wiM~out notice, institute proceedings ~o foreclose this mortgage, ond opply for F
fhe appointment of o receiver, as hereinafter provided. ~
SIXTH: Thot the Mortgagor hereby promises, covenants ond agrees to pay the sums of moner ond inferest os mentioned
in said promissory note, together with any ond all other sums justly due ond owing the Mortgagee by the terms therein, and secured
to be paid as stated therein promptly when due. If default shal: be made in the payme~t of the said sums of money or any part
thereof as provided in the said note or this mortgoge, or if the interest that moy become due thereon or eny part thereof shall be
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in default and unpoid for a spoce of fifteen (15) days, or should the Morigagor breach or foil to tompfy with ony other covenant
or agreement on the port of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera-
tion is not otherwise expressly provided herein) and such breath or non-complia?xe continue in existerxe for a space of fifteen (15)
~ days, then and from therxeforth, at the option of fhe Mortgagee and without notice to the Mortgagor, the whole of said principal
~ sum ezpressed in said note, together with all ~ther sums therein os well os herein provided for, shall become immediately due and
~ poyoble, without notice to the said Mortgagor.
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SEVENTH: That in case it sFwuld become necessory to place this mortgage ond the note secured hereby or either of them,
~ in the hands of on ottorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to poy all costs, chorges
ond expenses of such collection, irxluding reasonable ottorney's fees whether collected by foreclosure or otherwise.
EIGHTH: That, in the event any suit is brought upon this morfgage, whether to foretlose it, to reform it, or otherwise,
and; or to enforce poyment of any claim hereunder, the Mortgogee may apply to any court having jurisdiction thereof for the -
appointment of a receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, and the said
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