HomeMy WebLinkAbout0543 AN~ tht soid Mortpoqo? herebr covenon?s ond OQrffs wilh Hf! spid Mo~t~op~~ Qi fdbws:
FIRST: That M~ Monya~o~ is IowFvlly ssi:ed o~ M~ aboY~ d~sc.~bed p.enases (ec s~mple and hos pood ripht ~o sell and
co~v~r tht some to the Moit~oyee; thot the soid p?emises or~ f~e~ oad d~sdwr~ed of ond froin oll toxes, tox litles or ce~tificates,
judpnnenls, methonit s li~~s oNd entwnbronc~s of onr r?obre o~ kind wAatsoe~e~ ond H+o~ Me Mortqaqor w~ll fvlly worrant ond
delend Me some to the Mortqo~ee, aqainst Me IowFul tloims ond denwt~ds o1 0ll petsons whp+nspevet, and w;ll moke such further
ossuronces fo pe~fetl fee simple 1i~le to soid land, in the Monqoqee, os n+oy reascnable be reqvired, ond wilf poy the severol
sums of money oqreed in fhe soid nole to be poid a~d oll ~nstollmen?s of p.~~+c~po! ond ~nterest thereo~ promptly whe~ due, and
ottordinQ to the Irue tenor ond efFett of th~ soid note.
SECOND: ThQf the Mortga~or will por oll ond su+gvlor Me to~es, ossess+neoh, levies, and entumbronces of every nafure
on the above desc~~bed p~operty, ond upon this mo.t~aqe orid note, or the n+o~ey sccured M+ereby, before delinquency thereol
ond receipts evidenciny poyme~t of soid taxes, ossessmenti, levies ood eeKV~nbronces shall be deposited wiN+ the Mortgogee o~ or
before Morch 1 sl of eath sutteedin9 yeor during fhe ferm of this n+ortyo9e; ond ~f sdme be ao1 promptly paid when due, fhe
Mortgogee may (without obligotion to do w) poy ~he sanie, or becane pu~choser of ony lowful e~idence thereof, or cert;ficate
therefor, wifhouf waiving or offecting any right he~eunder and in this nwrtgaye. a~ Me soid note which this mortgoge setures; and
suth poyme~ts or expenditures so mode shall bear interesf f~om the date thereof ot the ?ote of eight and oAe-hslf (8. SOx)
per onnum. -
TMIRO: Thot the Mo~lgagor will keep oll real ond persflrwl propertr npw or hereafter e~+cumbercd by the lien of this
mo?tgoge insured os moy be required from time fo time by the Mo?tgogee ogoi~nt loss by fire, windstwm and other hazords,
casvalties and tontin9encies for sutfi periods and for not less Mon su~d~ onqunh os mar be reqvired by the Mortgogee and to poy
promplly when due all premiums for suth insu~o~ce. Thr omamh of wch ;e~wence reqwred by the Mortqagee ore exp~essive o(
only the minimum omounts for which said ins~rancc shoq be wtitten and it shaN be i.KUmbent upon the Mortgagor fo maintoi~ such
odditionol insurance as moy be necessarr to meet and comptr futly wilh qU to-a~w?once requirert~er~ts tonfained in saed policies to
the end fhel soid Mortgagor is naf a co•insuror therew~der. Mwrence sholl be written by o tompony or componies opproved by the
Mo~tgogee and o!I poleties and ienewols the?eof sl+oll be held br Ihe Mortyogee. All detoiled desig~at~s by the Mortgagor
which ore occepfed by tht Mortgogee end al) _og~eeme~h betwetn Mortgoyw ond Mortgogee relating to insurance, now exisfing
or hereafter made, shall be in writing cnd sholl be o pcrt of this nartqoQe agreement os fullp os Mwugh set forth verbalim herein
and shall govern both porties hereto and fheir suctesson and ossigns. No lien upon any of so~d policies of insvronce or upon ony
refund or refum premium wFi
t~th moy be poyable on the toncellotion o? te~nunotion thereof, sholl bc given to other than the Mort-
gagee, except br proper endonemenf affixed to wcfi pdicp and o~rored by Mo.fgog~~. Eoc~ ~icy of i~suronce shall hove
offixed thereto a Standard Mortgagee Clause oueptable to the Mortgagee, mok~~,g all loss or {osse: under such policy poyoble
to Ihe Mo?tgagee os ih inferest may oppear. In the evenl onr su~ or we~s of nwner becdne poyoble ttureunder the Morigagee
shall hove the option to receive end opply the same on aooo~nt of Ihe indeb/edeess hereby secured, w to permit the Mortgogor Io
receire and use it, or ony port thereof, without thereby woivinq o? impoirin9 onr eqvity, lien or ri9ht under ond by virtue of this
mortgage. In evenf of loss or physical domoge to the mortga9ed properry Me Mortgago~ sha~1 g~v~ immediatc notKe thereof by
moil ~o the Mo~tqagee and the Mortgagee may moke proof of bss if N~e soe~e is n~t madc promptly by the Mortgagor. In event
of fo~ecbwre of this mortyoge or oN+er t~arnFer of title to the nartgaged propertp in ext~oguishment of the indebtedness secured
hereby, all riyhf, titte and interesf of the Mortgogor in ood to oor insurance pdicies then in forte shalf pass to the purchoser or
grantee. Upon ony defouft thereof, fhe Mortgdgce mor (but withou~ obli~etion on ;h part so ro do~ ploce +nsuronce on such
buildings ond pcy the premium and thorge such wms so paid to the Mortga~o? and uxh wnn ot mwur so poid sholl bear interest
from the date of poyment o? the ~ote of eight ~ otte-half (8.SOZ~ o~~_ •
FOURTH: Thof all sums of money poid or caused to be paid by the Mortgogee under the terms of this mortgoge ond herein
spetificolly provided for, a~d including ony expeases incurred br the Mortgagee ~n cotlect~w, of rhe sum secured by this mortgoge,
shoN be covered by the lien of Mis moAgoge, the same os the sums of mw+ey represented by the note which this mortgoge secures.
HFTM: To pe~mit, commit or sufFer no waste, impoirment o~ deteriorotion of wid properfy, o. ony port thereof, and ~pon
the foilure of the Mortgagor to keep the bvildings on soid propertp ;n good cond;tion ot repair, Me Mortgogee moy demand the
immediate repoir of soid buildings, or on increase in the omaint of secur;tr, or the ;mmed;ate repoyment of the debt hereby
secured, and the failure of the Allortgagor to canplr with said demand of the Mortgagee fo~ o period of fiftee~ (15) days shall
corutitute a breath of this moAgage, ond, at the option of the Mortgo~ee, ~mmed~arely moture the entire unpaid principal ond
interest hereby secured, ond the Mongogee moy, withovt notice, irutitute proceedings to forecbse this mortgoge, and apply for
the appointmenl of o receiver, os hereinofter provided.
SIXTH: That the Mortgoyor berebr promises, corenonts and oQrees fo poy the wms of ~r,w~ey and interest os mrntioned
in soid promissory rqie, togethei wifh any ond o1! otht? sums jvsNr due ond owing the Mprtgayee br the ferms fherein, ond setv~ed
!o be paid os stoted the?ein promptlr when due. If defovk shoL' be mode ie+ the payment of the said sums of money or qny part
thereof as provided in the said note or ffiis mortgage, o? if the interest Nwt nwy becwne due thereon or any port thereof shall be
in defoult ond unpoid for o space of fiffee~ (15) days, or sho~rtd the Mortyoga breocfi or foit to complr with ony o~her coveno~t
or egreement on the port of the Mortyagor to be complied w~th (in Mpse cases in whKh the opt~pn qf fhe Mortgagee of occelera-
tion is rat ofhe?wise expressly provided herein~ and sud+ brcotl+ or non.cornpl;on~~ cont;~x,e ie eaestence for a space of fifteen (1S)
days, fhen and from tfienceforth, ot fhe option of fhe Moirtgayee ond wiMqut notice to the Mwtgagor, the whole of soid principol
sum expressed in said note, together with all other sums therein as welt as here;n prorided lor, sha!! become +mmedio~ely due end
payabte, withovt rwtice to the soid Morfya~w.
SEVENTH: Thot in cose it should betome netessory to plate this mortgoge and the ~ote secured hereby or either of them, ~
in the hands of an attorney for collecfion, tfie said Mortgoyor covenonts ond ogrees with the Mortgagee to pay all costs, chorges
ond expenses of such collectio~, including reosonoble ottoroey's fees whether ~tkcted by foreclosure or otherw;se.
EIGHTH: Thof, in the event any suit is brought ~pon this mortgoye, whethe? to forecbse to ?eform ir, or otherwise,
ond: or to enforce poyment of anr claim hereunde~, the Mort~ayee moY oppty to ony co~rt having jvr~sdiction thereof for the ~
appointment of o receiver of said mortgoged property, os weN os the e~come, profits, issves ond revenves lhereoF, ond the soid
_ ~ - ~QCK z79 Pae~ 542
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