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HomeMy WebLinkAbout2907 AND the soid Mortgogor hereby covenonts ond aqrees wilh the said Mortgogee as follows: fIRST: That the Mor~gogor is lowfully seized of the above deuribed premises in fee simple and has good right to sell and convey the same to the Mortgagee; thot the said premises are free ond discharged of ond from oll toxes, tax titles or certificates, judgments, mechonit's liens and encumbrontes of any nature or kind whatsoever and that fhe Mortgagor will fullr warronf and defend the same to the Mortgogee, agoinst the lawful cla~ms ond demonds of oll persons whomsoever, a~d will make such fu~ther assurences to perfect fee simple title to soid lond, in the Mortgagee, os may reasonable be required, and will poy the sever~l sums of money agreed in the said note ro be paid ond all installments of prirxipol ond interest thereon promptly whe~ due, and occording to the true tenor ond efFect of the said nofp. SECOND: Thot ?he Mortgagor will poy all ond singular the taxes, ossessments, levies, and encumbronce: of every nature on the above described property, and upon this mortgage and note, o~ fhe money secured thereby, before delinquerxy thereof ond receipts eviderxing payment of soid toxes, assessments, levies and encumbrances sholl be deposited with the Mortgogee on or before Morch lst of eoth s~cceeding year during the term of this mortgage; ond if some be not promptly paid when due, the Mortgagee may (without obligation to do so) pay the some, or become purchoser of ony lawful evidence thereof, or certificote therefor, without woiving or af~ecting any right hereunder and in this mortgage, or the said note which this mortgage secures; ond such poyments or expenditures so made shall beo~ interest from the date thereof ot the rote of eight per centum (8°fo) per onnum. THIRD: Thot the Mortgagor wil) keep all real and personal properfy now or hereafter encumbered br the lien of this mortgage insured as may be ~equired from time to time by the Mortgagee agoinst loss by fire, windstorm and other hozcrds, casualties ond contingerxies for such periods ond for not less ihan such omounts as may be required by the Mo~tgagee and to poy promptly when due all premiums for such insurance. The amounts of such insurarxe required by the Mortgagee are expressive of only the minimum amounts for which said insurance shall be written ond it sholl be incumbent upon the Mortgagor to maintoin sud~ additional insurarxe os moy be necessary to meet and comply fullr with all co-insurance ~equirements contained in said policies to the end thot said Mortgagor is nof a to-insuror thereunder. Insurante shall be wriften by a tompany or companies approved br the Mortgagee and oll policies and renewals thereof shall be held by the Mortgagee. All detailed designaYwns by the Mortgagor which are accep?ed by the Mortgagee and all agreements befween Mortgagor and Mo~tgagee relating to insurance, now existing or hereafter made, shall be in writing and sholl be a part af this mortgoge agreement as fully as though set forth verbotim herein and shall govern both porties hereto and their svccesson and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which may be poyable on the cancellation or termination the~eof, shall be given to othe~ than the Mort- gogee, except by proper endorsement affiixed to such policy and opproved by Mortgagee. Eoch policy of insurance shall have affixed thereto a Stondard Mortgogee Clause acceptable to the Mortgogee, making all loss or losses under such policy poyable to the Mortgagee as its interest moy appear. In fhe evenf any sum or sums of money become poyable thereunder the Mortgagee shal! have the option to receive ond apply the same on account of the indebtedness hereby secured, o~ to permit the Mortgogor to receive and use it, or a~y part thereot, without fhereby waiving or impairing any equify, lien or right under and by virtue of this mortgage. In event of loss or physicol damage to the mortgoged property the Mortgogor shall give immediate notice thereof by mail to fhe Mortgagee and fhe Mortgagee mor make proof of loss if the same is not made promptly by the Morfgagor. In event of foreclosure of this mortgage or othe~ transfer of title to the mortgaged property in extinguishment of the indebtedness secured ; hereby, all right, title and interest of the Morfgagor in and to any insuronce policies then in forte shall pass fo the purchase~ or grantee. Upon any default thereof, the Mortgagee may (but wittwut obligation on its part w to do~ place insurance=on such ~ buildings ond pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid sholl bear inferest ~ from the date of payment ot the rate of eighf per centum (8°~~ per annum. € . FOURTH: That all sums of money paid or taused to be paid by the Mortgagee under the terms of this mortgoge and herein ~ speciFicolly provided for, and including anr expenzes incurred br the Mortgagee in collection of the sum secured by this mortgagc, ~ shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mo~tgage secures. ~ ~ FIFTH: To permit, commit or suffer no waste, impairment or deteriorotion of said property, or any part thereof, ond upon ~ the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mongagee may demand the ~ immediate repair of said buildings, or an irxrease in the amount of security, or the immediate repayment of the debt hereby ~ secured, and the foilure of the Mortgagor fo tomplr with said demand of the Mortgagee for a period of fifteen (15) dars shall constitute a breach of this mortgage, and, ot the option of fhe Mortgagee, immediately mature the entire unpaid principal and ~ interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for the oppointment of a receiver, as hereinafter provided. ~ ~ SIXTH: That ihe Mortgagor hereby promises, covenants ond agrees to pay the sums of money and interest as mentioned ~ in said promissory nofe, together witl~ any and all other sums justly due and owing the Mortgagee by the terms therein, and zecured to be paid as stated therein promptly when due. If defaulf shal~ be mode in the payment of fhe said sums of money or any part ~ thereof as provided in the said note or this mortgage, or if the interest thot may become due thereon or any part thereof sholt be in default and unpaid for a spate of fiheen ~15) days, or should ihe Mortgagor breath or foil to comply wi?h any other tovenont - or agreement on the part of the Mortgagor fo be tomplied wifh (in fhose cases in which the option of the Mortgogee of accelera- tion is not otherwise expressly provided herein) ond suth breach or non-compliante co~tinue in existerxe for a spoce of fiftee~ (15) days, then and from therxeforth, at the option of the Mortgagee and without notice to the Mortgogor, the whole of said principal a~ sum expressed in said note, together with oll other sums therein os well as herein provided for, sholl become immediately due and w_~ _ parable, without notice to the soid Mortgagor. SEVENTH: Tha1 in case it should become necessary to place this mortgage and the note secured hereby or ei7her of them, ~ in fhe hands of an atforney for collection, tfie said Mortgagor covenonts and agrees with the Mongagee to pay all costs, cha~ges ond expenses of such collection, inclvding reasonable attomey's fees whether collected by foreclos~re or otherwise. ~ ~Y Yv EIGHTH: Thot, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or othe?wise, ""i and, or to enforce poymenf of anr claim hereunder, the Mortgagee may apply to ony court having jurisdiction the?eof for fhe oppointment of a receiver of said morfgaged property, as well os the irxome, profits, issues and revenues thereof, and the said . rr; €s ~i - ~ - ~ ` ~ 22~ e~,~~.2!~~7