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HomeMy WebLinkAbout1285 AND Me said Mortgagor hereby covenants and agrees with the said Mortgoqee os follows: , fIRST: That the Mortgoqor is lawfully sei:ed of the above described premises in fee simple and has good right to sell and convey Me some to the Mortgoqee; shot the sold premises are free and discharged of and from all taxes, cox titles or certificates, judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that the Mortgoqor will fully warrant and defend Me same to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such further aswronces to perfect fee simple title to said land, in Me Mortgoqee, as may reasonable be required, and will pay the several ; sums of money agreed in the said note to be paid and all insfoltments of principal and interest thereon promptly when due, and according ro the true tenor and effect of the sold note. SECOND: That the Mortgagor will pay all and singular the foxes, assessments, levies, and encumbrances of every nature on the above described property, and upon this mortgage and .note, or the money secured thereby, before delinquency thereof and receipts evidencing payment of said taxes, assessments, levies and encumbrances shall be deposited with the Mortgagee on or before March Ist of each succeeding year during the term of this mortgage; and if same be not promptly paid when due, the Mortgagee may (without obligation to do so) pay the some, or become purchaser of any lawful evidence thereof, or certificate therefor, without waiving or affecting any right hereunder and in this morlgoge, or the said note which this mortgage secures; and such payments or expenditures so mode shall bear interest from the date thereof of the rote of n~ nE & one-half (9 . 5$ ) per annum. s THIRD: That the Mortgagor will keep all real.and personal property now or hereafter encumbered by the lien of this mortgage insured os may be required from time to time by the Mortgoqee against loss by fire, windstorm and other hazards, casualties and contingencies for such periods and for not less than such amounts as may be required by the Mortgagee and to pay promptly .when due all premiums for such insurance. The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such ' additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to the end shot said Mortgoqor is not a co-insuror thereunder. Insurarxe shall be written by o company or companies approved by the Mortgagee and all policies qnd renewals thereof shall be held by the Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgoqee relating to insurance, now existing or hereafter made, shall be in writing and shall be a port of this mortgage agreement as fully os though set forth verbatim herein and shall govern both parties hereto and their successor and assigru. No lien upon any of sold policies of insurance or'upon any refund or return premium which may be payable on the cancellation or termination thereof, shall be given to other than the Mort- gagee, axcept by proper endorsement affixed to such policy and approved by Mortgoqee. Each policy of insurance shall hove affixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making all loss or losses under such policy payable to the Mortgagee as its interest may appear. M the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and apply the same on amount of the indebtedness hereby secured, or to permit the Mortgagor to = receive and use if, or any port thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In event of loss or physical damage to the mortgaged property the Mortgoqor shall give immediate notice thereof by mail to the Mortgagee and the Mortgoqee may make proof of loss if the same is not made promptly by the Mortgagor. In event of forecbsure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) place insurance on such buildings and pay the premium and charge such sums so paid to the Mortgagor and suth sums of money so paid shall bear interest from the dote of payment at the rote of 11].21@ & 02'1@-half L9..$$) per anrwm. -i FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein specifically provided for, and ir?duding any expenses incurred by the Mortgagee in collection of the sum secured by this mortgage, shall be covered by the lien of this mortgage, the some as the sums of money represented- by the note which this mortgage secures. FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any part thereof, and upon l the failure of the Mort a or to kee the buildin son said r ert in ood condition of re air, the Mort a ee ma demand the 9 q P g PoP Y 9 P 9 9 Y ~ immediate repair of sold buildings, or an increase in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Mortgoqor to comply with said demand of the Mortgagee for a period of fifteen (15) days shall constitute o breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby secured, and the Mortgoqee 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 justly due and owing the Mortgagee by the terms therein, and secured to be paid as stated therein promptly when due. If default shale be mode 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 shot may become due thereon or any part thereof shall be in default and unpaid for a space of fifteen (15) days, or should the Mortgoqor breach or fail to comply with any other covenant or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of occelero- Lion is not otherwise expressly provided herein) and such breach or non-compliarxe continue in existence for o space of fifteen 11 S) 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 sums therein as well os herein provided for, shall become immediately due and payable, without notice to the said Mortgagor. ~z SEVENTH: That in case it should become necessary to place this mortgage and the rwte secured hereby or either. of them, in the hands of an attorney for collection, the sold Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges and expenses of such collection, including reasonable attorney's fees whether collected by foreclosure or otherwise. EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, o? 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, as well as the income, profits, issues and revenues thereof; and the sold R'~cK3U1 Fr=:F12 80 - _ II -