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HomeMy WebLinkAbout1690 AN~ the said Mor~gagor hereby cove~a~ts ond ag?ees with the said Mortgagee as follows~ FIRST: Thot tAe Mortgogo? ~s lawfully seized of the obove descr~bed prem~ses in fee simple and hos good r~ght to seli ond convey the some to the Mortgogee; rhot the sa~d premisei are free and dischorged of ond From ali toxes, tox t~tles or cert~ficotes. iudgments, methon~c's I~ens and encumbronces of ony notu~e or kind who?soever and thot the Mortgagor w~ll fully worrant and defend Ihe same to the Mortgagee, aga~nst the lawful tlo~ms ond demands of oll persons whomsoever, o~d will moke svth furiher ossurarxes to perFect fee s~mple title to said lond, in the Morfgagee, as moy reasonoble be required, and will poy 1he several svms of money agreed in the so~d note to be paid and all instollmen~s of prirxipal and interest thereon promptly when due, and according to the tr~e te~o? and efiect of the said note. SECONO: That the Mo~tgogor wili poy all and :ingular the taxes, ossessments, levies, and e~cumbronces of every noture on the above destribed property, and upon this mortgoge and note, or the money sttured fhe~eby, before delinquency thereof and receipts ev~dencing payment of said toxes, assessments, levies and encumbrances sholl be deposited with the Mortgagee on or before Marth lst of eath sucteeding yeor d~ring the ferm of fhis morfgage; and if same be not promplly poid when due, the Mortgagee may (without obl~gation to do so) pay fhe same, or become purchaser of ony lowful evidence thereof, or cert~ficate therefor, wilhout waiving or offecfing any right hereunder and in this mo~tgage, or the said_note wha~i"1Ks mortgage secures; ond such payments or e,ependitu.es so mode shall bear ~nterest from the date thereof ot the rate of eight per centum (8°fo) per annum. THIRD: That the Mortgagor will keep oll reol and personal property now or hereafter erxumbered by the lien of this mortgoge insured as may be ~equired from time to time by the Morfgagee againsf loss by fire, windstorm and other hozards, cosualties and tontingencies for such periods a~d for not less fhan such omounts os may be required by fhe Mortgagee and fo pay p~omptly when due oll premiums for such ins~rance. The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounts for which soid insurance shall be wriften and it shol~ be irtcumbent ~po~ the Mortgagor to maintoin s~ch add~tional insuronce os may be necessary to meet and comply fully with oll co-insurarxe requirements tontained in soid policies to the end Ihat said Mortgagor is not o co-insuror thereunder. Insurorxe shall be written by o company or companies approved by the Mortgogee and all policies ond renewols thereof shall be held by the Morigagee. All detailed designations by the Morfgagor which are accepted by the Mortgogee and alf agrtements betwee~ Mortgagor and Morfgogee ~elati~g to insurarxe, now existing or he~eafter mode, shall be in writi~g and sholl be a part of this mortgage agreement as fully os though set forth verbatim herein and sholl gover~ b~th parties hereto and it?eir svtcessors end assigns. No lien upon ony of said polities of insurance or upon ony ~ refund or return premi~m which moy be poyoble on the tantellafion or terminateon ihereof, shall be given fo other fhan fhe Morf- gagee, except by proper endorsement affixed to such policy and opproved by 1Nortgegee. Each po~icy of insurance sholl have affixed thereto a Standard Morfgagee Clause acceptoble to fhe Mortgagee, making all loss or losses under s~ch policy poyable to the Mortgagee as its inferest may appear. In the event any sum or sums of money become payoble the:eunder the Mortgagee shall have the option to receive ond apply the same on attounf of the indebtedness hereby secured, or to permif the Mortgagor to receive and use it, or ony part thereof, without thereby waiving or impairing any equity, lien or righf under and by virtue of this mortgage. In event of loss or physical damage to the mortgaged properfy fhe Mortgagor shall give immediafe notice thereof by mail to fhe Mortgagee cnd the Mortgagee may make proof of bss if the same is not made p?omptly by the Mortgogor. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secvred hereby, all right, title ond interest of the Morfgagor in and to any insurance policies then in force shall pass to the purchoser or grantee. Upon any defoulf thereof, the Mortgagee may (buf without obiigation on its part sa fo do) place insurance on suth buildings and poy the premium and charge such sums so paid to the Mortgagor and such sums of money so paid sholl bear interest from the date of poyment ot the rate of eighf per tentum (8afp) per annum. FOURTH: Thof all sums of money paid or coused to be poid by the Mortgagee under the terms of this mortgage and herein specifically provided for, and irxluding any expenses in:urred by the Mortgagee in collection of the sum secured by this mortgoge, shall be covered by the lien of this mortgage, the same os the s~ms of mo~ey represented by the note which this mortgage secores. ~ FIFTH: To permit, commit or sufFer no waste, impoirment or deterioration of sa~d property, or any part thereof, ond upon . ~ the failure of the Mortgagor to keep the bui~dings on said property in good candition of repoir, fhe Mortgagee may demand the ~ ~mmediate repoir of soid buildings, ur an intrease in the amount of security, or the immediate repoyment of the debt hereby g ' ~ secured, and the fail~re of the Mortgagor to comply with said demand of the Mortgagee for a period of fif~een (15} days shall constitute a breach of this mortgage, and, at the opfion of fhe Mortgagee, immediotely mnture the entire unpoid principa) and ~nterest hereby secured, and the Mortgagee may, without nofice, institute proceedings to foreclose this mortgage, and opply for the appointment of o receiver, as hereinafter provided. SIXTH: That the Mortgagor hereby promises, covenanis ond agrees to pay the sums of money and interest os menY~oned in said promissory note, together with ony and all other sums jusfly due and owing fhe Mortgagee by the terms therein, and secured to be poid os stated therein promptty when due. If default shal; be made in the payment of the said sums of money or any part thereof os provided in the said note or tfiis mo?tgage, or if the interest thaf may become due thereon or any part fhereof sNall be in default ond ~npaid for a space of fifteen {IS) days, or should the Mortgagor breach or fail to comply with any other co~enant ~ or agreement on the pari of the Mortgogor to be complied with (in those coses in which the option of the Mortgogee af accelera- , ~ tion is not otherwise expressly provided herein) and such breach or non-compliance confinue in existence for a space of fifteen (15~ ~ dars, fhen and from thenceforth, at the optio~ of the Morigagee ond without notice to fhe Mortgagor, the whole of soid pr~cipol - sum expressed in said note, together with all other sums therein as well as herein provided for, sholl become immediotely due and poyoble, without notite to ihe said Mortgagor. SEVENTH: Thot in case it should become necessary to place this morfgoge and the note secured hereby or either of them, ~ in the honds of an ottomey for collection, the soid Mortgagor tove~anfs and ogrees with !he Mortgogee to pay all costs, chorges and expenses of wch collection, incl~ding reasanable attomey's fees whether coNected by foredosure or otherwise. ~ - ~ EIGHTH: That, in the event any suit is brought vpon this mortgoge, whether to foredose it, to reform it, or otherwise, ~ and or to enforce payment of any claim hereunder, the Mortgagee moy opply to ony court having jurisdiction thereof for the ~ appointment of a receiver of said mortgaged property, as well os tne income, profits, issues and revenues thereof, ond the said ~ ~ E c~ 2`~ ~ ~ ~ - - 'rv,y, ~i ~ ~.y, ~ ' z ~ ~~.~d2x.'~s~~,,:.a f.s~~;~~ - . Q ...e,.. _