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HomeMy WebLinkAbout1670 ` AND the said Mortgogor hereby covenants and og?ees with the soid Mortgagee as foilows: FiRST: Thot Ihe Mortga9or is lawfully sei:ed of fhe obove described premises in fee simpte ond has good right to sell end convey the same ~o the Mortgoqee; thot the said premises are free ond d~schorged of end from oll taxes, tax titles or certificates, judgments, mechonit's liens and entumbronces of enr noture or kind whotsoeve? ond that the Mortgagor will fully warrant ond defend the same to fhe Mortgogee, against the lawful tlaims ond demands of oll persons whomsoever, ond will make such furthe~ ossurances to perfect fce simple ritle to soid lond, in the Mortgogee. as moy reasonable be required, ond will pay the severol sums of money agreed in the soid note to be poid and oll instollments of principol and interest fhereon promptly when due, and according to the true tcnor and effett of the said note. SECOND: Thot the Mo~tgogor will poy oll and singulor the taxes, ossessments, levies, and encumbrences of every not~re on the above described property, ond upo~ this mortgage and note~ or the money secu~ed thereby, before delinquency thereof ond receipts avidencing payment of said taxes, assessments, levies and encu bronces shall be deposited with the Mortgagee or+ or before Marth lst of eath succeeding year during fhe term of fhis -mortgage; and if same be nof promptly paid when due, the Mongagee moy (without obligotion to do so) pay the some, or become pu~chaser of any lowful evidence the~eof, or certificate therefor, without waiving or olfecti~g any right hereunder artd in~this mortgage, or the soid note whith this mortgage setures; and svch poyments or expenditures so made shall bear inte~est frore the date thereof at the rale of eight per centum (8vfo) per on~um. THIRD: Thot the Mortgagor will keep oll real and personol prope?fy now or hereafter encumbered by the lien of this mortgage insu~ed as may be required from time to time by fhe Mo~tgagee agairtsf loss by fire, windstorm and other hazords, casualties a~d conti~genties for suth periods and for not less fhan such omounts os moy be ?equired by the Mortgogee and to por promptly when due oll premiums for such insurance. The amounts of such insurarxe required by the Mortgogee are expressive of only the mi~imum amounts for whith said insurorxe shall be written ond it shu11 be incvmbent upon the Mortgogor to maintain suth additional insurance as moy be necessary to meef ond tomply fully with all to-insu~ance requirements contained in said policies to the end thot said Mortgagor is not a co-insuror the~eunder. Insurarxe shall be written by a company or componies approved by fhe Mortgagee and all policies ond renewols thereof shall be held bY the Mortgogee. ~All detailed designations by the Mortgagor which are accepfed by ihe Mo?tgngee and all agreements between Mortgagor and Mortgugee ~eloting to ~nsurarxe, now existing or he?eafter made, shall be in writing ond sholl be o parf of this mortgage agreement as fully as though set forth verbotim herein and shoi) govern both parties herelo and iheir successon and assigns. No lien upon any of said policies of insurarxe or upon onr refund or return premium which moy be payable on ihe cancellation o~ termination thereof, shall be given to other fhan fhe Mo?t- gagee, except by proper rndorsement af~ixed to such poliqr and opproved by Mo~tgagee. Each policy of insurance shal) have af~exed thereto a Stondord Mortgagee Clause acteptable to the Mortgagee, making oll loss or losses under such policy payable to the Mortgagee as ih interest may appear, In the event any sum or sums of money become payable thereunder the Mortgagee shall have fhe option fo receive and apply fhe same on attounf of fhe indebtedness herebr secured, or to permif the Mortgagor to receive and use it, or any porf thereof, wifhout thereby waiving or impairing any equity, iien or right under and by virtue of this mortgage. In event of loss or physital damoge fo the mortgaged property the Mortgagor shall give immediafe notice thereof by mail to the Mortgagee and the Mortgagee mur make proof of loss if fhe same is not made promptly by the Mortgagor. In event of foreclosure of this mortgage or other transfer of title to the morfgaged property in extinguishmem of the indebtedness secured ' hereby, all right, title and interest of fhe Morfgagor in ond fo any insuronce policies the~ ;n force shall pass to the purchaser or ; grantee. Upon any default thereof, the Mortgagee moy (but without obligotion on its part so to do) place insurance on such ! buildings and pay the premium ond charge such wms so paid to the Morfgagor and such sums of money so paid shall bear interest ~ from ihe date of payment at the rate of eight per cenfum (8~~ per annum. F ~ FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein 1 € spetificolly provided for, and irxluding any experues incurred by the Mortgagee in collection of the s~m 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_ ~ FIFTH: To permit, tommit or suf~er no waste, impairment or deteriorotion of said property, or ony part thereof, and upon ~ the foilure of the Mortgagor to keep the buildings on said propertr in good condition of repoir, the Mortgagee may demand the ~ immediate repair of said buildings, or an increase in the amount of seturitp, or the immediate repayment of the debt hereby secured, and ihe failure of the Mortgagor to comply with said demand of the Mortgogee for o period of fifteen (15) days shall corutifufe o breath of this mortgage, and, at the option of fhe Morfgagee, immediotely mature fhe entire unpoid principal and interesf hereby setured, and the Mortgagee may, without nofite, instifute proceedings to foreclose fhis mortgage, and apply for ~ the oppoinlment of a receiver, as hereinaffer provided. ~ SIXTH: That the Mortgagor hereby promises, covenants and agrees fo por the sums of money ond interesf as meMioned in said promissory note, together with any and all other sums justly due and owing the Mortgogee by the terms therein, and secured ~ to be paid az stoted therein promptly when due. If default shal: be made in the payment of the said sums of rrwrsey or any port ~ thereof as provided in the said note or this mortgage, or if tfie interest that mor become due thereon or ony part thereof shall be ~ ~n default and unpaid for a space of fifteen (15) days, or should the Mortgagor breach or fail to comply with any othe~ covenant a or agreement on the part of the Mor?gagor to be complied with (in those cases in which the option of the Mortgogee of occekra- 3 tion is not othervvise expressly provided herein) and such breoch or no~-compliance continue in existence for o space of fifteen (15) days, then ond from thenceforth, ot the option of the Mortgagee and witho~t notice to the Mortgagor, the whole of said prirxipol sum expressed in soid note, together with all other sums therein as well os herein provided for, sholl become immediately due ond ~ _ payoble, without notice to the soid Mortgogor. ~ _s3 SEVENTH: That in cas~ it should become necessory to place this mortgage a~d the note secured hereby or either of them, ~ in the hands of on aftorney for collection, the said Mortgagor covenants ond agrees with the Mortgagee to poy oll cosfs, chorges ' ond expenses of such collection, including reasonable attorney's fees whether collected by foreclosvre or otherwise. ~ - ~Y± EIGHTH: That, in the event anr suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, a~d or to enforce poyment of any claim hereunder, the Mortgogee may apply to a~y court having jurisdiction thereof for the appointment of o receiver of said mortgoged property, as wetl as the income, profits, iss~es ond revenues thereof, and the said ~ ~ ~ x~ :z`, , O _ 2 _ 80GK P 221 ~a~E~fi7 > , _ : _ .