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Home My WebLink About0423 AND the said Mortgagor herebr covenants ond agrees with the said Mortga9ee as follows: FIRST: That the Mortgogor is lowfully sei:ed of the above deuribed premises in fee simple ond has good right to sell and conver the some to the Mortgogee; thot the said premises ore free ond discharged of and from oll toxes, fox titles or certificotes, judgments, methonit's ttens and encumbronces of eny ~ature or kind whatweve? and that the Mortgayor will iulir worront and defend the same to the Mortgegee, agoinst the lawful cloims and dema~ds of oll pe?sons whomsoever, and will make such further assuronces to perfect fee simpte title to said Iand, in the Mortgagee, as may reasonoble be ?equired, ond will poy the seve~al sums of mo~ey agreed in fhe said note to be poid and oll inslallments of prirKipol and interesf thereon promptly when due, and occording to the true tenor ond effect of the said note. SKOND: Thot the Mortgagor will pay oll and singvlar the taxes, assessments, levies, and encumbrarxes of every noture o~ the obove described p~operty, and upon this mortgoge and note, or the money secured thereby, beforc delinquency thereof ond receipts evidencing poyment of said toxes, assessments, levies and entumbrances shall be deposited with the Mo~tgagee on or before Morch lst of each sutteeding reor during the term of this mortgage; and if same be not promptly poid when due, the Mortgagee moy (without obligation to do so) por the same, or become purthoser of any lowful evidence thereof, or te~tifkote fherefor, w(fhouf waiving or afFetting anr right hereunder and in this mortgoge, or fhe said nofe whith this mortgoge secures; o~d _ such poyments or expenditures so made shall beor interest from the date thereof at the ~ote of eight per ceotum (8°J~) pe~ annum. , THIRD: That the Mortgogo~ will keep all real ond personal property now or hereofter encumbered by the lien of this mortgage insured os moy be reqvired from time to time by the MoRgagee agoinst loss by Rre, windstorm and other hozords, casuatties and tontingenties for such periods and for not less than sucfi amounts os moy be required by the Mortgagee ond to poy prompfly when due all premiums for such insurunce. The omounts of such insura~ce required by fhe Morfgagee ere expressive of only the minimum amounh for whith said i~surance sholl be wriHen and it shall be incumbent upon the Mortgagor to mointain wd~ additiorwl insurance as moy be neteuory to meet and comply fully wifh all cwinsuronce requiremenfs contoined in said policies to the end Mot said Mortgagor is not a to-insuror thereundcr. Iruuronce shall be written by a company or componics opproved by the Mortgagee and all polities and renewals fhereof shell be held br fhe Mortgagee. AN detailcd designations by the Mortgagor which are ottepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to insuronce, now existing o~ hereofter made, shall be in writing and sholl be a part of this mortgoge agreement as fully as though :et forfh ve~batim herein ond shall gove?n both parfies hereto and their successon and assig~. No (ien upon any of said policies of insurance or upon any refund or retum premium whith moy be payable on the cantellotion or te?mination thereof, shall be given to other than the Mort- gagee, except by proper endorsement af~ixed to wch polity and approvcd by Mortgagee. Each policy of insurance shall have af~ixed thereto a Standard Mortgagee Clavse atteptable to the Mortgagee, making all loss or losses under such policy payable to the Mortgagee as its interes/ mor appear. I~ the event any wm or sums of money become payoble thereunder the Mortgagee shall have the opfion to receive and appfy the same on aaount of the indebtedness hereby secured, or to permit the Mortgagor to receive ond use it, or any part ihereof, without thereby waiving or impairing any equify, lien or right under and by virtue of this ^~rt9~9e. In event of loss or physitol daneage to the mortgaged p~operty the Mortgagor sholl give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not made promptly by the Mortgagor. In event of forecbsure of this mortgnge or other troiufer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgugor in and to any insuronce policies then in force shall pass to the purchaser or grontee. Upon any default thereof, the Mortgagee may (but w+thout obligotion on its part so to do) place iruurance on suth buildings and pay the premium and tharge such sums so paid to the MQrTgagor ond suth sums of money so paid sholl bear interest from the dote of poyment ot the rate of eight per centum (8°fb) per onrwm. I f ~ 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 including any experues incurred by 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 which this mortgage secures_ ~ FIFTH: To permit, tommit or wffer no wosfe, impairment or deterio~ation of said property, or any port thereof, and upon the failure of the Mortgagor to keep the buildings on said property in good tondition of repair, the Mortgogee may demond the immediate repair of said buildings, or on increase in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Mortgagor to complr with said demand of the Mortgogee for a period of fifteen (IS) days shall constitute o breach of this mortgage, and, af the option of the Mortgagee, immediately mature the entire unpoid principal ond inte~est hereby secured, and the Mortgogee may, without notice, institute proceedings to foreclose this mortgage, and apply for the oppointment of a receiver, as hereinaher provided. SIXTH: That the Mortgagor- hereby promises, covenants ond ogrees to pay the sums of money and interest as mentioned in said promissory note, together with any ond all other sums jusNy due and owing the Mortgagee by the terms therein, and secured to be paid os stated therein promptly when due. If defcult shal~ be made in the paymenf of Me said sums of money or any part thereof as provided in the said note or this morfgage, or if the interest that may become due thereon or anr part thereof sholl be in default and unpaid for a space of fiffeen (15) dars, or should the Mortgagor breoch or fail to comply with any other covenont or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera- tion is rat otherwise expressly provided herein) ond such breach or non-compliance continue in existerxe for a space of fifteen (15) K days, then ond from therxeforth, ot the option of the Mortgagee and without notite to the Mortgagor, the whole of said principal j { ~ sum expressed in said note, together with all other sums therein as well os herein provided for, sholl become immediotely due and i ~ pnyable, without notice to the said Mortgagor. ~ SEVENTH: That in case it should become necessory to ploce this mortgage and the note secured herebr or either of them, in the hands of on ottorner for collecfion, the said Mortgagor covenants and agrees with the Mortgagee to poy all costs, charges ond expenses of such collection, +ncluding reasonoble attorney's fees whether collected by foreclosure or otherwise. ' EIGHTH: Thot, 9n 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 daim hereunder, fhe Mortgagee moy apply to any court having jurisdiction thercof for the ~ appointment of a receiver of said mortgoged property, as well as the income, profits, issues and revenues thereof, ond the said - - 2 - 9~R'~ 21~ i;`f : '~#~J ~ 3 ~ _ . ~ , _ . . . ~ ~._-.;~T° ~e€4_ . _ . _ . . 3