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Home My WebLink About0691 ANp Me soid Mo~19o~or hereby covenonfs ond oqrees with the sa~d Mortgagee os follows: FIRST: TAot the Mortgoqor is law/ully seiied of fhe obove deuribed prem~ses ~n fee simple and hos good righl 1o seil and convey the same ~o the Mortgogee; thof the said premises are free and distharged of and from oll toxes, tax fitles or cehificates, judgme~ts, mecho~ic's liens and entumbrerxei of ony nature or kind whatsoaver ond Ihot Ihe Mortgoqor will fvlly warrant ond defend the some lo the Mo~tgagee, agoi~st the lowf~l cloims ond demonds of all per»ns whomsoever, ond w~ll moke suth further assu~onces to pe~fecf fee s~mple ?~tle fo soid land, in Ihe Mortgogee, os moy reotionable be required, ond -+vill por the seve~al - svms of mOney og~eed in the soid nore to be poid and all instollments of print~pol ond inte?es1 thereon promplly when dve, ond occording to the true teno? and efFett of the said nole. SECOND: Thot the Mortgagor will poy oll and singulor the faxes, assessments, levies, ond encumbronces of every natv?e on fhe obove deuribed properfy, and ~pon fhis mortgoge and note, or the mon~y setvred thereby, bcfore dei~nq~ency thereof and receipls evidencing payment of said taxes, osse~smenls, levies and encumbrorxes sholl be depotiited with the Mortgogee on or before Morch Ist of each wcceeding year during the te~m of this mortgage; and ~f same be not promp~ly po~d when due, Ihe Mortgagee moy (without obligotio~ to do so) poy the some, or become purchoser of ony lawfvl e~~de?xe thereof, or cerlificate the~efor, wifhouf woiving or offetting pny right herevnder o~d in this mOrtgage, or the soid nOte which th~s mortgoge secures; and such poyme~h or expcndifures so mode shall bea? interesf from fhc dote fhereof or ~h~ ~o~~ of e iqht & 3l4 ( 8. 7 5$)_ per an~um. THIRD: Thot the Mortgagor will keep oll reol and personol property now or hereofter enc~mbered by the lien of this mortgoge insured os moy be ~eq~ired from time to lime by the Mortgogee ogoinst loss by fire, wi~dsto~m and other hozords, cosuolties and co~tingerxies for suth periods ond for not less fhon such omounts as moy be required by the Mo~tgogee and to poy promptly when due oll- premiums for such insuronce. The amounts of such ins~ronce required by the Mortgagee ore expressive of only fhe minim~m omounts fo? wheth soid insuronce shall be writfen and it shall be incumbent ~pon the Mortgagor to mointain such udditional insurance as may be netessory to meet and comply ful~y wifh all to-insuronce requiremenfs contained in soid policies to tne end thof said Morfgagor is nof a to-insuror fhereunder, f~surante sholi be writte~ by a tompany or companies opproved by fhe Morfgagee and oll polities and ?enewals thereof sholl be held by fhe Mo?tgogee. All defailed designotions by fhe Morfgogor which are occepted by the Mortgagee and all ogreementi between Mortgagor and Mortgagee relating to insurorxe, now existing . or he?eafter mode, sholl be in writing and shall be a pa~~ of fhis mortgoge agreemenf as fully os though set forth verbatim herein and shall govcrn both parties hereto and their successors and ossigru. No lien upon any of said policies of ins~ronce or upon any refu~d or refurn premium wbich may be poyoble o~ the tancellafion or ferminafion fhereof, shall be given to other thon fhe Mort- gagee, except by proper endorsement affixed to such policy and opproved by Mortgagee. Each policy of insuronce sholl have ofFixed thereto a Sfandard Mortgagee Clause acteptable to fhe Mortgogee, making all bss or losses ~nde~ svch policy poyable to the Mortgagee os its interest may appear. In fhe evenl ony sum or sums of moneY becane poyable thereunder the Mortgagee shall have fhe option to reteive and opply the some on atcounf of the indebtedness hereby secured, or to permit fhe Morfgagor to receive and use if, or any port thereof, withouf thereby woiving or impai~ing any equify, lien or right under ond by virf~e of fhis ~*u+?~g~oe. In event of loss or ohvsical damaae fo the morfoaaed propertv the Mortgaqor shall give immediate nofice fhereof bY ; mail to the Mortgagee and the Mortgogee may make proof of loss if fhe same is nof made promptly by the Morigagor. In event of forecbsure of this morfgage or other tronsfer of fitle to the mortgaged property in exti~guishment of the indebtedness secvred ~ hereby, all righf, fitle and interesf of the Mortgogor in ond to onr ins~rorxe polities fhen in forte shall pass to the purthaser or ~ grontee. Upon any default fhereof, the Mortgagee may (but without obligotion on its part so to do) place ins~rance on such ~ buildings and pay the premium and charge such sums so paid to the Mortgagor and s~ch s~ms of money so poid sholl bear interest ~ from the date of poymenf af the rate of eiqht & 3/4 75$ ) per annum. t i s F011RTH: That oll sums of money paid or caused to be paid by fhe Mortgagee under the lerms of this mortgoge and herein s specificolly provided for, and i~cludi~g any ezpenses incurred by fhe Morfgagee in collecfion of the sum secured by this mortgoge, ~ shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mortgage sec~res_ : ~ FIFTH: To permit, commit or sufFer no woste, impoirment or deferiorafion of said property, or any port lhereof, and upon ' ~he failure of the Mortgagor fo keep the b~ildings on said property in good condition of repoir, the Mortgogee moy demond the t ~ ~mmediate repair of soid buildings, or on increase in the omount of sec~rity, or the immediote repoyment of the debt hereby ~ securtd, ond the failure of the Mortgagor to tomply with said demand of the Mortgagee for a period of fifteen (15) days shall i constifufe o breach of this morfgage, and, af the opfion of the Morfgogee, immediately mofure the entire unpaid principal and ~ ~nteresf hereb secured, and fhe Mort a ee ma wifhout notice, institute roceedin s to foreclose this mort o e, and o I for § Y 9 9 Y. P 9 9 9 PPY ~ ttie oppointment of o receiver, as hereinofter provided. ~ ~ SIXTH: Thof fhe Mo?tgagor herebr promises, covenants ond agrees to poy the sums of money and interest as mentioned ~ ~ in said promissorr nofe, together wiM anr ond oll other sums justly due and owing fhe Mortgagee by the terms therein, ond secured ~ to be paid os stoted iberein prom~tly when dut. If defoult shal: be made i~ the poyment of the said sums of money or ony part ~ ~ thereof os p?ovided in the soid note or this mortgage, or if the inferest fhaf may become due thereoR or any part thereof shall be RF i~ default and unpoid for o space of fifteen (15) days, or should the Morfgagor breach or foil to comply w~th any other covenant or ogreement on the part of the Mo?tgogor to be complied with f in those coses in which the option of the Mortgogee of accelero- ~ . . t~on is not otherwise expresslr provided herein~ ond s~ch breach or non-compliance continue ~n ex~stence fo~ o spoce of fifleen (151 ~ days, then and from therxeforth, at the option of the Mortgogee ond without notite to the Mortgogor, the whole of soid principal sum expressed in said note, fogether with all other sums therein as well as herein provided for, shall become immediately dve and ~ payoble, without notice to ~he said Mwtgagor. ` _'s ~ SEVENTH: That in case it should betome netessary to plote this mortgoge and the note sec~red hereby o~ either of them, in the hands of on attorney for collection, the said Mortgagor covenants and agrees with the Mortgogee to pay al~ costs, chorges ond expenses of such collection, including reasonable ottomey's fees whether collected by foredosure or orherwne. - EIGMTH: Thaf, in the event ony suif is brought upon this mortgage, whether to foredose it, fo reform it, or orherw~se, and or to enforce payment of any ctoim hereunder, the Mortgogee may opply to any court hoving jur~sdiction thereof for rhe oppointment of o receiver of said mortgoged property, os well as the income, profits, issues and revenues thereof, ond the soid 'i - D~OCK ~VV t'A~E V~V _ -2- ;