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HomeMy WebLinkAbout1774 ANO the said Mortgagor hereby covenants a~d ogrees with the said Mortqagee as follows: - FIRST: That the Mongogor is lawfully seized of the obove described premise: in fee simple and hos good right to sell and conver tha same to the Mortgogee; thot the said premises are f?ee and dischorged of and from oll toxes, tox titles o~ certiticates, judgments, machanit s liens and encumbrantes of any nature or kind whatsoever and thot the Mortgagor will fully warront and defend fhe same to fhe Mortgogee, against fhe lawful tlaims and demands of all persons whomwever, ond will make such further auurances to perfect fee simple title to said laod, i~ the Mortgogee, as mor reasonable be required, and will poy the several sums of money agreed in the said ~ote to be poid and oll iMtollments of principal ond interest thereon p~ompNr when due, a~d oao?ding to the trve tenor and efFecl of the said note. SECOND: Tha1 the Mortgagor will poy all und singular the toxes, assessments, levies, and encumbrances of every nature on the above described property, and upon Mis mongage and rate, or the moner setured thereby, before delinquency thereof ond reteipts evidencin9 payment of seid toxes, assessments, levies and encumbrances shall be deposited with the Mortgagee a? or before March lst of each suaeeding year during the term of this mongage; and if same be not promptly paid when due, the Mortgagee mar (without obligation to do so) pay the seme, o~ become purchoser of any lawful evidence thereof, or tcrtificate therefor, wiMwut waiving or affetting ony right hereunder o~d in this mortgage, or the said note wliKh this mortgage secures; and such poyments or expenditv~es w made shall bear interest from the dote thereof af the rote of eight per centum (8~) per arxwm. THIRO: Thot the Mortgagor will keep oll real and personol propeity new or hereofter encumbered by the lien of this mortgage inwred os moy be required from time to time by the Mortgagee againsf loss by fire, windstorm and other hazards, cawalties and tontingencies for wch 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 i~uurancc. The omovnts of sud~ insurance required by the Mortga9ee are expressive of only the minimum omounh for which said insurance shall be writtcn ond it shall be incumbent upon the Mortgagor to maintoin such addifional insurance as may be necessary to meet and comply fully with oll co-imurarxe requircments contained in said policies to the end that soid Mortgagor is not o co-insuror thereunder. I~urance shall be writtcn by a company or companies approved by the Mortgagee and all policies and renewols thereof sholl be held by the Mo~tgagee. All detailed designations by the Mortgagor which are aaepted by the Mortgagee and all agreements between Mortgagor and Mortgagee retating to insurance, now existing or hereafter made, shall be io writing and sholl be o part of this mortgage agreement os fullr as Mwugh set forth verbotim hcrein and shall govern both parties hereto and the+r wtcesson and ossigru. No lien upon any of said policies of insurante or upon any refund or retum premium which may be payoble on the cancellation or terminotian the~eof, shall be given to othe~ tfian the Mort- 9a9ee, except by p~oper endorsement ofFixed to such policy ond approved by Mortgagee. Each policy of insurancc shall have affixed thereto a Stondard Mortgagee Clouse acceptable to the Mortgogee, making oll loss or bsses under such poliq payoble to the Mortgagee as its interest may appear. In the event any wm or sums of money become payable thereunder the Mortgagee sholl have the option to receive and apply the same on account of the indebtedness herebr secured, or to permit the Mortgagor to receive and use it, or any part fhereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In event of bss or physical domage to the mortgaged p~operty the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee moy make proof of loss if the some is not made promptly by the Mortgagor. In event of foreclosure of this mortgage or oMer transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, oll right, title and interest of the Mortgagor in ond to ony insuronce polities then in force shall pass to the purdiaser or grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) ploce insurance on such ' bvildings and poy the premium ond charge such sums so paid to the Mortgagor and such sums of money so poid shall beor interest j from the date of payment at the rate of eight per centum (8°~) per annum. i FOURTH: That oll sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein E specifically provided for, and irxluding any experues incurred by the Mortgogee in collection of the sum secured by this mortgage, ; shall be covered by the lien of this mortgage, fhe same as the sums of money represented by the note which this mortgage secures. ~ ~ y FIFTH: To permit, commit or suffer no waste, impairment or deterio~otion of said property, or any part thereof, ond upon ~ the failure of the Mortgagor to keep the buildings on said property in good ~condition of repair, the Mo~tgagee may demand the ~ immediate repair of said buildings, or an increase in fhe amount of securify, ~,or the immediate repayment of the debt hereby ~ secured, and the failure of the Mortgagor to comply with said demand of tt~'e Mortgagee for o period of fifteen (15) doys shall ~ corutitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby secured, ond the Mortgagee may, without notice, insfitufe proteedings fo foreclose fhis mortgage, and apply fot the appointment of a receiver, as hereinafter provided. SIXTH: Thof fhe Mortgagor hereby promises, wvenants and agrees lo pay the sums of money and interest os mentioned in said promissory nofe, together with any and all other sums justly due and owing fhe Morigagee by the terms therein, and secured to be paid as stoted therein promptly when due. If default shal: be made in the poyment of the said sums of money or ony part ~ thereof os provided in fhe said note or this mortgage, or if the interest that moy betome due thereon or anr part thereof sholl be ~ in default and unpaid for a space of fifteen (15) doys, or should the Mortgagor breacfi or fail to comply with any other covenant ~ or agreement on the part of the Mortgagor to be tomplied with (in those cases in wfiich the option of the Mortgagee of accelero- ~ ~ twn is not otherwise expressly provided herein) and suth breath or non-compliante tontirwe in existerxe for a space of fifteen (15) days, then ond from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal sum expressed in said note, together with all other sums therein os well os herein provided for, shall become immediately due and - payable, without notice to the said Mortgagor. SEVENTH: Thot in case it should betome necessary to place this mortgage and the note secured herebr or either of them, ~ in the hands of an ottorney for collection, the said Mortgagor covenanfs and agrees with the Mortgagee to pay all costs, charges ~ ~,.~Y~~e~ Q; ~~.r~{! =nllsMinn~ ieYl~~rlinna r~ncnnnhlr ntfmm~v't fP~c whether colleded br foreclosure or otherwise. ~r= ~ EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, and/or to enforce paymenf of any daim hereunder, the Mortgagee may apply to any court having jurisdictio~ thereof for the ~3 appointment of a receiver of said mortgaged property, as well as the income, profits, issues and reven~es thereof, and the said A~z u~' 5~ ~ ~ OR ~ ~77~ eooK 15 y~~~? -z- ~ - - - _ _ . ~ ~ ~ a ~v~_,w _ ~ _ .