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Home My WebLink About0121 /1ND the said Mortgagor hereby covenants and agrees with fhe said Mortgogee os follows: FIRST: Thot the Mortgogor is lawfully seized of fhe obove deuribed premises in fee simple and hos good righf fo sell ond co~vey the same to fhe Mortgagee; that the said premises are free and discharged of and from all toxes, tox titles o~ certificates, judgments, mechanic's liens and entumbrances of any natu~e or kind whatsoeve~ and thot the Mortgogor will fvlly warrant ond defend fhe same to the Morfgogee, ogainst ihe lowful tlaims and demands of oll persons whomsoever. and will moke such furthe~ oss~ronces to perfect fee simple title to soid land, in fhe Morigogee, as moy ~eosonable be required, ond will pay the severol svms of money ogreed in the said nofe to be poid ond ol) installments of principal and interesf thereon prompfly when due, ond occording to the true teno? and effect of the said note. SECOND: Thot the Mortgogor will poy oll and singular the faxes, assessments, levies, and encumbrnnce: of every nature on the obove deuribed property, ond upon this mortgege and note, or the money secured therebr. before delinquency thereof and receipts evidencing poymeol of said taxes, assessments, levies and encumbronces shall be deposited with the Mortgogee on o~ before Morch lst of eoth succeeding year during the term of this mortgoge; and if some be not promptly paid when due, fhe Mortgegee moy (without obligation fo do so) par fhe same, or become purchaser of any lawful evidence lhereof, or ce?tificote therefor, without waiving or afFecting anr right hereunder and in this mortgoge, or the said note which this mortgage secures; and s~ch poyments or expenditures so made sholl beor interest from the date fhereof ot the rot~ of eight per centum (8~p) per annum. THIRO: That the Mortgogo? will keep all ~eal and personol property now or hereafter encumbered by the lie~ of this mortgcge insured os may be required from time to time by the Mortgngee against loss by fire, windstorm and other hazards, casualties and contingencies for such periods ond for not less than such amounts as may be required by the Mortgagee and to pay promptly when due all premiums for sud~ insurance. The omounts of suth insurance reqvired by the Mortgagee are expressivr of only the minimum amounts for which said insurante sholl be wriften ond if shall be intvmbent upon fhe Mortgago? to mointain such additional insurarxe as may be necessory to meet and comply futly witi~ aii co-insurance reqvirements contained in soid poiicies to the end that said Mortgogor is not a co-insuror thereunder. Insuronce sholl be written by a company or companies opproved by the Mo?tgagee ond all policies ond renewals thereof shall be held by the Mortgagee. All detailed designations by the Mortgago~ which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to iraurance, now existing or hereafter made, shall be in writing and shall be a pari of Mis mortgage agreement os fufly as though set forth verbatim herein ond shall gove~n both parties hereto and tfieir suttessors and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which moy be payable on the cancellotion or termination thereof, shall be givee to other than the Mort- gogee, except by prope~ endonement afiixed to suth policy and approved by Mortgagee. Each policy of insurance shall hove of~ixed thereto o Standa~d Morigagee Clause oaeptable to the Mortgagee, making all bss or bsses under such policy poydble to the Mortgagee as its interest may oppeor. (n the event any sum or sums of money becoine payable thereunder the Mo?tgagee shall have the option to receive and apply the same on aaount of Me indebtedness hereby setured, or to permit the Mortgagor to receive and use it, or any part thereof, without thereby waiving or impairing ony equity, lien or right under and by virtue of this "~rt9a9e. ln event of loss or physital damage to the mortgoged property the Mortgagor shall give immediote notice thereof br moil to the Mortgagee and the Mortgagee mar make proof of bss if the same is not made promptly by the Mortgagbr. In event of forecbsure of this mortgage or other transfer of title to the mo~tgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Morigagor in and to any insu~ante polities fhen in force shall pass to the purthoser or grantee. Upon ony default thereof, the Mortgagee may (but without obligation on its port w- to do) place iruurance on wch buildings and pay the premium and tharge such sums so paid to the Mortgagor and such sums of moner so paid shall beor interesf from the date of payment at the rofe ofeighhpe?~ce~Num-($~perarmom- t@Cl pCI' C@C1tl1Iri (10%) per annum. FOURTM: That all sums of money paid or coused to be poid by the Mortgagee under the terms of this mortgage and herein t specificolly provided for, and including any expenses incurred by the Mortgagee in collection of the sum secured by this mortgage, i ~ sholl be covered by the lien of this mortgage, the same as the sums of money represented by the note wFiKh this mortgage secures. ~ ~ FlfTM: Ta permit, .ar~smit ar suffier ria wastr, impairment or deltriora!'~on of said properly, et any parf lhereof, ond upon ~ the failure of the Mortgagor to keep the buildings on said property in good conditio~ of repair, the Mortgagee moy demond the immediate repair of said buildings, or an intreose in fhe omount of security, or the immediate repayment of. the debt hereby ~ secured, and the failure of the Mortgagor to tomply with said demond of the Mortgagee for a period of fifteen (15) days shall constitute a breoth of this mortgage, end, at the option of ihe Mortgagee, immediately mature the entire unpaid principol and interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for the appointment of a receiver, as hereinafter provided. ~ SIXTH: Thot the Mortgagor hereby promises, tovenants and og?ees to pay the sums of money and interest os mentioned ~ in said promissory note, together with any and all other sums justly due and owing tfie Mortgagee by the terms therein, and secured to be poid as stated therein promptly when due. If default shal~ be mode in the payment of the said sums of mo~ey or any part t- thereof as provided in the said note or this mortgage, or if the intere:t that may betome due thereon or onr part thereof shall be ~ in default and unpaid for a spacp of fifteen (15) dars, or should the Mortgagor .breach or fail to comply with any other covenant or agreement on the part of ihe Mortgagor fo be complied wifh (in fhose tases in which the option of fhe Morfgagee of accelera- ~ tion is not otherwise expressly provided herein) and such breach or rwn-compliance continue in existerxe for o space of fifteen (15) days, then and from therxeforth, ot the option of the Mortgagee ond without notice to the Mortgagor, the whole of said prirxipal = sum expressed in said note, together with all other sums therein as well as herein provided for, shall become immediately due and ~r poyoble, without notice to the said Mortgagor. ; ~ ~ SEVENTH: That in case it should become necessary to ploce this mortgage and the note secured hereby or either of them, in the hands of an attorney for collection, the said Mortgogor covenants and agrees with the Mortgagee to pay all costs, charges ~s and expenses of such collection, irxluding reasonable ottomey's fees whether collected by foredosure 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 poyment of any claim hereunder, the Mortgagee may apply to any court hoving jurisdiction thereof for the ~ appointment of a receiver of said mortgaged property, as well as the irxome, profits, issves ond revenues thereof, and the soid ; ~ ~ BOOK ~+t~U PACE ~ -2- ~ - , : ; - - - - _ _ _ ~ 1~ - - . _ . _ . . , _ . _ _ ~ _