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HomeMy WebLinkAbout1467 AND Me sold Mortgagor hereby covenants and agrees with the sold Mortgagee os folbws: FIRST: That the Mortgagor is lawfully seised of the above dexribed premises in fee simple and has good right to sell and convey Me some to the Mortgagee; that the said premises are 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 further assurances to perfect fee simple title to said land, in the Mortgagee, os may reasonable be required, and wiH pay the several sums of money agreed in the sold 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 sold note. SECOND: That the Mortgagor will pay all and singular Me 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 fhereoF and receipts evidencing payment of said coxes, assessments, levies and encumbrances shall be deposited with the Mortgagee on or before March 1st of each succeeding year during Me term of His mortgage; and if same be not promptly paid when due, the Mortgagee may (without obligation to do so) pay the some, o? become purchoser,of any lawful evidence thereof, or certificate therefor, without waiving or affecting any right hereunder and in Mis mortgage, or the said note which this mortgage secures; and such payments or expendijures so mode shall bear interest from the date thereof of the rote of tPli (,~0.~'/'„1,Tr~r rent per annum. THIRD: That the Mortgagor will keep al! real and personal property now or hereafter encumbered by Me 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 Man 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 said insurance shall be written and if shall be incumbent upon the Mortgagor to maintain such additional insurance as may be necessary fo meet and comply fully with all co-insurance requirements contained in sold policies to the end Mot said Mortgagor is not a co-insuror thereunder. Ir?surance shall be written by a company or companies approved by the Mortgagee and all policies and renewals thereof shall be held by Me Mortgagee. All detailed designations by Me Mortgagor which are accepted by Me Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be o part of Mis mortgage agreement as fully as Hough set forts verbatim herein and shall govern both parties hereto and their successors and assigru. No lien upon any of sod policies of insurance or upon any refund or return premium which may be poyoble on the cancellation or termination thereof, shall be given fo other than Me Mort- gagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance shall hove affixed Hereto o Standard Mortgagee Clause acceptable to the Mortgagee, making all bss ur losses under such policy payable to Me Mortgagee os its interes? may appear. In the event any sum or sums of money become poyoble thereunder the Mortgagee shall have Me option ro receive and apply Me some on account of Me indebtedness hereby secured, or to permit the Mortgagor fo receive and use if, or any part Hereof, without Hereby waiving or impairing any equity, lien or right under and by virtue of Mis mortgage. In event of loss or physical damage fo the mortgaged property the Mortgagor shall give immediate notice Hereof by mail to Me Mortgagee and the Mortgagee may make proof of loss if Me same is not made promptly by the Mortgagor. in event of forecosure of Mis mortgage or oMer transfer of title to Me mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of Me Mortgagor in and to any insurance policies Men in force shall pass to the purchaser or grantee. Upon any default thereof, Me 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 so paid shall bear interest from Me date of poymenf at the rate of tP11 ~ZQ-~) UPY Cf'[lt per annum. FOURTH: That all sums of money paid or caused to be paid by Me Mortgagee under the terms of this mc: tgoge 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 Me lien of Mis mortgage, Me same as Me sums of money represented by the note which this mortgage secures. 'i i FIFTH: To permit, commit or suffer no waste, impairment or deterioration of sold property, or any part Hereof, and upon the failure of the Mortgagor to keep /he buildings on said property in good condition of repair, the Mortgagee may demand Me ' immediate repair of said buildings, or an increase in Me amount of security, or the immediate repayment of the debt. hereby d secured, and Me failure of Me Mortgagor to comply wits said demand of Me Mortgagee for o period of fifteen (15) dogs shall ~ constitute a breach of Mis mortgage, and, at Me option of the Mortgagee, immediately mature the entire unpaid principal and i P interest hereby secured, and He Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for ~ Me appointment of a receiver, os hereinafter provided. e SIXTH: That He Mortgagor hereby promises, covenants and agrees to pay Me sums of money and interest as mentioned ( in said promissory note, together wits any and all other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid as stated Herein promptly when due. If default shot: be made in the poymenf of Me said sums of money or any part thereof os provided in He sold note or Mis mortgage, or if Me interest Mat may become due thereon or any port Hereof shall be in default and unpaid for o space of fifteen (15) days, or should the Mortgagor breads or fail to comply with any other covenant or agreement on the part of He Mortgagor to be complied wits (in those cases in which the option of the Mortgagee of accelera- _ lion is rat otherwise expressly provided herein) and such breach or non-compliance continue in existence for o spate of fifteen (15) days, Men and from MenceforM, at the option of the Mortgagee and without notice to the Mortgagor, the whole of sold principal sum expressed in said note, together with all other sums therein as well as herein provided for, shall become immediately due and k E payable, without notice to Me said Mortgagor. 4 s SEVENTH: That in case it should become necessary to place this mortgage and the rate secures! hereby or either of them, in the hands of an attorney for collection, the said Mortgagor covenants and agrees wiH 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, o? orhe.w~se, and or to enforce payment of any claim hereunder, the Mortgagee may apply to any court hoeing jurisdiction thereof for the appointment of o receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, and the sold f a - ~ - ~ ~ 3L~~ 310 1457 a ,