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HomeMy WebLinkAbout1296 ANO fhe said Mortyogo? hereby covenonts ond a9rees w~th the scid Mort9a9ee as follows: FIRST: Thal the Mortgogpr is lowfvlly seized of fhe obovs described premises in fee simple ond hos good right to sell ond convey the some to the Mortgogee; that the soid p~emises ore free ond discharged of ond from oll toxes, tax titles or tenificotes, judgments, mechanK s liens ond e~cumbrances of onr nature or kind whatsoever and thot the Mortgogor will fully wor~ont ond defend the some to the Mo~tgogee, againsl the lowful claims and demonds of oll persons whemsoevar, and will make suth further assu~ances to pe?fett fee simple title to said land, in the Mortgugee, os moy reasonoble be required, and will por Me severol sums of money agreed in the said note to be paid o~d oll installme~ts of principot and interest thereon prompfly when due, ond according to the true tenor ond effett of the said note. ' SKOND: Thot the Mo~tgagor will pay oll ond singulor the toxes, ossessments, levies, and rrxumbrarxes of every npture c~n the obove described property, a~d upon this mortgage and note, o~ the money secured thereby, before delinquency thereof and receipts evidenting poyment of soid taxes, assessments, levies and e~tumbrances sholl be deposited with thc Mortgogee on or before Morch ls~ of each succeeding year during Me term of this mo~tgage; and if same be not promptly paid when due, the Mortgagee moy (without obligotion to do soj par the same, or become purchoser of any lawfvl evidente thereof, or certifKate therefor, without woiving or offecting any right hereunder and in fhis mortgoge, or tha soid ~ote whith thi; mortgoge setures; and such poyments or expenditures so mode sholl bear intcrest from fhe dote thereof ot the rote of eight per centum (8%) per annum. THIRD: That the Mortgogor will keep oll reol ond penonol property now o~ hereofter encumbered by the lien of this mortgage insured as mar be required f~om time to time by the Mortgagec against loss by fire, windstorm and other hozards, casualties and tontingencies fo~ such 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 insvrance required by the Mortgagee are expressive. of only the minimum omounts for whith said iruu~ance shall be wriHen and it sholl be incumbent upon the Morigogor to mainte;n suth additional insu~ance os moy be netessary to mect and complr fully with all to-iruurorxe reqvirements contoined in said policies to the end thot said Mortgagor +s rat a co-insuror thereunder. Insuronte sholl be wriffen by a tompany or tompoeies approved by the Mo?tgQgee ond oll policies ond renewals thereof sholl be held by the Mortgogee. All dettiiled designotions by the Mongagor wFiKh ore aaepted by the Mo?tgagee and all agreements between Mo~tgagor and Mo~tgogee relating to insurance, now existing or hereafte~ made, shall be_in writing and shall be a pon of this mortgege ag~eemcM as fully os though set forth verbafim herein and shall govern bolh porties hereto and Meir suttesson and assigns. No lien upon anr of said pOlicies of iiuurence o~ upon any refund o~ retum premium wiiKh may be payable on the tanceflation or termination thereof, sha8 be giveo to other than fhe Mort- gogee, except by proper endoncment affixed to such policy and opproved br Mortgagee. Eoch policy of inwrancr s!w!I have aRixed the~eto a Standard Mortgogee Clause uaeptable to the Mortgagee, making ol! bss or bsses under such polity payable to the Mortgagee as ih in~erest may appear. In the event any sum or sums of money become poyable thereunder the Mortgagee shall have the option to reteive and apply the same on aocount of the indebtedneu hereby secured, or to permit the Mortgagor to receivc and use it, or any parf thereof, wiNwut fhereby waiving or impairing onr equity. lien or right under ond by virtue of this mortgage. in event of loss or physicol damage to the mortgaged property the Mortgogor shall give immediate notice thereof by mail to the Mortgagee ond the Mortgagee moy make proof of bss if the scme is not mode promptly by the Mortgagor. in 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 inferest of fhe Mortgagor in and fo any insuronce poticies then in force sholl pass to the purchaser or grantee. Upon ony default thereof, the Morigagee mar (but without obligetion on its pon so to do) ploce insuronce on such buildings and pay the premivm and tha~ge such wms so paid to the Mortgagor and such sums of money so paid shall bear interest from the date of payment at fhe rafe of eight per centum (8°f~) per oruwm. FOURTM: That all sums of money paid or caused to be paid by the Mortgogee under the terms of this mortgoge and herein specifically provided for,.and including any experues incurred by the Mortgogee in coilection of the sum secured by this mortgagt, sholl be covered by the iien of this mortgage, the same as the sums of money represented by the note which this mortgage setures: FIFiFI: To permit, commit or suffe? no waste, impoerment or deteriorotion of said property, or ony part the~eof, and upon the faelure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee moy demond the ' immediote repair of said buildings, or on increase in the amount of security, or the immediate repayment of the debt hereby ; secured, ond the foilure of the Mortgagor to comply with :aid demand of the Mortgagee for o period of fiheen (IS) days shall ; constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principo( ond ~ interest hereby secu~ed, and the Mortgagee moy, without notice, institute proceedings to foreclose this mortgage, and apply for ~ the appointment of a receiver~ os hereinafter provided. ~ ~ ~ SIXTH: Thai the Mo~tgagor hereby promises, covenants ond ogrees fo poy the sums of money and ioterest as mentioned ~ in soid romisso note, to ether with on and all other sums ustl due and owin the Mort a ee b the terms therein and secured i P ?Y 9 Y 1 Y 9 9 9 Y . k to be poid os stoted therein promptly when due. If default shul: be made in the payment of the said sums of moner or any port € the~eof as provided in the soid note or tfiis mort o e, or if the interest that mo become due Mereon or an i 9 9 r y part thereof shall be , in default and unpaid for o space of fifteen (15) days, or shovld the Mortgagor breQCh or fail to comply with ony other covenant i or ogreement on the part of the Mortgagor to be complied with (in those cases in which the opYwn of the Mortgagee of accetera- ~ tion is not otherwise expresslr provided herein) and suth breach or non-compliance continue in existente for a space of fifteen (15) E doys, then and from thenceforth, at the option of the Mortgagee and without ratice to the Mortgagor, the whole of said princ;pol sum expressed in said note, together with qH other sums therein as we!! as herein provided for, shall become immediately due ond payable, without ratice to the saed Mortgagor. i ~ SEVENTH: That in case it should become :xcessary to ploce this mortgoge and the note secured hereby or either of them, ; in the hands of o0 ottorney for collection, the said Mortgagor covenants ond ogrees with the Mortgogee to pay all costs, chorges ~ and expenses of such collection, including reasonable attorney's fees whether colleded by foreclosure or otherwise. ~ 3 t EIGMTH: That, in the event anr suit is brought upon thi~ mortgage, whether to forectose it, to reform it, or otherwise, s and or to enforce payment of enr daim hereunder, the Mortgogee mar opply to any court having jurisdiction thereof for the ` appointment of a receiver of said mortgaged property, as well os the income, profits, issues and revenues thereof, ond the said ~ i ~ i T ~ ~ sfla%214 P~~F12~35 ~ -z- t e w v , _ f",~~~ ~'~~~,`e~ . _ _ .