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HomeMy WebLinkAbout0658 AND the said Mortgagor Mreby oovenonts and agrees with the sold Mortgagee as folbws: f~tST: That tM Mortgagor b lawfully seized of tM above described premises in fee ample and has good right to self and convey >M some to tM Mortgagee; that the said premises ore free and discharged of and from all foxes, tax tiMes a certifkotes, judgmeNs, medwnk's Hero and erKwnbronces of any natwe or kind whotswver and That the Mortgagor wHl fully warrant and defend tM same to the Mortgagee, agoirot tM lawful claims and demands of all persons whomsoever, and wiN make such furlt?ir oswrances b perfect fee simple title to said load, in the Mortgagee, os may reasonable be required, and will pay 1M several sums of money agreed in IM said note.to b• paid and all installments of principal and interest thereon promptly when dw, and aanording to M+e trw tenor and effect of Mte said note. - SKOND: That tM Mortgagor will pay all and singular tM tors, auessments, levies, and encumbrances of every nature on 1M above desuibed Property, and upon this mortpog• and note, or the money seared tMreby, before delinquency thereof and receipb evidencing poymen? of :aid foxes, auessments, levies and encumbrances shall be deposited with the Mortgagee on or before March 1st of each suaeedinp year during the term of this mortgage; and if same be not prompNy paid when due, the Mortgagee may (without obligotia? to do so) pay the same, or bea~rne purdwser of any lawful evidence thereof, or certificate therefor, without waiving or affecting any right hereunder and in-this mortgage, or the said note wh'Kh this mortgage wares; and such payments or expenditures so made shall bear interest from the dote thereof at the rote of eight per centum (8%) }er orowm. THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this nartpoge inwred as may be required from time to time by the Mortgagee against bss by fire, windstorm and other hazards, cawahies and contingencies for wch periods and for not lea than such amounts as may be required by the Mortgagee and to goy prompNy when dw all pnmiwns for wch inwronte. The amounts of wch insurance required by the Mortgagee ore expreuive of ody tM minimum omow+ts for which said inwrance shall be written and it shall be inambent upon the Mortgagor to maintain such odditiorwl inwronce as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to the end that said Mortgagor is rat a ao-inwror thereunder. kaurance :boll be written by a canpany or axnpanies approved by the Mortgagee and all policies and renewals thereof shall be held by the Mortgagee.-All detailed dssignotioes by the Mortgagor which are aaepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to inwrance, now existing or hereafter made, .shall be in writing and shall be a part of this mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto and their woceuon and auigns. No lien upon any of said policies of inwrance or upon any refund or return premium which may be payable on the cancellction or termination thereof, shall be given to other than the Mort- gagee, except by proper endorsement affixed to sudr policy and approved by Mortgagee. Each poligr of insurance shall hays affixed thereto a Standard Mortgagee Gause oaeptable to the Mortgagee, making all bu or bsses under wch policy payable to the Mortgagee as its interest may appwr. M the event any wm or sums of money bea~me payable thereunder the Mortgagee shall have the option to receive and apply the same on account of the indebtedness hereby seared, or to permit the Mortgagor to receive and use it, or any port thereof, without thereby waiving or impairing any equity,-lien or right under and by virtue of this mortgage. M event of bss or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of bu if the same is not made prompNy by the Mortgagor. In event - of foridowre of this martgag• or other trarofer of title to the mortgaged property in extinguishment of the indebtedness seared hereby, all right, tiNe and interest of the Mortgagor in and to any inwronce policies then in force shall you to the purchaser or grantee. Upon any default thereof, the Mortgagee mar (but without obligation on its part so to do) place inwrante on sud+ buildings and pay the premium and dargs such wms so paid to the Mortgagor and s~wt+ wms of money so paid shall bear interest from the date of payment at the rate of eight per centum (8%) per omum. - fOURTHs -That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein spedfically provided for, and inducting any expenses marred by the Mortgagee in o~llection of the sum soared by this mortgage, I shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mortgage wares. i f9FTli: To permit, commit or suffer no watts, impairment or deterioration of said property, or any part thereof, and upon ~ the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the immediate repair of said buildings, or an increase in the amount of searity, or the immediate repayment of the debt hereby seared, and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (1S) days shall constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby seared, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for - the appointment of a receiver, as hereinafter provided. SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest os mentioned in said promissory note, together with any and all other sums 'rysMy due and owing the Mortgagee by the terms therein, and seared to be paid as stated therein prompNy when due. If default shalt be made in the payment of the said sums of money or any part thereof as provided in the said note or this mortgage, or if the interest that may become due thereon or any part thereof shall be in default and unpaid for o spore of fifteen (1S) days, or should the Mortgagor breach or fail to a:+~nply with any other covenant a agreement on the part of the Mortgagor to be wmplied with (in Morse cases in which the option of the Mortgagee of oa:elero- tan is not otherwise expressly provided herein) and such breach or non-oomplionce a~r?tinue in existence for o space of fiheen (15) days, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal sum expressed in said note, together with all other wms therein as well os herein provided for, shall become immediately due and payable, without notice to the said Mortgagor. SEVBdTH: That in wee it should become necessary to place this mortgage and the note secured hereby or either of them, in the hands of an attorney for collodion, the said Mortgagor wvenonts and agrees with the Mortgagee to pay all costs, charges and expenses of such wllectan, inducting reasonable attorney's fees whether collected by forecbsure or otherwise. BGFITH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or .otherwise, and/or to enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment of o receiver of said mortgaged property, os well as the income, proRts, iswes and reverwes thereof, and the said - z - gp~K 30O PACE 6Jo