HomeMy WebLinkAbout0741 AND Me said Mon9oqor herebr coveno~ts ond aprees with fhe soid Mortpopee as follows:
FIRST: Thot the Mort~ogor is lawfully seized of the abovt described premises in fee sinnple and has yood ri~ht to sell o~d
convey Me some to the Morrgoyee; Ihot the soid premises ore free ond di~thorged of ond from oll toxes, tox titlss or c~rtificotes.
judpments, mechonic's liens ond entumbrances of ony noture or kind whatsoever and thof fh• Mort9apo~ will ~vlly wqrranl ond ;
defend fhe some to the Mo~tyo9ee, ayoinst the Icwful clo~ms ond demonds of olt persons whc,~+:oever, ond will make such fv?M+er
assurances to perfect fee simple titte to soid iond: ~n 1he Mortgaqee, as n+ar reosonoble be rtqvi?ed, ond will pay Me severa)
:ums of money ay~eed in Me said note to b~ paid and o!! installmeMs of pr;ncipol ond inte~est M~reon promptly when due, and
aaordiny to ~he t~ve le~or ond e~fect of Ih~ ~uid not~.
SECOND: Tho1 the MortQopo~ will pcy oll and sin~ulor the foxes, assessments, levies, cnd tncumbro~+c~s of ev~ry noture
on the above described property. and upon this mortpcq• and note, or the nw~?ey setured Me~~by, before dalinquencr thereof
and receipts evidencin9 poyment of soid taxes, assassmeNs, levies and e~cumbroncas shoU be depo:ited with ~he Monqopee on o~
before Morch lst of each succeedin~ rear durin9 the term of this nart~oQe; ond if same be no1 pron?ptly poid when due, the `
Mon~ogee may (witFw~lt obliqotion to do so) por Me sams, or becon?e purchaser of any lowful evidence thereof, or ce?tificote '
the?efor, w;thovt woivinp or ofiectinp ony ripht hereunder a~d in this nart9age, or the said note which this mortyoge setures; and S
such pay~nents or expenditures so mode shall beor interest from 1he dote the?eof ot the rate of ei~ht per centum per orowm. ~
THIRD: Thot the Mort a or will kee ott real and enonal ro e 10.91
9~ p p p p rty now or hereofte~ encumbered by the lien of thi:
monga~e insured os moy be required from time to time by the Mortyo9ee a9oirut loss by Rre, wi~+dstorm ond other hozards,
casualtias and contin9encies for such periods and for not less thon sud~ omounts as mey be rsquired br the Mo?t9ogee ond to poy
prompfly wAe~ due aU p~emiums for such inwronce. The omounts ot such insu?ence required by the Mort~oQee ore expressive of
a+~y M+e +nin+mum omounh for whicA said insuronce sAall be writt~n ond it sholl be incumoent upon the Mortqaqor to maintoin wch
odditionol iraurance os may be necessary to meet and comply fully wifh oll co-i~uurence require~nents contoined in soid polities to
the end Mot said Mort~o~pr is not a co-insuror fhareunder. Insuronce sholl be written by a canpany or canponies opproved by the
Mo~tgagee and all policie: ond renewols Mereof iholl be held by the Mortgo~ae. All detailed desiynotions by the Mortge9or ~
which are oaepted by the Mo?t9oqee ond all epreeme~b between Mortyoyor ond Mon9a~ee relotin9 to i~uronce, now existin9
or heraoher made, shall be in writinq ond sholl be a pa?t of this mortqo~e ogreement os fuUy as thouqh set forfh verbatim he~ein
cnd sholl govern both ponies herero and their successon ond aui~es. No lien upon ony of soid policies of insurence or upon anr
refund or return premium which moy be payable on fhe conteNa~ion or terminotion thereof, shall be given to other thon Me Mo?t-
gaqee, except br proper endonenten! eRixed b wth polity and approved by Mort~a~ee. Eoch policy of insuronce shell have
aRixed thereto a S~ondard Mort~oqee Clause oaeptable ro the Mat~agee, makin~ oll loss or losses under such policy poyebte
to the Mortyagee os ih interest may eppeor. M the event o~r sum or sums of mw~ey become poyab.le thereunde~ Me Moh~aqee
si+oll lwve the option to raceive and apply the same on aaount of the indebtedness hereby secured, or to permif fhe Mo?fyo9or to
receive and use it, or any porf thereof, wifhout thereby woivin~ or impairiny any equity, lien or ri~ht under end by vi?tue of this
mortpaye. In event of lou or phrsical dama~e to the nw~tpa~ed propart~r the Mortyayor sholt ~ive immediote natice thereof by
mail to the Mort~oqee and thc l~1~ri~e~ee may make proof of bu if the same is not made promptly by the Mortyo~ar. M aven?
of foreclosvre of ihis mort~aqe or olher frarafe~ of title to the rtwrtgayed properly in exfinpuishment of the indebtcdnQSS secured
hereby, oll riqht, tiNe and interest of the Nlortpeqor in ond to ony insuronte policies then in fo?ce shall pass to the purchoser or
grontee. Upon oey defoult thereof, fhe Mort~a~ee may (but without oblipatioo on its po~t so to do) place insuronce on wch
buildinps and poy the premium and ther~e wd~ wms so paid to the Mo~tye~or ond such sums of money so paid shall bear interest
from the date of peyment ot fhe rote of eiqht per cenfum i~per anrwm.
.91
FOURTH: Thet all sums of moner poid or caused to be paid br the Mortgoyee under the terms of this mort~age and herrin
specificolly provided for, and includin~ any expenses incurred br the Mort~agee in collettion of thc sum secured by this mortgoge,
shall be covered by the lien of this mort~o~e, th~ some os the sums of money represented by the note which this na~tgage secures.
HfTH: To permit, tommit or sufFer no wcste, impoirnneot or deteriorotion of said property, or any pcrt the~eof, ond upon
the feilure of the Mortgegor to keep the bvildin~s on said property in 9ood condition of repair, the Mort~ogce may demand the •
~mmediate repair of said bvildi~ys, or an increose in the omount of security, or the immed~ote repoyment of the debt hereby
secured, and the failure of the Mortpogor to oomply with said demand of the MortQoqee for a period of fifteen (15) days sholt
cautitute o breoth of this mort~aye, ond, ot fhe option of Me Moriqo~ee, immediafely marure the entire unpaid principal ond
interest hereby sccyred, ond fhe Mortqapee mor, withovf notice, institute proceedings to forecbse this mortgogt, ond opply for
Me appointment of o receiver, es he?einofter p?ovided.
SIXTH: Thot the Mortyaqor herebr promises, covenonti and o~rees to pay the sums of money and interest os mentioned
in said promissory nofe, together with onr ond oll other sums jusNy due and owiny the Morf9agee by the terms therein, and secured
to be paid os stated therein prompNy when due. If default shal: be mode in the poyment of Me said sums of money cr ony part
thereof os provided in the said note or this mortqape, or if Me interest that moy becoene due thereon or o~y part thereof shatl be
in defoult ond unpaid for o space of fiftee~ (15) day:, or should the Mortqoqor breach or foil to comply with eny other covenent
or a~reement on tfie part of the Morf9o~or ro be canplied wifh (in~Mwse cases in which the option_of the Mon~agee of ouelero-
tan is not otherwise expresslr provided herein) end such breoth o? rwn-complionce continue in existerxe for o spote of fiheen (15) S
days, then ond from tbenteforth, at the option of the Mort~a~ee ond wiM~out notice to the Mortgcsgor, the whole of :aid principol
sum expressed in said note, together with oll other wn~s therein as welt os herei~ provided for, shall become immediately due and
poyable, without notice to the said Mort~a~or.
SEVENTH: That in cose it should become nacessory to place this nwrtyoqe ond the nota setured hereby or either of them, ~
in the hands of an otto~ney for collection, the said Mortqo~or covenants end oqrees with the Mo~tyogee to pay oll costs, chorges :
and expeiues of such cotlection, includiny reesonuble attorney's fees whether toNected br foretlpsure or otherwise.
EIGFITH: Thot, in Me event anr suit is brouqht upon this mortqope, whether to foreclose i?, to reform it, or othe?wise,
endjor to enforce porment of any daim hereunder, the Mortya~ee mor apply to anr court hoving jurisdiction thereof fo~ Me
appointment of v receiver of said mo?tyoped property, as well os Me income, profits, issues and revernres thereof, ond the soid
B~O~~~Ip PAf,f
-2-