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Home My WebLink About2897 ,f~'~ _ _ - - AND Me said Mortgagor hereby covenants and agrees wiM tht said Mortgagee os folbws: NRST: That the Mortgagor is lawfully sei:ed of tM above described premises in tae simple and has good right b seN and convey tM soma to Me Mortgogts; Mot tM said premises ore fray and discharged of and from all taxes, fox tiNas or carlifkatas, judgments, mechonK s liana and encuntbroncas of any nature or kind whatsoever and Hdt Ma Mortgagor will fully warrant and defend the soma to Me Mortgagee, against Me lawful claims and demands of all persons whomsoever, and will make such further oswrantes b perfect fee simple title to sold lord, in Me Mortgagee, os may reasonable be required, and will pay the several scans of money agreed in Me said note to be paid and all installments of principal and interest Hereon promptly when due, and according b Me true tenor and effect of He sold note. SECOND: That Me Mortgagor will pay all and singular Me taxes, ossessmants, levies, and encumbrances of every nature on Me above described property, and upon Mis mortgage and rota, or Me -money secured Hereby, before delinquency thereof and receipts evidencing payment of sold foxes, assessments, levies and encumbrances shall be,deposited wiM Me Mortgagee on or before March 1st of each succeeding year during Me term of Mis mortgage; and if same be not promptly paid when due, Me Mortgagee may (without obligation to do so) pay Me sans, or become _ purchaser ,of any lawful evidence Hereof, or certificate therefor, without waiving or affecting any right hereunder and in Mis mortgage, or Me said note which this~_~QQrtgage secures; and such payments or expenditures so mode shall bear interest from Me date thereof of Me rate of ~ ~1V}) pe>r0~bt per anrwm. THIRD: That Me Mortgagor will keep all real and personal property now or hereafter encumbered by He lien of ,this narfgage insured as may be required from time to time by Me Mortgagee against loss by fire, windstorm and other hosards, casualties and contingencies for such periods and for not less than such amounts as may be required by Me Mortgagee and to pay promptly when due all premiums for such insurance. The amounts of such insurance required by the Mortgagee ore expressive of . only Me minimum amounts for which said insurance shall be written and it shall be 'incumbent upa+ the Mortgagor to maintain such additional insurance os may be necessary to meet and comply fully wiM all co-insurance requiremenh contained in said policies b the end shot said Mortgagor is not o co-insuror Hereunder. Msuronce shot) be written by o company or companies approved by the Mortgagee and all policies and renewals Hereof shall be held by Me Mortgagee. Atl detailed designotioes by the Mortgagor which are accepted by He Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be o port of Mis mortgage agreement os fully as Haugh set forth verbatim herein and shall govern boM parties hereto and Heir sutceswn and assigns. No lien upon any of said policies of inwrance or upon any refund or return premium which may be payable on Me conteltotion or termination Hereof, sFioll be given to other Mon the Morf- gagee, except by proper endorsement affixed to wch policy and approved by Mortgagee. Each poligr of inwrance shall have affixed Hereto o Standard Mortgagee Clause acceptable to He Mortgagee, making all loss ur losses under such pdicy poyoble to the Mortgagee os iK interest may appear. ~ Me event any sum or wms of money become payable Hereunder the Mortgagee shall hove Me option b receive and apply the same on account of the indebtedness hereby secured, or to permit He Mortgagor b receive and use if, or any part Hereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. M event of bas or physical damage b the mortgaged property He Mortgagor shall gwe immediate notice thereof by moil b the Mortgagee and Me Mortgagee may make proof of loss if the some is not made promptly by the Mortgagor. (n event of forecbwre of Mis mortgage or other transfer of title to He mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies Hen in force shall pass to the purchaser or grantee. Upon any defauh Hereof, the Mortgagee may (but without obligation on its port so to do) place inwrance on such buildings and pay the premium and charge w^~j~Q~~d to Me ~ortgagor and such sums of money sa paid shall bear interest from the dote of payment at the rote of D per arwwm. FOURTH: That all wms of money paid or caused to be paid by He Mortgagee under He terms of Mis mortgage and herein specifically provided for, and irtduding any expenses incurred by He Mortgagee ih collection of Me sum secured by this mortgage, ~ shall be awered by the lien of Mis mortgage, He same as He sums of money represented by the note which this mortgage secures. FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any part Hereof, and upon I the failure of the Mortgagor b keep the buildings on said property in good condition of repair, He Mortgagee may demand the EII immediate repair of said buildups, or an increase in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of Me Mortgagor b comply with said demand of Me Mortgagee fora period of Rfteen (15) days shall a~nstitute a breach of this mortgage, and. at He option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby seared, and the Mortgagee may, without notice, irutitute proceedings to foreclose Mis mortgage, and apply for He appointment of o receiver, as hereinafter provided. SIXTH: That He Mortgagor hereby promises, covenants and agrees to pay He sums of money and interest os mentioned in said promissory note, together wiM any and all other sums jusNy due and owing He Mortgagee by He terms Herein, and secured to be paid os stated Herein prompNy when due. If default shat: be made in Me payment of Me said wms of money or any part Hereof as provided in the said note Or Mis mortgage, Or if Me interest Mot may become due thereon or any part thereof shall be in default and unpaid for o space of fifteen (1S) days, or should Me Mortgagor breach or foil to comply with any other covenant or agreement on Me port of He Mortgagor to be a~rnplied with (in those cases in which He option of Me Mortgagee of otcelera- tion is not otherwise expressly provided herein) and such breach or non-compliance contirwe in existence for o space of fifteen (1S1 E days, Men and from Henceforth, at He option of He Mortgagee and without notice to the Mortgagor, Me whole of said principal E sum expressed in said note, together wiM all other sums therein as well as herein provided for, shall become immediately due and payable, without notice to He said Mortgagor. SEVENTH: That in case it should become necessary to plate Mis mortgage and the note secured hereby or either of them, in Me hands of an attorney for collection, Me said Mortgagor covenants and agrees wiM Me Mortgagee to pay all costs, charges f and expenses of such collection, including reasonable attorney's fees whether collected by foreclosure or otherwise. i EIGHTH: That, in the event any wit is brought upon Mis mortgage, whether to foreclose it, to reform it, or otherwise, and; or to enforce payment of any claim hereunder, the Mortgagee may apply to any court hoeing jurisdiction thereof for the appointment of a receiver of sold mortgaged property, as well os Me income, profits, issues and revenues thereof, and the said 1Ei F - ~ - a~3~4 P,~E2~~90