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Home My WebLink About2947 AND the soid Moitgogor hereby covenanfs ond ag?ees with the said Mortgogee os~ foliows: FIRST: Thot the Mortgogor is lowfully seized of the above deuribed premises in fee simple ond hos good right to sell and convey the same to the Mortgagee; thot the said premises are free ond distho~ged of and from oll toxes, tox titles or certificates, judgments, mechonic's liens and e~cumbrances of any nature or kind whalsoever and thot the Mortgegor will fullr warront and defend the some to the Mortgogee, ogainst the lawful cloims and demonds of oll persons whomsoever, and will moke suth furMer oss~rantes to perfect fee simple fitle to said lond, in the Mortgagee, as mor reosonoble be ~equired, and will poy fhe several sums of money agreed in Ihe soid note to be paid ond oll instollments of principal and inferesf fhereon promptly when due, ond according fo the f~ue tenor ond effect of the said note. SECONp: Thaf ihe Morfgogor wil) poy all ond singular fFte foxes, assessments, levies, and encumb~ances of every noture on the obove destribed property, and upon this mortgage and note, or the money secured thereby, before delinquc~ty thereof and receipts evidencing payment of said toxes, ossessments, levies ond encumbrances shall be deposited with the Mortgogee on or before Merch lst of eoch succeeding year d~ring the term of ihis mortgoge; ond if some be not promptly poid when due, the Mortgagee moy (without obligation to do so) poy the same, or btcome purchaser of any lawful evidence thereof, or certificote ' therefor, without waiving or offetting any right he~eunder and in this mortgcge, or the said note whith this mortgage setures; and such payments or expenditures so made shall beor interest from the dote thereof ot the rote of eight per centum (8~) per annum. • THIRD: That the Mortgagor will keep all real and personal property now or hereofter enc~mbered by the lie~ of this mortgage insured as moy be required from time to time by the Mortgagee agairut loss by fire, windstorm and other hozards, casualties and contingencies for such periods ond for nof less fhan sucfi amounis as moy be required by the Mongagee ond to poy promptly when due a~l premiums for such insuronce. The omovnts of such insurance required by the Mortgagee ore expressive of only the minimum omounis for whith said insurance shall be wriften ond it shall be incumbent upon the Morfgagor to mai~toin such additional insurance as moy be necessary to meet and comply fully with ot) to-insurance ~equirements contoined in said policies to. the end thot soid Mortgagor is not a co-insuror thereunder. Insurance shall be written by a companr or companies approved by the Mortgagee and all policies o~d rertewols thereof sholl be held by the Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between Mortgogor and Mortgagee relating to insuronce, now existing or hereoffer made, shall be in writing ond shall be a part of this mortgage agreement as fully as though set forth verbatim herein and shal! gavern both parties hereto ond their successors and ossigns. No lien upon any of said policies of insurarxe o~ upon any refund or return premium whith may ba payable on the cancellotion or termination thereof, shall be given to other than the Mort- gogee, except by proper endorsemen! affixed tp sud~ policy ond approved by Mortgagee. Each policy of insurance shal) hove af~ixed thereto a Standard Mortgagee Clouse aaeptable to the.Mo~tgagee, making all bss or losses unde~ such policy payable to the Mortgagee os its interest may appea~. In the event aqy sum or sums of money become parable thereunder the Mortgagee shall have the option to receive and apply fhe same on attount of the indebtedness hereby secured. or to permit the Mortgogor to reteive and use it, or any port thereof, wifhout thereby woiving or impoiring any equity, lien or right under and by virtue of this mortgage. In event of loss or physical damage to the mortgaged property the Mortgagor sholt give immediote notice thereof by moi{ to the Mortgagee ond the Mortgagee moy make proof of loss if the same is not made promptly by the Mortgagor. In event of foreclosure of this morfgage or other tronsfer of title to the martgaged property in extinguishment of the indebted~ess secured hereby, oll right, title and interest of fhe Mortgagor in and to any insurante policies then in force sholl pass fo fhe purthoser or ' grontee. Upon any default thereof, the Mortgagee moy (but without obligotion on its part so to do) place insurance on such ' buildings and pay the premium and chorge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest i ~ from the dote of payment at the rote of eight per centum (8~) per annum. I - ~ FOURTH: That oll sums of money poid or caused to be paid by the Mortgagee under the terms of this mortgage and herein h specifically provided for, and including any expenses incurred by the Mortgagee in collection of the sum secured by this mortgogr, ~ sholl be covered by the lien of this mortgage, the same as the sums of money represented by the no)e which this mortgage secures. ~ ~ ~ FIFTH: To permit, commit or suf~er 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 conditio~ of repair, the Mortgagee ~may demand the ~ immediate repair of sflid buildings, or an intrease in the amount of seturity, or the immediate repoyment of ihe debt hereby secured, and the failure of the Mortgagor to tomply with said demond of the Mortgagee for a period of fifteen (15) days shall constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and ~ interest hereby secured, and the Mortgagee may, without notice, institute proceediigs to foreclose this mortgage, ond apply for ~ the appointment of o receiver, as hereinefter provided. . ~ SIXTH: Thot the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as mentioned ~ _ ~n said promissory note, tagether with any and 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 shol~ be mode in the payment of the soid sums of money or any part thereof as provided in fhe said note or this morfgage, or if the interest thaf may become due thereon or onr part thereof shall be in default and unpaid for a space of fifteen (15~ days, or should the Mortgagor breach or fail to comply with any other covenant '~i - or agreemenf on the parf of ihe Morigogor fo be complied wifh {in ttwse tases in which the option of the Mortgagee of atcelera- tion is not otherwise expresslr provided herein) ond such breach or non-comptiance continue in existence for a space of fifteen (i5) - doys, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal svm expressed in said note, fogether wifh alt other sums therein os well as herein provided for, shall betome immediately due and ',~3 payable, without notite to fhe said Morfgagor. ~i SEVENTH: Thot in case it shouid become necessary to ploce this mortgoge ond the note secured hereby or either of them, in the hands of an attorney for collection, the soid Mortgogor covenonts and agrees with the Mortgagee to pay all costs, charges = ond expenses of such collection, irxluding reasanoble ottorney's fees whether collected br foreclosure or otherwise. . EIGHTH: That, in the event any suit is brought upon this mortgage, whether to forecbse it, to reform it, or otherwise, and, or to enforce poyment of anr claim hereunder, the Mortgogee may apply to any tourt hoving jurisdiction thereoF for the oppointment of a receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, ond the soid ~a azR~ 369 ~GE 9 8 ~p2~ Pa~r 2~4? - z - : ~'ti~c.t.x, L?d