HomeMy WebLinkAbout1377 AND the sold Mortgagor hereby covenants and agrees with the said Mortgagee os follows:
FIRST: That the Mortgagor is lawfully seized of the above described premises in fee simple and has good right to sell and
convey the some to the Mortgagee; that the sold premises are fres and discharged of and from all foxes, fox titles or certificoles,
judgments, mechanic's liens and encvmbronces of any nature or kind whatsoever and that the Mortgagor will fully warrant and
defend the same to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such further
assurances to perfect fee simple title to said land, in the Mortgagee, as may reasonable be required, and will goy the several
sums of money agreed in the said note fo be paid and all inslollments of principal ord }nterest thereon promptly when due, and
according to the true terror and effect of Me said note. ~ ~
SECOND: That the Mortgagor will goy all and singular the foxes, assessments, levies, and entumbronces of every nature
on the above described properly, and upon this mortgage and note, or the money secured thereby, before delinquency thereof
and receipts eviderxing payment of said taxes, assessments, levies and encumbrances shall be deposited with the Mortgagee on or
before March 1st of each succeeding year during the term of this mortgage; and if same be not promptly paid when due, the
Mortgagee may (without obligation fo do so) goy the same, or become purchaser of any lawful evidence thereof, or certificate
therefor, without waiving Or affecting any right hereunder and in this mortgage, or the said not iw~tch &s3~Jtgq~e~~res;~o~dC~t
such payments or expenditures so mode shall boor interest from the dote thereof at the rote of ~~~=r 44 JJ
per annum.
THIRD: That the Mortgagor will keep all rent and personal property now or hereafter encumbered by the lien of this
mortgage insured as may be required from time to time by the Mortgagee against loss by fire, windstorm and other hnzards,
casualties and contingencies for such periods and for not less than such amounts os 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 irxumbent upon the Mortgagor to maintain such
additional insurance as may be necessary to meet and comply fully with all to-insurance requirements contained in said policies to
the end that said Mortgagor is not o co-insuror thereunder. Insurance shall be written by o company or companies approved ky the
Mortgagee and all policies and renewals thereof shall be held by the Mortgagee. All detailed designations by the Mortgagor
which are accepted by Me Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurance, now existing
or hereafter mode, shall be in writing and shall be a part of this mortgage agreement os fully as though set forth verbatim herein
end shall govern both parties hereto and their successors and assigns. No lien upon any of said policies of insurance or upon any
refund or return premium which may be payable an the cancellation or termination thereof, shall be given to other than the Mort-
gagee, except by proper endorsement affixed to such polity and approved by Mortgagee. Each policy of insurance shall-hove
affixed thereto o Standard Mortgagee Clause occeptoble fo the Mortgagee, making all loss or losses under such polity payable
to the Mortgagee as ifs interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee
shall hove the option to receive and apply the some on account of the indebtedness hereby secured, or to permit the Mortgagor to
receive and use if, or any part thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this
mortgage. In event of kxs 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 loss if the some is not made promptly by the Mortgagor. In event
of forecbsure of this mortgage or other transfer of Lille fo 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 goy the premium and charge such sums so paid fo the Mortgagor and such sums of money so paid ihall bear interest
from the dote of payment at the rate of ~1]Sle & 3/4 (9 7~/0~ per annum.
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 including 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 same as the sums of money represented by the note which this mortgage secures.
FIFiH: To permit, commit or sufTer no waste, impairment or deterioration of said property, or any part thereof, and upon
the failure of the Mort a or to kee the buildin son said ro ert in ood Condition of re air, the Mort o ee mo demand the
9 9 P g P P Y 9 P 9 9 Y
~mmedibte repair of said buildings, or an increase in the amount of security, or the ~mmediote repayment of the debt hereby
F
secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (15 days shall
constitute o breach of this mortgage, and, of the option of the Mortgagee," immediately mature the entire unpaid principal and
1
f interest hereby secured, and the Morfgogee may, without notice, institute proceedings to foreclose this mortgage, and apply for
the appointment of o receiver, as hereinafter provided.
s
SIXTH: That the Mortgagor hereby promises, covenants and agrees to goy the sums of money and interest as mentioned
in sold 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 defoulf shot: be made in tht payment of the said sums of money or any part
y 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
.n defoulf and unpaid for a space of fifteen (IS) days, o? should the Mortgagor breath 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 accelera-
flan is r.Ot otherwise expressly provided herein) and such breach or non-compliance continue in existerKe for a space of fifteen (1 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 tor, shall become ~mmediotely due and
payable, without notice to the sold Mortgagor.
SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them,
- in the hands of on attorney for collection, the said Mortgagor covenants and agrees with the Morfgogee to pay all costs, charges
a,d 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, 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 a receiver of said mortgaged property, as well cs the income, profits, issues and revenues thereof, and the said
ss~(~
g00K JV1 f'~~~~J /2
- -2- ,
I
- - f