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Home My WebLink About0576 s ANO the soid Mo~~qo9or he?eby cove~onts ond aqrees with the soid Mortqo9ee as iollows: _ FIRST: Thot 1Ae Mortqoqo? is lowfully sei:ed of tht above deuribed prem~ses in fee ~~mplr ond hos ~ood riqh~ to sell ond convey 1he same fo the Morl9oyee; thot the said p~emisei ore f~es o~d diichorqed of and f~om atl toxes, tox ~itles o~ certificotes, judqmeots, mechanic's liens and encumbronces of onr noture o? kind whatsoeve~ and thaf the Mor~gogo~ will fully worrant ond defend the some to Me Morf~ogee, against the lawful cloims and demonds of all persons whomsoever, ond will make svch (urther ossurances to perfecl fee simple ti11e to soid lond, i~ the Mortgoyee, as may reasonable be requi~ed, and will pay the seve~~l sun+s of money ogreed in the said note to be poid ond ali instollme~ts of prir+cipol ond ~nterest ~he~eon promptly when due, ond atco~ding to fhe true tenor ond eRett of the soid note. SfCOND: That the Mortgago? will pay ol) ond singulo? the taxe:, ossessments, levies, and encumbronces of every nature on fhe obove dest~ibed property, ond upon this morfgoge ond note, or the money secured thereby, before delinquency Ihereof ond reteipts evidtncing poymenf of said taxes, ossessments, (evies and encumbra~ces shall be deposited with the Mortgogee on or bcfore Morch lst of eath succeeding yeor during the term of this mortgoge; and ~f some be no~ promptly paid when due, the Mortgagee moy Iwithout obligotion to do so) poy the same, or become purchoser of ony lawful ev~dence thereof, or cer~;fica~e i therefor, without waiving or oRecting ony right here~nder and in this mo~tgoge, or the soid note wh~ch this mort oge secvres; and ' svch poyments or expend~tures so mode sholl bear inferest from fhe dote the~eof ot fhe ro?e ot n ine ( 9$~ per onnum. _ ' ~ THIRD: Tho? the Mo~tgago~ will krep oll reol and personol prope?ty now or hereofter ericumbered by the lien of this morigoge insured as moy be required from time to time by the Morfgogee ogainst loss by fire, windsto~m and ofhe~ h~zards, casualfies ond contingenties for such periods ond for not less thon such amounts as moy be required by the Mortgogee and to poy prompfly when due all premiums for suth insuronce. The amou~ts of such insuronce required by the Mortgogee are expressive of only the minimum amounts for which soid insurance shall be written and it sholl be irxumbent upo~ fhe Mortgogo~ fo mointoin such additional insuronce os mor be necessary to meet and compir ful~y with all co-insurance requirements contained i~ soid policies ~o the end that soid Mortgagor is not o to-insuror fhere~nder. Insurance shall be written by o tompony or tompanies opproved by the Mortgogee and oll poticies and renewols thereof shal) be held by the Mortgagee. All detailed de:ignat~o~s by the Mortgogor which are aaepfed by ?he Mortgagee ond all agreements between Mortgogor ond Mortgagee relating lo insuronce, now eaisting or hereofter made, sholl be in writing ond sholl be a part of this mortqage agreement as fully as though set forth verbotim herein and sholl govern both porties hereto and their successon ond assigns. No lie~ upon ony of soid policies of insurance or upon ony refund or retum p~emium which moy be poyable on the tancellotion or terminotion thereof, sholl be given to other than the Morf- gogee, extept by proper endorsement of~ixed to such polity and approved by Mortgogee. Each policy of insurante shafl have af~ixed therefo o Standard Mortgagee Clouse aacptable to the Mortgagee, making oll bss or losses under sucb pol+cy puyoble to the Mortgogee as ifs inferesf mor appeor. In fhe event any sum or sums of money become poyable thereunder tbe Mortgogee shall huve fhe opfion to receive and apply the same on ottou~t of the indebttdness hereby setured, or lo permit the Mortgagor to receive and use +t, or onr part thereof, wifhouf thereby woiving or impairing any equity, lien or right under qnd by virtue of fhis mortgege. !n even! of loss or physicol domege to the mortgaged property the Mortgagor shall give immediote notice thereof by moil fo fhe Motfgagee ond fhe Morfgagee may make proof of loss if the same is not made promptly by the Morfgogor. (n evcnt of forecbwre of this mortgage or ofher fransfer of title to the mortgaged propcrty in extinguishmeot of the indebtedness secured herebr, all righf, tiNe and interest of the Mortgogo~ in a~d~ to any insurance policies then in forte shall pass to the purchoser or grantee. Upon any defoult thereof, the Mortgagee mny (but without obligotion on its parf so to do) place insurance on su~d~ b~ildings and poy the premium and tharge such,sums so paid fo the Mortgagor ond such sums of money so paid sholl bear interest from the dote of poymcnf dt fhe rofe of nine ( y$) per onnum. FOURTH: That oll sums of money paid or coused to be poid by the Mortgagee under the terms of this mortgage und herein spetificqlly provided for, and induding o~y expenses incurred by ihe Morfgagee in tollection of fhe sum secured by this mortgage, sholl be covered br fhe lien of this mortgage, the same as the sums of mo~ey represented by the note which this mortgoge secures. FIFTH: To permit, tommit or sufFer no wasfe, impoirment or deterioration of said property, or any po?t thereof, ond upon the foilure of fhe Morfgogor to keep fhe buitdings on soid properly in good tondition of repoir, the Mortgogee moy demand the immediate repo+r of said bv+ldings, or on irxrease in tbe omount of security, or the immediote repayment of the debt hereby secured, ond the foilure of tF~e Mortgagor to comply with said demand of the Mortgagee for a period of fiFtee~ (1 S~ days shall constifute a breach of fhis mo?tgage, and, of ihe option of the Morfgogee, immcdiofety mature the entire unpoid prirxipal ond interesf hereby secured, and the Mortgagee moy, withouf notice, institute proceedings to foreclose this mortgoge, and opply for the appointmenf of a receiver, as hereinofter provided. SIXTH: Thot the Mortgagor hereby promises, tovenants ond agrees to pay the sums of money and ~nterest os mentioned ~n soid promissory ~ofe, together with any and oll other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid as sfated therein promptly when dve. If defovN shol: be mode in the poyment oF the said s~ms of money or ony po?t thereof as provided in tbe soid note or fMis morfgage, or if the interest that may become due thereon or ony part thereof sholl be in defovlt and vnpaid for o spote of fifteen (15) days, or should the Mortgagor breach or fail to comply with any other cove~ont or ogreemenf on the porf of the Mortgogor fo be complied wifh (in those cases in which the option of the Mortgagee of occelera- tion is not othervvise ezpiessly provided herein) ond such breach or non-tpmplionce continue in existente for o spate of fiftetn (IS~ days, then a~d from thenceforth, at the option of the Mo~tgagee ond without notice to the Mortgogw, the who(e o~ said prinupol svrri expressed in soid note, together with oll other sums therein as wett as herein provided for, sholl become immed~ately due and payoble, withovf notice to the said Mortgogor. SEVEN7h1: That in case il sl~ould betome necessory to place this mortgage and the note setured.hereby or either of them, in the hands of an ottorney for collettion, fhe said Morfgogor covenants and agrees with the Mortgogee to pay oll costs, chorges and expenses of such collectio~, including reasonable attorney's fees whether tollet?ed by foreclos~re or otherwise. EIGHTH: That, in the event ony suit is brought upon this mortgoge, whether to forecl6se it, to reform if, o? ofherw~se, and or to enforce parment of any claim here~nder, the Mortgegee mey opp(y to ony co~rf having jurisdiction thereof for the appointment pf o receiv~r of said mo?tgoged property, os well as the income, profifs,, issves and reven~es thereoi, ond the soid - ~ - °oflK28~ P~~ 5'~ 6 fi y ' _ _ _ ' . - ffi~a~m_ '.ra :-.~f t ~ s " - -k . s~:.'~zi~""~ ~'fm~+~~~. _ ~ ~A.+k"~`~g'~