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Home My WebLink About0520 AND Ihe so~d Mor~poyor ~ereby co~e~ants a~d op~ees w~th ihe eaid Mor~qo~ee os follnws~ ~ FIRST: Tho~ the Mo?~pago? is lowfully se~ied of tAe obo~e deur~bed prem~~e~ ~n fee simple ond hos qood ~~~ht ~o sell and convey Me some to the Mortgopee; rhol the said prem~ses are 1~ee anu disthor~ed of ond f~om oll ~oxes, tax tiNes o~ certificates. judgments, mechonic's I~ens and encumbronces of ony natu.e o? kind whotsoeve~ ond thot Me Mortgo9or will Fully wa~rant and defend the same to ~he Mo?~qo9ee, apoinst fhe lawful claim~ ond demonds of all persons whomsoever, ond will moke suth fu?ther ossuronccs ~o perfect fee s~mple title to sa~d land, in the Morfpoqee, os may reosonabls be required, ond will por th~ sever~l s~ms of money a9reed in the soid note to be poid ond oll instollme~ti of principol ond i~terest thereon promptly when due, and atcordinQ to ~he ~rue teno? and eficd of ?he said note. SECOND: Thot the Mortpogor will poy oll ond sin9ulor ~he toxes, assessment:, levies, ond encumbrences of every nofv~e on the obove dcur~bed property, and upon this nwrt~aQe ond note, or the money secured thereby, before delinqvency thereof and receipts evidenciny poyment of soid taxes, ossessments, levies and entumbrance: shall be deposited with the Mort~o9ee on or before Morch lst of eoch succeeding year du~ing Me term ot this nwrt~oge; and if same be not promptly poid when due, M+e Mort~oqee moy (without obligation to do so) poy the same, or become purcha~er oi anr lowful evidence thereof, or ceMificote Merefo~, withou~ woiving or oflettinQ any ripht hereunder ond in Mis nwrtyo9e, o? the soid note which this mortga~e secures; and such payments or expe~ditures so mode sAoll beor interest from the dote thereof ot the rote of ei~lcper centum pe? annum. ~ eight b 3/4 (8.75X) THIRD: Tho1 the Mortgagor will keep oll real and pe?sonal property now or hereofter encumbered by ?he lien of this mortgage insured os moy be reqvired from time to time by the Mortyagee agoinst bss by Are, windslorm ond other hazords, casualties and contingencies for such periods ond for not less than such amounts as may be required by the MortQoqee and to poy . prompfly when due all premiums for such insurance. The aenounfs of such insuronce reqvired br fhe Mort~opee ore exp?essive af only Me ieioimum amounfs for whith said insurance shall be written and it shall be intumbent upon the Mort~a~o? to mainfoin svth additional iesurence os moy be necessary to meef and tomply fully with all co-insuro~ce requirements tontoined in soid policies to M+e end that soid Mort~agor is not a co-insv~or thereunde~. leaurence sholl be wriHen by a canpony or componies approved by the Mortyogee and all policies ond re~ewals thereof shall be hetd by fhe Mortgogee. All detoiled desi~nations by the Mort~agor whicA are oaepted by the Mort~aqee and oll a~~eements between Mortyoyor ond Mortqo9ee relatin~ to irourance, now existin~ or hereafter modc, sholf be in writin~ and sholl be a part of this mo~tpage agreement os fully as thouqh set forth verbatim herein end shall yovern both parties he~eto and fheir successon and ossiQns. No lien upon ony of said policies of insurance or upon any refund or returo premium which may be payable a+ the cancellotwn or te~mination therepf, sholl be given to otNer than the Mo~t- . gogee, except by proper endorsement offixed to such policy a~?d approved by Mortgogee. Each policy of insuronce shall hove affixed thereto a Stondord Mortgayee Clouse aaeptable to the Mon~oyee, moki~~ all bss or bsses under such policy porable to the Mortgogee as its interest moy oppear. In the event enr sum or sums of money become paroble therevnde~ the Mortyagee shall have the option to receive and apply Me same on aaount of the indebtedness hereby secured, or to permit the Mortga~w to receive and use it, or any part Mereof, wiM~out thereby waivin9 or impairin9 o~y equity, lien or ?iyht under ond br virtue of Mis mortga9e. In event of loss or physical damaqe to the moAqoQed property the Mortga9pr shall pive immediote notice thereof by moil to the MoH9ayee and the Mortqapee may moke proof of loss if the same is not made promptly by the Mort~ayor. In event of forecbwre of this mortqa~e or other trarufer of title to the nw~tga~ed property in extingvishment of the indebtedness secured hereby, all ri9ht, title and interest of the Mortgoyor in and to anr insuronte policies fhen in force shell puss to the purchaser or grantee. Upon any defoult thereof, the Mo~tyaqee mar (but without obliyotio~ o~ its pon so to do) place insuronce o~ such buildin9s and poy the premium and thorqe wth wms so paid to Me Mortya~or and such sums of nwney so paid sholl bear interesf from the dote of poyment at the rote of aopl~ per centum per arxwm. ' eight ~ 3/4 (8.75X) i FOURTH: Thot all sums of moner paid or cavsed to be paid by the Mortgagee vnder the terms of this mort~oye ond herein ~ specifically provided for, and intludinq anr expeeses incur~ed by the Mortga9ee in tollection of the sum setured by this mort~oqe, j shall be tovered br the lien of this mortgaqe, the same os the sums of money ~epresented by the note which this mortgoge setures. ~ FIFTH: To permif, commit or suffer no wasfe, impoi~ment or deteriorotion of said property, or ony parl thereof, and upon fhe failure of the Mortgo~or to keep the bvildings on said property in ~ood conditio~ of repair, Me Mortyagee may demond the irt~mediote repair of said buildings, or an increase in the amount of securiry, or the immediatc repayment of Me debt hereby secured, and the foilure of the Mortpa~or to comply with said demand of the MortgaQee for a period of fifteen (15) doys shall constitute a breach of this moAgaye, and, ot the option of the Moriqayee, immediolelr moture the enlire unpaid printipot and interesf hereby sen,red, and the Mortpapee may, withouf notice, insfitute proceedings to foreclose this mortgage, and opply for the oppointment of a receiver, os hereinofter provided. SIXTH: Thot the Mortqaqor herebr promises, cove~onts ond agrees to poy the sums of money and interest os mentioned in said promissory note, together with any ond all other sums justly due and owiny the Mortyogee br the ferms therein, and secured to be paid os stoted therein promptly when due. If default shol: be made in the payment of the said s~ms of money or onr port thereof as provided in the soid nofe or ?his mort9aye, or if the interest thot moy become due thereon or anr part thereof shall be in defovlt and unpaid for o spate of fiheen (1S) doys, or sFwvld the Mortgayor breach or foil to tomply with dny other tovenant or ogreement on the pa?t of the Mortqogor to be tomplied with (in those coses in whith the option of the Mortgogee of occelera- tion is not otherwise expressly provided herein) and such breoch or non-complionce continue in existence for o spote of fifteen (15) ~ days, then aed from thenceforth, at the option of the Mortqoqee and without notice to the Mortgagor, the whole of said principal wm expressed in soid note, toyether with oll other svms therein os well as herein p~ovided for, shall become immediately due ond poyable, without notice to the said Mortyo~or. , SEVENTM: Thot in case it should become netessory to ploce fhis mortgage a~d the note secured hereby or either of them, in the hands of an of?orney for tollection, the said Mortgagor covenants and agrees with the Mongogee to poy oll costs, chorges ond expenses of such callection, includin~ reasonable attorner's fees whether collected by forecbsure or otherwise. O EIGHTH: Thot, in the event any suit is brought upon this mongoge, whether to foreclose it, to reform it, or otherwise, and or to enforce payment of onr cloim hereunder, fhe Mo?tga~ee may apply to ony court having jurisdiction thereof for the ~ eppointment of a receiver of soid mort~aQed property, os well as the irxome, profits, issues and revenues ehereof, ond the soid ~6 ~ 5z0