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HomeMy WebLinkAbout1110 t } AND the said Mortgagor haraby covenants and ograas with the said Mortgagee as folbws: FIRST: That the Mortgagor is lawfully seised of the obova described premises in fee simple and has good right to sell and convey Ma same ro the Mortgagee; that the said premises are free and discharged of and from all saxes, tax titlas or certificates, judgments, mechonii s liens and encumbrances of any nature oc kind whatsoever and that the Mortgagor will fully warrant onrf defend the some to tha Mortgagee, against the lowfvl claims and demands of all persons whomsoever, and will make such further assurances to perfect fee simple title ro said land, in the Mortgagee, as may reasonable be required, and will pay the several sums of money agreed in the said note to be paid and all installments of principal and interest thereon promptly when due, and according to the true tenor and effect of the sold note. SECOND: That Me Mortgagor will pay all and singular the foxes, assessments, levies, and encumbrances of eve?y nature on the above described property, and upon this mortgage and rate, or 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 lst of each succeeding year during tha term of this mortgage; and if same be not promptly paid when due, the Mortgagee may lwithout obligation to do so) pay the same, or become purchaser of any lowfvl 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 rote of ~e~'-n ~ elf (11.50$) per annum. i THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this mortgage insured os may be required from time to time by the Mortgagee against loss by Rre, windstorm and other hazards, casualties and contingencies for such periods and for not less than such amounts as 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 it shall be incumbent upon the Mortgagor to maintain such additional insurance os may be necessary to meet and comply fully wiM all to-insurance requirements contained in said pUlitiei to ' the end that said Mortgagor is not a co-insuror thereunder. Insurance shall 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 !fie Mortgagor which ore aaepted 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 a port of this mortgage agreement as fully as though set forth verbatim herein ~ and shall govern both parties hereto and their successors and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which may be payable on the cancellation or termination thereof, shall be given to other than the Mort- gagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance shall hour affixed thereto a Standard Mortgagee Clause aaeptable to the Mortgagee, making all bss or bsses under such policy payable to the Mortgagee as i!~ interest may appear. M-the event any wm or wms of money become payable thereunder the Mortgagee shall have the option ro receive and apply the soma on aaount of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or any port thereof, without thereby waiving or impairing 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 to the Mortgagee and the Mortgagee may-make proof of loss if the soma is not made promptly by the Mortgagor. In event of forecbwre of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured - hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) place insurance on such buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest ~ from the date of payment at the rote oP.-~-~~ & 1/2 (11.50$) 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 inravding any expenses incurred by the Mortgagee in collection of the sum secured by this mortgage, shall be covered by the lien of this mortgage, the some as the sums of money represented by the note which this mortgage secures. HFTH: 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 sold buildings, or on increase in the amount of security, or the immediate repaymt:nt of the debt hereby secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (IS) days shall constitute 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, iratitute proceedings to foreclose -this mortgage, and apply for the appointment of a receiver, ashereinafter provided. SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as mentioned in said promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid as stated therein promptly when due. If default shat: be made in the payment of the said sums of money or any part thereof os provided in the sold note or this mortgage, or if the interest that may become due thereon or any part thereof shall be irs default and unpaid for o space of fifteen (1S) days, or should the Mortgagor breach or foil to Comply with any other covenant , or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera- Yan is rat otherwise expressly provided herein) and such breach or non-compliance continue in existence for a space of fifteen (15) dogs, then and from thenceforth, of the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal sum expressed in said note, together with all other sums therein as well os herein provided tor, shall become immediately due and payable, 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 hoods of an attorney for collection, the said Mortgagor covenants and agrees with 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 forecose it, to reform i:, or otherwise, - and,~or to enforce payment of any daim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment of a receiver of sold mortgaged property, as well os the income, profits, issues and revenues thereof, and the said ~~~~3~7 p~~f~.109 -z- _