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Home My WebLink About1314 . ~ AND M~ ioid Morfqo~or h~rebr covenonh ond a~~ees wilh th~ soid Morlpo~e~ os fotbw:: FiRST: TAot tM MonQa~or ii lowfully iti:ed of tl?~ obov~ d~xribed premises in fee simple and hos pood ri~ht to sell o~+d conver the some lo M+~ Mo~t9age~; Mol th~ said premises ors fre• and disthorped of and from all foxes, tox fitlei or c~rtifkofes, jvd9ments, mechonic's liens and entvmbronces of ony nofure or kind whotsoever ond thot the Mort~o~or will fullr wo~ranf ond. defend th~ some to the Mortyo9ee, a~ainst rhe lawful cloims ond demands of oll persons whomsaever, ond will moke such fv?the• osw?antes to perfec~ fee simple ~~tle to soid lond, in the Mort~ogee, os may .easa+able be requ~red, and will poy ths seve~al swns of ma~er a~rred in the said note to be poid ond oll inslallments of principol ond interest thereon promplly when due, ond accordin~ to M~ nue tenor ond e1Fec~ of Me soid note. SECOND: Thot ~he Mo?t9ayor will poy oll and s~ngulor the to~es, o~sessments, levies, and encvmbrances of every nature on the obove dex~ibed properfr, and upa+ this mort~age and note, or the money securcd thereby, befo~e delinquency thercof ond receipts evidencinp paymenl of soid laxes, assessments, levies and encumbro~+ces shall be deposited with the Mor~gagee on or before Mo?ch lst of eeth sutceediny year during the ferm of this mortqoge; ond ~f come be not promptly poid~ when due, the Mortyagee moy (without obligetion fo do so) poy fhe some, or become purchoser,of any lowful ~ev~dence thereof, o~ ce?tificate there(or, wiM~ocif waivinq or offecting any right hereunder ond in this mortgoge, or the soid note which this mortgoge secures; ond such poyments or expenditures so made sholl bear interest from the dote Ihereof ot the rote of tEEn & arL hal f nc~rcprt- per anrwm. (I0.5$) THIRD: That the Mortgagor will keep oll ~eol and personal properfy now or hereoffer rrxumbered by the lien of fhis morigage insured os moy be required from time to time by the Mortgagee againsf loss by fire, windsto~m und other hozords, cosuollies a~d tonti~yencies for such periods ond for not less Mo~ such omounts as may be required by the Mortgagee ond to poy prompflr when due oll premiums for such i~suronce. The amounfs of such insurance ?equired by fhe Mortgogee are expressive of • onlr the minimum amounh for wbich iaid insuronce shall be wriften a?~d it sholl be irxumbenf upon the Mortgogor to moinloin such additional insu~ance os nwy be necessary to mee? and compty fully with all co-insuronce requirements co+~toined in said policies to the end thot said Mortyagor is not o co-insvror fhereunder. Insuronce shall be wnften by o company or compa~ies approved br fhe Mortyagee and all policies ond renewols thereof shall be held by the Mo?tgagee. All detailed designosions by the Mwtgagor which are auepted by Me Mortga~ee ond oll agreements between Mortgogor and Mortgogee relating to insuronce, now existing or hereaffer made, shall be in wrifing and shatl be a part ot this mortgage agreement as fully as though sef foreh verbotim herein and shol) govern bofh porfies herefo and their suctessors ond ossigns. No lien upon any of sa~d policies of insvro~ce or upon ony refund or retum premiwn whid~ may be poyable on Me cancellafion or termination thereof, ahall be given to other than the Mo?t- gaQee, except by proper endorsement ofiizcd to such poticy ond opproved by Mor?gagee. fach policy of insurance sholl have ol~ixed thereto o Stondard Mortgagee Clause acceptable to the MoNgogee, making all bss ur losses under such policy poyable to the Mortyoqee as its interest may oppear. ln the event any wm or sums of money become poyoble thereu~der fF?e Mo~tgagee shall hove fhe option to reteive aod opply the some on auounf of the indebtedness hereby secured, or to permit the Morfgogor to receive and use it, or anr port thereof, wifhout fhereby woiving or impoiring ony equity, lien or right under ond by virtue of this na?t~age. In event of bss or physical damage to the mortgaged property the Mortgagor shall g~ve immediafe notice thtreof by nwil fo fhe Mort~agee ond the Mortyagee may make proof of loss if the same is not made promptiy by the Mortgagor. In event of forecbsure of fhis mortgoge or other tronsfer of title to the mortgaged propertr in extinguishment of the indebted„eas secured herebr, all right, title and interest of the Morfgogor in and to any insuronce policies then in force shall pass to the purchaser or g~antee. Upon any default thereof, the Mortgagee may (but without obligotion o~ ~ts part so to do) place i~suronce on such buildings and poy the premium ond chorge such sums so paid to the Mortgagor and svch sums of money x• poid shall beor interest I from the date of payment at the rote of t~T? & Q12 ~l~lf ~O~T1t per onrwm. ; (1Q.5$) - ~ FOURTH: That all sums of money paid or caused to be paid by the Mortgagee unde? the terms of this m~.r~goge ond herein ~ specifically provided for, and including any expenses incurred by the Mortgagee in collection of the sum secured by M?is mortgoge, shall be tove~ed by the lien of this mortgage, the some as the sums of money represented by the no~e which this mortgoge secures. ~ HRH: To permit, tommit or sul~er no waste, impoirment or deterioration of soid property, or ony port thereof, and upon i ~ the foilure of the Morigagor to keep the buildings on said property in good condition of repair, the Mortgagee moy demand fhe immediafe repair of said buildings, or on increose in the amount of seturity, or the immed~ate repayment of the debt herebr secu~ed, ond the foilure of the Mortgagor to comply with said demond of the Mortgagee for o period of fifteen (15) doys shall taufitute a breath of this morfgoge, and, af ?he option of the Moftgagee, immediately moture the enti~e unpaid principol and interes/ herebr secured, and fhe Mongogee may, without notice, iostitute proceedings to foreclose th~s mortgoge, and apply for the appoinfinenf of o receiver, as hereinafter provided. SIXTH: That the Mortgagor herebr promises, covenonts and ogrees to pay the sums ot money and interest os mentioned in said promissory note, fogefher with any ond all othe~ sums justly due and owing the Mortgogee by the ferms therein, and secured ~ to be paid os stated therein promptly when due. If defoult shal; be made in the payment of the said sums of money or any purt thereof as provided in the soid note or fhis morigage, or if the inte~est that may become due thereon or ony part thereof shall be in dcfoult and unpoid for o spoce of fifteen (15) days, or should the Morfgagor breacfi or fail to comply with ony other covenanl or agreemenf on fhe parf of the Mortgngor to be tomplied wifh ~in those tases in which the opfion of fhe Mortgagee of accelera- ~ tion is not othe?wise expressly provided hertin~ and such breach or non-compliance tont~nue in eaistence for o spote of fifteen (1 S) ~ ~ doys, fben and from thencefo?tM, at the opti~n of the Mortgagee and without notice to the Mortgagor, the whole of ~oid pr~ncipof ~ sum expressed in said note, fogether wifh all other sums Iherein os well os herein provided for, shall become ~mmedio~ely due and payoble, without notice to the said Mortgagor. a - ~ $EVENTH: Thal in tase it should betome netessary to plote this mortgage and the note sec~red hereby o? either of them, ~ in fhe hands of on attorney for collecfion, the said Morfgogor covenonts ond ogrees w~th the Mortgagee to pay oll costs, chorges ~ and expenses of s~xfi collection, irxluding reosonable oftorney's fees whe~her collected by foreclos~re or ctherw,se. EIGHTH: Thof, in the evenf any suif is brought upon this mortgage, whether to fo~eclose ~1, to reform ~t, o~ otherw,se, and or to enforce poymenf of a~y cloim hereunder, the Mortgogee may opply to any court having ~unsd~ction thereoF for the appointment of a receiver of soid mortgoged property, os well os the income, profifs, issues ond revenues tnereof, ond thP said ~ 80~K 312 PAGE ~.312 ~ ~