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HomeMy WebLinkAbout1447 AND M• said Mortgagor hereby covenants and agrees with the said Mortgagee as 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 same to the Mortgagee; shot the sold premises ore free and discharged of and from all foxes, cox titles or certificates, judgments, mechanic i liens and encumbrances o} any nature or kind whatsoever and that the Mortgagor will fully warrant and defend the some to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such further nssuronces to perfect fee simple title to sold land, in the Mortgagee, os may reasonable be required, and will pay the several sums of money agreed in the sold note to be paid and all installments o} principal and interest thereon promptly when due, and according to the true tenor and effect of the said note. _ SECOND: That the Mortgagor will pay all and singular the foxes, assessments, levies, and encumbrances of every nature on the above described properly, and upon this mortgage and note, or the money secured thereby, before delinquency thereof oral receipts evidencing payment of said taxes, assessments, levies and encumbrances shall be deposited with the Mortgagee on o. before March 1st of each succeeding year during the term of this mortgage; and if some 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 mortgage, or the sold note which this mortgage secures; and such payments or expenditures so made shall boor interest from the dote thereof at the rote of 'PPlI (10$) ~r C@ritlm per annum. THIRD: That the Mortgagor will keep all real and personal property now Pt hereafter encumbered by the lien of this mortgage insured os may be required from time to time by the Mortgagee against loss by fire, windstorm and other hazards, 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 fat such insurance. The amounts of such insurance required by the Mortgagee ore expressive of only the minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such odditionol insurance os may be necessary to meet and comply fury with all co-insurance requirements contained in said policies to the end that sold Mortgagor is not o co-insuror thereunder. Msuronte shall be written by a company or companies approved by the Mortgagee and all policies and 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 Mortgagee relating to insurance, now existing or hereafter made, shall be in writMg and shall be o part of this mortgage agreement os fully os though set forth verbatim herein and shall govern both parties hereto and their successors and assigns. No lien upon any of soil 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, except by proper endorsement affixed to such policy and approved by Mortgagee. Each polity of insurance shall have affixed thereto a Standard Mortgagee Clause oa:eptoble to the Mortgagee, making all bss or losses under suds policy payable to the Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and apply the some on account of the indebtedness hereby secured, 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. 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 kxs if the some is not mode promptly by the Mortgagor. (n event of foreclosure 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 port so fo do) place insurance on such buildings and pay the premium and charge such sums so paid to the Mortgagor and such wms of money so paid shot) bear interest from the dote of payment at the rote of Tel (10$) per C72n1=1II[i per anrwm. it FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein E 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 rwte which this mortgage secures. i FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any port 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 g immediate repair of sold buildings, or an irxreose in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (IS) days shall constitute o breath of this mortgage, and, of the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for the appointment of a receiver, os hereinafter provided. SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay tlse 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 os stated therein promptly when due. If default shot: be made in the payment of the said sums of money or any part thereof os provided in the said note or this mortgage, or if the interest that may become due thereon or any port thereof shall be in default and unpaid for a space of fifteen (IS) dogs, or should the Mortgagor breads or foil to comply with any other covenant If or agreement on the part of the Mortgagor to be complied with (in those cosec in whirls the option of the Mortgagee of octelera- lion is not otherwise expressly provided herein) and such breath or non-compliance tontirwe in existerKe for o space of fifteen (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 sold note, together with al! other sums therein os well os herein provided for, shall become immediately due and payable, without notice to the said Mortgagor. SEVENTH: That in rose 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 Mortgagee to pay all costs, charges and expenses of such collection, including reasonable attorney's fees whether collected by forecbsure or otherwise. ~r EIGHTH: That, in the event ariy 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 fo any court having jurisdiction thereof for the appointment of o receiver of said mortgaged property, os well as the income, profits, issues and revenues thereof, and the said 3Ub -a~=1446 -2- 3;.~! _ -