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Home My WebLink About2626 AND the said Mortqo9or hereby covenants ond o~rces with the soid Mort9oqee as follows: FIRST: Thot the Mortgagor is lawFully sei:ed of the obove dexribed p~emises in fee simple and hos qood right to sell and co~vey the some to the Mo?tgagee; thot the said premises are f?ee ond discharyed of and from oll taxes, tox litles or ceriificates, judgments, mechonic's liens a~d encumbrances of ony noture or kind whotsoever and thot the Mortgaqor will fully warrant and defe~d the some to the Mortgogee, ogainst Me lowful claims and demonds of oll persons whomsoever, ond will make such further ossuronces to perfecf fee simple title to said land, in the Mortgagee, os moy reasonable be required, and will pay the several sums of money ogreed in the soid note to be paid ond all installments of prirxipol and interest the~eon p~omptly whe~ due, ond occording to the true tenor and ef~ect of the said note. SECONO: Thot the Mortgagor will poy all and singular fhe taxes, assessme~ts, levies, and encumbrances of every noture on the obove dexribed propcrty, and upon this mo~tgage ond note, or the money secured thereby, before delinquency the~eof and reteipts evidencing poyment of said laxes, ossessments, levies and encumbrances sholl be deposited with the Mortgagee on or before Morch 1 st of eoch succeeding year during the term of this mortgage; ond if same be not promptly paid when dve, the Mortgagee moy lwithout obligation to do w) por the same, or become purchaser of any lowful evidence thereof, or tertiFicote therefor, without waiving or ofFetting any ~ight he~eu~der and in this mo~tgoge, o? the said note which this mortgage secures; ond such payments o~ expenditures w n~?ade shall bear inte~est from :he date thereof ot the rote of eight per centum (8~) per annum. THIRD: Thaf the Mortgagor will keep all real ond personal propertr ~ow or hereafter encumbered by the lien of this mortgage insured os moy be ~equi?ed from time to fimc by the Mortgagee ogaenst loss by Bre, windstorm ond other hazards, cosualties and contingencies fo? such periods end for not less than such omounts as may be required by the Mortgagee and to poy promptly when due al) premiums for sucfi ir?surance. The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounts for wtiith said insurante shall be wriften and it sholl be incumbent upo~ the Mortgagor to maintoin such additional insuronce os may be ~+ecessory to meet and tomply fully with atl co-insurance requirements contained in said policies to the end that soid Mortgagor is not a co-insuro? thereunder. Insurance shall be writteo by o company or companies approved by the Mortgagee ond all policies ond renewats Mereof shell be held by Me Mortgagee. All detailed designations by fhe Mongogo~ which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relati~g to insuronce, now existing or hereafter mode, shall be in writing and shall be a part of this mortgage agreement as fully as though set forth verbatim herein and shall govern bofh parties hereto and their succeuon ond assigru. No lien upon any of said policies of insurance or upon any refund or return premium which may be payable on the tancellotion or terminotion thereof, shalt be given to other than the Mort• _ gagee, except by proper e~donement affixed to sud~ policy and opproved by Mortgogee. Eoch policy of insuronce shall have offixed thereto o Standard Mortgagee Clause aaeptable to the Mortgagee, making all loss or losses under such polity payable to the Mortgagee as its interest may appear. In the event any sum or sums of money become payoble thereunder the Mortgagee sholl hove the option to receive and apply the same on actount of the indebtedness hereby secured, or to permit the Mortgagor to receive and use if, or any part thereof, without thereby waiving or impoiring ony equity, lien or right under ond by virtue of this mortgoge. In event of loss or physical domage to the mortgaged property the Mortgogor shall 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 event of forecbsure of fhis mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all ?ight, title and interest of the Mortgagor in and to any insuronce policies then in force shall pass to the purchaser or grantee. Upon any default thereof, the Morfgagee moy (but without obligation on its part so to do) ploce insuronce on wch buildings and pay the premium and charge sud~ sums so paid to fhe Mortgagor and suth sums of money so paid shall bear interest - from the date of payment at the rote of eight per centum (8°fb) per annum. , 'i FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the te~ms of this mortgage ond herein i specifically provided for, and irxluding any expe~ses incurred by the Mortgagee in collection of the sum secured by this mortgage, ~ sholl be tovered by the lien of this rtwrfgoge, the same as the sums of money represented by the note wti~ch this mortgage secures. ~ i FIFTH: To permit, commit or suf~er no waste, 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 demond the immediate repair of said buildings, or an increo:e in the amount of security, or the immediote repayment of the debt hereby secured, and the failure of the Mortgagor to comply with said demond of fhe Mortgagee for a period of fifteen (15) days shall constitute a breach of this mortgage, and, ot the option of the Mortgogee, immediately mature the e~tire unpaid p~irxipal and interest hereby secured, and the Mortgagee moy, without notice, institute praeedings to foreclose this mongage, and apply for the appointment of a receiver, as hereinafter provided. SIXTH: Thot the Mortgogor hereby promises, covenants and agrees to pay the sums of money and interest as me~tioned in said promissory note, together with ony and all other sums justly due and 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 tfie said :ums of money or any part the~eof as provided in the said note or this mortgage, or if the interest thot may become due thereon or a~y part thereof sholl be in default and unpaid for a spece of fifteen (15) days, or sF~ould the Mortgagor breach or fail to complr with anr other covenant or agreement on the part of the Morfgagor to be complied with (in those cases in whKh the optwn of the Mortgagee of accelera- tion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for a space of fifteen (IS) days, the~ and from therxeforth, at the option of the Mortgagee and without notice to the Mortgogor, the whole of soid principal ~ sum expressed in soid note, together with all other sums therein as well as herein provided for, sholl become immediately due and ~ payable, without notice to the said Mortgagor. ~ ~ SEVENTH: That in case it should become necessary to place this mortgage ond the note secured hereby or either of them, i ; in the hands of on attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay oll costs, chorges ~ and expenses of such collection, including reosonable atto~ney's fees whether collected by foretlosure or otherwise. EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, and; or to enforce payment of any claim hereunder, fhe Mortgagee may apply to any court having jurisdicfion thereof for the appointment of a receiver of said mortgoged property, os well os the i~tome, profits, issues and revenues thereof, ond the said soo~225 ~2620 - ~ _ ~ ~ s : . e - - . _ . ~ ~_s_ ~ _ ~