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Home My WebLink About0892 AND 1he said MortaQpo~ h~reby covenonts and op~e~s wiM th~ soid MorlqoQee os follows: fiRST: Tha! th~ Mortqoqor is lawfully seiied of th~ obove destribed premi~es in Fee simple ond hos 9ood riqht to sell and convey th~ same to ~he Mortyaqee; thot the soid p.em~~es ars ~ree ond dischorped of c~d from all toxcs, tox tilles or cert~ficotes, judqments, mechonic's liens and e~+cvmbronces of ony nalure or kind~ whatsoever and thct the Mor~9opor will fully worranl and defe~d M~ same to the Mortpaqea, agoins~ ~he lawful claims a~d demonds of oll persons whomsoever, ond will make ~uch further assuronce~ lo per(ect fee s~mple tilie to soid land, in the Mortqagee, os moy reaso~able be reqvired, and will pay Me several sums o~ ma+er agreed in the ~oid nole to be pa~d ond oll ~ns~allments of prinupol o~d interesr fhereon promptly when due, and accordin9 to ~he true tenor o~d eifect of Me said note. - SECOND: That the Mortyogor will poy all and singular Me fo~es, o~sessments, levies, o~d encumbrorxes of every nature on the obove destribed prope~ty, ond upon this mortgape cnd note, or the money secvred the?eby; before delinquency ~hereof and ?eceipts evidencin~ paymenl of soid taxes, assessments, levies ond entumbrances shall be depos~ted with the Morrgogee on o? befo~e Morch lst of eath svcceediny year during fhe term of this morlgoqe; ond ~f some be not promplly poid whe~ due, the Mortgoyee may (without obligotio~ to do so) poy the some, or become purchoser of ony lawful ev~derxe thereof, or ce?tificote Merefor, withouf waivi~g o? offetting any right hereunder and in this mo~fgoge, or thg iu~d~e which fhis mortgagt secures; and such payments or expenditures so mode shall bear intereit from the date Ihereof at the ro?e of 11_(]~ per annum. THIRO: Thot the Mortgogor will keep all reol and personal property no~+ or hereofter encumbered by the lien of this mortgoge insured as may be req~ired from time to time by the Mortgagee agoinst loss by fire, windsform and other hotords, cosualties and tonfingencies for suth periods and for not iess tho~ suth amounts as moy be requirad by the Mortgagee and to poy promptly when due all premiums for such i~surence. The amounts of such ins~rance required by the Mortgagee are espressive of only the minimum amounts for which said insurance shall be written and it shall be incumbenl upon the Mortgogor to mainloin such odditionol insurance os moy be necessory to meet and comply fvlly with all co•insurance requirements contoined in soid poticies to the end lhot said Mortgogor is not o co-insu?o? thereu~der. Insurance shall be wriften by a company or companies approved by the Mortgagee and oll polities and renewols ihe?eof sholl be held by fhe Mortgogee. All detailed designotions by fhe Mo?fgago~ which ar~ accepted by the Mortgogee ond oll agreemenls betwee~ Mortgogor ond Mortgagee relating to i~surance, now exis?ing or he~eafte? mode, shall be in writing ond shall be a parl oF this morfgage ogreement as fully as though set forth verbatim herein and sholl govern both poAies hereto ond fheir sutcessors and assigns. No lien upon any of said policies of insvrorxe or upon a~y ~efund or return premium whith may be poyable on the concellotion or termination thereof, shall be given to other lhan the Mort- 9a9ee, except by proper end4rsement affixed to such policy and approved by Mortgagee. Each policy of insurance shall have a8ized thereto a Stondord Mortgagee Clause acceptoble fo fhe Mo?tgagee, making all bss or losses unde~ such pol"Ky payoble to the Mortgagee as its interest moy oppear. In the event any sum or wms of money betome payable thereunder the Mortgagee shat! hove the option fo receive ond apply fhe same on account of fhe indebtedness hereby secu~ed, or to permil the Mortgagor 10 receive ond use it, or any port the?eof, without thereby waiving or impairing any equity, lien or right under ond by virtue of this mortgage. In event of loss or physital dQmage to the mortgaged p~operty the Mortgogor sholl give immediate notice thereof by mail to the Mortgagee ond the Mo~tgogee may make proof of loss if ihe same is nol mode promptly by the Mortgagor. In evenf of forecbsure of this mortgope or other t~ansfer of title to tbe mortgaged propeny in extingvishment of the indebtedness secured herebr, all ~ight, title and inferest of the Mortgagor in ond to any insuronce policies then in force sholl pass to the purchaser or grontee. Upon any default thereof, the Mortgogee may (buf without obligation o~ its porr so to do) place insurance on such buildings and pay the premium and charge such sums so paid to the Mortgagor and s~ch sums of money so paid shall beor interest from the date of poyment at the rote of 11•03 per anrwm. ~I FOURTH: That oll sums of money paid or caused to be paid br the Mortgagee unde~ the terms of this mortgage and herein ~ specifically provided for, and intluding any expenses irxurred by the Mortgagee in collectio~ oi the som secured by this mortgoge, ~ sha0 be covered by ffie lien of this mortgoge, the same os the sums of money represented by the nofe which this mortgage secures. FIFTH: To permit, commit or wffer no waste, impairment or deterioration of said property, or ony pa?t thereof, and upon the foilure of fhe Mortgagor to keep the buildings on said property in good tondition of repair, /he Mortgagee may demand the immediote repair of soid buildings, or an i~crease in the omount of securify, or the immediate repayment of fhe debt hereby - secured, ond the failure of the .`Aortgagor to complr with said demond of the Mortgagee for o period of fifteen (15) doys shall ~ constitute a breoth of fhis mortgage, a~d, a1 fhe option of the Morfgogee, immedia~ely moture rhe entire u~paid principal and interesf hereby secured, und fhe Mortgagee may, without nofice, institute proceedings to foreclose this mortgage, ond apply for the appointment of a ~eceiver, as hereinafter provided: SIXTH: Thot fhe Mortyagor hereby promises, covenants and ogrees to por the sums of money and interest as mentioned in said promissory note, togefhet with any and oll oMer sums justly due and owing the Mortgagee by the terms therein, ond secured fo be paid as stated therein promptly when due. If defcult shal~ be mcde in the poyment of the said sums of moner or ony part thereof os provided in the :aid note or this mortgage, or if the interest that moy become due thercon or ony part thereof shall be in default and unpoid for a space of fifteen (1S) days, or should the Mortgagor breach or fail to comply wi!h any other covenont or egreement on the part of the Mortgagor to be complied with (in those coses in which the option of the Mortgagee of occelera- tion is not otherwise expresstr provided herein) and such breach or non-compliante continue in existe~ce for a space of fifteen (151 ~ dars, fhen ond from thenceforth, at the option of the Mo~tgogee and without notice to the Mortgogor, the whole of said principol E sum expressed in said rate, together with oll other sums therein os well os he?ein provided for, sholl become immediately due and ~ payable, without notice to the said Mortgegor. ~ SEVENTH: Thot in case it shovld become necessary to place this mortgage ond the note secured hereby or either of them, in the hands of an aHOrner for collecfion, the said Mortgogor covenanfs ond agrees with the Mortgogee to pay all costs, charges ond ezperues of such colledion, inctuding reasonable attorney's fees whether collected by foreclosure or otherwise. EIGHTH: Thet, in ~he eve~t ony :vit is brought upon this mortgage, whether to foreclose it, to reform it, or othe?w~se, and-or fo enforce poyment of ony cloim hereunder, ihe Morfgagee mar apply to any court hoving jurisdiction thereof for the appointmenf of a receiver oF said mortgaged property, as well os ihe income, profifs, issves ond revenves thereof, ond the said ~ g~oK 437 ~acti~32 a R ~ - ~ - Bo~r, 283 P~Gz 89~ ~ ; ~ ~ x ~ - - - - . _ _ , . ~ _ W . : . , ` ~