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Home My WebLink About1109 AND the said Mortgagor hereby co~enants and ogreea w~th the said Morr9o9ee as follows: FIRST: Tho1 the Nlortgogor is lowfuily seized of the obove destribed premises in fee simple ond hos qaod right to setl and convey the same to the Mortgagee; thot Ihe soid premises are frae ond dischoryed of o~d from olt taxes, tox titlas or certificotes, j~dgments, mechanit's liens ond e~cumbrences of n~y ~oture o~ ki~d whotsoever ond that tfie Mortqo9o? wi1{ fvlly wortant ond defend the same to the Mortgogee, against the lowfut cloims and demonds of oll persons whomsoever, ond will mnke such fu~ther ossurantes to pe?fect fee s~mp~e title to said land, in the Mortgogee, os moy ~easonable be req~ired, ond will pay the seve?al svmi of money aqreed in the soid ~+ote to be poid and all instollments of printipol ond interesl thereon promplly when due, and occord~ng to the t?ue tersor and effect of the sa~d note. SECON~: Thot the Mortgogor will pay a{I ond singvlor thr toxes, osse~sme~ts, Itvies, ond entumbrantes of every natu~e on the above deuribed propertr, and ~pon this mortgoge a~d ~ote, or the money secured fhereby, before delinquency thereof ~ and receipts eviderxing payment of soid taxes, assessmenh, levies ond encumbrances shall be deposited with the Mo~tgogee or? o~ i before March 1 st of each svcceeding year during the term of this mortgage; and if some be not promptly paid when due, the ~ Mortgegee may (without obligation to do so) pay the some, or become purthaser of ony lowful evid~nce tht?eof, or te~fificate ~ therefor, without waiving or of~ecting any right hereunder and in this morfgage, or the soid rwte Which this mortgage secures; and ~ zucfi poyments or expenditures so made sholl beor interest f~om the dofe thereof at the rote of eight per tentum~) per an~um. i 3/4 (8.75$) ; THIRD: That the Mortgago~ ~+~ll keep oll real and personol property now or fiereafttr encumbered by ?he tie?? of this mortgage insured as moy bc required from time to time by the Mortgogee ugainst loss by fire, windstorm o~d other ho:ords, ~ casualties ond tontingencies for such periods a~d for not less than such omounts os moy be required by fhe Mortgagee and to pay promptly when due oll premiums for such insurorxe. The amounts of such insurance required br the Mortgagee ore exp~essive of 5 only the minimum amounts for whith soid i~surante shall be written ond it shall be intumbent upon the Mortgagor lo maintain suth ~ additio~al insurence as may be necessary to meet and comply fully with all to•insurance requirements tonfoined in said policies to ~ the end tfiot snid Mortgagor is not a co-insuror Ihe~eunder. insurarxe shall be writte~ by o tompony or companies approved by fht ~ Mo~tgogee and all policies ar.d renewats thereof sholl be held by the Mortgagee. Ati detailed designations by the Mortgogor ~ which ore accepted by the Mortgagee and oli ng~eements beMreen Mortgagor and Mo~tgogee reloting to insuronce, naw existing ~ , or he?eafter made, shall be in writ+ng and shall be a part of this mortgage agreeme~t as fully as though set forth verbot;m herein j ond shall gover~ both parties herefo and Meir successon and assigns. No lien upon any of said policies of insuro~ce or upon any ; refund or return premium which moy be payoble on the tancellation or ferminafion thereof, shall be given to other than the Mort- ; gagee, except by proper endorsement af~ixed to such policy and approved by Mortgagee. Each poiicy of insurance shall have offixed thereto a Standord Mortgagee tlouse acceptoble to ~he Mortgogee, making oll loss or losses under such policy payoble s~ the Mortgagee os its inferest may appear. In the eve~i ony sum or sums of moner become poyable thereunder the Mo?tgagee shall hove the optio~ to receive and opply the seme on auovnt of the indebtedness hereby secvred, or to permit the Mortgagor to receive and use if, or any part thereof. without fhe~eby waiving or impairing any equity, lien or righl vnder ond by virtue of this mortgage. In event of loss or physical damage to the mortgaged propert~r the Mortgagor shall give immediote notice thereof by mail fo fhe Mortgagee and the Morfgagee mor make proof of loss if ihe same is nof made promptlY by the Mo?tgagor. In event ~ of forecbsure of fhis morfgage or other fronsfer of title fo the morfgaged properfy in extinguishmcnt of the indebtedncss secured ~ hereby, al~ right, titie and inferest oE fhe Mortgogor in ond to any i~surance policies then in force shall pass to the purchaser or i grantee. Upon ony default thereof, the MoRgagee may ~but withouf obligotion on its port so ~o do) place insurance on such ~ buildings ond poy the premium ond thorge such sums so paid to tht Mortgagor ond svch sums of money so paid shall bear interest fron lhe dafe of payment nt the rate of eig~& 3j4ntv (~~p; r annum. ~ . 7~ : FOURTH: That al! sums of money paid or caused to be poid by the Mortgogee under the terms of this mortgoge and herein ~ specifically provided for, and incfuding any expenses incurred by the Mortgagee in tolledion of the sum secured by this mortgage, ~ shall be covered by the I~en of thiz mortgoge, the some as the sums of money represented by the note which this mortgoge secures. ' s FIFTH: To perm;t, commit or sufFe~ no woste, impairment or deterioro~ion of said prope?ty, or ony port thereof, and upon < the feiiure of the Mortgagor b keep the build~ngs on sa~d property in good condition of repair, the MoHgagee moy demand the ;mmediate repoir of said buifdings, or an increase in the amount of sec~rity, or the immediate repoyment of Ihe debt hereby secured, and the iailvre of the Mo?tgogor to tomply with soid demer?d of the Mortgagee for a period of fifteen (l5~ doys sfiol{ constitute o breach of this mortgage, and, ot the option of the Mortgogee, immediately matore the entire unpaid principal a~d _ interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgoge, ond opply for i the appointment of o receiver, os hereinaffer provided. ; . SIXTti: That the Mortgagor fiereby promises, tovena~ts and agrees to pay the sums of moner and interest os mentioned ~n said promissory rwte, togethe~ with any ond att other sums justly dve ond owing the Mortgogee by the terms therein, end secured ' to be paid os stoted therein promptlr when due. If defuult shal: be made 'sn the payment of the said sums af money or onr part ; x thereof as provided in the said note or this mortgage, or if the interest that moy betome due the~eort or any part thereof sholl be in defoult and unpaid for o space of fifteen (15) days, or should the Mortgegor breach or fail to comply wifh ony other covennnt or ogreemenf on the part of the Mortgogor fo be complied witb (in those coses in whith fhe opfion of fhe Mortgagee of octelero- tion is not otherwise expressly provided herein) and such breath or non-compliance continue in existerxe for o spate of fifteen (15) doys, tben ond from therxeforth, at the opfion of ihe Mo~fgogee and wifhouf ratice to the Mortgagor, the whole of said principol ~ sum expressed in sa+d note, together with oll other sums therein as well as herein provided for, sholl become immediotely due and poyable, without notice to the said Mortgagor. - i SEVENTH: Thot in cose if should become ~ecessary to ploce this mortgage and the oote sec~red hereby or either of them, in the hands of an attorney for collection, the said Mo?tgagor covenonts ond agrees with the Mortgogee to pay alI costs, charges and expenses of svch collection, irxluding reasonable a~torner's fees whether collected br foreclosure or othe~wise. EIGtiTFi: Thot, in the event anr suil is brovght upon this mortgage, whether to foreclose it, to reform it, or otherwise, and or to enforce poyment of ony claim fiereunder, the Mortgogee may apply to anr court having jurisd~ction thereof for the t appointment of o receive~ of said mo~tgaged property, os well as the income, profits, issues ond revenues thereof, ond the said { ~ ; ~ , ga~K 239 PACE1107 ~ -z- ~ . - r ' , y ~a . ~°,.,,-~z .,.~r.~~~&-.-_. . , z _ , ~r_~-, x . _ ,