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Home My WebLink About1700 ANp the sa~d Mortg~gor hereby covenonts and og?ees with the soid Mor?gogee as follows: FIRST: Thut rhe Mortgagor ~s lowfully seized of the abo~e descr~bed premises in fee simple and has good right to sell and convey the same to Ihe Mortgogee; thot rhe said premises a~e free and discharged of and frcm all toxes, tax titles or certiFicates, judgmer.ts, mechon~c s liens and encumbrances of any noture or kind wha~soeve? and thot the Mortgagor will fully worront ond defend the same to the Mo?tgogee, agains? the lawfuf claims and demonds of oll persons whomsoever, ond will make such further ossurarxes to perfect fee s~mple t~tle to sa~d tand, in Ihe Mortgagee, as moy reasonoble be required, and will pay ~he sever~l sums of money ogreed in the said note to be paid and all instollments of principal and interesf thereon prOmplly when due, ond occord~ng to the ?rue tenor ond ef~ect of the said note. SECOND: Thot the Mortgogor wi~l pay oll o~d singular fhe taxes, assessments, levies, and encumbrances of every notu?e on the above described prope~ly, and ~pon this m9rtgoge and nofe, or the money setured thereby, before delinquency thereof and receipts ev~dencing poyment of soid taxes, ossessments, levies and encumbrorxes snall be deposited with Ihe Mortgogee on or before March lst of each succeeding yeor during the term of this mortgoge; and if same be not promptly poid when d~e, the Mortgagee may (without obtigotion to do so) pay the same, or become purchase~ of ony lawfu) evidence thereof, or certificate therefor, withoul waiving or af~ecting any right hereunder and i~ this mortgage, or fhe said note which this mortgage setures; ond svch payments or expenditures so mode shall bear interest from the date thereof at the rote of eighf per centum {8~) per annum. THIRU: That the Mortgogor will keep oll real and personal property now or hereaffer encumbered by the lien of this mortgage insured os may be required from time to time by the Morfgagee against loss by fire, windstorm ond other hazards, cosualties and contingencies for such periods and for not less than such omounfs as myy be required by the Mortgagee and to par promptly when due oll premiums for such insurance. The amounts of suth insurorxe requi~ed by the Mortgagee ore expressive of only the minimum amounfs for which said insuronce shall be written and it shall be intumbent upon the Mortgagor fo maintoin svch additional insurance as may be necessory to meet and comply fully with all co-insvrance requirements tontained in said policies to the end that said Mortgogor is not o co-insuror fhereunder. (nsurante shall be wriften by a company or companies approved ~ the Mortgagee ond all policies ond renewals fhereof shall be held by fhe Mortgagee. All detailed designofions by the Mortgogor which are accepted by the Mortgagee and all agreements between Mo~tgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be o part of this mortgoge agreement as fully as though set forth verbatim herein and sholl gover~ both parties herefo and fheir sutceswrs and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which moy be payoble on the carxellation or terminotion thereof, shall be given to other tha~ the Mo~t- gagee, except by proper endorsement af~ixed to such pol'Ky and approved by Mortgagee. Eath poticy of insurorxe shall hove affiixed thereto o$tandord Mortgagee Clause acceptoble to the Mortgagee, making oll ~oss or losses under such policy payabte to fhe Morfgagee as its interest-may appear. In fhe event ony sum or sums of money become payable thereunder fhe Mortgagee sholl have the option to receive a~d apply the same on account of the indebtedness hereby sec~red, or to permif fhe Mortgagor to receive and use it, or any parf thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this morigage. In event of loss or physical domage to the mortgaged property the Mortgagor sholl give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the some is not made promptly by the Mortgagor. In eve~t of foreclos~re of this mortgage or ofher fransfer of title fo fhe mortgaged property in extinguishment of fhe indebtedness secured hereby, all right, title ond interest of the Mortgagor in and fo any insuronce policies then in force shall pass fo the purchaser or grantee. Upon any default ihereof, the Morfgagee may (but without obligation on its part so fo do) ptace insuro~ce on such b~ildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest from the dafe of parment at fhe rofe of eight per tentum (SQfo) per annum. FOURTH: That oll sums of money poid or caused to be paid by ihe Mortgagee under the terms of Ihis morfgage ond herein specifically provided for, and including any expenses incurred by the Mortgagee in tollection of the sum secured by this mortgage, ~ shall be covered by the lien of this mortgage, the some os the sums of money represenfed by the note which this mortgage secures. ~ FIFTH: To permit, commit or suffer no waste, impairment or deterioration of soid property, or any part thereof, and upon F 1he failure of the Mortgagor to keep the b~ildings on soid property in good condition of repair, fhe Mortgagee may demand fhe ~ ~mmedidte repair of said buildings, or an increase in the amount of security, or the immediate repayment of the debt hereby ~ sec~red, and the failure of the Mortgagor to comply with said demand of the Mo~tgagee for o period of fifteen ~15) days sholl ~ constitute o breach of this mo?tgage, and, at the option of the Morfgagee, immediately mafure the entire unpaid principal and ~ ~nrerest hereb secured, and the Mort a ee ma , without notice insfitute roceedin s to foreclose this mort a e, ond o I for ~ Y 9 9 Y . P 9 9 9 PPY ~ the oppointment of a receiver, as hereinoffer p~ovided. ~ SIXTH: That the Morigagor hereby promises, covenants and ogrees to pay the sums of money and inte~est as mentioned in said promissory note, together with anr and all other sums jusfly due and owing the Morfgagee by the terms fherein, and secured ; to be paid as stafed therein promptly when due. If defoult shal~ be made in the poyment of the said sums of money or any part ~ thereof as provided in the soid rate or fhis mortgage, or if the inferest ihat moy become due thereon or ony part thereof sholl be in defaulf and unpaid for o space of fifteen ~15) doys, or should the Mortgagor breoch or foi) fo comply with any other covenont ~ or agreement on the port of the Mortgogor to be complied with ~in those cases i~ which the option of fhe Mortgagee of accelero- tion is not otherwise expressly provided herein) and such breach or non-compliance continue in existerxe for a space of fiftee~ ( i 5) ~ doys, then and from therxeforth, a? the option of the Mortgagee and wifho~t notite to the Mortgagor, the whole of said principal sum expressed in said note, together with all other sums therein as well as herein provided for, sholl become immediately due ond _ payable, without notice to the said Morfgagor. SEVENTH: Thot in case it should become necessary to place this mortgage and the note secured hereby or either of them, in the hands of an attorney for collection, the said Morfgogor covenants and agrees wifh the Mortgogee to pay oll costs, charges " and expenses of s~ch collecfion, including reasonoble attorney's fees whether collected by foreclosure or otherwise. ;5 EIGHTIi: Thot, in the event any suit is brought upon this mortgoge, whether to foreclose it, to reform it, or otherwise, !^;3 ond or to enforte poyment of any tloim hereunder, the Morfgagee may apply to any courf having jurisdiction thereof for fhe appointment of a receiver of said morfgaged property, as well as the irxome, profits, issves and revenues thereof, and the said ,'3;: 224 PAGE~699 s:ti Ax ~-3 ~ - ~R - ~ : ~ ~ ~ , ~ ~ ~ ` ~ 'F§'.a y h 1„b~ 'K ~ ~ ~ ~...:c: ~ ~~~'^'~„~~a:~° ~ _ , ~~`-~'~'"~.~F-~~ .~`~~~`.~K~-~