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Home My WebLink About0588 cfs ANO the soid Mortqapo? herebr cov~nants ond aqr~~s with Me said Mort~op~s os ~ollows: FIRST; Thot Me Mo~tpoyo~ is lowfully s~ised of th~ obov~ described premises in fee ~imple and hos pood ripht to sell and convey fh~ som~ fo Ihe Morf9osee; thot the said pren?ises or~ fr~e ond diicho~yed of a~d f~om all toxes, tox titles or certiFicotes, judqments, mschonii i lia+~~ ~:~d ~~.;~irrbrar~a: af ~ny noh,.e ~~+nd who~soever and thot the MortQcyor w~il fuNy worront ond defend Me sam• to Me Mort9opee, aqoinst the lowful ctoims ond demonds of oll persons wnomsoever, ond will mcke such furti?ti ossurances to pe~fect 1ee sin?ple ~itie to said land, in the MortQoQee, os moy ?eosor+able be ?equired, ond will poy the sever~l sums of money aQreed in the :aid note to be poid and all instollments af pri~cipol ond i~ferest fherea+ promptly when d~e. and occordiny ?o the trve tenor ond elfect oi M~ said note. SECONO: Thot Me Mort~ogor will poy oll ond singular the foxes, ossessments, levies, ond encumbronces of every netu~e ' o~ 1fie obove deuribed property, and upon this mo?tyq~e ond note, or the mo~eq setured the.eby, before delinquency ?hereoi and receipts evidencing payment of said taxes, assessments, levies and encumbra+xes shall be deposited witl~ the Mortgogee on or before Morch lst of eoch sucteeding year durin~ Me te?m Of Mis nwrtpoge; ond i{ same be not promptly poid when due, the Mortgegee rnor (w;thout obligotion to do so) poy the same, or become purchoser of onr lowful ev~dence thereof, or certificate ?herefor, without waiv~n9 0? offecting ony righf hereunder and in this nwrtgoge, or the said noie wnicn inis morTgoge aecu~ez; ~r.d ~ such poymenfs or expenditures so mode shall beor interesf from the dote thercof ot the rofe of ri111e & 1!4 ~ 9. 2 5$1 • i per onnum. 1 THIRD: Thot 1he Mortgogor will keep oll reol and personol property naw or hereafter encumbered br the lien of thi: ~ mortgage insured os muy be requi~ed trom time to time by the Mortgagee against bss by fi.e, windstorm ond other hozards, cosuolties ond tontingencies for such ptriods end for not less thon such omovnh os moy be required by the Mo?tgogee ond to poy promptly whe~ due all premivms for such insuronte. The onwunfs of sutfi insurance required by the Mortgogee are expressive of only the minimum amounts for wFi~ch soid insuronce shall be written and it sholl be incumbent upon the Mortgogor to mointoin such additionol insuraoce as moy be netessa~y to meef and comply fuliy with oll to-insurance requi~emeots tontained in soed policies ~o the end thot said Martgogor is not o co-insuror fhrreunder. Insurance shall be written by a company or companies opproved by the Mortgagee and oll policies and rer+ewats fhereof shall be held br the Mortgogee. Alt detailed designations by ihe Mortgogor which are occepted by the Mortyagee and oll ayreemenfs befween Mortgpgor ond Mortgogee relating fo insuronce, .ww existing or hereafter mode, shall be in writing and shall be o port of thes nw?tgoge ogreement os fullr os though set forth verbotim herein and shaN gov.?rn both Qartias he~eto ond their successon and assig~u. No lien upon onr of soid policies of insuronce or upon any refur~d or retum premivm wiiKh moy be poyable on the cancellation or termination thereof, sholl be give~ to other than the Mort- gagee, exccpt by proper endorsement afFixed to wth policp and approved br Mortgagee. Each policy of insurance sholl hove affixed thereto o Standord Mortgogee Clouse otceptable to the Mo~tgogee, moking oll bss or bsses under wch policy payoble to the Mortgegee os its inferest mor appear. In the event any wm or sums of money become poyuble thereunder the Mortgogee shall hove ~he option to ?eceive ood opply tiie seme on auount of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or any po?t fhereof, without thereby waivi~y or impairing onr equify, lien or right under and by virtue of this mortgoge. M eve~t of loss or physicol damage to the morlgaged property the Mortgogor sholl give immediate ootice thareof by mail to fhe MorfQagee antJ fhe A11o~}gogee moy moke p~oof of bss if the same is not made promptly by the Mortgagor. 1~ event of foreclowre of this nwrtgo~e or other tro~fer of title to the mortgoged property in extinguishment of the indebtedness secured hereby~ all right, fifle ond interes! of Me Mortgagor in ond to anr insuronce pofities then in force sholi pass to the purchaser or gra~tee. Upon anr defoult fhereof, fhe Mortgagee moy (but wifhout obligotion on its part so to do) place insuronce on sud~ buildings ond pay the premium o~d charge such sums so paid to the Mortgogor and wch sums of money so poid sholl bear interest from fhe dote of poyment af fhe rafe of nine & 1~4 (9. Z'~J$) per orowm. FOURTH: Thot oll wms of money poid w caused to be poid by the Mortgogee under the te~ms of this mortgoge and herein specifically provided fo?, ond including ony expenses incurred by the Mortgogee in collection of the sum secured by this rtartgoge, sha~~ be covered by fhe lien of this mortgage, the same os the sums of money represented by the note wFiKh this mortgage secures. , FIFTH: To pe~mit, commit or suf~er no woste, impoirment or de/eriorotion of said propertr, or any port thereof, and upon the failure of fhe Mortgagor to keep the buitdings on said p~operty in good condition of repair, the Mortgagee moy demond thr ~mmediafe repair of said buildings, Or an i~xrease in fhe amovnt of secvritp, or fhe immediote repayment of the debt hereby :ecured, aod the failure oi the Mortgagor !o tdmplr with soid demand of the Mortgogee for o period of fifteen (15) doys shail cantitute a breoth of this mo~tgage, ond, at the option of the Mortgagee, i~mediutely moture the entire unpaid principol ond interest hereby secured, and fhe Mortgogee moy, without notice, irutitute proceedings to foreclose this mortgage, and opplr for the oppointmcnt of o receiver~ es hereinofter provided. SIXTFi: Thot the Mortgogor hereby promises, covenants ond og~ees to poy the sums of money and interest os menrioned in said promissory note, together with any and pi1 oMer sums jusTly due ond owing the Mortgogee by the terms therein, ~~d setured to be paid as stated therein promptlr when dve. If defoult sha1~ be mode in the payment of the soid sums of money or ony pa~t tfirreof es provided 'en the soid nofe o? this nwrtgoge, or if the inferesf Mat moy become due thereon or ony port thereof sha{I be in defoult ond unpaid for o space of fifteen (15) doys, or shovld fhe MoAgogor b~eat~ or foil to comply wiM ony olhe~ covenant or agreement on the part of the Mor?gagor /o be complied with (in fhose cases in which the option of the Morlgogee of occelero- Ywn is rot otherwise expressly provided herein) .ond such breach or non•compliance contirwe in existence for o spoce of fifteen 11 S) doYs, then and from thenceforth, ot the option of the Mortgogee ond withouf notice to the Mortgogor, the whole of said principat sum expressed in said nofe, together with all other sums therein as weil as herein provided for, shotl become immediately due and payable, without notice to the said Mortgayor. SEVENTH: Thot in cose it should become necessory to place this mortgage ond fhe note secured herebr or e~ther of them, in the hands of an oHOrney for collection, the soid Mortgogor covenanh and agrees with the Mortgagee to pay all costs, chorges ond expenses of s~rch collection, including reosonable ottorner s fees whether collected by foreclosure or otherwise. EIGHTH: That, in the event eny suit is brought upon tfiis mo~tgaye, wheMe~ to foreclose it, to reform it, o? otherw;se, and; or to enforce porment of any tloim hereunder, the Mortgogee mar apply fo any tourt hoving jurisdiction thereof for the appointment of o receiver of said mortgaged property, as well as the income, profits, issues and revenves the?eof, and the soid ~ ~ ~ dOCK~~ FAGE - - , . _ _.___..~-~....r.