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Home My WebLink About1603 AND thc said Mortgagor hereby covenants ar,d agrees with ~he soid Mortgogee os follows: FIRST: Thot the Mor?gogo~ is lowiully scited of the above deu~ibed premises in fee simple ond hos good right to sell and convey the same to the Mortgagee; thot the :aid premises ore free and dischorged of and from all taxes, tax titles or certificates, judgments, mecha~ic's liens and encumbrances of ony noture or kind whatsoever ond thot the Mortgogor will f~lly war~ant and defend the same to the Mortgagee, ogai~sf the lowful tlaims and demonds of oll persons whomsoever, and will moke such further ~ oss~rar?ces to perfect fee :imple title to said lo~d, in the Mo?tgogee, os may reosonoble be required, a~d will poy the several : I sums of money ogreed in the said note to be poid a~d oll installments of principal ond interesf thereon promptly when due, ond ; according to the true tenor and effiett of the said note. ~ s SECONO: That the Mortgagor will poy oll ond singulor the taxes, assessments, levies, and erxumbrences of every nature on fhe above described property, and upon this mortgoge and note, or the money secured thereby, before deli~quency thereof # and receipts eviderxing poyment of said taxes, assessments, levies and entumbrances shall be deposited with the Mortgogee on or befo~e March lst of each s~cceeding yeor during Me term of this mortgage; and if same be not promptly paid when due, the r Mo~tgogee moy (without obligotion to do so) poy the same, or become purthaser of a~y lawful evidence thereof, or certificate ; therefor, without woiving or ofFecting ony right hereunder a~d in fhis mortgoge, or fhe said note whith this mortgage secures; and such poyments or expenditures so made sholl bear interest from the,date thereof ot the rote of eight per centum (8°~) per onnum. ! THIRD: That the Mortgagor will keep oll real and personot property now or hereafter encumbered by the lien of this mortgoge insured as may be required from time to fime br the Mortgagee againsf loss by Rre. windstorm and other hazords, casualties and contingencies for such periods and for not less tha~ such omounts as moy be required by the Mortgagee and to poy promptly when due all premiums for such insurance. The omounts of svth insurorxe required by the Mortgagee are expressive of only the minimum amounfs fo: which said insuronce shall be written and if shall be intumbent upon the Mortgagor to maintoin suth additional insurorxe as moy be necessary to meet and comply fully with all co-insurance requirements contained in said policies to fhe end fhaf said Mortgago~ is not o to-insuror the~eunder. Iruuronce sholl be written by a company or tomponies approved by the Mo?tgagee and all poticies ond renewols thereof shall be held by the Mortgogee. All detoiled designations by the Mortgagor which are accepted by the Mo?tgagee and all agreements between Mortgagor and Mortgagee relating to i~uurance, now existing or hereafter made, shall be in writing and sholl be a part of this mo?tgage agreement os fully as though set forth verbatim herein and shal) govern both parties hereto and their successon and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which may be poyable on the cancellotion o~ termination thereof, shall be given to other thon the Mort- gagee, except by proper endorsement af~ixed to such polity and approved by Mortgagee. Each poticy of insurarxe sholl have ofiixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, moking aH bss or losses under such policy payoble ~ to the Mortgagee os ih interest moy appear. In the event ony sum or sums of moner become payable thereunder the Mortgagee sholl have the option to receive and apply the same on auount of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or any pa?t thereof, without thereby woiving or empairing any equity, lien or right under and by virtue of this mortgage. (n event of loss or physical domage to the mortgoged property the Mortgagor sholl give immediate notice thereof by moil to the Mortgagee ond the Mortgagee may make proof of loss if fhe some is nof made promptly by the Mortgagor. In event of foreclosure of this mortgage or other fransfer of title to the mortgaged property in extinguishment of the indebtcdness secured hereby, all right, title and interest of the Mortgagor in and to any insurorxe policies then in force shall poss to the purd~aser or grantee. Upon any default thereof, the Mortgagee mar (but without obligation on its port so to do) ploce insurarxe on wch buildings and pay the premeum and charge suth sums so paid to the Mortgagor ond wch sums of money so paid shall bear interest j from fhe date of payment at fhe rate of eighf per centum (8%) per annum. - t ~ FOURTH: Thot all sums of money paid or caused to be paid by the Mortgogee under the terms of this mortgage and herein t specifically provided for, ond irxluding any expenses incurred by the Mortgogee in collection of the sum secured by this mortgage, F shail be covered br the lien of this mortgage, the same as the sums ot money represented by the note which thiz mortgage secures. ~ C ~ ~ FIFTH: To permit, tommif or suffer no waste, impairment or deterioration of said property, or any part thereof, and upon ~ the failure of the Mortgagor to keep the buildings on said property in good tondition of repoir, the Mortgagee may demand the immediate repair of said buildings, or an intrease in the amo~nt of seturity, or the immediate repoyment of the debt hereby ~ secured, and the foilure of the Mortgagor to comply with said demand of the Mortgogee for a period of fifteen (15) days shall ~ constitute a breach of this mortgage, and, at the option of the Mortgagee, immediolely moture the entire unpaid principal ond interest hereby secured, and the Mortgagee may, without notice, institute proceedin9s to foreclose this mortgage, ond apply for the appointment of a receiver, as hereinofter p?ovided. ~ SIXTH: That the Mortgagor hereby promises, covenants and agrees to poy the sums of money and interest as mentioned in said promissory note, together with any ond all other sums justly due and owing the Mortgagee by the terms therein, and secured ~ to be paid os stoted therein promptly when due. If default shaC be made in the payment of the said sums of money or any part ~ thereof os provided in the said note or this mortgage, or if the interest that moy become due ihereon or any pa?t thereof shall be in default and unpoid for a space of fifteen (15) doys, or should the Mortgegor breach or fail to comply w~th any other covenant or agreement on the part of the Mortgagor fo be complied with (in those coses in which the option of the Mortgagee of otcelera- ~ tion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for a space of fifteen (15) ' days, then and from therxefo~th, at the option of the Mortgagee and without notice to the Mortgogor, the whole of said principol sum expressed in said note, together with oll other sums therein as well as herein provided for, shall become immediately due ond ~ = payable, without nofice to the said Mortgagor. SEVENTH: That in case it shoufd become necessary to plate this mortgage and the note secured hereby or either of them, r~ in ihe hands of an attorney for collection, fhe said Mortgogor covenants and agrees with the: Morfgagee to pay aU costs, charges ~~:v and expenses of such collection; including reasonable attorner's fees whether collected by foreclos~re or otherwise. EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, ~ and; or to enforce poyment of ony claim hereunder, the Mortgogee may opply to anr court having jurisdittion fhereof for the appointment of a receiver of said mortgoged property, as well as the income, profits, issues and revenues thereaf, ond the said ~ s r3 r~ ~q k~~' 88~ ~~G~ P~~il~3~. -2- • ~-0 ~ - s = r' ~ ; $z~~~ _ _ . _ _ . _ ~