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Home My WebLink About2506 ANO ?he suid Mortgagor h~reby covenants ond agrees wilh the said Mortgagee os follows: FIRST: Thot the Mo?tgagor is IowFully seized oF the obove destribed prem~ses in fee simple and has good right to sell ond co~vey Ihe some to the Mortgagee; ~hot the sdid premises ore free o~d dischorged of and from oll toxes, tox titles or ce~tificofes. j~dgments, mechonic's liens and encumbrences of eny nofure or kind whotsoever ond thot fhe Mortgogor will fulty warronl and deie~d the some to fhe Mortgogee, ogoinsl the lowful tloims and demands of all persons whomsoever, ond witl make such iurther oss~ronces to perfect fee simple title to said lond, 1~ fhe Mortgogee, os moy reasonobte be required, and will poy the sever~) sums of mo~ey ogreed in fhe said nOfe to be poid ond oll insfollments of principol ond interest lhereOn promptly when due, ond according fo the true tenor and ef~ect of the said note. SECOND: Thot the Mortgagor will poy oll ond singular the toxes, a:sessme~ts, levies, ond encvmbronces of every nature on the above described property, ond upon this morfgage ond nofe, or the money secured fhereby, before delinquency thereof and ~eceipts evidencing poymenf of said toxes, assessme~ts, levies and encumbrontes shall•be deposited with the Mortgagee on or before Morch lst of eoch succeeding year during the term of this mortgoge; end if zame be rat promptly poid when due, the Mortgogee may (without obligotion to do so) pay the some, or become purthase? of ony lowful evidente thereof, or certiFicate therefor, wifhout woiving or offec?ing any right hereunder ond in ihis mortgoge, or fhe said nofe which this mortgoge setures; and suth poyments or expenditures so mode shall bear interest f~om the date thereof at the ~ate of eight per centum (8~ per annum. THIRO: Thot the Mortgagor will keep aH real and personol property now or hereofter encumbered br the lien of this mortgoge insured a: moy be required from time to time by the Mortgagee against loss •by fire, windstorm and other hozords, casuolties and co~tingerxies for such periods a~d for not less thon such amounts os moy be required by fhe Mortgagee and to pay promptly when due all premiums for such insurance. The omounts of such insura~ce rtquired by the Mortgagee are expressive o3 oniy the minimum omounts for which said insuronce shal) be written ond it sholl be irxumbertt upon the Mortgagor to mointain such addirional insurance as may be necessary to meei and comply fully with all co-insurance requirements contained in said policies to the end thot soid Mor?gogor is not a co-insuror thereunder. Insuronce shall be written by a company or componies approved by the Mortgagee and all policies ond renewols thereof shall be held by the Mongagee. All detoiled desigrwtions by the Mo?tgagor which Qre actepted by the Morfgagee and all agreements between Mortgegor and Mortgagee relating to ie:uronce. ~ow exisfing or he~eafter made, shall be in writing and shall be a port of this mortgoge agreement os fully as though set forth verbotim herein and shall govern both parties hereto ond their successon and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which moy be payabfe on the cancellation or termination thereof, shall be given to other than the Mort- gagee, excepf by proper endorsement afFixed fo such policy and opproved by Mortgagee. Eoch polity of insuronce sholl hove affixed thereto a Standa~d Mortgagec Clavse aaeptoble to the Mortgogee, making oll loss or losses under such policy poyoble to the Morfgagee os its interesf moy appear. In the event ony sum or sums of money become poyable thereunder the Mortgogee shall have the optio~ to receive ond apply the same on atcount of the ir?debtedness hereby secured, or fo permit the Mortgagor to receive and use it, or ony pa?t thereof, without thereby woiving or impairing ony equity, lien or right under and by virtue af this mortgoge. In event of loss or physical damoge to the mortgoged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee moy make proof of loss if the same is not made promptly br the Mortgagor. !n eve~t of forecbsure of this mortgoge or other transfer of titte to the mortgaged property in extinguishment of Ihe indebtedness secured hereby, all righf, title ond interesf of fhe Mortgagor in and to any insurance polities then in force shaU pass to the purchaser or granfee. tJpon any default ihereof, the Mortgagee may (bu! without obligation on ifs part so to do) ploce insura~ce on such buildings and pay the premium ond tharge such sums so paid to the Mortgagor and such sums of money so poid sholl bear interest from the date of poyment of the rate of eighf pe~ ce~tum (8°fo) per annum. FOURTH: That all sums of money paid or caused to be paid by the Mortgogee under the terms of this mortgoge and herein specifically provided for, and including any expenses incurred by the Mortgagee io collecrion of the sum secured by this mortgage, shat( be covered by the tien of this mortgage, the same as the sums of money represented by the note wh;ch th;s mortgoge secu~es. FIFiH: To permit, commit or suffer no waste, impairment or deteriorofio~ of said property, or ony pott thereof, and upon the failure of the Mortgagor fo keep the buildings on said property in good condition of repoi~, the Mortgagee moy demand the immediate repair of said buildings, or an int~ase in the amount of security, or the immediate ~epayment of the debt hereby ; secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (15) days shati I constitute a breach of this mortgQge, and, at the option of the Mortgagee, immediately mature the entire unpoid prirxipol and interest hereby secured, and the Morfgogee may, without notice, institute proceedings to forectose this mortgoge, and apply for ~ the oppointment of o receiver, as hereinofter provided. ~ SIXTH: That the Mortgagor hereby promises, tovenonts and agrees to poy ihe sums of money and interest os mentwned € in said promissory note, together with any ond all other sums justly due and owing the Mortgogee by the terms therein, ond secured t to be paid as stoted therein promptly when due. If default shol~ be made in the porment of the soid sums of money or any part thereof as provided in the said note or this mortgoge, or if the interest that moy become due thereon or ony port thereof sholl be ; in defoult and unpoid for a spate of fifteen (15) days, or sFwuld the Mortgogor breoch or fail to compiy with any other covenant E or agreemenf on the porf of the Mortgagor to be tomp(ied wifh (in ihose tases in whith the option of the Mortgogee of vccelero- ` tion is not otherwise expressly provided hereinj and such breach or rwn-tompliance continue in existerxe fqr a space of fifteen ~15) ~ days, then and from therxeforth, ot the op~ion of the Mortgogee end without notice to the Morfgogor, the whole of said principol = sum expressed in said note, together w;th al! other sums therein as well as herein provided for, shall become immediately due and ~ payable, without notice to the soid Mortgogor. i SEVENTH: Thot in tase it shoutd become necessory to place this mortgoge and fhe note secured hereby or either of them, ; in the hands of an ottorney for collection, the said Mortgagor covenonts and agrees with the Mortgagee to pay oll costs, chorges ~ and expenses of such collection, including reasonoble attorner's fees whether collected by foreclosure or othe?wise. i EIGHTH: Thot, in the evenf ony suif is bro~ght upon this mortgage, whether to foreclose it, to reform it, o? otherwise, and or to enforce poyment of any claim hereunder, the Mortgogee moy apply to any court having jurisdiction thereof for the ; appointment of o ~eteiver of soid mortgoged propertr, os well os the intome, profits, issues and revenues thereof, and the said ; Y F Y - ~ - soo~ 2i9 ~ ~50~ ~ . : _ - - _