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HomeMy WebLinkAbout0623 . AND Me soid Moitgagor hereby covenants and oprees with tAe soid Mortqa9ee as follows: • FIRST: That the Mortgagor is lowfully sei:ed of the above destribed premises in fee simple cnd hos good righf to sell o~d corwey the scme to the Mortgagee; thot the said premises are free ond discharqed of cnd f~om oll toxes, tax titles o~ ce?tificotes, judgments, mechanit's liens and erxumbronces of any natu~e or kind whotsoever and thaf the Mortgagor will fully worrent ond defend the same to thc Mortgagee, against the lawful claims and demands of all pe?sons whomsoever, ond will make such further assuronces to perfect fee simple title to soid lond, in the Mortgagee, as may reosonoble be required, and will poy the several sums of money agreed in the soid note to be paid ond all instollments of pri~cipol and in~erest thereon promptly when due, and according to the t?ue tenor o~d effcct of the said note. SECOND: Thot the Mortgagor will poy oll and singulor the toxes. assessmenfs, levies, and encumbrances of eve?y nature o~ the above described property, and upon this mortgage and note, or the money secu~ed thereby, before delinquencr thareof and receipls evidencing payment of said texes, assessments, levies a~d encumbronces shall be deposited with the Mortgagee on o~ before Ma~ch lst of eath sutceeding yeor during the term of fhis mortgage; and if same be not promptly paid when due, the Mortgagee moy (without obligation to do so) poy the some, or betome purchase? oF ony lowful evidence thereof, or certificote therefor, without woiving or af~etting any right hereunder ond in this mortgage, or fhe said note whith this mortgage setu~es; and such poyments or expenditures so mode shall beor interest from the date thereof at the rote of eight per centum (8°fb) per annum. THIRD: That the Mortgagor will keep all real and perso~+ol property now or hereafter encumbered by the lien of this mongoge insured as moy be required from time to time by the Mortgagee against loss by fire, wi~dstorm and other hazards, cosvolties and contingencies for such periods and for not less than sucfi amounts as may be required by the Mortgogee and to poy p~omptly when due all premiums for such insurance. The amounts of suth insurance requi~ed by the Mortgogec are expressive of only the minimum omounts for wfiich said i~surante shall be written and it sholl be incvmbent upon the Mortgagor to mai~tain such additional insuronce os may be necessary to meet and comply fully with oll to-i~urance requircments tontQined in soid policies to the end thaf said Mortgagor is not a co-inw~or therew~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 Mortgogee. All detoiled designations by the Mortgagor wfiich are occepted by the Mortgogee and alt agreements between Mortgago~ and Mortgagee retating to iruurance, now existing or hereofter made, shall be in writing and shall be a part of this mortgage ogreement as fully os though set forth verbatim herein and shall govern both porties hereto and their successors ond assig~u. No lien upon ony of said policies of insurante or upoo onr refund or return premium wbich may be payable on the cancellation or termination thereof, shall be given to other than the Mort- gagee, except by proper endorsemenf affixed fo such policy and approved by Mortgagee. Eacfi policy of insurance sholl hove aRixed thereto a Stondord Mortgagee Clause attepteble to the Mortgagee, making all loss or losses under such poliq poyoble to the Mortgagee as ih inte~est may appeor. In the event any wm or wms of money become payable therevr?der the Mortgagee shall hove the option to receive and apply the some on uuount of fhe indebtedness hereby setvred, or to permit the Mortgagor to receive and use it, or any port thereof, without thereby waiving or impairing onr equity, lien or right voder and by virtue of this mortgage. In event of loss or physical damage to fhe mortgaged property the Mortgagor shall give immediate notice thereof by mail to tha Mortgagee ond the Mortgagee may .make proof of bss if the some is ~ot made promptly by Me Mortgagor. In event of forecbsure of this mortgage o~ other transfer of title to the mo~fgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgogor in and to onr inwrance policies then in forte sholl pass to the purchaser or gra~tee. Upon any default thereof, the Mortgagee may (buf without obligafion on its part so to do) place insurance on wch buildings and pay the premium and charge such wms so paid fo fhe Morfgago~ and wch sums of money w paid sholl bear interest ~ from the date of payment af the rote of ' p,n.s-hal f~r Cgl{~ (}-j~2$) ' ~r aT1Y1LStl. - i fOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein 4 specificolly provided for, and including any expenses incurred by the Mortgagee in collectwn of the sum secured by this mortgage, ' shall be covered by the lien of this mortgage, the same os the sums of mo~ey represented by the rate which this mo~tgage secures. ~ ~ FIFTH: To permit, commit or wf~er no waste, impairment or deterioration of said property, or any part thereof, and upon ~ the failure of the Mortgagor to keep fhe buildings on said property in good condition of repair, the Mo~tgagee may demand the ~mmediate repoir of soid buildings, or an inc~ease in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Mortgagor to comply with said demond of the Mortgagee for a period of fifteen (15) days shall constitute a breach of this mortgage, and, at the option of the MoRgagee, immedialely mature the entire unpoid principal and interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for the oppointment of a receiver, es hereinaher provided. SIXTH: That the Mortgagor hereby promises, covenants and agrees to poy the sums of money and interest as mentione~l in said promissory note, together with any and all other wms jusNy due and owing the Mortgagee by the terms therein, and secured to be paid os stated therein promptly when due. If default shal~ be made in the poyment of the soid sums of money or onr part thereof as provided in the said nofe or this morTgage, or if the i~terest that may betome due ihereon or ony pcrt thereof shall be in defoult and unpaid for a spoce of fifteen (15) days, or should the Mortgugor breach or fail to comply with any other covenant or agreement on the part of the Mortgogor to be complied with (in those cases in whid~ the option of the Mortgogee of atcelera- ~ tion is rat otherwise expressly provided hereinl and wch breach or non-compliance continue in existence for a space of fifteen (15) days, then and from thenceforth, at the option of the Mortgagee and wiN~out notite to the Mortgogor, the whole of said principal ' a sum expressed in said note, together with all other sums therein os well os herein provided for, shall become immedioiely due and ~ ~ poyable, without ~otice to the said Mo?tgagor. ~ SEVENTH: That in wse it should become necessary to place this mortgage ond the note secured hereby or either of them, ~ in the hands of on attorney for tollect'an, the seid Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges ~ and expenses of such coltedion, irxluding reasonable attorney's fees whether collected by foreclosure or otherwise. ~ ~ EIGHTH: Thot, in the event any suit is brought upon this mortgoge, whether to foreclose it, to reform it, or otherwise, i ~ and or to enforce poyment of anr claim hereunder, the Mortgogee mar apply to any covrt having jurisdiction thereof for the ~ ~ appointmenf of a receiver of said mortgoged property, os well as the income, profits, issues ond revenues thereof, ond the said s ~ ~ ~ 0 R BOOK 2vV PACE _ . . ~ . _F