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HomeMy WebLinkAbout2856 AND the said Mortgagor hereby covenants and ogress with the sold Mortgagee as follows: ' FIRST: That the Mortgagor is lawfully seised of the above dexribed premises in fee simple and has good right fo sell and convey the some to the Morfgogee; that the sold premises ore free and discharged of and from all taxes, fox titles or certificates, judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that the Mortgagor will fully warrant and defend Me some to the Morfgogee, against the lawful claims and demands of all persons whomsoever, and will make such further 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 instollmenfs of principal and interest thereon promptly when due, and according to the true tenor and effect of the sold note. SECOND: Tho1 the Mortgagor will pay all and singular the foxes, assessments, levies, and encumbrances of every nature on the above dexribed property, and upon this mortgage and note, or the money secured thereby, before delinquency thereof and receipts evidencing payment of said taxes, assessments, levies and encumbrances shall be deposited with the Morfgogee 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 Morfgogee may (without obligation to do so) pay the same, or become purchaser ,of any lawful evidence 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 mode shall bear interest from the date thereof of the rote of teri percent (lU$) _ per annum. THIRD: Thof Me Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this mortgage insured as may be required from time to time by the Morfgogee against loss by fire, windstorm and other ha:ords, casualties and contingencies for such periods and for not less than such ornounts os may be required by the Morfgogee 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 Mortgagor to maintain such additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies fo the end shot said Mortgagor is not o co•insuror thereunder. Insurance 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 Morfgogee and all agreements between Mortgagor and Morfgogee relating to insurance, now existing or hereafter mode, shall be in writing and shall be o port of this mortgage agreement os fully os though set forth verbatim herein and shall govern both parties hereto and their succesx?rs and assigns. No lien upon any of said 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 policy of insurance shall have affixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making all loss c,r losses under such policy payable to the Mortgagee os ifs interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall hove the opteon fo 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, 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 fo the Mortgagee and the Mortgagee may make proof of bss if the same is not made promptly by the Mortgagor. In event of forecosure 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 fo any insurance policies then in force shall pass fo the purchaser or grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) plate insurance on sudh buildings and pay the premium and dtiorge such sums so paid fo the Mortgagor and such sums of money s<~ paid shall bear interest from the dote of payment at the rate of 1`Pn rtera~'lt ( 0$~ per annum. FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mc,rrgage and herein i 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 some os the sums of money represented by the rate which this mortgage secures. I HFTH: To permit, commit or suffer no waste, impairment or deterioration of sold property, or any part 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 ~ immediate repair of said buildings, or an increase 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 (151 days shall constitute a breach of this mortgage, and, at 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, as hereinafter provided. 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 Morfgogee by the terms therein, and secured ~ to be paid os stated therein promptly when due. If default shat: be made in the payment of the said sums of money or any part ~ thereof as provided in the said note or this mortgage, or if the interest that may became due thereon or any port thereof shall be in default and unpaid for a spate of fifteen (151 days, or should the Mortgagor breach or fail to comply with any other covenant or agreement on the port of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera- x lion is not otherwise expressly provided herein) and such breach or non-compliance continue in existerxe for o -space of fifteen (151 dogs, then and from thenceforth, of the option of the Mortgagee and without notice to the Mortgagor, the whole of sold principal sum expressed in sold note, together with all other sums therein os well as herein provided for, shall become immediately due and payable, without notice to the said Mortgagor. SEVENTH: That in case if should become necessary to place this mortgage and the note secured hereby or either of them, E in the hands of an attorney for collection, the said Mortgagor covenants and agrees with the Morfgogee to pay all costs, charges i and expenses of such collection, including reasonable attorney's fees whether collected by foreclosure or otherwise. f ~ EIGHTH: Thal, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, 2 and or to enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment of o receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, and the said gooK 309 pact 2$53 t - _ _ .