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Home My WebLink About0245 AND the soid Mortgogor hereby cOvenanfs a~d oyrees with the soid Mortgogee os foilows: FIRST: Thot the Mortgagor is lowfully sei:ed of the above desuibed premises in fee simple and has good right to sell and convey the same to the Mortgagee; thot the said premises ore f~ee ond dischorged of and from all toxes, tax titles or certificotes, judgments, mechonic's liens and encumbronces of any nuture or kind whatsoever and that the Mortgagor will fully warrant ond defend the some fo fhe Mortgogee, ogainst the lawful tloims a~d demonds of all persons whomsoever, ond will make such further assuronces to perfect fee simple title to soid lond, in the Morfgagee, as moy reosonable be reqvired, and will pay the sev~rol svms of money ogreed in the said note to be paid a~d all insfollmenfs of printipal and inferest fhereon promptly when due, and ~ accord~ng to the ~~rue tenor ond efFect of the said note. SECOND: That the Mo~tgagor will poy all and singulor the toxes, assessments, levies, and erxumbrantes of every noture on Ihe above described property, ond upon fhis mortgage and note, or the money secured thereby, before delinquency thereof and receipts evidencing payment of soid taxes, ossessments, levies ond encumbrences sholl be deposited with the Mortgagee on or ' before March lst of eoch svcceeding yeor during the term of this mo?tgage; and if same be not promptly paid when due, the Mortgageo.may (without obligation to do so) poy the some, or become purchaser of any lawful evidence Mereof, or certificofe therefor, without woiving or offecting ony right hercunder and in this mortgage, or the said note which this mortgage secures; and s~ch poyments or expenditures so mode shall bear interest from the date the~eof at the rate of eight per centum (8~) per annum. THIRD: Thal the Mortgagor will keep all real and personol p?operty now or hereafter encumbered by the lien of this mortgagc iruured os moy be required f?om time to time by the Mortgagee agairut loss by fire, windstorm and othe~ hazords, casunlties and contingencies for such pe~iods and for not less than sud? amounts as mdy be requi~ed br the Mortgagee and to pay promptly when due oll premiums for such insu~ance. The omovnts of suth in:uronce required by the Mortgogee are expressive of only /he minimum omounts for whith said insurante shall be w~itten and it shall be irxumbent upon the Mortgagor to maintain suth additionol insurance as may be nec~sary io~trtet and comply fvlly with all cwinsurance requirements contoined in said policies to the end that said Mortgegor is not a co-insuror fhereunder. Insurarxe shall be written by a company or componies approved by the ; Mortgagee and all policies and renewals thcrcof shall be held by the Mortgagee. AI! detaited designatwns by the Mortgagor which are eccepted by the Mortgagee and oll agreements between Mortgagor and Mortgogee relating to insurance, now existing ~ or hereafter made, shall be in writing and shall be a port of this mortgage ogreement as fully os though set forth verbatim he~ein and sholl gove~n both parties hereto ond their successon ond ossigns. No lien upon ony of soid policies of insurarxe or upon o~y ' refund or return premium wiiKh may be poyable on the cancellatwn or terminaYron thereof, shall be given to other than the Mort- z x gagee, except by proper endonement offixed fo s~ch policy and opproved by Morigagee. Each policy of insurante sholl have i of~ixed thereto o Standord Mortgagee Clause atteptable to the MoHgagee, moking all loss or losses unde? such policy payable ~ to the Mortgagee os its interest mar oppear. In fhe evenf any sum or sums of money become poyoble thereunde~ the Mongagee ~ shall have the option to receive ond appty the same on accovnt of the indebtedness hereby secured, or to permit the Mortgagor to ; receive and use it, or ony part thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this rnortgage. In event of loss or physical damoge to the mortgoged property the Mortgagor shall give immediate notice thereof by ? mai! to the Mortgagee ond fhe Morfgagee may moke proof of loss if fhe same is not made promptlr by the Mortgagor. In event ~ of foreclosure of this mortgage or other fransfer of title To the mortgaged property in extinguishment of the indebtedness setured hereby, ati right, tiNe and interest of fhe Mortgogor in and to any insurance policies then in force shall pass to the purthoser or grantee. Upon any defauit thereof, the Mortgagee may (but wiN~out obligotion on its part so to do) place insuronce on such buildings ond pay the premium ond chorge svch sums so paid to the Mortgagor and such sums o~ money so paid shall bear interest from the date of poyment at the rote of eight pe~ centum (8~) per annum. = ~ FOURTH: Thot oll sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage vnd herein ~ ; specifically provided for, and intluding any experxes incurred by the Mortgagee in collection of the sum secured br this mortgage, ~ shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mortgage secures. ! ~ FIFTH: To permit, commit or wffer no waste, impairment or deterioration of soid property, or any part thereof, and 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 amount of security, or the immediote repoyment of the debt hereby ~ secured, and the failure of fhe Morfgagor to comply with said demand of the Mortgagee for a period of fifteen (15! days shall ~ constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature_the entire unpaid prirxipol and interest hereby secured, ond the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and opply for the appointmenf of a reteiver, as hereinaffer provided. ~ SIXTH: Thot the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as mentioned ~ in soid promissory ~ote, together with any and all other sums ju:tly due and owing the Mortgagee by the terms therein, and secured to be paid as stofed the~ein promptly when due. If default shal: be made in the payment of the said sums of money or ony part ~ thereof os provided in the soid note or this mortgage, or if the inferest thot may become due thereon or any part thereof shall be ~ ~n default and unpaid for o space of fiheen (15) days, or should the Mortgogor breoch or foil to comply with any other covenant ~ ~ or agreement on the part of fhe Mortgagor to be tomplied with (in those cases +n which the option of the Mortgagee o acce era- ~ tion ~s not otherwise expressly provided herein) and suth breach or rwn-canpliarxe continue in existence for a space of fifteen (15) ~ doys, the~ ond from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said p~incipal = sum expressed in said note, together with oll other sums therein as well as herein provided for, sholl become immediately due and - payoble, withouf notice fo fhe said Mortgagor. SEVENTH: That in cose it should become necessary to place this mortgage and the note secured hereby or either of them, ~s in the hands of an attomey for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges ~ and expenses of such collection, including reasonable atiorney's fees whether collected by foreclosure or otherwise. EIGHTH_ Thot, in the evcnt any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, y~ and or to enforce porment of ony daim hereunder, the Mortgagee may applr to any court hovi~g jurisdiction thereof for the 4; oppoi~tment of a receiver of said mortgaged property, es well as the irxome, profits, issues and revenues thereof, ond the soid ~ • ~ ~ ~a~ 215 24~ _ ~ ~ ~ r. ~ ~ , ~ ~ ~ ~ ~ _ ~ _ . _ «~n _ ~ :