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HomeMy WebLinkAbout2324 ANO the so~d Morrgogor hereby co~enants and ogrees with the soid Mortgagee as foliows: FIRST: That the Mortgagor is lawf~ily seized of the obove described premises in fee simple and hos good right to sell and convey the same to ~he Mortgagee; thot the soid p?emises are free and dischorged of ond from oll toxes, tax titles or certificeles, judgments, mechanit's liens and encumbronces of any ~ature or kind whotsoever ond thol Ihe Mortgogor will fully warranf a~d defend the same to the MoJgogee, ogoinst the lowful claims and demonds of oll persons whomsoever, ond will moke such fur?her assuronces to perfecf (ee iimple title fo said lond, in the Mortgogee, as may reasonable be required, and wilt pay the sever~l sums of mo~ey agreed in the said note to be paid and a~l instollments of prirxipol ond ~nterest thereon promptly when due, and according to the t~~r tenor and effiec~ of the said note. SECOND: Tha1 the Mortgagor will pay all and singulor the faxes, assessments, levies, and erxumbronces of every ~flture on the above dzuribed property, ond ~pon this mortgoge and note, or the money secured thereby, before delinquerxy thereof and receipts eviderxing payment of said toxes, assessments, levies and encumbra~ces sholl be deposited with the Mortgogee on or before March lst of each succeeding yeor during the term of this mortgoge; a~d if same be ~ot promptly paid when due, the Mortgogee moy (without obligotia~ to do so) pay the same, or become purchaser of ony lawful evidence thereof, or ce~lificate ~ therefor, wifhout woiving or af~etting any righf hereunder ond in fhis mortgoge, or the said nofe which this morfgoge setures; and such payments or expenditures so made shall bear interest from the date the~eof ot the rate of eight per tentum (8~) per annum. THIRD: That the Mortgogor will keep oll real ond personal property now or hereafter encumbered by fhe lien of this mortgage ins~red as moy be required from time to time by' the Morfgagee agairtst loss by fire, windsform ond other hozards, casuolties and con?ingerxies for such periods and for not less than such omounts as moy be required by the Mortgagee and to poy prompity when due all premiums for suth i~surance. The omounts of such insurarxe required by fhe Mortgagee are expressive of • only the minimum amounfs for which said insurence shall be wriffen and it shall be incumbenf upon the Mortgagor to mointoin such odditionol insurance os may be necessory to meet ond comply fully with all co-insurarxe requi~ements contained in said policies to the end that said Mortgagor is not e co-insuror thereunder. Insurarxe shall be written by a company or companies opproved by the ~ Mo?tgogee and all policies and renewals fhereof shell be held by the Mo?tgogee. All detai~ed designotions by the Mortgagor which are accepfed by ihe Mortgagee and all agreements between Mortgogor ond Mo?tgogee relating to insurance, now existing or hereafter made, sholl be in writing and shall be a part of this mortgage agreement as fully os though set forth verbotim herein ond shall govern both parties hereto and their suctesson ond assigns. No lien upon ony of said policies of insurance or upon any ~ refund or return premium which may be payable on the cancellation or terminotion thereof, sholl be given to other than the Mort- i gagee, except by proper endorsemenf af~ixed to such polity and approved by Mortgagee. Each policy of insurarxe shall have afiixed thereto o Standard Mortgagee Clause aaeptoble to the Mortgagee, making all bss or losses under such policy poyable to the Mortgagee as its inte~est rtiay appear. In the event ony sum or sums of money become payable thereunder the Mortgagee sholl hove the option to receive a~d apply the same on account of the indebtedness hereby secured, or to permit the_Mortgogor to receive and use it, or dny port thereof, without ther`eby woiving or impoiring any equity, lien or right under ond by virtue of this mortgage. In event of loss or physical damage to the mortgaged property the Mortgagor sholl give immediote notice thereof by mail to the Mortgogee and the Mo?tgagee moy make proof of loss if fhe same is not mode promptly by fhe Mortgagor. In event ' of forecbs~re of this mortgage or other transfer of tifle to fhe mortgaged prope+ty in extinguishment of the indebtedness secured ~ heroby, all right, title and interesf of fhe Morfgagor in and to any insuronce policies then in forte shall pass to the purchaser or ! grontee. Upon any default thereof, the Mortgogee may (but without obligation on its parf so to do) place insurance on suth E buildings and Ray the premium and charge such sums w paid fo the Mortgagor and such sums of money so paid. shall bear interest ~ from the dote of payment af the rate of eight per centum (8°~) per annum. i FOURTH: That all sums of money paid or caused to be paid by the Mortgogee ~nder the terms of this mortgage and herein ; spetifically provided for, and including ony expenses incurred by the Mortgogee in tollection of the sum secured by this mortgoge, s shall be covered by the lien of this mortgage, the same os the sums of money represented by the note which this mortgoge secures. ~ • ~ ~ FIFTH: To permit, commit or svffer no woste; impoirment or deterioration of said property, or any part thereof, and ~pon the failure of the Mortgagor to keep the buildings on said properfy in good condition of repair, the Mortgagee moy demand the ~ ~mmediate repair of said buildings, or an irxrease in the amount of securifr, or the immediate reparment of the debt hereby ~ secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (15) days sholl ~ constitute a breoth of this morfgage, and, at the opfion of fhe Mortgagee, immediolely mofure the entire unpaid principal and ~nteresf hereby sec~red, and the Mortgagee moy, wifhouf notice, institute proceedings to forettose fhis mor/gage, ond apply for ~ the appoiMment of a receiver, as hereinofter provided. SlXTH: That the Mortgagor hereby promises, covenants and agrees to poy the sums of money and interest as mentioned ~ in soid p?omissory rate, together with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured ~ to be paid as stated therein promptlr when due. If defoult shal: be made in the payment of the said sums of mo~ey or anr part thereof os provided in the soid note or this mortgage, or if the interest thot mar become due thereon or any part thereof shall be ~i ~u ~n defoult and unpaid~for a space of fifteen (15) doys, or should the Mortgagor breach or foil to comply with any other covenant or agreement on the part of the Mortgagor fo be complied wifh (in those coses in which fhe option of the Mortgagee of atcelero- tion is not otherwise expressly provided herein) and svch breach or non-compliance continue in exister?ce for a space of fifteen f 15) days, then and from therxeforth, at the opfion of 1he Morfgagee and wifhout notice to the Mortgagor, the whole of said prirxipol sum expressed in said nofe, together with all other sums fherein as well os herein provided for, shall become immediately due and payoble, without notice to the said Mortgagor. ;=i SEVENTH: That in case if should betome necessary fo place fhis morfgage and the note secured hereby or eifher of them, in fhe hands of an attomey for ~ollecfion, the said Morfgagor covenanfs and agrees with the Mortgagee to poy oll cosfs, chorges ~ and expenses of svch collettion, irxl~ding reasonable attorney's fees whether tollected by foreclosure or otherwise. EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclnse it, to reform it, or otherwise, N~' and or fo enforce poyment of ony tlaim hereunder, fhe Mortgagee moy upply to ony tourt hoving j~risdicfion thereof for the °.z oppointmenf of a receiver of said mortgaged property, as well as fhe irxome, profits, issues and reven~es thereof, o~d the said ~ BQOK2~2 PA~E2324 - - ~ - - _