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Home My WebLink About2616 AND Ihe soid Mo~tgagor hereby covenants ond ogrees with the soid Mortgogee as follows: ftRST: Thot Ihe Mortgagor is lawfully sei:ed of the obove destribed premises in fee simpla ond hos good r(ght to sell and convey the same to the Mortgogee; thot the soid premises are free and discharged of and from all IQxes, tax titles o~ certificotes, ~ judgments, mechonic's liens ond encumbrontes of ony nature o? kind whatsoever ond thot the Mortgagor will fully warront and defend fhesame fo the Morlgagee, ogai~sf the lawful tloims and demands of all persons whomsoeve~, and will moke ~uch further assvrances to perfect fee simple title to said lond, in the Mortgagee, as moy reosonobte be required, and will poy the severat svms of money agreed in the said note to be paid ond all installment: of principol and i~terest ~hereon promptly whe~ due, and according to ~he true tenor e~d efFect of the soid note. SECOND: Thot the Mortgagor will poy oll and singular the faxes, assessments, levies, and encumbrances of evcry nature on the above deuribed property, and upon this mortgage and note, or the money secured thereby, before delinquency thereof and receipts cvidencing poyment of said taxes, ossessments, levies and encumbronces sholl be deposited with the Mo~tgagee on or before March lst of eoth succeeding year during the term of this mortgage; ond if same be not promptly poid when due, the Mortgagee moy (without obligation to do so~ poy the same, or become purchaser of any lawful evidence thereof, or certificate therefor. without waiving o? offecting anr right hereunder ond in this mortgage, or the said note which this mortgage secures; and such payments o~ expenditures so mode shall beor interest from the dote thereof at the rote of nine and orye--half per oentun (9-1/2$) per annun. THIRD: Thot fhe Mo?tgogor will keep all real and personol prope?ty now or hereafter encumbered by the lien of this mo~tgoge insured os may be requi~ed f?om time to time by thc Mortgagee against loss by tire, windstorm and other hozards, casualties and contingencies for such periods and for not less than such amounts as moy be requi~ed by the Mortgagee and to poy prompfly wheo due all premiums for such insurance. The amounts of such insuronce required by ihe Mortgagee are expressive of only the minimum amounts for whith said insurorxe shall be written and if sholl be incumbent upon the Mortgagor to maintain such additional insuronce as may be necessory to meet and comply fully with all cainsurarxe requirements contoined in said poticies to the end that said Mortgagor is nof a co-insuror fhereunder. Iruuronce shall be written by a company or companies approved by the Mo?tgagee and all policies and renewals thereof shall be held by the Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all ugreements befween MoAgagor ond Mortgogec relati~g to insurance, now existing or hereofter made, shall be in writi~g and shall be a part of this mortgage agreement as fullr as though set forth verbatim herein ond shall govern both porties hereto and their succeuon ond assigns. No lien upon any of said policies of insurarxe or upon anY refund or retum premium which moy be poyable on the cancellotion or termination thereof, shall be given to other than the Mo?t- gogee, except by proper e~dorsemenf affixed to such policy and approved br Mortgagee. Each policy of insurance shall hove affiixed thereto a Standard Mortgagee Clause aaeptable to the Mortgagee, moking all bss or losses under such policy payable to the Morigogee as ih interest may appear. (n ihe evenT any sum or sums of moner become payable thereunder the Mortgagee shall have the option fo receive and apply the same on ottount of the indebtedness hereby secured, or to permit the Morfgagor fo receive ond use it, or any part thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In erent of loss or physical damage to the mortgaged property the Mortgagor shall give immediote notice thereof by moil to the Mortgogee and the Mortgagee moy moke proof of loss if the same is not made promptly by the Mortgagor. In event of foreclosure of this mortgoge or other transfer of fitle to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any_insurance policies then in force shall poss to the purchoser or grontee. Upon any defoult thereof, the Mortgagee may (but without obligation on its part so to do) place inwronce on such buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest from the date of payment of fhe rafe of ' .n1I'~ dIIC~ pole-1'131f ~r CX'I1tl~Cl (9~~2$) ' ~r 1I1111IC1. ~ FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein i specificolly provided for, and intluding any experues incurred by ihe Morfgagee in collettian of the sum secured by this mortgage, ; shall be covered by the lien of this mortgage, the same os the sums of money represented by the note which this mortgage sec~res. i i E FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said properfy, or any part thereof, and upon ~ the failure of the Mortgagor to keep the buildi~gs on soid property in good condition of repoir, the Mortgogee may demand the a ~ ~mmediote repair of said buildings, er an intrease in the amount of security, or the immediate repayment of the debt hereby ~ secured, ond the failure of the Mortgagor to tomply wifh said demand of fhe Morfgagee for a period of fifteen (15) doys shall ~ constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately moture the eniire unpaid prirxipal ond ~ ~nterest hereby secured, and the Mortgagee may, without notice, institute praeedings to foreclose this mortgage, ond apply for ~ the appointment of o receiver, os hereinafter provided. ~ SIXTH: That the Mortgagor hereby promises, covenonts ond agrees to pa~ the sums of money ond interest as mentioned ~n said promissory note, together wifh any and all other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid as stated therein promptly when due. If default shal~ be mode in the payment of the said sums of rtw~ey or anr part thereof os provided in the said note or this mortgage, or if the interest that may become due thereon o~ ony port thereof shall be ~ ~ ~n defoult aqd unpaid for a space of fifteen (15) dors, or should the Morfgagor breach or foil to comply with any other covenant ' ~ ~ or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of occelero- tion is not otherwise expressly provided herein) and such breach or non•complionce continue in existence for a space of fifteen (151 ~ days, then and from therxeforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said prirxipal ~ sum ezpressed in soid note, together wifh all othe~ sums therein os well os herein provided for, shall become immediately d~e and E; ~ payable, 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, y in the hands of an atforney for collection, fhe said Morfgagor covenants and agrees with fhe Mortgagee to pay all costs, charges ~ and expenses of such collection, including reasonable ottomey's fees whether colleded by foreclosure or otherwise. ~ ~ EIGHTH: That, in the evenf ony suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, ~ ~ and or to enforce poyment of anr daim hereunder, the Mortg~gee moy applr to any court having jurisdiction thereof for the ~ oppointment of a receiver of soid mortgaged property, as well os the income, profits, issues and revenues thereof, and the said ~ ~ ~ ~ ~ R f ~ ° ~ _2_ 8ooK236 PA~E~613 ; ~ ~ ~ ~ - - . v_ _