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HomeMy WebLinkAbout0135 ~j • AND the sold Mortgagor hereby covenanK and agrees with the sold Mortgagee os folbws: { FIRST: That the Mortgagor is lawfully relied of the above described premises in fee simple and has good right ro sell and convey Nte some ro the Mortgagee; shot the sold premises ore free and discharged of and from oil taxes, tax cities a certiftcafes, - ~ judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that the Mortgagor will fully warrant and defend the same to the Mortgagee. against-the lawful doims and demands of all persons whomsoever, and will make such further oswrances ro perfect fee simple title ro said load, in the Mortgagee, os may reasonable ba required, and will goy the several soon of money agreed in the sold note to be paid and all installments of principal and interest thereon promptly when due, and according ro the true tenor and effect of the said rota. - SECOND: Thor the Mortgagor will goy all and singular the foxes, assessments, levies, and encumbrances of every nature 4 on the above described property, and upon this mortgage and rota, or the money secured thereby, before delinquency thereof and receipts evidencing payment of sold taxes, assessments, levies and encumbrances shall be deposited with the Mortgagee on or before March 1st of each succeeding year during the term of Mir mortgage; and if same be not promptly paid when due, the Mortgagee may (without obiigofion to do so) goy 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 made shall bear interest from the date thereof of the rate of L~,relve (12.0(p1) ~~1' It per orxwrn. THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this ~ mortgage insured as may be required from lima 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 wch insurance required by the Mortgagee are expressive ~f only the minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such addiYxxwl insuronca• as may be necessary to meet and comply fully with all oo-insu?once requirements contained in said policies ro the end that said Mortgagor is not o co-insuror thereunder. Insurance shall be written 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 Mortgagor which ore oocepted by the 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 this mortgage agreement as fully os though set forth verbatim-herein and shall govern both parties herero and their successors and assigns. No lien upon any of sold policies of inwrance or upon any refund or refum premium which may be payable on the cancellation or termination thereof shall be given to other than the Mort• gogee, except by proper endorsement affixed to such pdicy and approved by Mortgagee. Each policy of inwrance shall have affixed, therero a Standard Mortgagee Clause acceptable ro the Mortgagee, makSng all loss ur bsses under such pdity poyoble ~ to the Mortgagee os ih interest may appear. In the event any sum or wms of money become poyoble thereunder the Mortgagee shall have the option ro receive and apply the same on acccwnt of the indebtedness he: !by seared, or to permit the Mortgagor to receive and use it- or any part thereof, without thereby waiving orimpairing any equity, lien or right under and by virtue of this mortgage. In event of bss or physical damage ro the mortgaged property the Mortgagor shall give immediate notice thereof by mail ro the Mortgagee and eke Mortgagee may make proof of bss if the same is not made promptly by the Mortgagor. N event of foredowre of this mortgage or oMrer transfer of title to the mortgaged property in extinguishment of the indebtedness scarred hereby, all right, title and interest of the Mortgagor in and to any inwrance policies then in force sFali pass ro the purchaser or grantee. Upon any defauh-thereof, the Mortgagee may (but without obligation on its port so to do) place insurance on suds buildings and pay the premium and charge such wms so aid to the Mortgagor and wd+ sums of money s<~ paid shall bear interest from the dare of payment at the rote of LWe1Ve ~11 • ~e~ j>E'2C~[lt per annum. FOURTH: That all writs of money paid or caused ro be paid by the Mortgagee under the terms of this mortgage and herein ! s ecificall rovided for, and indudi an ex cores incurred b the Mort a ee.in collection of the sum secured b this mart a e, P YP n9 Y P Y 99 Y 99 shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mortgage secures, f flFTH: To permit; commit or wffer no waste, impairment or deterioration of said 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 seared, and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (IS) dogs shctl u~rntitute 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 a receiver, os hereinafter provided. SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the wms of money and interest as mentioned in said promissory note, together with any and all other wms justly due and owing the Mortgagee by the term; therein, and secured to be paid os stated therein prompNy when due. ff defouM shat: be mac:a 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 become due thereon or any part thereof shoEl be in default and unpaid for a space of fifteen (IS) days, or should the Mortgagor breadr or tail to comply with any other covenant ! i or agreement on the part of the Mortgagor to be complied with (in those cases in which the opf'ron of the Mortgagee of acfelero- tion_is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for o space of fifteen-{IS) days, then and from thenceforth, 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 poyoble, without notice to the said Mortgagor. _ SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, in the hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges and experues of suJr collection, including reasonable ottomey's fees whether collected by forecbsure or otherwise. EIGHTH: That; in the event any suit is brought. upon this nwrtgage, 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 having jurisdictan thereof for the appointment of a receiver of said mortgaged property, os well os the income, profits, issues and revenues thereof, and the sold ~ - BOOK 31~ PAGE