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Home My WebLink About0860 AND M~ said MortQayor h~~eby covenonts and o9~e~s wifh th• scid Mo?tpapee as folbws: FIRST: Tha1 fM Mo~tpogor is lowfully seised of fh~ obov~ deu~ibed premises in fee simple and hos pood ri~ht to sell and i conv~y Ih~ icme fo th~ MonQopee; thot the said p?emises are ftee o~d discharqed of and lrom all toxes, tax ~~~~es o~ ce~t~ficates, judpments, mechanii s liens ond entumbro~+ces oi any nature o? kind whotsoever ond thot fhe Mortyo~or will fully wcrront o~d defend fh~ sam~ to the Mo~tyaqee, ogainsl the lowful tloims ond demonds of all persons whomsoever, ond will make such further assurontes to perfett fee s~mple title to soid la~d, in the MortQa~ee, os moy reosonable be ~equi~ed, ond will poy the severol sums of naner a9reed in the said note fo be poid and all instollments of pri~cipal and inlerest thereon promptly when due, and occordin~ to the t?ue teno~ and efFect of th~ said note. • • SECOND: Thaf Me Mortqaqor will pay oll•and si~gula~ Me toxes, ossessments, levies, and encumbronces of eve~y noture o~ 1he obove described prope~t~r, ond upon th~s mortyage and note, or the mo~ey secured ~hereby, beFore delinquency thereof ond receipts evidenunq poyment of soid taxes, assessments, levies and encumbrences sholl be deposited with the Mortgogee on or befo~e March lsl oF eath sucteedin9 year during fhe term oF Mis nw?1~age: ond if some be not promPllY po~d wher~ due, the Mortgagee mor (w~ffwu~ obliqation to do wl por the same, or become purchaser of any lowful evidence thereof, or certificole therefor, wifhOUl w~~~~~~ O~ O~Kfin9 any right hereundet ond in this moH9o9e. or the said note which thii mortgoge secures; ond t such poyments or expenditures so mede shall bear interest from !he date thereof ot the rote of tECI ~1~.~~ D~ C~CIt ~ per onrwm. ' ~ - THIRD: Thaf the Mortyagor will keep all reol ond penonal prope?ty nov+ or hereaFter encumbered by the lien of this i mortgage i~uured os moy be required from time to timc by the Mortgagee ogainst loss by fire, wind:torm ond other hazards, ~ casualties and continyeiicies for such pcriods and for rat less than suth omounh os n+ay be requi~ed br the Moregagee and to poy ' promptty when due oll premiuMS fo~ suth insuronte. The onaunts of suth insuronce required by the Mortgagee are expressive of only the minimwn amounts fo~ wFiKfi said ~nsuronce shall be written and it shall be incumbent upon fhe Morfgagor fo inaintain svd~ additionol insuronce as may be necessory to meet ond tomply ful~y with all to-insurance requirements confained in said polities to : the end thot said Mwtgagor is not a co-inwror fhereu~der. Insuronce sholl be wriften by o tompanY or compa~?ies opproved by the Mo~tgagee ond oll policies and renewals thereof sholl be held by the Mortgagee. All detailed designotions by the Mo?tgagor which are oaepted by the Mortyo~ee and ol) aqreements between Mortgagor and Mortgagee rclating to insurance, now existing or hereaher mode, shall be in writi~g and shall be a parf of this mortgage agreement as fully os though set forth verbatim hereio ond shall govem both porties hereto and their successon and ossigru. No lien upon ony of soid policies of insurante or upon ony - refund or retum premium whith may be payoble on Ihe cancellatan or ferminafion thereof, shall be give~ to othe~ than the Mort- gogee, excepl by proper endonement offixed to sud~ polic)? ond approved by Monyagee. Eoch policy of insurance sl~all hove offixed thereto a Stondord Mortgoyee Clouse oaeptoble fo the Morlga9ee, making oll bss or bsses under s~th policy paYable to the Mortgogee as ih interest may appear. In the event ony wm or wms of money become poyable thereu~der the MoAgagee £ shall hove the option to receive ond opply the same on aaount of the indebtedness hereby secured, or to permit the Mortgagor to ~ receive and use if, or any part thereof, without thereby waivin~ or impairing ony equit~r, lien or right under and by virtue of this ~ mo~tgage. In event of loss or phrsical dama~e to the rnorlge9ed property the Mortgagor shall give immediate notice thereof by ~ moil to the Mortpagee and the Mort9a9eQ ~^aY moke proof of loss if the some is not made promptly br the Mortgagor. In event of foreclowre of this mortgaye or other traosfer of title to the mortga9ed property in extinguishment of the indebtedness secured hereby, atl righf, tiNe ond interest of the Mortgagor in and to anr insurante policies then in force sholl pass to ihe purchaser or F grantee. Upon any defauh fhereof, the Mortgagee may (but without obligation on its part so to dol ploce ii+suronce on sud~ ~ buildings aed pay fhe p~emium ond tharge wch wms so ea_,~,d, to the Mortgagor ond suth sums of money so paid shall bea~ interesf from the date of paymenf ot the rote of t~ ~ln. Wi"o~ Per CH1t per annvm. • ' FOURTH: That oll wms of money paid or caused to be paid by the Mortgagee under the terms of this mortgoge ai,d herein ~ ! specificolly provided fo~, and induding "any expenses ir?cur~ed by fhe Mortgagee in tollection of the sum secured by this mortga9e. ~ sholl be covered by the lien of this mortgage, the same as the sums of money represented by the note wFi~ch this mortgage secures. ~ - . i ~ HFH: To permit, commit or sufFer no woste, impoirmenf or deferioration of said property, or any part thereof, and upon ~ nc~ failure of the Mortgagor to keep the buildings on said. prope?tp in good condition of repair, the Mortgagee may demand the immediate repair of soid buildings, or an increase in fhe amount of security, or fhe immediate repayment of the debt hereby secured, and the failure of the Mortgagor to comp~y w~M+ said demand of the Mongagee for a period of fifteen (15) days shall ; comtitute o breach of this nwrtgage, and, ot the option of the Mortgagee, immediotely mature the entire unpaid principal and s interesf hereby secured, and the Mortgagee may, without notice, inst;tute praeedings to foreclose this mortgage, ond apply for ~ the appointmenf of o receiver, as hereinofter provided. SIXTH: That the Mo~igagor hereby promises, covenants and ogrees to pay the sums of money and interest os mentio~ed in said promissory note, fogeMer with any and all other sums jusHr due and ovqing fhe Mortgagee by the terms therein, ond secured to be paid os stafed therein promptly when due. If default shalt be mode in thc payment of the soid sums of money or any part thereof os provided in the soid note or this mortgoge, or if the in?erest that may become due thereon or any part thereof sholl be in default and unpa+d for o space of fifteen (15) days, or should the Mortgagor bread~ or foil to comply w~th ony other covenant ~ or agreement on the port of the Mortgagor to be complied with (in those tases in wFiKh the option of the Mortgogee of occele~a- tion is rat otherwise expressly provided herein) ond sud~ breach or; non-compliance continue in existen8e for a spoce of fifteen (1 S) doys, then and fran thenceforth, at the optwn of the Mortgagee ond without notice to the Mortgagor, the whole of said principol ~ sum expre;sed in•said note, fogefher with al) ofher sums therein as well os herein provided ior, sholl betome immediately due and ~ poyable, withovt notice to the soid Mo?tya~or. • ~ SEVENTH: That in cose it should betome necessory to ploce this mortgage and the r+ote secured herebr or either of them, ~ in the hands of on ottorney for cotlection, the said Mortgagor covenants and agrees with ihe Mo?tgagee to poy oll costs, charges and experues of such collection, including reasonoble attorney's fees whether collected by forecbsure or otherWi:e. u ~ • EIGHTH: That, in the event ony suit is brought upon this mortgage, whether to foreclose it, to reform it, or o~herw~se, . and; or to enforce poyment of a~y tlaim hereunder, fhe Morfgagee mar applr fo any tou~t having j~risdicfion thereof far the oppointment of a receive~ of said mortgaged propeNy, as well as the irxome, profits, issues and revenues thereof, ond the soid g~or3U3 PA~E 859 ~ -z- y _ _ . _ . . . . _ v ~ _ , _.v__~._ _ _ _ v . , ~ ~~~"~~rf