Loading...
HomeMy WebLinkAbout0823 ~ s• ANA the said Mortgagor hereby covenants and agrees with the sold Mortgagee os follows: FIRST; Thot the Mortgagor is lawfully seized of the above described premises in fte simple and has good right to sell and convey the some to the Mortgagee; that the sold premises ore free and discharged of and from all foxes, cox titles or certificates, judgments, mechanic's liens and encumbrances of any notate or kind whatsoever and that the Mortgagor will fully warrant and defend the some to the Mortgagee, against the lawful claims and demands of all persans whomsoever, and will make such furthe? 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 sold rate to be paid and all installments of principal and interest thereo~s promptly when due, and according to the true tenor and effect of the sold note. SECOND: That the Mortgagor will po all and sin afar the faxes. assessments, levies and encu:nbronces of ever nature Y 9 y on the above described property, and upon this mortgage and nets, o? the money secured thereby, before delinquency thereof and receipts evidencing payment of said taxes, assessments, levies and encumbrances shall be deposited with the Mortgagee on or before March 1st ryf each succeeding year during the term of this mortgage; and if same be not promptly paid"when due, the Mortgagee may (without obligation to do so) pay the some, or become purchaser of any lawful evidence thereof, or certificate _ thtrefor, 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 rate of 1 I.9 7 x i per annum. TNIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this morlgags insured os may be required from time to time by theMortgagee against bss by fire, windstorm and other hazards, casualties and contingencies fog such periods and for not less than such amounts as may be required by the Mortgagee and to pay promptly wheys 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 additiono! insurance as may be necessary to meet and comply fully with all co-insurance requirements contained'in said pdicies to the end that sold Mortgagor is not a co-insuror thereunder. Insurance shalt be written by a company or companies approved by the ! Mortgagee and all polities and renewals thereof shall be held by the Mortgagee. All detailed. designations by the Mortgagor which ore accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurance, now existing or hereafter mode,-shall be in writing and shall be o port of this mortgage agreement os fully as though set fortis verbatim herein and shall govern both parties hereto and their successors and assigrss. No lien upon any of said policies of insurance or upon any refund or return premium which may be poyoble on the cancellation or termination thereof, shall be given to other than fiat .`.k>rt- gages, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of inwronte shall have affixed thereto a Standard Mortgagee Clouse acceptable to the Mortgagee, making all loss or losses under such policy poyoble to the Mortgagee as ih interest may appear. In the event any wm or sums of mone;? become poyoble thereunder the Mortgagee shall have the option to receive and apply the same on aaount 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. (n event of loss or physical damage to the mortgaged property the Mortgagor shall give immediate no+ice thereof by moil to the Mortgagee and the Mortgagee may make proof of bss if the same is not mode promptly by the Mortgagor. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the 'indebtedness seared - hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shaft pass to the purchaser or grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so do do) place insurance on. sexh buildings and pay the premium and charge such wms so paid to the Mortgagor and such sums of money so paid shot! bear interest tram the date of payment at the rate of 11.9 7 X per annum. FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein specifically provided for, and including any expenses incurred by the Mortgagee in collection of the wm secured by this mortgage, shall be covered by the (fen of this mortgage, the same as the sums of money represented by the rate whirls this mortgage secures. FIFiH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any part thereof, and upon the failure of the Mortgagor to-lceep the buildings on said property in good condition of repair, the Mortgagee may demand the immediate repair of said buildings, or an irscrease in the ampunt 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 (15) days shall constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and i;terest hereby secured, and the Mortgagee may, without :?otite, institute proceedings to foreclose this mortgage, and apply for . the appointment of a receiver, as hereinafter provided. _ - SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as mentioned in sold promissory note, together with any and all other sums justly due and owing the Mortgagee 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 become due thereon or any port thereof shall be in default and unpaid for a space of fifteen (15) days, or should the Mortgagor breach or fail to comply with any other covenant or cgreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera- tions is not otherwise expressly provided herein) and such breoch-or Hors-compliance continue in existence for a space of fifteen (15) Boys, then and from thenceforth, at the option of the Mortgagee and without notate to the Mortgagor, the whole of said principal sum expressed in said note, together with all other wms therein as well os herein provided for, shall become immediately due and payable, without notice to the said Mortgagor. t 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 ol! 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, whethc: 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 jurisdiction thereof for the appointment of a receiver of said mortgaged property, os well os the income, profits, issues and revenues thereof, and Ilse sold X317 P~ ~