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HomeMy WebLinkAbout0086 AND the said Morrgagor hereby co~e~ants and agrees with rhe said Mortgogee as follows: FIRST: Thot the Mortgagor is lowfully seized of the obove descr~bed premises in fee simple and hos good right to sell ond convey the same to the Mortgagee; that the said premises ore free and discharged of ond f~om all toxes, tox tities or certificotes, judgments, mechanic's liens and encumbrances of any noture or kind whotsoever and thof the Morfgago? will fully warrant ond defend the same to the Mortgagee, against the lawful cloims and demands of all persons whomsoeve~, and will make such furthe~ assuronces to perfect fee simple title to soid land, in the Mortgagee, as moy reasonoble be required, and will poy the sever~l s~ms of mo~ey agreed in the said note to be paid a~d all installments of principol ond interesf thereon promptly when dve, and according to the true tenor ond ef~ect of the soid note. SECOND: Thot the Mortgogo~ Will poy all ond singular the taxes, assessments, levies, ond erxumbronces of every ~ature on the obove described properfy, and upon this mortgage and note, or the money sec~red thereby, before delinquenty the~eof and receipts evidenting paymenf of said toxes, assessmenfs, levies and entumbra~ces shall be deposited with the Mortgogee on or before March lst of eath sutceeding year during the ferm of this mortgoge; a~d if same be not promptly paid when due, the Mortgagee moy (without obligation to do so~ pay the same, or become purchaser of any lawfut eviderxe thereof, or certif,cote therefor, without waiving or af~ecfing any right here~nder ond in fhis morfgoge, or the said nofe which this mortgage setures; and such poyments or expenditures so made shall bear interest from the dofe thereof ot the rote of eight per centum (8°~) per annum. THIRD: Thot the Mortgagor will keep all real and personal property now or hereafter enc~mbered by the lien of this mortgage insured os moy be required from time to fime by the Mortgagee against loss by fi~e, windstorm and other hazards, casualties and contingencies for such periods and for not less than such omounts as may be required by the Mortgagee and to pay promptly when due all premiums for such insurance. The amounts of suth insurarxe required by the Mortgagee are expressive of only the minimum amounts for which said insvrarxe shall be written ond it shall be incumbent upon the Mortgagor to maintain such additional insurance as may be necessary to meet and comply fully with all co-insurante ?equirements contained in said policies to fhe end fhat said Mortgagor is nof o co-insuror fhereunder. Insurance sholl be written by a company or compooies approved by the Mortgagee and all policies and renewols thereof sholl be held by the Mortgagee. All detoiled designations by the Mortgagor which are accepted br the Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and sholl be o part of ihis mo?tgage ag~eement as fully as though set forth verbafim herein and shall govern both parties hereto ond fheir sutcessors and ossigns. No lien upon ony of said policies of insurance o~ upon any refund or return premium which may be payable on the cancellation or termination thereof, shall be given ta other thon the Mort- gogee, except by proper endorsemenf afFixed to such policy and app~oved by Mortgagee. Eoch policy of insurarxe shall have affixed thereto a Standard Mortgagee Clause acteptable to the Mo?tgagee, making all loss or losses under such policy poyoble to the Mortgogee as its interest may appear. In ihe event ony sum or sums of money become poyable thereunder the Mortgagee shatl have the opfion to receive and opply the some on occount of the indebfedness hereby secured, or to permif the Morigagor to receive and use it, or ony part thereof, without thereby waiving or impairing ony equity, lien or right under and 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 fo the Mortgagee and tbe Mortgagee may make proof of loss if the same is not made prompfly by ihe Morfgogor. In event 4 of forecbsure of this mortgage or other transfer of title to fhe mortgaged property in extinguishment of the indebtedness secured ~ hereby, all righf, title- and interest of the Mortgagor in and fo any insurance policies then in force shall poss to ihe purthaser or grontee. Upon any defoult thereof, the Mortgogee moy (but without obligation on its part so to do) place insurorxe on such ~ buildings and pay the premium and tharge such sums so paid to the Mortgagor ond such sums of money so paid shall bear interest ~ from the date of poyment at fhe rote of eight pe~ tentum (8~) per annum. $ ~ ~ FOURTH: Thot atl sums of money paid or toused to be paid by fhe Mortgagee under the terms of this mortgage and herein ~ specifically provided for, and i~ctudi~g any expenses incurred by the Mortgagee in collection of the svm secured by this mortgage. ~ ~ shall be covered by the lien of this mortgage, fhe same as the sums of money represented by fhe note which this mortgoge secures. ~ • ~ FIFTH: To permit, tommit or sufier no wasfe, impairment or deterioration of said property, or o~y parf thereof, and upon ~ the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee mar demand the ~ immediate repair of said buildings, or an increase in the amount of securitr, or the immediote repayment of the debt hereby setured, and the failure of the Mortgagor to complr with said demand of the Mortgagee for a period of fifteen {15) daYs shall constifufe a breach of fhis mortgoge, and, at the option of fhe Morfgagee, immediafely mature the entire unpaid principal and interest hereby secured, and the Mortgegee may, wifhout notice, institute proceedings to foreclose this morfgage, and opply for ~ the appointment of o ~eceiver, as hereinafter provided. ~ ~ SIXTH: ~fhat ihe Mortgogor hereby promises, covenants and agrees to pay the sums of money and interest os mentioned ~ in said promissory note, together with ony aod all other sums justly due ond owing the Mortgagee by the terms therein, and secured ~ to be paid as stated therein promptly when due. If default shaL' be made in the payment of the said sums of money or ony part ~ thereof os provided in the said note or this mortgage, or if the interesf thot may become due thereon or ony part thereof shall be in defoult and unpaid for o space of fifteen (15) days, or should the Mo~tgagor breach or foit to comply with any other covenant - or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Martgagee of accelera- tion is not ofherwise expressly provided herein) and such breach or non-compliance confinue in existente for a space of fifteen (15) - days, ihen a~d from fhenceforth, at fhe option of the Mortgagee and without notice to the Morfgagor, the whole of said prir?cipal " sum expressed in said note, together with all ofher sums therein as well as herein provided for, shall become immediotely due ond payable, withovt notice to the said Mortgagor. SEVENTH: Thot in cose it sho~ld become necessary to place this mortgoge and the note sewred hereby or either of them, _ in the hands of an attorney for tollection, ihe said Mortgagor covenants ond agrees with the Mortgogee to poy oll costs, chorges and expenses of such coltection, irxluding reasonable attorney's fees whether collected by foreclosure or otherwise. F~~ EIGHTH: Thaf, in fhe event ony svit is brought upon ?his morfgage, whether to foretlose it, to reform it, or otherwise, and or fo enforce payment of any cloim hereunder, the Morfgagee may apply to any court having j~risdiction thereof for ihe ts:~ 3 ~:`i appointment of a receiver of said mortgaged property, as weii as the irxome, profits, issues ond revenues thereof, ond the said ; `s.:l a R ~2~ PAC~ .~i - ~ - a~cK _