HomeMy WebLinkAbout1682 AND the soid Morfqopor hereby covencnts ond oq~ees wiM the said MortyoQae cs follows:
, FIRST: That the Mortqogor is lawfully sei:ed of the above deuribed premises in fee simple and hos yood riQht fo sell and
co~vey the same to the Mortqo9ee; thot the soid premises are free ond dischar~ed of ond from oll toxes, tax titles o? ceNificates,
judgments, mechonit s liens and entumbror+tes of ony noture o~ kind whotsoever o~d that the MorlQoyor will fullr warrant and
defend fhe same to the Mort~agee, a~ainst the lowful cloims and demonds of oll persons whomsoever, ond will moke such fu?ther
ossuronces to perfect fee simple title to said lond, in the Mortyaqee, os mcy ~eosonable be ~eqvired, and will pay fhe several
s~ms of moner agreed in the said note to be poid and oll installments of principol and interest thercon promptly when due, and
according to Me trve tenor ond efFect of the soid note.
SECONO: That the Mort9oqor will pcy oll ond singular the taxes, osseuments, levies, and encumbrances of every ncture
on the above described propeny, end upon this mortyage and note, or the moner secured thereby, before delinquency thereof
and reteipts evidcrxing poyment of said taxes, assessments, levies and e~cumbrontes sholl be deposited with the Mortgagee on or
befo~e Morch lst of each sucteedin~ year during the term of this mort~age; and if seme be not promptly poid when due, the
Mortgagee mar ~without obligotion to do so) poy the same, or become purchase~ of anr lowfvl e'vidence thereof, or cenificote
therefor, without waiving or ofietting any right hereunder and in this nwrfgoge, or the said note which this mortgage setures; ond
such porments or expenditures so mede shall bear interest from the date thereof at the rote of eight per centum (8°~) pe~ annum.
THIR~: Thot the Mortgogor will keep all real and personal property now or hereofte~ encumbered by the lien of this
mortgage iruured as may be required from time to time br the Mortgagee agairut loss by Rre, windstorm cnd other hozards,
casuolties ond tontingenties for suth periods aod for not less than suth amounh as may be requircd by the Mortgogee and to poy
promptly when due all premiums for suth insurance. The anaunK of wch insuronte required by fhe Mortgagee are expressive of
only the minimum amounts for which said iruurance sholl be written ond it shalt be intumbent .upon the Mortgegor to mointoin such
additional iruurance os mar be necessary to meet and comply fully with all to-insurante requirements-contained in said policies to
the end thot soid Mo?tgagor is not a co-inwror thereunder. I~uurente sholl be wriHen by o company or tomponies opproved by the
Mortgagee ond all policies and renewals thereof shall be held by the Mortgegee. All detailed designations by the Mortgagor
which are aaepted by the Mo~tgagee and all ogreemenh between Mortgagor and Mongagee reloting to insuronce, now existing
or hereafter mode, shall be in writing ond shall be a pa?t of fhis mortgoge ogreement os fullr as though set forth verbatim herein
ond sholl govern both parties hereto and their successon and assigns. No lien upon any of said policies of i~surance or upon any
refund or retum premium which may be payable on the tancellotion or termination thereof, shall be given to other than the Mort-
gagee, except by proper endorsement ofFixed to sucfi policp and approved by Mo~tgogee. Eech policy of insurance sholl have
af~ixed thereto a Stondard Mortgagee Clouse oaeptable to the Mortgagee, making all loss or losses under such polity payable
to the Mortgagee as ih inferesf mar appear. In the evenf any wm or wms of mooey become parable thereunder the Mortgagee
shall heve the optio~ to receive ond apply the same on eaount of the indebtedness hereby setured, or to permit the Mortgagor to
receive ond use it, or any part thereof, withouf thereby waiving or impairing ony equity, lien or right under and by vi?tuc of this
mortgage. (n event of loss or physical damage to the mortgaged property the Morfgagor shall give immediote ratice thereof by
mail to the Mortgagee and the Morfgagee may make proof of loss if fhe same is not made promptly by the Mortgogor. In event
of forecbwre of this mortgaqe or other transfer of title to the nartgaged property in extinguishment of the indebtedness secured
he~eby, all right, title and interest of fhe Mortgogor in and to anr inwrance polities then in fo~ce shall pass to the purchaser or
grantee. Upon any defouk thereof, the Mortgagee mar (but without obligation on its port so to do) place inwrance on wd~
buildings and pay the premium and chorge wth wms so paid to the Mortgago~ and wch sums of money so paid shall bear interest .
j from the dote of poyment at the rate of eight per cenfum (8~~ per onrwm.
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~ fOURTH: That oll sums of money poid or taused to be poid by the Mo?tgagee under the terms of this mortgage and herein
specifically provided for, and intluding ony expe~es incurred by the Mortgagee in collection of the sum secured by fhis mortgage,
~ shall be covered by the lien of this mortgage, the same as the sums of money represented by the rate which this mortgoge secures.
FIFTH: To permit, commit or wffer no woste, impairment or deterioration of soid property, or ony port thereof, ond upon
the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the
immediate repair of said buildings, or an increase in the omounf of security, or the immediote repayment of the debt hereby
setured, and the foilure of fhe Mortgagor to complp with soid demand of the Mortgagee for a period of fifteen (15) days sholl
corutitute a breath of this mo?tgage, and, at the option of the Mortgogee, immedia~ely moture the entire unpoid principal and
~nterest hereby secured, and the Mortgagee may, without notice, irutitute proceedings to foredose this mortgage, and apply for
the appointment of o receiver, as hereinafter provided.
SIXTM: Thof the Mortgagor hereby promises, covenonts ond agrees to poy the wms of money and interest as mentioned
in said promiswry note, together with any and all ofher sums jusMy due and owing the Mortgngee by the terms therein, and secu~ed
to be paid as stpted therein prompNy when due. If default shal: be mode in the payment of the said sums of money or any poH.
thereof as provided in the said note or tfiis mortgage, or if the interest that may become due thereon or ony patt thereof shall be
in default and unpaid for a spoce of fifteen (15) days, or should the Mortgagor breoch or fail to complr with any other covenont
or agreement on the part of the Mortgagor to be complied with (in Mwse cases in which the option of the Mortgagee of occelera-
tion is not otherwise expressly provided herein).and wch breoch or non-compliance continve in existence for a space of fifteen (15)
days, then ond from thenceforth, at the option of Me Mortgagee a~d without notice to the Mortgogor, the whole of said principol
~ wm expressed in soid note, together with oll other wms therein es well as herein provided for, shell become immediately due and ~
~ payable, without notice to the said Mortgogor. ~j
SEVENTH: Thot in cose it should become netessary to ploce this morTgege and the note secured hereby or either of them,
in the honds of an.attorney for collection, the said Mortgagor covenants ar.d ogrees with the Mortgagee to poy all costs, charges
and experxes of wch collection, including reasonable ottorney's fees whether collected by foreclosure or otherwise.
EIGMTH: That, in the e~?ent ony wit is brovght upon this mortgage, whether to forecbse it, to reform it, or otherwise,
and, or to enforce poyment of eny doim hereunde?, the Mortgagee may apply to any court having jurisdittion thereof for the
appointment of o receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, ond the said
- ~ - g~~ 213 P~E1680
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