HomeMy WebLinkAbout0805 AND Me sa~d Morigo9or ~ereby to~enants cnd ap•ees w~th ~he ioid MortQagee a~ follows:
FIRST: Thot the Mort9a~or is lawfvllr se~=ed o~ tAe above destribed p~~mises i~ fee simpls ond hos qood ~~9ht to sell ond
convey Me some to the Mo.~9ayee; thot tAe soid premises ere f~ee ond disthorqed of and frotn oll fox~s, taa ti~les or te~ti+icotes, ~
judyments, mechonic's tiens a~d encumbronces of aey norure or kind whotsoev~r ond thot the Mortgoqor will fullY wa~ront and
deFend the same to the Mortqagee, a~oinst Ihe lowful cla~ms ond demonds of all persons whomsoever, and will make such furth~r i
ossuronces lo perfect fee simple t~tle ro so~d land, in tbe Mo?f9apee, os moy reosonoble be reqvired, ond will poy Me seve~at ~
sums of money o9reed ~n the sa~d note to bs poid and all instollments of principot ond interest th~reon promptly when due, ond ~
occordin9 to N+e true tenw ond eAect of Me soid not~. 3
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SKOND: That Me Mortqo9or will poy oll ond si~~vlar the toxes, assessments, tevies, and encumbronces of every nature
on Me above deuribed propenr, and upon N+is nan9aqe ond ~ote, a ~he nwney secured thereby, before delinquency thereof
ond ~eteipts evidencin~ poyment of seid Iaxes, ossesunents, levies cnd encumbronces sholl be deposited with ths Monyoqee on or i
before Morch lst of eoth suc:aediny_ yeor durin~ the term of this rtartyaqe; a~d if same be not promptly paid when due, the
Mortgogee moy lr+~~hovt obli9otion to do so) poy Ihe some. o~ beco+ne purcheser of any lowful evidence thereof, or certificote ~
there~o~, withouf woivin~ o~ offettin~ ony riphf hereunder and ia this mo~tyoye, or the said nofe whith this mort~oye setures; cnd -
such poyments or expend~tures w made shall beor in~erest from the da~e thereof ot the rote of ~l~cper centum ~ per annun+. ~
eight and three-quarters(8-3/4X) #
THIRD: Thot the MortgoQor will keep oll reol ond personol pfopert~r now or hereofter encumbered by the lien of this ;
~9a9e ~^s++red os moy. be ~equired from tiene to time br the Mort~aqee o~oinst loss by fire, windsform ond other hoiords, ~
tawolties and tonlingencies for wth periods ond for not less thon such omounfs os may be required by the Mort~a~ee and to poy i
promptlr whe~ due all premiums for such inwronce. The emounK of such insu~ance required by the Mo?t9e~ee are expressive of
only the rtanimum omounri for which said insuronce sholl be written ond it shall be intvmbent upon the Mortyogor to maintoin wch ;
odditio~wl insurance as mor be neceuary ro meet ond comply fullr with all co-insurance requirements contoined in said policies to i
the end lhat soid Mo?tyo9a is not a co-insuror fhereu~der. Mwronce shalt be written by a canpony or tanpanies approved by the
MoNqagee ond all policies end renewals the~eof sholl be held br the Mo~tgaqee. All detailed desiqnafiwis by Me MongaQo~ ;
which ore aaepted by the Mort~aqee and al) o9~eemenh between Mo~tpaqor and Mort~agee relotiny to insurance, now ezistinq =
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or hereoher nwde, sholl be in writin~ and shall be o parf
of this nart9o~e a~reement os fulty as tfau9h set forth verbotim herein
ond slwll 9ovem both parties hereto ond their successon ond oui~e~s. No lien upon any of said policies of insurarxe or upon onr
refw+d or retum premium which n+or be poyoble on the concellotion w terminotion thereof, shall be given to other than the Mo~t- ~
ga~ee, excepf br proper endonerne~t ofFixed to wd~ polic~? and opprov~d br Mortpagee. Eoch poliqr of inwrance shall have
afFixed thereto a Standard Mo~t9apee Clouse occeptable to the Mortgoqee, mokiny oll loss or lo~ses under wch policp porable _
to the Mort9a9ee as its interest nwr opp~a?. h M+e event ony sum or swns of moner become payable thereunder the MortyaQee
shall hove the option to receive and opply the same on oaount of the indebtedness hereby"secured, or to permit the Mortya9or to
receive and use it, or onr part fhereof, wiMaut thereby woivin9 or impairin~~quu~ty, lien or ri~ht unde? and by virfue of this
mort~aye. In event of lou or phrsicol danwqe ro fhe mwt~a~td property the Mo~t~aqw shall Qive immediate notice thereof by
mail to the Mort~apee aed the Mortqa~te nwr nwke proof of bss if fhe wme is not mode promptlr by the Mort~agor. In event
of foredowre of lhis nq~t~a~e or other trarafer of tiNe to the nart9oQed properry in extin~uishment of the indebtedness secured
herebr, all riyht, tiNe and intsrest of the Mortpa~or in ond to any inw~ance policies then in force shall pass to the purchaser or
~raetee. Upon onr defauN thereof, the Mwt9o~~e nwy (but wiMwut obli~ation on its part ~so to do) place inwronce on wch
bvildin~s ond par the premium and dwrqe wd~ wms so paid ro the Mo~t~a~or ond wch sums of nwney so poid sholl beor interest
from the date of payment ot the rote of ~ptr centwn ifl~tper annum. ~
eight and three-quarters {8-3/4a) f
~ FOURTH: Thot oll wms of nwner paid or tavsed to be poid by the Mortqayee under 1he terms of this mortgaqe and herein _
spetificaUp provided for, and intludiny an~r expe~es incurred by the Mortqa~ee in tollection of the sum secured br this mortgo~e, ~
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sholl be tovered by the lien of this nwrt~a~e, the same as the sums of ma?ey represented by the note which this mortgaqe setures.
HFTH: To pem~it, commit or sufFer no woste, impoirment or deterioration of said property, or onr part Mereof, end upon
the foilure of the Mortgayo~ to keep the buifdinqs on so;d property in ~ood condition of repair, the Mortgagee may demand the
inrnediate repair of soid buildin~s, or on increase in fhe amount of security, or the immediate repayment of the debt hereby
secured, and the foilure of the Mortyaqor to t,omplr with said demond of the Mortgagee for a pe?iod of Rfteen (15) doys sholl
constitute a breoch of this mortyo~e, and, at the option of the Mort~ayee, immedialely mcture the entire unpaid principal and
interest herebr searred, and the Mort~o9ee nwy, without eotice, institute proceedinys to foreclase this mortgage, and opply for
the oppointment of a receiver, os hereinaher provided._
SIXTH: Thot the MortyaQo~ herebr promises, covenants and aqrees to poy the sums of money ond interest os mentioncd
in wid promissory note, toqether with any and oll other swns jusNy due and owiny the Mortyayee by the terms therein, and setvred
to be paid os stoted therein prompNr when due. If defoult shol: be made in the porment of fhe said sums of moner w a^y Port
thereof as provided in the soid note or M~is nart~a~e, or if the interest that moy becon+e due the~ea~ or onr port thereof shall be
in defoult and unpaid fo~ a space of fifteen (15) doys, or sFwuld the Mort~agor breach or fail to canplr with ony other covenont
or a~reement on the port of tF+e Mort~apor to be canplied with (in those toses in which the option of the Mortgagee of accelero• -
tion is not otherwise expressly provided l~erein) ond wd~ breach or non-compliance continve in existence for o space of Afteen (15)
dors, then ond from thenceforth, at the option of Me Mortgayee and withouf notice to the Mortyagor, the whole of seid prinapal
~um ezpressed in said note, to~ether with all other wms therein as well os herein provided for, shall betome immediotely due ond ;
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parable, without notice to the soid Mort~ayo?.
SEVENTH: Thot in case it slwuld become necessary to ploce this nartgaqe and the note secured hereby or either of them,
in the honds of on attorney for collection, the said Mortpa~or covenonts end agrees with the Mortqagee to pay all tosts, charges '
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ond ezpenses of wcfi colledion, includin~ reasonable attorner s fees whether collected br forecbwre or otherwise.
EIGHTH: That, in the event anr suit is brouyht upon this mortyoge, whether to foreclose it, fo reform it, or otherwise,
ar+d or to e~farce poyment of anr daim hereunder, the Mort9ogee may opply to any tourt having jurisdiction thereof for the
oppointment of a reteiver of said moApa~ed propertr, os well as the intome, profits, issues ond revenues thereof, ond the said -
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