HomeMy WebLinkAbout0160 PROVIUED AL~VAYS, and tl~ese presents are upon the express cw~dition that if the
mortgagors sl~all .puy to the inortgagees the cer~'ain .promissory notes of even date herewith,
payat~le to the order of the mortgagees, in the principal sum of SIXTY-ONE T~iOUSAND
FIVE HUNDRED and no/100---_~_~~_ ~~1a~.3
(a 61, 500 .00 together with all interest thereon (a copy or copies of which are attached
heretu), with final payn~rnt due as provided in said note , aud wlth principal and in-
terest payal~le o~~ the teru~s ai~d at the rate provided therein; and all renewals, extenslons or
modifications of said nutes; and shall duly, promptly and fully perform, discharge, exect~te,
eff~ct, canplete, couiply with and abide by each and every covenant, agreement, obliga-
tion, co»ditiun and stipulation of said promissory notes and of this mortgage deed, each
and every, then this mortgage auid the estate hereby created shxll cease aaid be null
and void. Provided, it is further covenanted and ageed by the parties hereto ths~t this mort-
gage also secures the payment of and includes all future or further advances as shall be made
l~y the mortgagees hereiu to or for the benef it of the mortgagors, within ten years from
the date herec~f, to the same extent as if such f uture advanoes were made on the date of the
executiun of this mortgage. The total amount of indebtedness that may be secured by this ~
mortgage may decrease or increase from time to time, but the total unpaid halanoe so secured
at any one time shall not exceed the mazimum princip~l sum of ; 61, 500.00 ,
together with interest thereon and any and all disbursements mad~e by the mortgagees for the
paymei~t of taxes, levies, or insurance on the property covered by the lien of this mortgage, with
interest on such disbursements as provided for hereinafter, and for reasonable attorneys fees
a~id court costs incurred in the collection of any or all of such sums of money. Such fwrther or
future advances shall be wholly optional with the mortgagees, and the same shaU bear interest
as provided in the notes secured hereby, unless said interest rate shall be modified by subse-
quent .agreement.
. AND the said ~nortgagors covenant with the said mortgagees as follows:
_ 1. To make all payments required by said notes and this mortgage promptly when due.
2. To pay all taxes, assessments, liens and encumbrances on said lands promptly when
due. If they are not promptly paid, the mortgagees may pay them witl~ut waiving the option
to foreclose, and such payments, with interest tliereon at the rate of 82 per cent ) per
annum fro~n date of payment, shall also be secured by the lien of this mortgage.
3. To keep the buildings and improvements on the said premises and articles of per-
sonal property covered by this mortgage insured against loss by fire and other hazards as
inay l~e reasonably required by the mortgagees, in form and amounts and with eompanies ap-
proved by the mortgagees. All policies shall be deposited with the mortgagees with premiums
fully prepaid and w-ith proper mortgagees' clauses attached thereto. The mortgagors agree, in
( ~ the event ot any loss under any policy of insurance, that the proceeds shall be paid dlrectly to the
I mortgagees and the mortgagees may, in their sole discretion, apply the amount so oollected,
~ or any part thereof, on the indebtedness he reby secured in whatever manner the mort-
gagees may deem advisable, or toward the repair or restoration of the damaged premises,
or any portion thereof. In case the mortgagors f ail to insure the premise,s as hercin aKreed, the
mortgagees are hereby authorized to procure and pay for such insurence as tltey may deem
necessary, and every such payment shall bear interest from the date thereof at the rate of
percent ~3 ) per annum and shall be secured by the lien of this mortgage.
4. To commit, permit, or suffer no waste, impairment, or detertoration of the mortg,aged
property.
5. To pay all expenses reasonably incurred by the mortg,agees bexause of f~ilure of the
mortgagors to comply with the agreements in said notes o! this mortg~age, includ~ng reasonable
attorneys' fees. The cost thereof, with interest thereon at t}~e rate of $1 pet cent (8~ ) per
annum from date of payment, shall also be secured by the lien of this murtgage.
6. If any payment provided for in said notes is not paid within thirty days after it bec.~oines
due, or if any agreement in this mortgage other than the agreetrient to make the payments is
breached, the entire unpaid .principal balance of said notes shaU immediately beoome due at the
option of the mortgagees, and the mortgagees may foreclose this mortgage in the manner pro-
vided by law, and have the mortgaged property sold to satjsfy ot . ap~ly on the indebta~ness
hereby secured.
7. The rents and profits of the mortgaged property are a]so hereby mortgaged, and if
proceedings to foreclose this mortgage shall be instituted, the oourt having juriadiction thereof
shall appoint a receiver of the mortgaged property, and apply thc~se rents and profits to the
indebtedness hereby secured, regardless of the solvency of the mortgagors or the adequacy
of the security.
8. In the event the property subject to this mortgage, . or any part thereof, shaU be
condemned or taken for public use under powers of eminent domain, the mortg~gees shaU
have the right to demand that all money awarded for tbe appropriation thereof, or d~mage
to said lands and premises, shall be pald to the mo~g,agees up to the smount of the outstand-
int~ indebtedness secured bv this mortQaQe. ~