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HomeMy WebLinkAbout1823 - - ~ . . And thc said Mongagor docs hcreby coveaant. pmmise. aad agree to and with said Mortgagee, as fallows: FIRST: That said Mortgagor will pay to said Mortgagee the note or obligation hereinbefore set out and the indebtedness and iaterest evidenced thereby, and all other sums secured hereby without reGef from valuation or appraisement laws; and until the same b~ fully paid, will keep and perform all the covenants and agree- ments in this mortgage in the manner and form as therein set out; and will not commit or suffec any waste of said mortgaged premises; and will pay all costs, charges, abstract fees, and eapenses, including collectioa cbarges and attorney's fees, which the Mortgagee may incur in coAecting any sum hereby secured, whether by fbt+eclosuc~e or otherwise, or in establishing the liea of this mortgage or proving the amount due thereon in any actibn or spocial pc~o- ~ ceeding. SECOND: So long as any of the indebtedness hereby secured shall remain outstanding and unp~id, the INort- gagor agrees to keep said premises and improvements in good condition and repair, and to pay all taxes aad asseu- ments and other charges that may be levied or assessed upon or against the same, or which may be anposed upon the Mortgagee by reason of this mortgage investment, or upon the mortgage or obligation accompanyiag the same, or the debt heccby secured, as welt as any specific morigage tax now or hereafttr imposed by law upon said obligation and this mortgage, and before they become delinquent; and all other debts that may become lieas upon or charges against said property for repairs or for improvements that are now, or that may hereafter be made thereon, and not to permit any lien to accrue and remain on said premises, or any pan thereof~ or on the improvements upoa the same, which might take precedence over the lien of this conveyance. THIRD: Upon the failure by the Mortgagor to pay any of said taxes or assessmeats, or the passage by the State of any law imposing payment of the whole or any portion of any of the taxes aforesaid upon the Mortgagee. or upon the rcndering by any Court of last resort of a decision that an undertaking by the Mortgagor as herein provided to pa~~ any taxes or assessments is legally inoperative, then, and in any such event, the debt hereby secured, with- out deduction, shall, at the option of the Mortgagee, become immediately due aad collectable, notwithstanding anything contained in this mortgage or any law heretofore enacted or hereafter enacted. FOURTH: The Mortgagor herein agrees to keep said improvements on the above described property unceasing- ly insurrd against loss by Fire with Eztended Coverage Endorsement, through an agent and in aa insurance carrier dc~ignated by the Mortgagee, to their full insurable value, which shall not be less than Thirty-one Thousand and no/ 100--------------------- po~~ars, until the indebtedness :~ereby secuctd has been paid; all policies to be deposited with the Mortgagee, to be paid for by the Mortgagor within thirty days from date of issuance, and the loss (if any) to be payable to the Mortgagee as its interest may appear. In c~se of loss and payment by any insurance company, the amount of the insurance money paid shall be applied e~ther on the indebtedness secured hereby or in rebuilding or restoring the damaged building as the Mortgagef may elect. FIFTH: In the event the Mortgagor fails to insure said property or to deliver the policies~~premiµ~ps-p~fd, as herein agreed, or to pay the taxes or assessments which may be assessed against the same, or the liens or elaims which may accrue thereon, the Mortgagee or assigns are hereby authorized at their election to insure the same and pay ' the cost of such insurance, and also to pay said taxes, liens and claims, or any part thereof, without said Mortgagee i waiving its right of foreclosure, or any other right hereunder, and the Mortgagor hereby agrees to refund on 3 demand the sum or sums so paid, with interest thereon at the rate of eight per centum per annum, and ihis mort- ; gage shall stand as security therefor; and any such sum or sums so paid shall become a part of the indebtedness g hereby secured. ~ SIXTH: It is ezpressly understood and agreed, that this mortgage shall become due and payable forthwith ~ at the option of the Mortgagee if the Mortgagor shall convey away said mortgaged premises or if the title ~ thereto shall become vested in any other person or persons in any manner whatscever. ~ SEVENTH: A condition of the loan which this mortgag!~ secures is that the mortgagor shall make no further ~ bornowing of any money from any source while this mortgage is in force without the written consent of the mort- ~ gagee. ~ EIGHTH: It is furthermore agreed that the Mortgagee may resort for the payment of said principal moneys, premiums, and interest to its several securities therefor in such order and manner as it may think fit. ~ ~ NINTH: If the Mortgagor shall fail to pay or cause to be paid any of said installments mentioned in said ~ obligation, according to the terms thereof, and such default continue for a period of thirty days, or in case of the ~ actual or threatened demolition or removal of any building erected upon said premises, or in the event the Mortgagor ~ shall fail to pay said taaes or assessments, as the same shall respectively become due and payable, or shall fail - to perform any other act or thing herein required of or agreed to by MoRgagor to be done, die entire indebted- ; - ness hereby secured shall thereupon become due and payable and this mortgage subject to foreclosure, at the option of ihe Mortgagee, without notice to the Mortgagor, and the Mortgagee, upon such default occumng, shall have ~=x peaceable possession of the mortgaged premises from the time action is brought hereon until the close of the re- ~r demption year and a receiver may be appointed to take possession of the mortgaged premises for the purpose of ~ applying the rents and profits thereof to the payment of the debt secured by this mortgage, which receivership ~ shalt continue from the time that action is brought hereon until the said premises shall be redeemed acrnrding to law. ~ TENTH: The Mortgagor hereby covenants and agrees that it is the lawful owner of the property hereby mort- gaged and that it holds a good and indefeasible title thereto, free and clear of ail encumbrances and that it will ~ warrant and defend the same. and protect the Mortgagee's interest therein, against all persons claiming the same. ~ ELEVENTH: It is further agreed that all the covenants and agreements of the Mortgagor herein contained shall ~ extend to and bind its executors, administrators, successors and assigns, and shall inure to the beneCt of the Mort- gagee, its successors and assigns. ~~QK 2~1 PAr,E~S~ ~ =