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HomeMy WebLinkAbout0148 AND the said Mortgogor he+eby tovenonts and ogrees wi~h the said Mo?fgcgee os follows: fIRST: Thaf the Mortgogor is lowfully seized of the obovs deu?ibed premises in fee simple and hos good right to setl ond convey the same to the Mor~gogee; thot the said premises ore free ond dischorged of a~d from oll toxes, lax tities .~r certificafes, judgments, mech~nit s liens and encumbrontes of any nature or kind whotsoever ond thot the Mortgogar will fuNy worrqnf ond defend the some to the Mortgogee, agoinst tAe lowful claims and demands of all pe~son: whomsoeve~, ond w;ll moke such further assurances to perfect fee simpfe title to soid lond, in the Mo?tgogee, os moy reosonable be required, ond wili poy the sever~l sums of money agreed in the soid note ?o be poid ond oll instollments of principel ond intQresf fhereon promptly whe~ dve, ond occording to the true tenor ond eFFect of the said note. SECOND: Thot the Mortgogor will poy oll ond singulor the taxes. assessments, levies, and encumbrances of eve~y ~afure on fhe above described property, ond upon Ihis mortgoge ond note, or fhe mo~ey secured thereby, before del+nqu~ncy thereof and receipts evidencing payme~t of said tozes, assessments, levies and encumbrontes sholl be deposited with the Mortgogee on or before March lst of each succeeding yeor during the ferm of this mortgoge; and if same be not promptly poid when due, the Mo?tgagee moy (without obligotion to do so) poy the some, or become purthoser of any lowful eviderxe thereof~ or tertificate Iherefor, without woivi~g or affetting o~y right hereunder and in this mortgoge. or Ihe said note whith this mortgoge secures; and such paymcnts or expenditures so made shall bear interest from the dete thereof ot the rate of eight per centum (S°fb~ per on~um. THIRD: That the Mortgogor will keep all reul and~personol property now or hereaffer encumbe~ed by fhe lien of this mortgage i~sured as moy be required from time to time by the Mortgagee against loss by fire, windstorm ond other hozords, casuolties and contingencies for such periods a~d for not less thon such amourt~s os may be r~quired br the Mortgogee and to pay promptly when due al! p~emiums for such insurance. The omounts of such insuronte required by the Mortgagee ore ezpressive of ortly the minimum omounts for whith said insurance sholl be written and it shall be incumben! upon the Mo?tgagor to maintoin such additionol insurancc as moy be necessary to meef ond tomply fully ~rith oll co-insuronce requirements contoined in soid policies to the end fhot soid Mortgagor is ~of o co-insuror thereunder. Insurante shall be written by a tompany or companies approved by fhe Mo?tgagee ond oll policies and renewels thereof shall be held by the Mortgagee. All detailed designotions by the Mo~tgagor which ore accepted by the Mortgagee and all agreements between Mortgogor aod Mortgagee retating to insuronce, now existing or hereafter mode, shall be in w~iting ood sholl be o part of this mortgoge agreement os fvllr as though set forth verbotim herein and shatl govern both parties hereto and their successpn ar?d ossigns. No lien upon o~y of soid pOlicies of insurarxe or upon any refund or re~urn premium which moy ba payable on the toncellation or termination the~eof, shall be given to other than the Mort- gogte, except by p~oper endorsement offiixed to wd~ policy ond app~oved by Mortgagee. Eoch policy of insurance shall havc af~ixed thereto a Standard Mortgagee Clause aaeptoble to the Morfgagee, making all loss or losses under such policy payable to the Mortgagee os its interest may appear. In the event any sum or sums of rtw~ey become payoble thereunder the Mortgagee sholl hove the option ta receive ond apply the same on aaount of the indebtedness he~eby secured, or to permit thc Mortgagor to receive and use it, or ony pa?t Mereof, withovt thereby woiving or impairing any equify, lien or right under and by virtve of th+s mortgage. In event of loss or physical damage to the mortgaged property th~ Mortgagor shol! give immed'eate ratice thereof by maii to the Mortgagee and the Mortgogee mar make proof of loss if the some is not mode promptly by the Mortgagor. In event of foreclosure of this mo~tgage or other tra?ufer of ti!!e to the morigoged property in extinguishment of the indebtedness secured hereby, oll r;ght, title ond interest of the Mortgagor in and to any insuronte policies then in force sholl pass to the purthoser or grantee. Upon eny defoult thereof, the Mortgagee may (but without obligatwn on its part so to do) place insurance on such buildings and poy the premium and charge suth wms so paid to the Morfgagor and such sums of money so poid shall bear interest _ from the date of poyment af the rote of eight per centum (8~) per annum. FOURTH: That oii sums of money poid or coused to be paid by the Mortgogee under the terms of this mortgage ond herein specifically provided for, and including ony experues incurred by the Mortgogee in collection of the sum secured by this mortgage, shall be cove?ed by tl~e lien of this~mortgage, the same as the sums of money represented by the note which this mortgoge secures. FIFTH: To permit, commit or suffer no waste, impairment or dete~iorotion of said property, or ony port thereof, ond upon the foilure of the Mortgagor to keep the buildings on said property in good tondition of repoir, the Mortgagee may demand the immediate repair of soid buildings, or an increase in fhe amount of security, or the immediate repayment of the debt htreby secured, ond the foilure of the Mortgogor to comply with said demand of the Mortgagee for o period of fifteen (15) days shall constitute a breach of this mortgage. and, at the option of the Marigagee, immediately mature the entire unpoid principol ond interest hereby secured, and the Martgagee may, wiM~out notite, insfitute proceedings to foreclose this mortgage, and opply for ' the oppointment of Q receiver, as hereinofter provided. ! SIXTH: That the Mortgagor hereby promises, covenants and agrees to poy the sums of money and interest as mentioned ~ in said promissory note, together with ony and all other sums justly due ond owing the Mortgagee by the terms therein, ond secured ; to be paid as stoted therein promptly when due. If defoult sholt be made in the paymerrt of the soid sums of money or ony part thereof os provided in the said note or this mort~age, or if the interest that may become due thereon or any part ihereof shell be R in defoult and ~npoid for o space of fifteen (15) days, or should the Mortgagor breach or fail to tomply with ony other covenont ( or ogreement on the part of the Mortgagor to be complied with (in those tases in which the option of the Mortgogee of accelero- ~ tion is not otherw+se expresslr provided herein) ond such breach or non-compliarxe continue in existence for a space of fifteen (15) ~ doys, then ond from thencefortfi, ot the option of the Mortgogee and without notice to the Mortgagor, the whole of soid principol sum expressed in said note, together with oll other sums therein as well as herein provided for, shall become immediate{y due and poyoble, without notice to the said Mortgagor. ~ ~ s SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, j in the hands of on attorney for collection, the said Mortgagor covenants and ogrees with the Mortgagee to pay a!I costs, chorges ; and expenses of such coltection, irxtuding reasonobte attorney's fees whether coNected by foreclosure or otherwise. EIGMTH: 7hat, in the event any suit is brought upon this mortgage, whether fo foreclose if, to reform it, or otherwise, g ond. or to enforte poyment of ony daim hereunder, the Mortgogee may apply to ony court having jurisdiction thereof for the ~ appointment of o receiver of said mortgoged property, as well as the income, profits, issues ond revenues thereof, and the said $ ~ . . 3 A ~'~J -Z- ~nl~"•i.f.r~ l f.~.~~ ~~V , _ _ - - . n . _ . . . _ . a s.. -z . _ ~,r~