Loading...
HomeMy WebLinkAbout0345 AND the said Mortgogor hereby covenants and ogrees with the soid Mortgagee os follows: FIRST: Thot the Mortgogor ~s lawfully se~zed of the above desu~bed premises in fee simple and has good r~ght to sell and convey Ihe same to the Mortgogee; thot the said premises ore free ond dischorged of ond from oll toxes, tax tilles or certificafes, judgments, mechonic's liens and encumbronces of ony noture or kind whotsoever and thot the Morf9a9ur will fully warrant o~d defend the same to the Mo~fgagee, against the lowful cloims and demonds of oll perso~s whomsoever, ond will moke suth further assu~antes to perfect fee simple title to said lond, in the Mortgogee, os moy reasonoble be req~ired, and will poy the severol sums of money ogreed in the said note to be paid and all instollments ot prirxipol ond interesf thereon promptly when due, and accord~ng to the true tenor a~d effiect of the said r?ote. SECONU: Thaf the Mortgogor will poy all and singular the faxes, assesime~fs, levies, and encumbronces of every noture on the above desc~ibed property, ond upon this mortgage and note, or the money secured thereby, before delinquerxy thereof ond receipts evidencing poyment of said toxes, assessme~fs, levies and erxumbronces shall be deposited with ihe Mortgogee on or before Morch Ist of each s~cceeding year during the term of this mortgage; and if same be not promptly poid when dve, the Mortgogee moy (without obligation to do so) poy the same, or become purthaser of onr lawful evidence thereof, or certificate therefor, without waiving o~ af~ecting ony right hereunder ond in this mortgoge, or the soid note which this mortgoge secures; and svch payments or expenditvres so mode shall beor interest from the date fhereof ot the rete of eight per centum (8Qfo) per annum. THIRD: Thoi the Mo~tgogor will keep all real ond personal property now or hereafter erxumbered by the lien of this mortgoge i~sured os moy be required from time to time by the Mortgagee againsf loss by fire, windstorm and other hozords, casualties and contingencies for such periods and for not less than such omounts as moy be required by the Mortgogee and to pay promptly when due oll premiums for such insurorxe. The amounts of such insurorxe reGuired by the Mortgagee are expressive of only the minimum amounts for which said insuronce shall be written and it shall be irxumbent upon the Mortgagor to mointain such additional insurance as may be necessory to meet and comply fully with oll co-insuronte req~irements contained in said policies to the end thot soid Mortgogor is not o co-insuror fhereunder. Insuronce sholl be written by a compony or companies approved by fhe Mortgagee and all policies and renewals thereof shall be held by the Mortgagee. All detoiled desig~ations by the Mortgagor which ore accepted by fhe Morigagee and all agreements between Mortgagor and Mortgagee reloting to iMUronce, now existing or hereafter made, shall be in writi~g ond shall be a port of this mortgage agreement as fully os though set forth verbatim herein ond shall govern both parties hereto and their successors ond assigns. No lien upon any of said policies of insurarxe or upon any refund or return premium which may be payable on the tancellotion or termination thereof, sholf be given to other than the Mort- gagee, except br proper endorsement afFixed to such policy and approved by Mortgagee. Each policy of insuronce shall have afFixed thereto a Stondard Mortgogee Clause aueptable to the Mortgagee, making all loss or losses under s~ch policy payable to fhe Morigagee as its inferest moy appear. In fhe event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and apply the same on atcount of the indebtedness hereby secured, or to permit !he Mortgagor to receive and use it, or any part ihereof, withouf thereby waiving or impairing anr equity, lien or right under ond by virtue of this mortgoge. In event of loss or phrsital damage to fhe mortgaged property the Mortgagor shall give immediafe notice fhereof by 'i mail fo ihe Mortgogee and the Mortgagee may make proof of loss if the some is not made promptly by ihe Morfgogor. tn event ~ of foreclosure of this mortgage or other transfer of title to ihe mortgaged property in extinguishment of the indebtedness secured f ~ hereby, all right, title and interest of the Mortgagor in and to ony insurarxe policies then in force shall pass to the purchoser or ~ grantee. Upon ony default fhereof, the Mortgagee may (but without obligation on its pa~t so to do) place insurance on suth ~ buildings and pay the premium ond charge such sums so paid to the Mortgagor ond such sums of money so paid shall beor interest - from the date of payment ot the rote of eight per centum (8~) per onnum. ~ ~ FOURTH: Thot oll sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgoge ond herein ~ specificatly provided for, and including any expenses incurred by the Mortgagee in collettion of the sum secured by this mortgage, ~ shall be cove~ed by the lien of fhis mortgage, the same as the sums of money represenfed by fhe note which this mortgage secures_ ~ ~ FIFTH: To permit, tommit or suffer no woste, impairment or deterioration of said property, or ony part thereof, and upon ~ the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the ~ immediate repair of soid buildings, or an increase in the omount of seturity, or the immediate repoyment of the debt hereby ~ secured, and the foilure of ihe Mortgagor fo comply with soid demand of fhe Mortgagee for a period of fiffeen (lSj days sholl ; constifute a breach of fhis mortgoge, and, at fhe option of the Morfgogee, immediately moture fhe entire ~npaid printipol ond ~ ~ interest hereby secured, ond The Morfgagee moy, wifhout nofice, instifufe proceedings to foreclose this mortgage, and apply for the oppointment of o receiver, as hereinafter provided. ~ ~ SIXTH: Thaf the Mortgogor hereby promises, tovenanfs ond ogrees to pay the sums of money and interest as mentioned , in said promissory note, together with~ any and all other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid as stoted therein promptly when due. If defauft shol~ be made in the payment of the said sums of money or ony part thereof os provided in the said note or ihis mortgage, or if the interest fhat may betome due thereon or any parf fhereof sholl be ~ in defavlf and unpaid for o space of fifteen (15) days, or should the Mortgagor breach or fail to tomply with any other toveno~t ~ or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of occelera- ;K tion is not otherwise expressly provided herein) and such breath or non-compliarxe continue in existerxe for a space of fifteen ~ 1 S) days, then and from therxeforth, at fhe opfion of fhe Mortgogee and without notite to the Mortgogor, the whole of said prirxipol sum eapressed in said r?ote, together with all other sums therein as well as herein provided for, shal! become immediately due and - payable, without notice to the said Mortgagor. ~:3 ~a SEYENTH: That in case it should become necessory to place this mortgage and the note secured hereby or either of them, in the hands of an a!torney for collection, the said Mortgogor covenants and agrees with fhe Mortgagee to pay all costs, chorges ond expenses of s~ch tollection, including reaso~able attomey's fees whefher collected by foreclosure or otherwise. EIGHTH: Thof, in the event ony suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, :r> and or to enforce parment of any daim hereunder, fhe Mortgagee may apply to any courf having j~risdiction thereof for the appointment of o receiver of said morTgaged property, as well os fhe irxome, profits, iss~es and revenues thereof, and the said , ~ - ~ - : - , ~~4 ~,~E ~4~ ~ - - _ _ : ~ ~ ~ _ ~-~a: ~ ~ ~ ~ j _3 - r~^~-~~ ~ ~ { s . s, ~ . . s_ . ,