HomeMy WebLinkAbout0899 AN~ the soid Mo~tgop~r hereby tovenrofs and a~r~es wiM th~ toid Mwt~ogee as folbws: +
FIRST: Tho1 the Morlgago~ is lowiully seized of the obove deur~bed premises in fee simple a~d hos good ri9ht to sell and
conver tho some •o the Mortgogee; thot the said premises are free und discharged of cnd from oll taxes, tax titles w ce~t~~'+cotes,
judgmen~s, mecha??ic's liens and er+cumbrantes of ony noture or kend whatsoeve~ o~ thot the Mort~agor will fvlly warrant ond
defeod fhe some io Me Mo~tgogee, against the lowfvl cloims ond demands of all pe?sons whomsoaver, ond wilf make such further
assuronces to perfed fee simple title to said lond, ir~ th~ Mortgogee, as may reaso~able be requi~ed, ond will pay the several
sums of mo~ey ag~e~ in the said note to be po~d ond aH instollments of principal and interest the~eon p~omptly when due, and
occordi~g to the trve lenor ond effec~ of the soid ~ote.
SECON~: That the Mortga9or w'll Pay o~~ e^d si^9ulor the foxes,~assessments, levies, and encumbronces of every nature
o~ Me obove described proRert~?, and upon this mongage ond note, or the money secured thereby, before delinque~+cy thereof
end reteipK evidenting poyment of said foxes, ossessments, levies ond encumbrances sholl be deposited with the Mortgegee on or
before March 1 st of each succeeding yeor during the tenn of this nartgage; and if same be not p~omptlr paid when due, the
Mortgagea may (without obligation to do so) poy the sqme, or become purchose? of eny lawfvl evidtnce thereof, or ceniFicote
Merefor, without waiving or affecfing any ~ight hereunder ond in this mortgage, or the said note which this mortgage secures; and
such poyments or expenditures so made shall bear interest from the date thereof ot the rate of sight per centum (8~) per annum.
THIRD: Thaf the Mo~tgago? will keep all reol ond personal prope~ty now o~ hereafter encumbe~~d by the lien of this
mortgoge insured os moy be ~equi~ed f~om time to time by the Mortgagee agairuf loss by fire, windstorm and other hazords,
cosuoltics ond contingencies for such periods and for not Iess thon such amounts os may be required by Me Mo~tgagee and to pay
promptly whcn due all premiums for such insura~ce. The amau?ts of wd~ insurance required by the Mo?tgagee ore expressive of
only the minimum amounts for which said insurance shall be written ond it shall be incvmbenf upon the Mortgago~ to maintai~ such
additional irtsurence os moy be netessary to meet and eomply fully with oll to-iruurance requiremenis contained in said policies to
the end thot said Mo?tgagor is not a co-insuror therew~der. I~uu~ante shal) be written by o company o~ tompanies opproved by fhe
Mortgagee and all policies ond renewals thereof shall be held br the Mortgagee. All detailed designations by the Mortgogor
which are aetepted by the Morfgagee and all agreemenls befween Morfgagor and Mortgagee relating to insurance, now existing
or hereafter made, shall be in writing and shall be o pcN of this mo?tgage ogreement as fully as tFwugh set fortF~ verbatim herein
and shall govern both porfies hereto aod their successors and assig~u. No lien ~pon any of said pO:icies of insu~ance or upon ony
refund or rctum premivm which may be poyable on the canceliation or terminotion thereof, shall be given to other than the Mort-
gagee, except by proper endorsement ofFixed to wth politp and approved by Mortgogee. Eoch policy of insurance shoii havt
affixed thereto o Standord Mortgagee Clovse aaeptable ro the Mortgogee, making all loss or bsses u~der such policy payoble
to the Mortgagee as ih interest may appear. k~ the event any sum o~ wms of money become poYable thereunder the Mortgagee
sholl have the option to receive and apply the some on aaount of the indebtelness hereby secured, or to permit the Mortgagor to
recei~e and use it, or any part thereof, witixxrt thereby woiving or impairing anr equify. lien o? right unde~ and by virtue of tnis
mortgoge. In evenf of bss or phrsical damage to the mo~tgaged property the Mortgogor shall give immediate notice thereof by
mail to fhe Mortgagee and ihe Mortgagee moy make proof of bss if the same is not ~cqde prompNy by the Mortgagor. In event
of forecbsuie of this mortgage or other transfer of title to the mortgaged p~opertp in extinguishment of the indebtedness setured
hereby, all right, title ond interesf of the Mortgagor in and to ony inwrance policics then in force shall pass to the purchaser or
grantee. Upon onr default thereof, fhe Morigegee nwy (but wifhout obligation on its part so t~ do) pl«e iinurance on wd~
vuildings end por the premium and ~arge wd~ wms so paid to the Mortgogor and wcfi sums of money so paid sholl beor interest
~ from the date of payment aT the rafe af~:ight-per~enta+*l8~)-~x+a~rwe+-nine &15/i00 per centum (9. 15%)
i per annum. - -
! FOURTH: That oll sums of ma~ey paid or coused to be paid by the Mortgagee under the terms of this mortgoge and herein
~ specifically provided for, and induding any expenses incurred by the Mortgagee in tollettioo of the s~:m secured by this mortgage,
shall be covered by the lien of this mortgoge, the same as the sums of nwney represented by the note which this mortgage secures.
~ HFfH: To permit, commif or suffer no waste, impairment or deterarotion of said proFerty, or any part thereof, and upon
the failure of the Mortgagor to keep ihe buildings on said propert~r in good tondition of repair, the Mo?tgagee mor demand the
~ immediate ~epair of said buildings, or an increase in the amount of security, or !he immediate repayment of the debt hereby
~ secured, and the failure of the Mortgagor to co:nplr with said demand of the Mo~tgagee for a period of fifteen (15~ days shall
constitute a breach of this mortgage, ond, ot the option o# the Mortgages, immediately ma~ure the entere unpaid principal and
interest hereby seturzd, and the Mortgagee moy, without not'Ke, institute proceedings to foretlose this mortgoge, ond apply for ~
the appoiMment of a receiver, as hereinafter provided.
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SIXTH: That the Morigagor hereby promises, covenonts and agrees to poy the sums of money and interest as mentio~ed ;
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in said promissory note, together witfi any ond all other wms jusNr dve and awing the Mortgagee by the te~ms therein, and secured
to be paid as stated the~ein promptly when due. If default shal: be made in the payment of the said sums of money or any part
thertof os provided in tht said note or this mortgage, or if the interest that mar become due thereon or any part thereof sholl be
in default and unpoid for a space of fifteen (15) days, or should fhe Mortgagor breach or foil to complr with ony other covenant
or agreement on the part of the Mortgagar tc~ be complied with (in those cases in wfiich !he optwn of the Mortgegee of accelera-
t~on is not otherwise expressly provided herein) and such breach o? ~on-comp~iance contirwe in existence for o space of fifteen (15)
days, then and from thencefo?!h, at the option of the Mo~gagee ond withovt notice to the Mortgagor, the whole of said princ;pal
sum expressed i~ soid note, fogether with all othtr sums the~ein os well as herein provided for, shall become immediately due and
payable, withovt notice to the said Mo?tgagor. '
SEVENTH: That in case it should become necessary to place this mortgage and the nofe secured herebr or either of them,
in the hands of an attorney for collection, the soid Mortgagor covenants and ogrees with fhe Mortgagee to pay oll costs, tharges
and expensrs of such collection, includi~g reosonoble oHOmey's fees whether collecte~~ by fereclosure or otherwise. `
EIGHTH: That, in tne event any wit is brought upon this mortgoge, whether ~o forecbse it, to ~eform it, or otiserwise, ~
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and.'or to enforte poyment of anr daim hereunder, the Mortgagee may apply to any court having jurisdict:on the?eof for the ~
appointmen! of a receirer of sa~d mortgaged properfy, as well as Me income, profits, issues and revenues thereof, and tfie soid '
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