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HomeMy WebLinkAbout2124 AND Me said Mortgagor hereby covenants and ogress with the sold Mortgagee os follows: FIRST: That Me Mortgagor is lawfully seized of the above described premises in Fee simple and has good right fo sell and convey Me some to the Mortgagee; that the sold premises ore free and discharged of and from all foxes, cox titles or certificates, judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and shot the Mortgagor will fully warrant and defend Me some to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such fu?Mer assurances 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 said note to be paid and all installments of principal and interest thereon Promptly when due, and according to the true tenor and effect of Me said note. SECOND= That the Mortgagor wilt pay all and singular the faxes, 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 said foxes, assessments, levies and ercumbrances shalt be deposited with thr Mortgagee on or 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 same, or become purchoser,of any lawful e~:derxe thereof, or certificate therefor, without waiving or affecting any right hereunder and in this mortgage, or the said note which this mortgage secures; and such payments or expenditures so made shall bear ~nlerest from the dote thereof of the rate of tan arld t]t'ri3-h~f~ t per annum. I THIRD: That the Mortgagor will keep all real and personal property now or hereafter rrxumbered 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 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 for such insurance. The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounts for which sold insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such additional insurance as may be necessary to meet and comply fully wits all co-insurance requirements contained in said policies to the end that said Morfgogor is not a co-insuror thereunder. Insurance shall be wntten 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 accepted by the Mortgagee and all agreements between Mortgagor and Martgogee relating to insurance, now existing or hereafter made, shall be in writing and shall be o port of Mis mortgage agreement as fully as though set forts verbatim herein and shall govern both parties hereto and Meir successors and assigns. No lien upon any of sod 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 Me Mort- gagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance shall have affixed Mereto a Standard Mortgagee Clouse acceptable to the Mortgagee, making all loss ur losses under such policy payable to Me Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder Me Mortgagee shall have Me option to receive and apply Me same on account of the indebtedness hereby secured, or to permit the Morfgogor fo receive and use it, or any part thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of Mis mortgage. In event of loss or physical damage to the mortgaged property the Mortgagor shall give immediate notice Mereof by moil to Me Mortgagee and the Mortgagee may make proof of bss if the same is not made promptly by the Mortgagor. In event of forecbsure of this mortgage or other transfer of title to Me 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 shat) pass to the purchaser or grantee. Upon any default Mereof, the Mortgagee may (but without obligation on its part so to do) place insurance on such buildings and pay Me premium and charge such sums so paid to the Mortgagor and such sums of money s<~ paid shall bear interest from Me date of payment at the rote of per annum. FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mc:tgage and herein ~ s ecificall rovided for, and intludin an ex enses incurred b the Morf a ee in collection of the sum secured b this mart o e j P YP 9 Y P Y 9 9 Y 9 9. shall be covered by Me lien of Mis mortgage, Me same as Me sums of money represented by the note which this mortgage secures. i FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any part Mereof, and upon ! the failure of Me Mortgagor to keep Me buildings on said property in good condition of repair, the Mortgagee may demand Me I immediate repair of said buildings, or an increase in Me amount of security, or the immediate repayment of the debt hereby ~ secured, and Me failure of Me Mortgagor to comply wits sold demand of Me Mortgagee for o period of fifteen (15) days shall ~ corsstitute a breach of Mis mortgage, and, at Me option of the Martgogee, immediately mature the entire unpaid principal and t interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for , Me appointment of a receiver, as hereinafter provided. i SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as 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 shale be made in the payment of the sold sums of money or any part Mereof os provided in Me said note or Mis mortgage, or if the interest that may become due thereon or any part thereof shall be in default and unpaid for a spate of fifteen (15) days, or should the Mortgagor breach o? fail fo comply with any other covenant or agreement on the part of Me Morfgogor fo be complied wits (in those cases m which the option of the Mortgagee of occelero- t lion is not otherwise expressly provided herein and such breach or non-compliance continue in existence for o space of fifteen (I5) t days, Men and from thenceforth, at the option of the Mortgagee and without notice to the Morfgogor, the whole of said principal s sum expressed in sold note, together with all other sums therein as well os herein provided for, shall become immediately due and payable, without notice to Me said Mortgagor. SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or ei?her of them, in the hands of an attorney for collection, the said Mortgagor covenants and agrees wits the Mortgagee to pay all costs, charges and expenses of such collection, including reasonable attorney's fees whether collected by foreclosure or otherwise. 3 EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose ;t, to reform it, or otherwise, g and or to enforce payment of any claim hereunder, the Mortgagee may apply to any court hoeing jvr~sdichon thereof for the appointment of o receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, and thr scid t F t . ~o~r X09 ~~E 212i S