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HomeMy WebLinkAbout1767 • ~ . ~ and shall perform, rnmply with and abide 6y each and even the stipulations, agreements, conditions and cove- nants of said promissory Hole and of this deed, then this deed and the estate hereby orated shall cease and 6e null and void. Provided, it is further covenanted and agreed by the parties hereto that this mortgage also secures the payn?enf of and includes oll (ufune or jwther advances as shall be made 6y the mortgagee herein. or ifs successors or assigns to or (or the benefit of the mortgagors, or their heirs, persona! representatives, or assigns within twenty (20) years from the date her+eo( to the same extent as i j such future advances were made I on the date of the execution of this mortgage. The total amount of indebtedness that is secured 6y this mortgage may decrease or increase from time to time but the total unpaid balance so secured at any one time shall not exceed the maximum principal sum of 5.~..~.~.QQ.._...._.....-.......... together with interest thereon, and any and ' all disbursements made 6y the mortgagee for the payment of taxes, levies, assessments, or insuronce nn the ! ~ properly covered by the lien of this mortgage, with internst on such disbursements at the rate specified herein, and for reasonable attorney fees and rnurt rnsts incurred in the collection of any or all of such sums of money. I Such future or further advances shall be wholly optional with the mortgagee, and the same shall bear interest nt the same rote as spedjied in the Hole described herein, except any amounts paid 6 the Mortgagee for taxes. levies, assessments, or insurance on the property shall be added to the mortgage ~ebt, and ij not repaid to mortgagee within fifteen days after such advances, the indebtedness hereby secured shall bear interest at the rate of % per annum, and the mortgagee may increase f?re amount of monthly payments required by said ?rote ire order to assure Mortgagee the repayment of said advances. 1. The Mortgagor hereby covenants and agrees: j (a) To pay all and singular the principal and interest and the uarioua and sundry sums of money pay- able 6y virtue of the above described promissory note....... and this mort$age, and any and a(I renerc+als of the same, or any part thereof, and also any and all other loans Arid/or'advancements which ?nul? be made 6y Mortgagee to iilortgagor, promptly on the days respectively the same severally become due.,• :_z ' (b) To pay all and singular the taxes, assessments, levies, liabilities, obligations and encumbrances of every nature, o?r said described property each and every, and if the same be no! promptly paid the l~lort- gagee may at any time pay the same without waiving or of f acting the option to foreclose or any right here- under and every payment so made shall bear interest from the date thereof at the rate of......._L~..__......per cenfum per annum. (c) To pay all and singular the costs, charges and expenses. including lawyer's fees and abstract costs reasonably incurred or paid at any time 6y the Mortgagee because of the failure on the part of the Mort- gagor to perform, comply with and abide 6y each and every the stipulations, agreements, conditions and covenants o said indebtedness and said promissory note..._.. and this deed, or either, and er•ery such pay- ment shall bear interest from date at the rate o1......._1,O ..............per cenfum per annum. I ~ (d) To keep the buildings now or hereafter on said Land insured against loss 6y Jire in a sum not less than $ and against loss 6y windstorm in n sum not Less than 5......._...___._...._.._.._._._, in t a company or companies and through Inswance Agents or Agencies to be named and designated 6y the Mortgagee and the policy or policies shall 6e held and payable to the 1~lortgagee. In the er•enf any sum of money becomes payable under such policy or policies, the l~lortgagee shall here the option to receive i j ~ ~ ~ and apply the same on account of the indebtedness hereby secwed, or to permrt the Alortgagor to receive an use if or any part thereof for other purposes, without thereby waiving or impairing any equity, lien j ~ or right under or by virtue of this deed, and the Mortgagee may place and pay for such insurance or any ~ i port thereof without waiving or affecting the option to foreclose or any right hereunder, and each and eve such meet shall bear interest f LO.__...._..per cenfum per annum. ry pay from date at the rate o ~ ( I (e) To permit, commit or suffer no waste, impairment or deterioration of said property or any part I ~ thereof. (J) That if any of said sums of money herein referred !0 6e not promptly and fully paid within._~Q._._ days next after the same severally becomes due and payable, or if each and every the stipulations, agree- meets, con rtions and covenants of said promissory note and this deed, or either, are not fully performed. ! i complied with and abided by, the said aggregate stun mentioned in said promissory note. and any renewal thereof, and all indebtedness from Mortgagor to Mortgagee, shall become due and payable jorthurith, or i therea ter at the option of the Mortgagee as fully and completely as iJ the said aggregate sum of said in- ~ i N debt ass and said promissory note was originally stipulated to be paid on such day, anything in said ( ~ ~ promissory note or herein fo the contrary notwithstanding. (g) That in order to accelerate the maturity o1 the indebtedness hereby secured, because of the fail- ; j ure of the Mortgagor fo pay any tax, assessment, lrability, obligation or encumbrance upon saidd property, i as herein provided, it shall not be necessary nor requisite that the Mortgagee shall first pay the snore. (h) To perform, comply with and abide 6y each a?rd every the stipulations, agreements, conditions and covenants in said promissory note and in this dead set forth. 2. The lien hereof shall extend to and include the use, rents, and profits of said premises, but the Alortgayor ~ ~ shall Gave the right !o remain in possession of said premises and enjoy the use, and to receive the rents and profits i ~ ~ (hereof, without accounting to the dNortryayee therefor, so long as there shall be no default hereunder, provided l that to the event o an such de ault hereunder or a f ~ t g g ~ ~ f Y f j period o ...__..3.0....._..da •s, the ;fort a ee shall 6e entitled to the possession and use of said mortcraged premises, and to receive and apply the net rents and profits thereof. upon and toward the poyment of fhr indebtedness hereby secured. . C.R' ~V~ ';~;'~?~id r~ a`-F-':'a~ - - ~a.