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HomeMy WebLinkAbout0676 ~ ' AND the said Mortqogor h~reby cove~ants ond a9rees with ths said Mo~tpa~e• as folbws: ~ • FIRST: That the Mort9aqor is lowivlly saized of the obove destribed premises in fee simpl~ and hos 9ood ~i~ht to sell and ~ conver the some to the Monqa~ee; thot the said p?emises ars fres and discha~yed of and from oll taxes, tax titles or ce~tiAcotes, jud~ments, mechonii s liens and entumbrances of any noture or kind whatsoevtr ond that the MoNyoqor will futly warro~t o~d i defend the some to the Mort~ogee, c~ainst the lowful claims and demands of all persons whomsoever, ond will make sud+ further ~ ossurances to perfect fee fimple title to soid land, in tfie Mo~tqa9ee. as moY reasoncble be ~equired~ and will poy the several ~ swns of moner aqreed in the soid note to be paid ond atl instoUments of principal and interest thereon promptly when due, ond t oao~ding to th~ true tenor and effect of the soid note. f SKOND: Thaf the Mortga9or will poy oll o~d sin9ular fhe taxes, oueume~ts, levies, ond e~+cumbrances of every noture ! on the above described propeny, ond upon this nwrt~a~e and ~ote, or M~e nwneY sec~+red thereby, before delinquencr thereof ond receipts evidencin~ poyment of said toxes, cuessments, leyies and encumbronces shall be deposited with ti~e Mort~a~ee o~ or ~ before Marth lst of ecth succeediny yea?~durinq fhe term of Ihis mort~a~ej ond if same be not promptly poid when due, ~M~e ± Mo?t~a~ee moy (withvut obli~atio~ to do so) poy the same, o~ become purthcser of any lowful evidence thereof, or cenificate ~ therefor, without waiving or af'Fecting any right hereunder and in this moripage. or the said note which lhis na?tgoge secu~es; and such ~payments w expenditures so made shal) beor inte~est fro~n the date thereof at the rafe of eiqht per tentum (8~) per annum. THIRD: That the Mongagor will keep all real and penonal p~operty now or hereofter encumbered by fhe lien of this mortgaye iosu~ed os may be required from time to time by the Mortqo~ee o9c~~at loss by fl~e, windstorm and other hozords, cosualHes ond cootingencies for such pe?iods and for not less thon sud~ amounts as may be required by the Mo~tgo~ee ond ro PoY p~ompNy when due all premiums for such insurance. The omounts of wd~ inswance required by the Mort~agee are expressive of o~ly the minimum amouots for which said insu~ance sholl be written and i~ shall be incumbent upon the Mortgagor to maintain such additional iruuronce os mcy be necessary to meef and tomply fully with QN co-~nsurcnce requirements contoined in said policies to the end thot said Mortgago~ is not a co-insuror thereunder. Insurance shall be wriften by a tompany or companies approved by fhe Mo~tgagee and cl{ policies and renewals thereaf shall be held by the Monga~ee. All detailed designotioos by the Mortga~or which are caepted by the Mo~tgagee and all ayreemeots between Mo~tga~or and Mo~tgagee reloting to inwrance, now existing or hereafter made, shall be in w~iting and shall be a pa~t of this awrtgage agreement os fully os Haugh set forth verbotim herein and shatl govem both parties hereto and lheir waessors and auigns. No lien upon any of said policies of insurante or upon any refund or retum prcmium which may be payoble on the cancelletion or term~rwtion lhereof, shaU be given to other thon the Moirt- gogee, except bY proper endonemenf aif'ixed to ~wd~ polity a~d approved by Mortgagee._Each policr of i~urence shatl have - afFixed therero a Stonderd Mortgagea Clause aaeptabte to tiie Mortgagee, making all loss or losses under wd~ po~icy payab~e to ihe Mo?tgogee as ih interest may appear. In the event any wm or wms of money become poyable Mereunde~ the Mo~tga9ee shall have fhe option to receive and app~! the same a+ eooount of the indebtedness hereby secured, or to permit the Mortgagor 10 receive and use if, or any pert thereof, without the~eby waiviny or impairing any equity, lien or right under and by virtue of this mortgage. In event of bss or physicol damage to the mortgaged property fhe Mortgago~ shall 9ive immediate notice thereof by moil to the Mort9a9eQ a~ ~~~~°9ee ~aY make proof of loss if the same is not made prompNy by tha Mortgagor. In eve~t of foredowre of this mortga~e or other trarisfer of title to the mortgeyed P~aPerh extinguishment of the indebtedness secured hereby, oll ri9ht, tiNe and interest of the Mortgogor in and to any insurante polities then in force shall pass to the purchour ~r grantee. Upon any default thereof, the Mortgagee mar (but without obligation vn its _part so to do) Place inwtance on wch bvildings and pay the premivm ond charge wd~ sums so pa~d to the Mortgagor ond wd~ sur~ of money so paid shall bear interest fran M~e dote of paymeM a~ the rote of eigh~p.r-c.aww~1-psr~ar,uo+- Nine and one-quarter per centum (9~°Jo) per annum. FOURTH: That oll wms of money paid or coused ro be poid by the Mortgagee under the terms of this mortgage and herein . f specifically provided for, and i~duding any expenses incurred by the Mo~tgagee in collection of the sum secured br this mortgage, ~ sFwN be covered by the lien.of this mo~tgage, the same as the sums of moner represented by tha note which Mus mortguge sewres. RFTH: To permit, commit or wfFer no waste, impairmcnt or deterioratwn of soid property, or any part thereof, and upen the failure of the Mortgagar to keep the buildings on said propertp in good oonditioo of repaer, the Mo~tgagee may dcmand the immediate repair of said buildinys, or an increase in the amount of sewrit~r, or tha immediate repayment of the debt hereby searred, and the failure of the Mortgogor ro compty with said demand of the Mortgagee for a period of fifteen (15) doYs shall cautitute a breach of this mortgage, and, ot the option of the Mortgagee, immediately mature the entire u~paid principal ond s interest hereby secured, and the Mo~tgagee moy. without notice, institute proceedings to forec{ose tF+is mortgage, ond applr for y i the appointment of a receiver, os he~einafter provided. , ! , SIXTH: That tfie Mortgagor herebr promises, covenants ond agrees to pay the sums of money and interest as mentioned in wid promissory note, together with ony and all other sums jusNy dus and owing the Mortgagee by the terms therein, and secured k to be paid os stated therein prompNy when due. If defoult shal: be mode in the poyment of the said sums of money or any part thereof as provided in the said note or this mortgage, or if the interest that moy become due thereon or any pa~t thereof shall be • in default and unpaid for a space of fifteen (15) days, or shov~d the Mortgagor breach or fail to comply with any other cove~ant or agreement on the part of the Mortgagor to be complied with (in those cases in whicfi the option of the Mortgogee of aaelera- tion is not otherwise expressly provided hereio) ar~ wd~ breoch or ran-comp~~ante continue in existente for a spete of fiheen ~15) days, then and from thenceforth, at the option of the Mortgagee and w~thout notice to the Mortgagor, fhe whole of said principal ~ sum expressed in wid note, together with oll other sums therein os well as herei~ provided for, shall becbme immediately due and ~ payable, without notice to the said Mortgogor. ~ s SEVENTH: That in cose it sl~ould become necessary to place this mortgoge and tha note secured hereby or either of them, ~ in the hands of an attorney for collectan, fhe said Mortgago? covenants and agrees with the Mortgagee to par all costs, chorges ~ and expenses of wch coiledion, including reasonable attomey's fees whether oollected br forecbsure or otherwise. EIGHTH: Thot, in the erent any suit is brought upon this mortgo~e, whether to foreclose it, to reform it, or otherwise, andjor to enforce poyment of any daim hereunder, the Mortgagee mor apply to any cou~t having jurisdiction thereof for the ! oppointment of a receiver of said mortgaged property, as well as the income, profits, iswes and revenves thereof, ond the soid ~ . ; - € - 2 - 5001i ~J PACf ~ ~~,Y~,~~;~..~ - ~ ~x ~ ~ '-x. ~ ~ : - . ~,.,x r . ~,k_~,~ .