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HomeMy WebLinkAbout0430 cfs AND fhs ioid Mort~opor h~reby covenonli ond oQ~ees wifh the soid Mor~Qoqee o~ foilows: ~ fIRST; Thot the Mortpayor it lowl~lly sei:ed o~ the obove deuribed prem~~eti ~n /ee simple ond has 9ood riqht to sell and conrey the same to the Mortqo9ee; thot the said prami~es are (ree and dischorged o~ and from GII toaes, tax titles or ce~tificotes, judqme~ts, mechanic's liens and e~c~mb~cnces oF a~r nofure or kind whatsoeve? ond Ihol the Mon~opo? will fully worront ond de(e~d Ma same ro Me Mortqogee, against the lowfu! cloims ond demond~ of oll perso++s whomsoever, ond will make such further ossurances fo pe?fecf fee simple title fo soid lond, in the Mortgopee, os moy ~easonable be required, a~d will pay the severol svms of e~w~ey ogreed in the ~aid nole to be paid and all i~slollments of principol ond in?eresr thereo~ promplly when due, ond acco?ding to the true tenor and eRed of the soid note. SECOND: Thot the Mortqogor will por oll ond s~ngular the taxes, ossessments, levies, ond e?x~mbronces of every noture o~ the above deuribed propertr, and upon this mortgoge end nofe, o? Ihe mt+ney ~ct~red thereby, befpre delinquency fhereof and receipts evidenung poyment of soid toxes, ossessments, levies and erxumbronces sholl be depos~ted w~th the Mortgogee a+ or beio?e Morch lsl.ol eoch succeeding year during the term of Mis mortgoge; and sam~ be not promptly po~d when d~e, the Mo~t~ogee moy (without obligatia+ ro do so) pay the same, or become purchaser of ony lowful ev~dence ~hereof, or certiRcote thertfo~, without woiving o? oPFetfing ony right hereunde~ ond in fhis mo~t9age, or the said nofe which this mOrtgage secures; ond such paymen~s or expenditures so made sMoll beor intere:t from ?he dote thereof ot the rote of eight & 3~4 ~8. 75$1 per onnum. THIRD: Thaf the Morfgagor will keep all reol and personal properly now or hereofte? entumbered by the lie~ of this mortgoge ins~~ed os may be required irom time 1o time by the Mortgogee agoinst loss by fire, windstorm and other eozords, cosvalfies and tot~tengtnties for suth periods and for not less than such amounfs as mor be required by fhe Mortgogee ond to poy promptly when due oll premivms for such insuronte. The omou~ts of such insurante ~equired br the Mortgagee ore expressive of only the minimum ortwunts for which snid insurance shall be writfen ond if shall be incumbent upon the Mortgagor to mainloin svch additional insuronce os moy be nccessory to meet and comply ful~y with all co-ins~~ance requirements contoined in said policies to the end fhot said Mo~tgagor is not o co-insuror thereunder. Insuronce sholt bc wriften by o company or companies opproved by fhe Mnrfsnaee and all oolities and renewals thereof shall br held by fhe Mortgagee. All defailed designations by the Mor~gagor whith pre actepftd by fhe Mort~agee and oll ogreemenfs between Mo~fga9o? ond Mo~fgogee reloting to insurorxe, now exist~ng - or he~eafter mode, shall be in writing and shol) be o part o! this mortgoge ogreement as fully os fhough sef forth verbofim herein ortd shol! govein bofh porties he?efo ond fheir suttessors and ossigns. No lien upon any of said policies of insuronce or upon ony refund or return premium which mey be poyoble on the tancellotion or termination thereof, shatl be givcn to other than the Mort- gayee, extept by proper endorsement ofFixed to such policy and approved by Mortgagee. Each policy of insuronce sholl hove ~~iixed ifie:eo.; a ~C~~.da:d !~artgagee Clause atseplQb!e to H?e MortgQgee, making oll bss or bsses under such policy.poyoble to the Mortgagee os its interest moy oppear. fhe event any sum or wms of money become poyable thereu~der the Mortgagee shall hove the option to receive and opply the same on account of the indebtcdness hereby secured, or to permit fhe Mortgegor to receive ond use if, or any poA fhereof, wifhouf fhereby woiving or impoiring any equity, lien or right unde? and br virfue of this mortgage. in erent of loss or phys+cal demagt to the mortgaged property the Mortgagor shall give immediate ~otice thereof by mail to the Mortqogte ar~d the Mortgogee moy moke proof of loss if the same is not mode promptlr by the Mortgagor. In event of toreclosure of Mis mortgaye or other fronsfer of title to the mortgaged property in extinguishmenl of the indebtedness secured hereby, oll right, fitle and interest of fhe Mortgogor in Qnd to ony insurance policies then in force sholl pass to the purchaser or _ grantec. Upon any defoult thereof, the Morfgagee moy (but without obligotion on its part so fo do) ploce i~suroece on such buildi~gs ond poy the premium and charge such sums so poid to the Mortgagor ond such sums of money so poid shott bear interesf from the dote of poyment of fhe rote of @iCPub & 3/4 ( 8. 75$ ) per annum. FOURTH: Thot o!! sums of money paid or toused to be paid by the Mortgogee vnder the terms of this mortgage and herein spetificolly provided for, ond intluding a~y expenses incurred by the Mortgagee in collection of the sum secured by this mortgoge, shall be covered by fhe lien of fhis mortgage, fhe same os fhe sums of awr?ey represented by the note which this mortgage secures. FIfiN: To permit, tommit or suffer no wosfe, impoirment or deterioralion of said property, or any port thereof, ond ~pon the foilure of fhe Mortgogor to keep the buildings on said prope?ty in good condifion of repair, the Mor~gogee may demand the ~mmediate repoir of soid buildings, o~ on intreose in the amounf of securitr, or the immediofe repayment of the deb? hereby secured, ond the feiture of the Mortgagor to tomply with said demand of ?he Mongogee for o per"~od of fifteen J 15) days shall constitute a breoch of this +nortgoge, ond, 01 the opfio~ of the Morfgagee, immediately mature the enrire ~npaid principol ond rnterest bereby secured, ond the Mortgogee moy, without nofice, insfitute proceedings to foreclose this mortgoge, and apply for the appointment of o receiver, os hereinofter provided. SIXTH: Thot the Mortgogor heraby promises, tove~ants and agrees to poy the sums of mo~ey and interesl os mentioned irti said promissory note, together with any ond oll other sums justly due and owing the Mortgagee by the ferms fhere+n, o~d secured to be paid as stoted therein promptly when due. If default shal: be mode i~ the poyment of the soid sums of mo~ey or ony port thereof as provided in fhe said note or this mortgoge, or if the inferesf thai may betome due thereon o? ony port thereof sholl be in defovl~ ond ~npaid for a space of fifteen (15+ doys, o~ should the Mortgogor breocb or foil to comply with ony other covenant or ogreement on the part of the Mortgagor fo be complied with (in those cases in which the option of the Mortgagee of occelero- tion is not otherwise expressly provided herein) and such breoch or no~-compliance tontinue in existence for a space of fifteen (15) doys, then and from therxefoith, at the option of the Mortgagee ond without notice to the Mortgogor, the whole of sa~d p.incipol sum expressed in said note, together with all other sums therein os wetl as herein provided ~or, sholl become ~mmed~ately due and payoble, wi~hout notice to the soid Mortyogor. SEVENTH: That in case it shoutd become necessory to ptace thes mortgage and the ~ote secured he.ebr o? e~iher of them, in the hands of an otfo~ney for cotlectan, the said Mortgagor covenants and agrees w;th the Mortgogee to poy oll coirs, chcrges ond expenses of such collection, includ;ng reownoble otto~ney's fees whether collected by foreclosure or orherw~se. EIGHTH: Thof, in the evenf any suit is broughf ~pon this mortgoge, whefher to foretlose ~t, to reform it, or otherw~se, and w to enforce poyment of any cloim hereunder, the Mortgogee moy apply to any court hoving j~nsdiction thereof for the appointment of o receiver of soid moRgaged property, as well as the income, profits, iss~es ond revenues thereof, o~d the so~d _ 2 _ BGOK ~c~V PAGf 43~ ~ _ ~ ~ ~ ~f~ ~ s ~ Y ,k _ ~ ~ ~t ^ ~ ~-sr. .