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HomeMy WebLinkAbout2685 AND Ihe sa~d Mo?tgogor hereby covenonts ond agrees with tl~~ soid Mortgagee as follows: FIRST: Thot the Mortgogor ~s lawfully se~:ed of the above drscribed premises in fee simpie and hos good right to sell and conver the some to the Mor~gogee; that the said premises are free ond discharged of a~d from all toxes, tox titles or certificates, ~udgments, methor+ic's lie~s and entumbrances of any noture or kind whotsoeve? and thof the Mo?tgagor will fully worrant ond defend the same to the Mortgagee, agoinst the lawful tlaims and demands of oll persor+s whomsoever, ond will make suth further assurarxes to perfecf fee iimple title to said lond, in the Mortgagee, as moy reasonable be required, and will poy the seve~al sums of money ogreed irt Ihe sa~d note to be paid and all instollments of principol ond in?erest thereon promptty when due, ond according to the tr~e tenor ond ef~ect of the soid note. SECOND: That the Mortgagor will poy oil and singular the faxe:, ossessmenfs, levies, and enambronces of every notu?e on the above described properfy, and upon fhis mortgage ond note, or the money secured fhereby, before delinquency fhereof and receipts evidencing poyment of soid taxes, assessments, levies and erxumbronces sholl be deposited with the Mortgogee on or before March lst of each svcceeding year during fhe term of this mortgoge; and if some be not promptly paid when due, the Mortgogee moy 1w~thout obtigotion to do so) pay the same, or become purchoser of any lawful evidence thereof, o? certiFicate therefor, withovt woi~ing o? of~ecting ony right hereunder and in fhis morfgage, or the said nofe which fhis mortgage secures; and such payments or expe~dit~res so mode shall bea~ inferesf from the date thereof at the f e o er tentum-F r . eic~t ~'u~ee-q - ~ THIRD: Tho1 the Mortgogor will keep oll real and personol prope?fy now or hereafter encumbered by ihe lie~ of this mortgage insured as may be required from time.to time by ihe Mortgogee agoinsf loss by fire, windstorm and other hozards, ; cosualties ond cont~ngerxies for such periods and for not less than such omounts os moy be required by the Mortgogee and to pay i promptly when due atl premiums for such insurance. The amounts of such insvrarxe required by the Mortgogee a?e expressive of only the minim~m amounts for which said insuronce shall be writfen and it shall be incumbent upon the Mortgogor fo maintoin such add~tionol insurorxe os may be necessary to meet and comply fully with all co-insurance requ~rements contained in soid policies to the end lhat said Mortgagor is not a co-insu~or fhereunder. Insurarxe shall be writte~ by a company or tomponies approved by the ? Mortgagee and all policies and renewals thereof sholl be held br the Mortgagee. All deteiled designotions by the Mortgagor which are accepted by the Mortgagee ond all agreemenfs befween Morfgagor and Mortgagee relating to insurance, now exisfing ~ or hereafter made, shall be in writing and sholl be o port of this mortgage ogreement as f~lly os though set forth verbatim herein ~ and shall govern both parfies hereto and their successors and assiqns. No lien upon any of said pOlities of insurarxe or upon any ; refund or return premium which moy be poyable on the cancellation or terminotion ihereof, shall be given to other than the Mort- ; gagee, except by proper endorsement offixed to suth policy and approved by Mortgogee. Each policy of insurance shall have , afiixed thereto a Standord Mortgagee Clouse atceptable to the Morfgagee, moking oll loss or losses under such policy payable to the Mortgagee as its interest may-oppear. In the event any sum or sums of money become poyable thereunder the Mortgagee f shall hove the option to receive and apply the same on atcount of the indebfedness hereby secured, or to permit fhe Morigagor to receive and use it, or any port thereof, without thereby waiving or impoiring ony equity, lien or right vnder ond by virtue of this ' mortgoge. In event of loss or physical domage to fhe mortgoged property the Morfgagor shall give immediafe notice fhereof by mai) to the Mortgagee and the Mortgagee may make proof of loss if the same is not made promptty by the Mortgogor. In event of foreclosure of this mortgage or other trensfer of title to the mortgaged property in extinguishment of the i~debtedness secured hereby, all right, title ond interesf of ihe Mortgagor in and to ony insuronce policies then in force shall poss fo the purchaser or ~ grontee. Upon ony defoult thereof, the Mortgagee may (but without obligafion on its port so to do) place insurerxe on such ` buildings and pay the premium and charge such sums so paid to the Mortgagor ond such sums of money so paid sholl bear interest ! from fhe dafe of payment at the~rite Qf &gl~per centu ) pe,~_q~r~~. ~ c31'it thYe ts s/ g ~ FOURTH: That all sums of money paid or caused to be poid by the Mortgagee under the terms of this mortgoge and herein ; specifically provided for, and including ony expenses inc~rred by the Mortgagee in collection of the sum secured by fhis mortgage, ; sholl be covered by the (ien of this mortgage, the same os the sums of money represented by the note which this mortgoge secures. ; FIFTH: To permif, commit or suffer no wosfe, impoirment or deteriorafion of said prope?ty, or any part thereof, and upon rhe failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demond fhe - ~mmediate repoir of soid buildings, or an irxrease in the omount of security, or the immediate repayment of the debt hereby secured, and the fo~lure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (15) days shall constifute a breach of this mongege, and, at the option of fhe Mortgagee, immediately moture ?he entire unpaid principal and interest hereby secured, and the Mortgogee may, wifhout notite, insfifute proceedingz to foreclose this mortgage, ond opply for the d~'spafi~t~h~nt-of a receiver, as hereinafter providtd. i ~ StXTH: Thot the Mortgagor hereby promises, tovenants ond cgrees fo poy the sums of money and interest as mentioned r ~n said promissory note, together with any ond all other sums jusfly due and owing the Mortgagee by the terms fherein, and secured ~ j to be paid as stated therein promptly when due. (f defavlf shal: be made in the payment of the said s~ms of money or ony part ~ ~ thereof as provided in the said note or this mortgage, or if the interesf that may become due thereon or ony port thereof sholl be x ~n defoult and ~npoid for a space of fifteen (15~ dors, or shovld the Mortgagor breach or fail to comply with any other covenant or ogreement on the part o6 the Morigagor to be complied with (in those cases in which the option of the Mortgogee of accelero- ~ tion is not otherwise expressly provided herein) ond such breach or non-compliarxe continue in existerxe for a space of fifteen (15) ~ ; days, then ond from thencefo?th, at the option of the Morfgagee and without notice to the Mortgagor, the whole of said principal sum expressed in soid note, together with oll other s~ms therein os well os herein provided for, shall become immediately due and poyable, witho~t notice to the said Mortgogor. 3 SEVENTH: Thot in case it should become necessary to place this mortgoge ond the note setured hereby or either of them, ~ s ~n the honds of an ottorney for collecfion, fhe said Mortgogor covenants and agrees with the Mortgogee to poy all costs, charges ~ _ and expenses of such collect~on, ~ncluding reasonable attorney's fees whether collected by foreclosure or otherwise. - ~ . 4 EIGHTH: That, in the event any s~it is brought upon fhis mortgoge, whether to foreclose it, to reform it, or otherwise, ` and or to enforce poyment of ony claim hereunder, the Mortgagee may apply to any court hoving jurisdiction thereof for the ~ i ; oppointment of a receiver of said mortgoged properfy, as well as the irxome, profits, issues and revenues fhereof, ond fhe said - P 5 ° R 23g PAGE2679 ' BOOK ` -2- , i ~ ~ `~."'T_ > ~ ~ ~ ` ; .s~~x~~~'~'y#~,n ~+a'`;~, ~ ;y ~ ~ ' A;,$s:~~K~""'`s ~ . ~ ~ : ~ ~ _ .