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HomeMy WebLinkAbout2814 AND the said Mortgogor hereby ~oveno~ts and o~~ees wilh 1he soid Mortaopee as foilows: , FIRST: Thal fhe Mortgngor is lawfullr scized of the above dexribed premises in fee simple and hos good right fo sell ond co~vey the same to the Mortgogee; ~hot the said premises a~e f~ee and dischorged of and from oll taxes, tax titles o~ certificotes, judgments, methonic's tiens and e~tumbrantes of o~r nature or kind whatsoeve~ and thof the Mortyagor will ivllr warrant and defend the same to the Mortgagee, agoinst the lowful claims ond demands of oll persons whomsoever, ond will make such further assu~ances to perfecf fee simple fitle to said land. in the Mortgogee, os mar ?eosw+able be reqvired, o~d will poy the sever~l sums of money agreed in the soid note to be paed and oll instollments of prirxipal and inlerest thereo~ promptly when due, and accordi~g to the true tenor and effect of the said note. SECOND: That the Mortgagor will poy all and singular the toxes. ossessments, levies, a~d encumbrances oF every nature on the obove described prope~ty, and upoa fhis mortga~e ond note, o~ the money setured thereby, before delinquency thereof ond receipts evidencing payment of said taxes, ossessments, levies and encumbrances sholl be deposited wiM the Mo~tgagee on or before March lst of each sutceeding yeor during the term of this mortgage; and if same be rat promptly paid when due, the Mortgagee may lwithout obligation to do so) pay Me same, or betane purchaser of any lowful evidence thereof, o~ tertificote therefor, without woiving or offecting any right hereunder and in this mortgage, or the said note which this mortgoge secures; and such payme~ts or expenditures so made sholl bear interest from the date thereof ot the rate of eight pe? tentum (8°fb) per annum. THIRD: Thot the Mortgogor will keep oll real and perwmal property raw or hereotter encumbcred by the lien of this mortgage insu~ed os may be required from time to time by the Mortgugee againsf bss by flre, windsto~m ond other hozords, casualties and contingencies for such periods ond for not (ess than such amounts as moy be reqvired by the Mortgagee and to pay promptly when due all premiums for suth insu~ance. The amounts of suth insuronce required by the Mortgagee ore expressive of only the minimum omounts for which said insurance sholl be written end it sholl be intumbent upon the Mortgagor to maintain svch odditiono) iruuronce as may be necessary to meet ond tomply fully with oll to-insuronce requirements contained in said policies to the end that said Mortgagor is not a to-insuror fhe~eunder. (nsurance shall be written by o company or companies approved by the Mo?tgagee and all policies and renewals thereof shall be held by the Mortgagee. All detoiled designatio~u by the Mortgagor which are aaepted by the Mortgagee and all agreements between Mortgagor and Mortgogee relating to insuronce, now existing or hereafter made, shall be in writing ond shall be a part of this mortgage agreement as fully as though set forth verbatim herein ond sholl govern both parties hereto and fheir successon and auig~u. No lien upon any of soid pOlicies of insurance or upon any refund or return premium wFiKh may be payable on the tantellation or termination thereof, shali be given to other than the Mort- gagee, except by proper endonement ei~ixed to sud~ policy ond approved by Mortgagee. Eoch policp of insuronce shall have affixed thereto o Standard Mortgagee Clause aaeptable to the Mwtgagee, moking all loss or losses under such policy payoble to the Mortgagee as its interest may appear. (n fhe event any wm or sums of money become payable thereunder the Mortgagee shall have the option to ~eceive and opply the same on aaount of the indebfedness hereby secured, or to permit the Mortgago~ to receive and use it, or any part thereof, without thereby waiving or impai~ing any equity, lien o~ right under and by virfve of this morigage. (n event of loss or phrsical damage fo the mortgaged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and fhe Mortgagee moy make proof of loss if the same is not made promptlr by the Mortgagor, tn event of foretlosure of this mortgage or other iransfer of title to the mortgaged property in eztinguishment of the indebtedness secured hereby, all right, tiNe and interest of the Mwtgogo~ in and to any inwronte pol'Kies then in force shall pass to the purchoser or grontee. Upon any default thereof, the Mortgagee may (but without obligaYwn on its port so to do) place i~uurance on such buildings and pay the premium and chorge such sums so paid to the Mortgagor and such sums of money so paid shall bear inte~est from the date of payment at the rote of eight per centum (8~) per onnum. I - ~ FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein ` specifically provided for, and includi~g any expenses incur~ed br the Mortgagee in collection of the sum secured by this mortgage, ~ shall be covered by the lien of this mortgage, the same os the sums of money represented by the note wfi~ch this mortgage secures. ~ ~ ~ FIFTH: To permit, commit or sufier no waste, impairment or deterioration of soid property, or any part thereof, and upon ~ the foilure of the Mortgagor to keep the buildings on soid property in good condition of repoir, the Mortgagee mar demand the immediate repair of said buildings, or an increase in the amount of security, or the immediate ~epoyment of the debt hereby secured, and the failure of the Mortgagor to comply with said demand of fhe Mortgagee for a period of fifteen (15) days shall constitute a breacfi of this mortgage, and, at the optwn of the Mortgagee, immediofely moture the entire unpaid principal end interest herebr secured, and the Mortgagee moy, without notice, institute proceedings to foreclose this mortgage, and apply for the appointment of o receive~, os hereinofter provided. SIXTH: That the Mortgagor hereby promises, covenants and agrees to poy the sums of money and interest as mentwned in said promissory note, together with a~y and all other sums jusHy due and owing the Mo?tgagee by the terms therein, and secured to be paid as stated therein promptlr when due. If default shal: be mode in the payment of the soid sums of moner or ony part thereot as provided in the said rate or tfiis morfgage, or if the interest that may become dve thereon or any part thereof shall be ~ in defoult and unpoid for a space of flftee~ (15) doys, or should the Mortgogor breach or fail to complr with any othe~ covenant or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of occelera- tion is not otherwise expresslr provided herein) and such breach or rwn-compliance continue in existerxe for a space of Rfteen (15) ~ doys, then and from thenceforth, at the option of the Mortgagee and without ratice to the Mortgagor, the whole of said principal sum expressed in said note, together with all other sums therein as well as herein provided for, shall become immediately due and payable, without notice to the soid Mortgagor. ~ ~ ~ SEVENTH: That in cose it should become necessary to place this mortgage and the note secured hereby or either of them, ~n the hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, chorges ~ ond expenses of such collection, irxluding reasonable attomey's fees whether colleded by foreclosure or otherwise. ~ 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 poyment of any claim hereunder, the Mortgagee may apply to anr tourt having jurisdiction thereof for the oppointment of a receiver of said mortgaged property, as well as the intome, profits, issues and revenues thereof, and the said ~ ~ - 2- eeoK z16 PA[t 2815 ~ ~ , , ~ , ~ ~ f ~ ~ ~ ~ -..ri ~"',g£~d.-;5 ~ :i~ ~3_.'~ .~,_.e~-r.. ~ s..'q