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HomeMy WebLinkAbout0250 At~lp !ht said MOrlgcgp.• hcreby :ovcn~~ts Qnd eg?~~s with Ihs said Mortgac~ee os follows• FIRST: Thal the Mo?tgagor is lawf~lly seized of the obove desuibed prem~ses in fee simpte ond has good ~ight fo sell ond conver the same to the Mortgogee; thot the said premises are free and dischorged of a~d from oll toxes, tox titles or certificates, judgments, mechonit's liens ond entumbrances of a~y nature or kind wholsoever ond thot the Mortgagor will fully worrant and defend fhe some to the Mortgagee, ogainst the lawful tloims and demonds of all persons whomsoever, and will make such further assuronces to pe?fect fee simple title to said lond, in the Mortgagee, as moy reasonoble be required, and will pay the several sums of money agreed in the said nofe to be poid ond all instollments of principal and interest thereon promptly when due, and ~ according to the true tenor end effect of the soid note. SECOND: Thot the Mo~tgogor will poy all and si~gular the toxes, assessments, levies. ond encumb~arxes of every nature on the above described property, and upon this mortgage and note, or the money setured thereby, before delinquency the~eof i ond receipts evidc~cing poyment of soid toxes, assessments, levies and erxumbronces sha~l be deposited with the Mortgagee on or before Morch lst of eath succeeding year during the term of this mortgage; and if same be not promptlr paid when due, the Mortgogee mar (without obligation to do so) poy the same, or become purchoser of a~y lawful evidente thereof, or certificale fherefor, without waiving or affetting ony righf hereunder and in this mortgoge, or the said note which this mortgage setu~es; and such poyments or ex enditures so made shall bear interest from the dote thereof at the rote of ~ne dYld Ol~-half per oentim (9-~/2$) per annun. THIRD: Thaf the Mortgagor will keep all real and perso~al property now or hereafter encumbered by fhe lien of this mortgcge insu~ed os mar be required from time to time by the Mortgagee against loss by fire, wiredstorm and other haxards, casualties and continge~cies for such periods and for not less than such amounts as moy be required by the Mortgagee and to pay promptly when due all premiums for such insuronce. The amounts of suth insurante required by the Mortgogee are expressive of only the minimum amounts for whith said insuronte shall be written and it shall be incumbent upon the Mo?tgagor to mointain such additionol insurance as may be necessory to meet and comply fully with all co-insurance requirements contained i~ said policies to the end that said Mortgagor is not a co-insuror thereunder. Iniurorxe sholl be written by a compony or companies approved by the Mongagee and oll palicies and renewals thereof sholl be held by the Mortgagee. All detailed designotions by the Mongagor , which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurarxe, now existing or hereafter made, shall be in writing and shol! be o port of this mortgage agreement as fully os though set forth verbotim herein ond shall govern both parties hereto and their successors and assigns. No lien upon any of said pblicies of insuronce or upon any refund or return premium which moy be payable on the cancellation or termination thereof, shall be given to other thon the Mort- s gagee, except by prope~ e~donement afFixed to such policy and approved by Mortgogee. Each policy of insurance shall hove ~ af~ixed thereto a Standard Morfgagee Clause aaeptable to the Mongagee, making oll loss or losses under such policy payable ' to the Mo~tgagee os its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee ; shall have the option to receive and apply the same on account of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or anr part thereof, without thereby waiving or impairing ony equity, lien or right under and by virtue of this mortgoge. In eve~t of loss or physica) domage to the mortgaged property the Mortgagor shall give immediote notice thereof by mail to the Morigcgee and the Mortgagee moy make proof of loss if the same is not made promptly by the Mortgagor. In event of foretbsure of this mortgage or other fransfer of title to fhe mortgaged property in extinguishment of the indebtedness secured hereby, oll right, title and interest of the Mortgagor in and to any insurante policies then in force shail pass to the purthaser or gra~tee. Upon ony defou{t fhereof, the Mortgagee may (but without obligation on its part so to do) place insurance on such buildings and pay the premium ond tharge suth sums so paid to the Mortgagor and such sums of money w paid shall bear interest , I from the date of payment at the rote of nine and one-half (9-1/2) per centum per annum. ~ ~ ~ FOURTH: That oll sums of wwneY paid or caused to be paid by tfie Mortgagee under the terms of this mortgage and herein ' specifically provided for, ond including any expenses incurred by the Mortgagee in tollection of the sum secured by tt~is mortgage, sholl be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mortgage secures. f a FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said prope?ty, or ony part thereof, and upon ~ the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mo~tgogee may demand the ~ t g immediate repair of said building:, or an intreose in ihe omount of security, or the immediate repayment of the debt hereby ~ secured, and the foilure of the Mortgagor to comply with soid demand of the Mortgagee for a period of fifteen (15) days shall ~ constitufe a breach of this mortgage, and, at the option of ihe Mortgogee, immediately mature the entire unpaid principal and ~ interest he~eby secured, and the Mortgagee may, without nofice, institute proceedings to foreclose this mortgage, ond apply for w the oppointment of a receiver, as hereinafter provided. ~ x ~ ~ SIXTH: Thot the Mortgagor hereby promises, covenants and agrees to pay the sums of moner and interest as mentio~ed 3- in said promissory note, together with any and all other sums justly due and owi~g the Mortgagee by the terms therein, and secured ~ • ~ to be poid as stated therein promptly when due. If default shal~ be made in the payment 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 ony part thereof shall be ~ ~ in default and unpaid for a spoce of fifteen (15) doys, or should the Mortgagor breach or fail to comply with any other covenant or ogreement on ihe part of the Mortgagor b be complied with (in those tases in which the opfion of the Mortgagee of attelera- ~ tion is not otherwise expressly provided herein) and such 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 without notice to ihe Mortgagor, the w:~ole of said printipal ~ ~ sum expressed in said note, fogether with oll other sums therein os well as herein provided for, shall become immediotely due and payoble, without notice to the said Mortgagor. ~ ~ SEVENTH: That in cose it should become necessary to ploce this mortgoge and the note secured hereby or either of them, ~ in fhe hands of an aftomey for collection, the said Mortgagor covenonts ond agrees with the Mortgagee to pay all cosfs, charges ~ and expensas of such collection, irxluding ~easonable attomey's fees whether collected by foreclosure or otherwise. ~ _ ~ EIGHTH: That, in the evenf any suit is brought upon this moAgage, whether to foreclose if, to reform if, or otherwise, ond, or to enforce poyment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the w.s; appoinimenf of o receiver of said mortgaged property, as wel! as fhe irxome, profifs, issues and revenues thereof, and the said 'A~ :k` - ~ - ~ anoK 237 ~acf 249 ~ ; - - - . ; - ~ ~ ~ : - r ~ _ ~ ~ ~~-°~'Karia~'..~"aW r . - . a ._>....._.,3 ~ ~ e_~3-.