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HomeMy WebLinkAbout1262 C1G AND ?he said Mor~9ogor hereby co~enon?s and agrees w~th the said Mortgogee as follows: fIRST: ?hat the Mortgagor is lawi~lly sei:ed of the above destribed premises i~ fee s~mple ond hos good nght to sell ond convey the same to the Mortgogee; thal the said premises ore free and discharged of and from oll toxes, tax titles or certificates, iudgments, mechonic's liens ond encumbrances oF ony noture or ki~d whatsoever ond thaf the Mortgogor will fully warront and defend the some to the Mortgagee, against the lawful claims ond demands of all persons whomsoever, and will make such further assuronces to pe~fett fee simple title to soid land, in the Mortgagee, as moy reasonable be required, and will poy the several ~.ums oi mo~ey agreed i~ the said note to be paid and all installments of principal ond i~terest thereo~ promptly when due, and according to the t.ue tenor and effect of ?he soid note. • SECOND: That the Mortgagor will pay oll ond singular the toxes. assessments, levies, ond e~cumbronces of every nature on the above described prope~ty, ond upon this mortgage and note, or the money secured thereby, before delinque~cy thereof and receipts eviderxing poyment of said toxes, assessments, levies aod encvmbrantes sholl be depasited with the Mortgogee on or before March 1 st of eath succeeding year during fhe term of this mort9a9e: and if some be not promptly paid when due, the ~ Mortgagee may (withouf obligation to do so) poy the same, or become purchaser of any lawful evidence thereof, or certificote iiierefor, w~itwui w~iving or afFeci':ng eny ~igh! hereunder ond en this mortgage, or the said note whith this mortgoge secures; and such paymenls or expenditures so made sholl beor interest from the dofe thereof at the ~ate of ~p~{per centum ~per nnnum. rilIl@ THIRD: That the Mortgagor will keep all reol and perso~al property now or hereofter entumbered by the lien of this mortgoge insured os may be required from time to time by the Mortgagee ogoinst loss by fire, windstorm and other hazards, casuolties and tontingencies for such periods and for no~ less than such amounts as moy be required by the Mortgagee and fo poy prompfly when due all premiums for such insurance. The amounts of such insurance required by the Mortgagee ore expressive of ~nly the minimum amounis for which said insurance shall be writfen and it shall be irxumbenf upon the Mortgogor to maintain svch additio~ol insurarxe as may be necessary to meet and tomply fully with all co-insuronce requirements contained in soid policies to the end thaf said Mortgagor is rat a co-ins~~or fhereunde~. Insurarxe sholl be written by a company or companies approved by the Mortgagee and all policies and renewols thereof shall be held by~lhe Mortgagee. All detailed designations by the Mortgogor which are accepted by the Mortgagee a~d oll agreemenfs between Mortgagor and Mortgagee reloting to insurance, now existing or hereafter mode, shall be in writing and shall be a port of this mortgage agreement as fully os though set forth verbatim herein ond shall govern both parties hereto and their suctessors and assigns. No lien upon any of said policies of insurance or upon any .e{~..~ ,.e~_~f.. ~,.Pr•,i~~m which moy 6e oayable oo the cantellafion or terminotion thereof, shall be given to ofher than the Mort- gagee, excepf by proper endorsement affixed to suth policy and approved by Mortgagee. Each policy of insurorxe shall hove afiixed thereto a Standard Mortgagee Clause acceptable fo the Mortgagee, moki~g all loss or losses under such policy payable to the Mortgagee os its interest moy appear. In fhe event any sum or sums of money betome poyabte thereunder fhe Mortgogee sholl hove fhe opfion to reteive ond apply the same on account of the indebtedness hereby sec~red, or to permit the Mortgagor to receive and use it, or any part thereof, withouf thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In event of loss or physital damage to fhe mortga9ed p~operty fhe Mortgagor shall give immediote nofice thereof by moil to the Morfgagee and the Mortgagee moy make proof of loss if the same is not made promptly by ihe Mortgogor. In event of foreclosure of this mo~tgage or other transfer of title to the mortgaged propertr in extinguishment of the indebtedness sec~red hereby, all righf, fitle and interesf of the MoAgagor in ond to ony i~suronce policies then in force shall pass fo the p~rchaser or grantee. Upon any defoult thereof, the Mortgagee moy (but without obligation on its part so to do) place insvrarxe on such buildings and pay the premium and charge such sums so paid to ihe Mortgagor and suth sums of money so paid shall bear interest ' from fhe dote of poyment af the rote of 7t~Cper centum }~Cpe~ annum. i niT~e ~9$~ ~ fOURTH: That all sums of money poid or taused to be paid by the Mortgagee under the terms of this mortgage and herein 5 specificolly provided for, and irxluding any expenses incurred by the Morlgagee in tollection of the sum secured by this mortgage, shall be covered by the lien of this morfgage, fhe same as the sums of money represented by the note which this mortgage secures. ; FIFTH: To permif, commif or sufFer no waste, impairment or deterioration of said property, or any part thereof, ond ~pon ; the failure of the Mortgagor to keep the buildings on~ said propertr in good condifion of repair, the Mortgagee may demand the ~ ~mmediate repoir of said buildings, or on irxreose in the artwunt of security, or the immediate repayment of the debt hereby secured, ond the foilure of the Mortgagor to comply with said demond of the Mortgagee for o period of fifteen {15) days shall constitute a breach of this mortgage, and, at fhe option of fhe Mortgogee, immediately moture the entire ~npaid principat and ' ~nterest hereby secured, and the Mortgagee may, wifhouf notite, institute proceedings to foreclose fhis mortgage, and apply for ~ the appointment of b receiver, as hereinafter provided. ~ z S1XTH: Thot the Mortgagor hereby promises, covenanfs and agrees to par the sums of money and interesf as mentioned in soid promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, and sec~red ~ to be paid as stated therein promptly when due. If defaull shal: be made in the payment of the said sums of money or any port ~ thereof as provided in fhe said note or this mortgage, or if ihe interesf that may betome due fhereon or any part thereof shal) be ~ w in defa~lf and unpaid for o spoce of fiffeen (15) days, or should the Morfgagor breach or foil to comply with any other covenant or agreement on fhe part of fhe Mortgagor fo be complied with (in those tases in which ihe option of the Mortgagee of accelera- tion is not othe?wise expressly provided herein) ond suth breach or non-compliante continue in existence for a spoce of fifteen (15! days, then and from thenceforth; at the option of the Mortgagee ond without notice to the Mortgagor, the whole of said prirxipal - svm expressed in said note, together with oll other sums therein as well as herein provided for, shall become immediately due and : payable, without notice to the sciid Mortgagor. - SEVENTH: That in case if should betome necessary to place ihis morfgage and the rx,te secured hereby or either of them, ,.5 in the honds of on attorney for collecfion, the said Morfgagor covenants and agrees with fhe Mortgogee to poy olt costs, charges and expenses of s~ch collecfion, including reasonable atforney's fees whether collected by foreclos~re or otherwise. EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foredose it, to reform it, or otherwise, and or to enforce payment of any claim hereunder, the Mortgagee may apply to any cour? having jur~sdiction thereof for the = appointment of o reteiver of soid mortgaged property, as well os the i~come, profits, iss~es and reven~es thereof, ond the soid e~ ~ ~ z37 AGE 1zs~ BOOX p ~ -2- . - ~ ; - _ ~ . _ - - . .