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HomeMy WebLinkAbout2780 ' AND the said Mortgogor hereby covenonts ond agrees with the sa~d Mortgagee as follows: FIRST: That the Mortgagor ~s lowfully seized of the above descr~bed premises in fee simple and has good righ~ to sell ond convey tha 4ame to the Mortgogee; thot ~he soid premises are free and dischorged of and from all toxes, tax titles or certificotes, judgments, mechanic's liens and encumbrances of any noture or kind whotsoever and thot the Mortgogor will fully warrant ond defend the same to the Mortgogee, agoinst the lowfut t!=~ms and demands of all persons whomsoever, and will moke s~th further ossuronces to perfect fee simple litle to so~d land, in the Mortgogee, os moy reosonable be required, ond will poy the several sums of money agreed in the so~d note to be poid and all installments of printipal and interest thereon promptly when dve, ond occording to the true tenor and ef~ec~ of the soid note. SECONO: That the Mortgagor will poy o!I and singulor the taxes, ossessments, levies, and e~cumbra~ces of every noture on the above described property, ond upon this mortgage and nofe, or the money secured thereby, before delinque~ty thereof ond rece~pts evidencing poyment of said toxes, ossessments, levies and encumbrances sholl be deposited with the Mortgogee on o~ before Mur:h 1 st of ee:` succeeding year during the term of this morfgage; o~d if same be not promptly paid whe~ due, the Mortgagee may (without obligotion to do so) poy the same, or become purchaser of any lowful evide~ce thereof, or certificote therefor, without waiving or ofFecting a~y right hereunder and in this mortgage, or the soid note which this mortgage secures; ond such payme~ts or expendifures so made shall bear interest from the date fhereof at the rote of eight per centum (8Qfp~ per annum. THIRD: That the Mortgagor will keep oll reo) and personal property now or hereafte~ erxumbered by the lien of this mortgoge insured as moy be reqvired from time to time by the Mortgagee ogainst loss by fire, windstorm and other hazards, casvalties and conti~gencies for svch peiwds and for not less than such amounts as may be required by the Mortgagee ond to pay promptly when dve all premiums for suth insurance. The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounts for which soid insurarxe sholl be wrifte~ and it sholl be intumbenl upon the Morigagor fo mainfain suth odditional insurorxe as may be netessory to meet ond comply fully with all to-insurorxe requirements contained in soid policies to the end that said Mortgagor is not a co-insuror thereunder. Insurance shall be written by a company or companies approved by the Mortgagee ond all policies and renewals thereof sholl be held by the Mortgogee. All detailed designations by fhe Mortgagor which are accepted by the Mortgagee ond all agreements between Mortgagor and Mortgagee relafing fo insurorxe, now existing or hereafter mode, shall be in writi~g and sholf be o part of this mortgage agreement as fully as though set forth verbatim herein and sholl go.ern both parties hereto and their successors and assigns. No lien upon any of said policies of insurarxe or upon ony refund or return premium which moy be poyoble on the corxellation or terminotion lhereof, shall be given to other than the Mort- gagee, except by proper endorsement offiixed ta suth policy and opproved by Mortgagee. Each policy of insuronce shall have afiixed thereto a Standord Mortgagee Clavse occeptable fo the Mortgogee, moking oll ~oss or losses under such policy payable to the Mortgogee as its interesf may oppear. In the event any sum or sums of money become poyable thereunder the Mortgagee shall hove fhe option to receive and apply fhe same on attount of the indebtedness hereby secured, or to permit fhe Mortgagor to receive and use it, or ony part thereof, without thereby waiving or impairing ony equity, lie~ or right under and by virfue of fhis mortgage. In evenf of loss or physital damage to the mongaged property the Mortgagor sholl give immediafe notice thereof by mail to the Mo~tgagee ond fhe Mortgagee may make p~oof of loss if She same is not made promptly by the Morfgagor. event of foreclosure of this morfgage or other transfer of title to the mortgaged properfy in extinguishment of the indebfedness secured f hereby, all righf, title ond interesf of the Morfgagor in ond fo any insurance policies then in force shall poss to the purchoser or ~ grantee. Upon any defoult thereof, the Mortgagee moy (but without obligation on its part so to do) place insurance on such € buildings and pay the premium and charge suth sums so paici to the Mortgagor and s~th sums of money w paid shall bear interest ~ from fhe date of payment ot the rofe of eight per tentum (8°Jo) per on~um. ~ ! ~ 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 irxluding any expenses incurred by fhe Morfgagee in collecfion of the sum setured by this mortgage, ~ shall be cove~ed by the lien of this mortgage, the same as the sums of money represented by fhe note which this mortgage setures. FIfTM: To permit, commit or suffer no waste, impairment or dete~ioratio~ of said property, or any part thereof, and ~pon ~ the failure of ihe Mortgagor to keep the buildings on said property in good condition of repoir, fhe Mortgagee moy demand the ~ immediate repair of said buildings, or an increase in the amount of security, or ihe immediate repayment of the debt hereby ~ sec~red, ond the foilure of fhe Mortgagor to comply with soid demand of the Mortgagee for a period of fifteen ~i5) day: sholl constifufe a breath of this mortgage, and, af the option of the Mortgagee, immediofely mature the entire unpaid principal and ~ interest hereby secured, ond the Mortgagee mar, without notice, instifufe proceedings to foretlose this mortgage, and appty for ~ ihe appointment of a receiver, as hereinafter provided. ~ ~ SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay ihe ~~~ms of money and interest as mentioned ~ ~n said promissory note, together with any and oll other sums justly due and owing the Mortgagee by the terms therein, and secure ~ ~ ~'i to be paid as stated therein promptly when due. If default shal~ be made in the poyment of the said sums of money or any part thereof as provided in the said note or this mortgage, or if fhe interest thof mar become due thereon or any part thereof shall be x in defoult and unpaid for o space of fifteen (15) days, or should the Mortgogor breach or fail to comply with any other tovenant ~-:s or agreement on the port of the Mortgogor to be complied with (in those cases in which the opfion of fhe Mortgagee of accelera- tion is not otherwise expressly provided herein) and such breach or non-compliarxe continue in existence for a spate of fifteen (15) doys, the~ and from ?herxeforih, ai the opfion of the Mortgagee and without notice fo the Morfgogor, fhe whole of said principal sum expressed in soid note, together with all ofher sums therein as well as herein provided for, sholl become immediately due and poyoble, without notice to the said Mortgagor. :~~f SEVENTH: That in cose it should become necessary to place this mortgage and the note secured hereby or either of them, in the hands of an attomey for collection, the said Mortgagor coveno~ts and cgrees with the Mortgogee to poy all costs, charges ond expenses of such collection, including reasonable ottorney's fees whether collected by foreclosure or otherwise. EIGHTH: That, in the evenf any suit is broughf upon this mortgage, whether to foredose +t, to reform it, or otherwise, ~ and or to enforce poyment of any claim hereunder, the Mortgogee may apply to any covrf having jurisdiction thereof for the _ oppointment of o receiver of said mortgaged properfy, as well as the income, profits, iss~es and revenues thereof, and the said ' ~,~x ~ - ~ - ~0~ ~