HomeMy WebLinkAbout0118 AtJ~ 1he said Mortgago? hereby co~enants and ogrees w~th the soid Mortgogee as. follows:
FIRST: Thot the Mortgegoe it lowfully seized of the above described premises i~ fee simple ond hos good right 1o sell and
convey the some to the Mortgagee; thot the said premises are f~ee and dischorged of and from oll foxes, tox titles o~ cerfificotes,
~udgments, methonit's liens a~d entumbrontes of any noture or kind whotsoever and thot the Mortgogor will fully warront and
defend fhe same fo the Mortgagee, against the lowful ttaims ond demands of oll persons whomsoever, ond will make suth further
assuronces to perfect fee simpte title to said lond, in the Mortgagee, as may reasonabte be required, ond will poy the several
s~ms of money agreed in the said note to be poid ond ell installments of principol and inlerest thereon promptly when due, and
occording to the tr~e tenor and effect of the said note.
SECOND: Thof Ihe Mortgogor will poy oll ond singuior the toxes, assessments, levies, and encumbronces of every nature
on the above described property, and upon this mortgoge and note, or the mo~ey secured thereby, before delinquency thereof
and receipts eviderxi~g payment of said taxes, assessments, levies and eniumbrarxes shall be deposited with the Mortgagee on or f
before Morch lst of each succeeding yeo~ during the term of this mortgoge; ond if some be rwt promptly paid when due, the
Mortgagee moy (withe~t obligation to do so) poy the same, or become purchose~ of any lowful evidence thereof, or certificote
therefor, without waiving or of~ecting any righf hereunder and in fhis mo?tgage, or the said note which this mortgoge secures; and
such payments or expenditu~es so made shall bear interest from the date thereof ot the rote of eight par centum (8~) per annum.
THIRD: That the Mo~tgagor wiil keep a~l real and penonal property now or hereafter encumbered by the lien of this
mortgage insured as may be required from fime to time by the Mortgagee against loss by fire, windstorm and other hazards, '
casualties and contingerxies for such pe~iods and for not less than such amounts as moy be required by the Mortgogee and to pay
promptly when due oll premiums for such insuronce. The amounts of such insurance required by the Mo~tgagee are expressive of
only fhe minimum omounts for whith said insurance shall be writfen and it shall be irxumbent upon the Mortgogor fo maintoin suth
odditional insurarxe as may be necessary to meet and tomply fully with all to-insurance req~irements tontained in said policies to
the end that said Mortgago~ is ~ot a co-insuror thereunder. (nsuronce shall be written by o company or componies approved by the
Mortgogee and all polities and ~enewals thereof sholl be held by the Mortgagee. All detailed designations by the Mortgagor
which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to insuronce, now eaisting
pr hereafter made, shall be in writing and shall be a port of this morfgoge agreement as fully as though set forth verbatim herein
and shall govern both parties hereto and their successon ond ossigru. No lien upon anr of said policies of insurance or upo~ any
refund or return premium which moy be payeble on the cancellotion or terminotion thereof, shall be given to othe~ than the Mort-
gagee, except by proper endorsement af~ixed to sud~ policy a~d opproved by Mortgagee. EacFi poliq of insurance shall have
af~ixed thereto a Standard Mortgogee Clause aaeptable fo the Mortgagee, making all bss or losses u~der such policy paroble `
to the Mortgagee as its interest moy oppear. In the event any sum or sums of money become parable thereunder the Mortgagee
shall hove the opYan to receive and apply the some on account of the indebtedness hereby secured, or to permit the Mortgogor to
receive artd use it, or any port thereof, without thereby waiving or impoiring ony equity, lie~ or right under ond by virtue of this
mortgage. In event of loss or physical damage to the mortgaged property the Mortgagor sholl give immediate notice thereof by
mail to the Mort a ee and the Mort a ee ma make roof of loss if the same is not made rom tl b the Mort a or. In event s
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of foreclosure of thiz mortgage or other trarafer of title to the mortgaged property in extinguishment of the indebtedness secured
hereby, all right, title and interesf of the Morfgogor in and to any insurante policies then in force shall pass to the purthaser or
grantee. Upon any default thereof, the Mortgagee may (but without obligotion on its part so fo do) place ins~rance on such
! buildings and poy the premium and chorge such sums w poid to the Mortgagor and such sums of money so paid shall beor interesf
R from the date of poyment at the rate of eight per centum (8°J~) per annum.
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g FOURTH: That all sums of money paid or caused to be poid by the Mortgagee under the terms of this mortgage and herein i
F specifically provided for, and iacluding 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 as the sums of money represented by the note which this mortgage secures.
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: FIFTH: To permit, commit or suf~er no waste, impoirment or deteriorotion of said property, or any part thereof, and upon
~ the failure of the Mortgagor to keep the buildings on soid property in good tondition of repoir, the Mortgagee may demand the
~mmediate repoir of said buildings, or an increase in the amount of security, or the immediote repayment of the debt hereby
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~ secured, and the foilure of fhe Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (IS) days shatl
constifute a breath of this mortgage, and, ot the option of the Mortgagee, immediately mature the entire unpoid principal ond
~ interesf hereby secured, and ihe Mortgagee mar, without notice, institufe proceedings to foreclose this mortgage, ond apply for
~ the appointment of a receiver, os hereinafter provided.
~ SIXTH: That the Mortgagor hereby promises, wvenants and agrees to pay the sums of money and interest as mentioned
~ in said promiswry note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured
to be paid as stated therein promptly when due. If default shol: be made in the payment of the said sums of money or ony part
~ thereof as provided in the sa+d note or this mortgage, or if the interest that moy become due thereo~ or any port thereof shall be
~ in default and unpaid for a space of fifteen (15) days, or should the Mortgagor breach or faif to comply with anr other covenant
~ or ogreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera-
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~ tion is not otherwise expressly provided herein) ond such breoch or non•compliorxe continue in existence for a spoce of fiftee~ ~15) '
~ days, ihen and from fhenseforth, at the option of ihe Mortgagee and without notice fo the Mortgagor, the whote of soid principol
- sum expressed in said note, together with all other sums therein as wel) as herein provided for, sholl betome immediately due and
payable, without notice to the said Mortgogor. §
= SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, ;
in the hands of an attorner for totlection, fhe said Mortgagor covenants ond agrees with the Mortgagee to pay oll costs, charges
° and expenses of such collection, including reasonoble attorner's fees whether collected by foreclosure or othe~wise.
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EIGHTH: That, in the event anY suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise,
~~i and or to enforce payment of any claim hereunder, the Morfgagee may appfy to any co~rt having jurisdiction thereof for the
~ appointment of o reteiver of said mortgaged property, as well as the intome, profifs, issues ond revenues thereof, and the said
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~OGr.219 ~a~~ 118
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