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HomeMy WebLinkAbout1388 AND the sold Mortgagor Hereby covenants and agrees with the said Mortgagee as fo!~o~YS" 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 ore free and discharged of and from all taxes, tax titles or certii'Kates, judgments, mechanii s liens and encumbrances of any nature or kind whatsoever and that the Mortgagor will fully warrant and defend Me some to the Mortgagee, against the lawful claims and demands of all persons whor:ssoever, and will make such further assurances to perfect fee simple title to sold loud, in the Mortgagee, os may reasonable be required, and will pay the several sums of money agreed in the said note to be paid and all installments of principal and interest thereon promptly when due, and according fo the true tenor and effect of the sold note. ' SKOND: 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 sold tuxes, 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 acme be not promptly paid when due, the Mortgagee may (without obligation fo do so) pay the some, or become purchaser of any lawful evidence thereoF, or certificate therefor, without waiving or olfecting oriy right hereunder and in this mortgage, or the sold note which this mortgage secures; and such payments or expenditures so mode shall bear interest from the date thereof at the rote of Z'~ (10$) Tom' oenttm per annum. THIRD: TRot the Morfgogor 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 Mortgagee against bss by fire, windstorm and other ho:ords, 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 Morfgogor to maintain such additional insurance as may be necessary fo meet and comply fully with all co-insurance requirements contained in said policies to the end that sold Mortgagor is rwf o co-insuror thereunder. Insurance shall be written by o company or companies approved by the Mortgagee and all policies and renewals thereof shall be held by the Mortgagee. All detailed designations by the Morfgogor " which are oaepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating fo insurance, now existing or hereafter made, shall be in writing and shall be a 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 said policies of insurance or upon any refund or return premium which may be payable on the corxellation or termination thereof, shall be given to other than the Morf- gogee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of inwrarxe shall have afl•ixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making all bss or bsses under such policy payable to the Mortgagee as its interest may appear. In the event any wm or wms of money become payable thereunder the Mortgagee shall hove the option to receive and apply the same on account of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or any part thereof, without thereby waiving or impairing any equity. Gen or right under and by virtue of this mortgage. In event of bss or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by moil fo the Mortgagee and the Mortgagee may make proof of bss if the same is not made promptly by the Mortgagor. M event of foredowre 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 to do) place insurance on such buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest from the date of payment at the rote of `I'F~1 (10$) rJer t~tutt 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 os the sums of money represented by the note which this mortgage secures. i HFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any port thereof, and upon I 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 sold buildings, or on increase in the amount of security, or the immediate repayment of the debt hereby secured, and the fa'slure 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 interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for the appointment of o receiver, os hereinafter provided. SIXTH: ghat the Morfgogor hereby promises, covenants and agrees to pay the wms of money and interest os mentioned in said promissory note, together wi!h any and all other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid os stcted 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 part thereof shall be in default and unpaid for a spore of fifteen (15) days, or should the Mortgagor breach or fail to comply with any other covenant or agreement on she port of the Mortgagor to be complied with (in those roses in which the option of the Mortgagee of accelera- ~ lion is not otherwise expressly provided herein) and such breach or rwn-compliance continue in existence for a space of fifteen (1S) days, then and from thenceforth, of the option of the Mortgagee and without notice fo the Mortgagor, the whole of sold principal sum expressed in sold note, together with all other sums therein as well as herein provided for, shall become immediately due and payable, withou! notice to the said Mortgagor. 1 g SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, f in the hands of an 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 foreclosure or otherwise. EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, ond;~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 as the income, profits, issues and revenues thereof, and the sold ~3~ g° K ~ ~Ei387 -z- ~ - "<s ~ T nT ~ Q rt . = _ .