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Home My WebLink About0161 ' cfs AND fhe said Mortgoyo~ hereby covena~ts and aprees w~th the soid Mortqopee os follows: FIRST: Tha1 the MortQogor is lowfully seited of the obove deuribed p~emises in fee simple ond hos qood ri9ht to sell ond convey Me same Io the Mortqo9ee; fhot the soid prem~ses ore iree and dischorQed of ond from oll ta~es, fox ti~lss or ce?tificctes, iudqme~ts, mechonic's iiens ond e~ncumbrances of a~y na~ure or k~nd whotsoerer ond thot the Morlpa~o~ will fully worront end defend the same ~o the Mortgogee. oqcinst the lowfvl cloims ond demonds of oll persons whomsoeve?, and will moke suth further ossv~ances to periatl fee simple title to said lond, in Ihe Mortyogee, as moy reawnoble be required, and will poy the severol sums of mo~,er egreed in the soid r+ote ~o be poid ond oll ins~ollmen~s of principol and ~nter~st I~ereon promptty when due, and acco~ding ro the true terar and eHetf of Me said ~ole. SECOND: Thot the Mort9ogo? will por ofl and singular the toxes, ossessmen?s, levies, and entumbrontes of every nature on the above described propeity, and upon this mortyage end note, or the money secured thereby, before delinqvency rhereof and ~eceipts evidencing parment of soid toxes, essessments, levies and encumbronces sholt be deposited with Ihe Mortgeyee on or before Morch 1s1 of eath svtteeding yeor during the term of this tnortgoge; ond if some be not promptly poid wheo due, fhe Mo?tgagee moy (without obligotion to do so) por the same, or become purchoser of ony lawful evidence thereof, or certificote r therefor, without waiving or offectin~ ony ri~hf herevnder and in this mortgo~e, or the said note which this mortgoge secures; and ~ suth poyments o~ expenditures so mode shull bea~ interest from the date thercof af the rote ofx]~f per tentum ~ per annum, Eight & 3/4 (8.75$) THIR~: That the Mortgogor will keep afl reol a~d penonaf property now or hereofte? encumbered by the lien of thi: mortgoge insured as mQy be required from time to time by the Mortgogee oqoirnt loss by fire, windstorm ond other hozords. casvalties and contin~encies for such periods ond for not Itss thon such amounts as may be reqvi~ed by the Mortgogee ond to pay promptly when due all premiums for such insuronce. The ama~+ts of svch insuronce ~equired by the Mortpoyee ore express~ve of only Me minimum omounK for which soid insuronce sholl be written and it sholl be incumbent upon the Mortgo~or to maintain such additionol insurance as may be ~ecessary to meet and tomplY fully with oll to-insu~ante requirements contoined in said policies to the end thot :aid Mo?tgagor is not a co-i~suror thereunder;=lrourance sholf be written br a canpany or companies approved by the Mortgagee and oll polities ond rencwols thereof shell be held by the Mortgagee. All detailed designotions by the Mortgagor which ore oaepted br thc Mortgogee ond oll ayreements between Mort~agor and Mortga~ee reloting to insurarxe, now existing or hereofter mode, shall be in writing ond shall be a port of this rtwrtqage ogreement os fully os though set forth verbotim he?ein and shall yovern both pa?ties hereto ond Meir successon and auigrn. No tien upon any of said policies of insurance or upon ony ?efund or return prcmium whith moy be poyoble on the carcellotion or ferminotioo thereof, shall be given to other than thc Mo~t- go~ee, except by proper endorsement ofFixed to such policy arx! approved by MoNgagee. Eoch polic~r of insurance shall hove afFixed thereto a Standard Mortgagee Clouse eaeptoble to the Mortyagee, making oll bss or bsses_ under suth policy poycbte to the Mortgagee os its interest moy appear. In the event any sum or sums of money become payable thereu~der the Mongagee shall hove the option to receive and opply the same on auount of the indebtedness hereby secured, or to pennit the MortQogor to receive and use it, or an~ port thereof, without thereby waivi~9 or impoiring anr eqvity, lien or right under ond by virtve of this mort~age, In event of bss or physicol damaqe to the rrart9a~ed property the Moregaqor sholl give immediatc notice thereof by moil to the MortQaget ond !he Mort~agse moy nnake proof of loss if the same is not made promptly by the Mortgayor. In event of fwecfowre of this mort~age or other tru~ufer of title to the nartgoged property in extinguishment of the indebtedness secured hereby, oll riyht, title ond interest of fhe Mort~ogor in ond to any insuronce polities then in force st+oli poss to the punhaser or grantee. Upon any defcult thereof, the Mort9a~ee inay (but without obligation on its part so to do) plate insurante on sud~ buildings ond por Ihe premium end thorge suth wms so paid to the Mortqaqor and such sums of moner so paid shalt bcar interest . fran 1he date of poyment at Me rote of e~bKper centurn~{ per orowm. ~ Eight & 3/4 (8.758) . fOURTN: That oll sums of moner poid or coused to be paid by the Mortgogee under the terms of this mortgoge and herein specificolly provided for, end includi~g any expenses incv~red by the Mortgagee in collection of the :um secured by fhis mortgoge, shall be covered by the lien of Mis mortgaqe, the :ome as fhe sums of money represented by the note wFi~ch this mortgoge secures. FIFTH: To permit, commit or suf~Fer no wosfe, impairment or deteriorotion of soid propertr, or ony part thereof, and upon the failure of the Mortgagor to keep the buildings on said property in good condition of repoir, the Mortgogee moy demond the immediofe repoir of said buildings, or an increese in the amount of security, or tht irnrnediote repoyment of the debt he~eby secured, ond the foilure of the Mortgagor to comply wetl~ said demand of the Mortpagee for a period of fifteen ~15) doys sholl co~stitute a breach of this rrwrtgage, ond, ot the option of the Mort~agee, immediafelr moture the enfire unpaid prirxipol ond interesf hereby secured, and the Mort~ayee may, without notice, insfitute proceedings to forrclose this mortgoge, and apply for Me oppantment of o receiver, os hereinofter provided. ~ SIXTH: Thot Me Mortgagor hereby promises, covenonts and agrees to par the sums of money and interest as mentioned in soid promissory note, toyether with onr ond oil other wmt justly due and owi~g the Mortgagec by the terms therein, ond setured to be paid as stofed therein promptty when due. If defevlt shol~ be mode in t~e parment of the said s~~ms of money or ony port thereof as provided in the said note or fhis +nortqa~e, or if the interest thot moy become due thereon or ony port thereof sholl be in defovlt ond unpoid fo? e space of fifteen (15) doys, or should tbe Mort~ogo? breach or foil to tomply with ony other covenant o? ogreement on the part of the Mort~egor to be tomplied with ~in those cases in whid~ the option of the Mortgogee of accelera- tion is rat otherwise expressly pravided herein) and such breach or non-complionce continue in existence for a space of fifteen S) days, then ond from thenceforth, at the option of the Mongoyee and withou? notice to the Mortgogor, the whole of said principal ' sum expressed in said note, together with oll other sums therein as well os herein provided for, shotl become immediately due and parable, without notice to the said Mort~ayor. SEVfNTii: That in cose it should become necessory to plotr th+s mortgoge and the note secured herebr or either of them, i~ rhe hands of on ottorney for tollection, the said Mortgagor corenonts ond agrees wiM the Mortgagee to pay all costs, charges and experues of sucb coUection, irxludin~ reosonable ottorney's fees whether colletted by foreclosure or otherwise. EIGHTN: That, in the event any suit is broughl upon this mortgaqe, whether to foretlose it, to reform it, or otherwise, and or to enforce paymenf of any daim hereunder, fhe Morfgagee moy opplr fo anr tourf hoving jurisditfion thereof for the oppointment of a receiver of said mortyayed propertr, os well os the income, profi}s, issues and revenves thereof, ond tAe said ~0~27~ ~ ~ ~