HomeMy WebLinkAbout2826 AND the soid Mortgagor he~eby covenants ond agrees with Ihe said Mortgagee as follows: ' ~
FIRST: Thot the Mortgagor is lawfully ieized of the above descr~bed premises in fee simple and has good right to sell ond ~
convey the same to the Mortgogee; thot the soid premises are free and discho~ged of and from all toxes, tax tittes o~ ce~tificates,
judgments, mechonic's liens ond e~cumbronces of ony noture or kind whotsoever ond that the Mortgagor will fully worront ond
defend the same to the Mortgagee, agoinst the lawful cloims ond demo~ds of oll persons whomsoever, and will make such further
ossurontes to pe~fetf fee simple fitle to said lond, i~ the Morfgagee, os moy reosonoble be required, and will poy fhe several
sums of money ogreed in the said note to be paid o~d oll instollments of principol and interest thereon promptly wher+ due, and
according to the true tenor ond effect of the said note.
SECOND: That thc Mortgagor wi~l poy all and singulor the faxzs, assessments, levies, ond ertumbrances of every noture
on the above described property, ond upon this mortgage ond note, or the money sec~red lhereby. befo~e delinquency thereof
and receipts evidenting poyment of soid toxes, assessments, levies ond encumbrances sholl be deposited with the Mortgagee on or
before Morch lst of each sutteeding rear during the term of this mortgage; and if some be not promptly paid when due, the
Mongogce moy (without obligation to do so) poY the same, or become purchoser of any lowful evidente thereof, or certificote
therefor, witheut waiving or affetting ony right hereunder ond in this mortgoge, or the said note which this mortgage secvres; and ~
such payments or expenditu~es so made shall bear interest f~om the date thereof at the rate of eight per centum (8~) per anrwm.
THIRD: Thot the Mortgagor will keep all real ond penonal property now or hereafter encumbered br the lien of Mis
mortgage insured as may be required irom time to time by the Mortgagee against loss by fire, windstorm and other hozards,
casualties and contingenties for such periods ond for not less than suth omounts os mar be required br the Mortgagee ond to pay
promptly when due all premiums for suth insurance. The amounfs of such insuronte required by fhe Mortgagee are expressive of
only the minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintoin such
oe~ditional iruura~ce os may be necessory to meet and compty fully with all co-insurance requiremenh contoined in soid polities to
the end that said Mortgagor is not o co-insuror fhereu~der, Insurance shall be written by a company or companies approved by the
Mortgagee and all policies and renewols thereof shall be held by the Mortgagee. All detuiled designotions by the Mortgagor
which are attepted by the Mnrtgagee and all agreemenh between Mortgagor ond Mortgagee relating to insurance, now existing
or he~eofter made, shall be in writing ond shall be a part of this mortgage agreement as fully os though set forth verbotim herein
and sholl govern both parties hereto and their svaesson and assigns. No lien upon any of said pOlities of insuronce or upon any
refund or retum premium which moy be payable on ihe cantellation or termination thereof, shatl be given to other thon the Mort-
gagee, except by proper endorsement affixed to such policy ond approved by Mortgagee. Each policy of inwrance shall hove
afFixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making oll (oss or losses under such policy payable
to the Mortgagee as its interest may oppear. In the event any wm w sums of money become poyoble thereunder the Mortgagee ~
shall hove the option to receive ond opply fhe same on aaount of the indebfedness herebr secured, or to permit the Mortgagor to i
receive ond use it, or any port thereof, wiMaut thereby waiving or impairing anr equity, lien or right under and by virfue of this ~
mo~tgage. In event of loss or phrsical damage to the mo~tgaged prope?ty the Mortgagor sholl give immediate notice thereof by :
mail to the Mortgagee and the Morfgagee moy make proof of loss if fhe same is not made promptlr by the Mortgagor. In event `
of forecbsure of this mortgage or other transfer of title to the mortgaged propeHy in extinguishment of the indebtedness secured ~
hereby, all right, title and interest of the Mortgagor in and to any insuronte policies then in force shall poss to the purchoser or
grontee. Upon any defoult thereof, the Mortgagee moy (but without obligation on its part w to do) place i~urance on wd~
buildings and pay the premium and ~arge such sums so paid to the Morfgagor and such sums of money so paid shall bear i~erest
from rhe dare of poymenr at rhe rare ofzigl,~-pe~?<enkrnrEB~cipe~anrw~n.nine and one-half per centum (9z1~)
per annum. ~
I FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of Mis mortgage ond herein
j specifically provided for, and including any expenses incurred by the Mortgogee in collection of the sum secvred by this mortgoge,
; shall be covered by the lien of this mortgage, the same as the sums of money represented by the note wiiKh this mortgage setures.
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~ FIFTH: To permit, commit or sufFer no waste, impairment or dete~ioration of soid property, or ony part thereof, and upon
~ the foilure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee moy demand the
~ immediate repair of said buildings, or an irx?eose in the omount of security, or the immediate repayment of the debt hereby
~ secured, ond the foilure of the Mortgagor to tomply with said demand of the Mortgogee for a period of fifteen (15) days shall
constitute a breech of this mortgage, and, ot the optwn of the Mortgagee, immediately mature the entire unpaid principal ond
irsterest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and opply for
the appointment of o ~eceiver, as hereinafter provided.
SIXTH: That the Mortgagor hereby promises, tovenants and agrees to pay the sums of money and interest as menYroned ~
in soid promissory note, together with any and all other sums jusNy due a~d owing the Mortgagee by the terms therein, and secured ~
to be paid as stated therein promptly when due. If default shal: be made i~ the poyment of the said sums of money ortony port ~
thereof as provided in the said note or this mortgage, or if the interest that moy betome dve thereon or ony part thereof sholl be i
in default and unpaid for a spoce of fifteen (15) days, or should the Mortgagor breach or fail to comply with any other covenont
or agreement on fhe part of the Mortgagor to be complied with (in those tases in which the option of the Mortgagee of atcelera- ?
tion is rat otherwise expressly provided herein) and suth breach or rwn-tompliarxe continue in existente for o spoce of fifteen (1S~ '
* dors, then and from therxeforth, at the option of the Mortgagee and without notice 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, shall become immediately due and
payable, without notice to the said Mortgagor.
SEVENTH: Thot in case it should become necessary to place this mortgage and the note secured hereby or either'of them, ~
- in the honds of on attorney for collection, the said Mortgagor covenants and agrees with the Mortgogee to pay all costs, charges
and expenses of such collection, including reasonoble attorney's fees whether collected by foreclosure or otherwise.
~ EIGHTH: Thot, in the event any :uit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise,
and: or to enforce poymenf of any tloim hereunder, the Mortgagee may opplr fa any court having jurisdicfion thereof for the
appointment of a receiver of said mortgaged property, as well os the income, profits, issues and revenues thereof, and the said
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