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HomeMy WebLinkAbout2455 ~ ~ } • _ ~ ~ ~ AND tM said Morlgoga Mreby covenanh and. agues with the said Mortgagee as fdbws: FIRST: That the Mortgagor is lawfully seised of tl+e above desuibed premises in fee simple ond has good right ro seN ond corwey the same ro tM Mortgagee; that the said premises ore free and disdtorged of ond from aU_toxes, tax N!ks or certifkotes, rydgments, msdwrNC's liens ond encumbrances of any nature or kind whatsoever and that tM Mortgagor will fully warrant and defend 1M same ro the Mortgagee, ogoiiat the lawful doims ond demands of all persons whomsoever, ond will make such further ossuronces ro perfect fee simple title ro said land, in the Mortgagee, as may reasonable be required, and will pay fife several sums of money agreed in the said Hots ro be paid ond all ir?stallments of principal ond interest thereon promptly •when due, ond occordirp ro tM true terror and effect of tM said note. SKOND: That the Mortgagor will poy_ all and singular the taxes, auessmenfs, levies, and encumbrances of every nature ' on the above described property. ond upon this mortgage ond Hots, or the money secured thereby, before delingwncy thereof _ ond receipts evidencing payment of said foxes. ossessrnents, levies and encumbrances shall be deposited with the Mortgagee on or before March 1st of each suaeed' eat Burin tM term of this most a e; -and if some be not r tl m9 y g 9 g P ~P Y paid when due, the • ~ Mortgagee may {witlqut obligation ro do so) poy the some, or baaame purchaser ,of any lawful evidence thereof, or certificate therefor, without waiving or affecting any right hereunder ond in this mortgage, or the sold note which this mortgage senires; and such payments or expenditures so made shall bear~nterest from tM date thereof of Nte rote of t~rt~-half ;~'ellt per arvwm. . THIRD: That the Mortgagor will keep all real and personal property now or hereaffer encumbered by the lien of this i? mortgage inwred as may be required from time to time by the Mortgagee against kns by Rre; windstorm and other hazards, t_ cosuolties ond contingencies for such periods and for not less thou such vmounts as may be required by the Mortgagee ond to pay - is pronrpNy when due all premiums for such inwronce. The amounts of sudt insurance required. by the Mortgagee are expressive of _ only the minimum amounts for which said insurance shall be written ond it shall be incur<'~ent upon the Mortgagor ro moiMoin such additional insurance as may be necessary to meet ond wmply fully with all aa-insurance requirements contained in sold pdicies ro the end that said Mortgagor is not a aa-inwror thereunder, krwrance shall be written by a aampony or.wmpanies approved by 1he- Mortgagee and all policies andlenewols thereof shop be held by the Mortgagee..All detailed desi9notans by the Mortgagor which are oaepted 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 a part of this mortgage agreement as fully os Naugh set forth verbaYun herein _ and shall govern both parties hereto and their waeuon and assigns. No lien upon any of said policies of inwronce or upon-any refund a return premium which may be poyabk on the concellotion or termino/ion thereof, shall be given ro other than the Mort- gagee, exupt by Proper endorsement affixed to such policy and approved by Mortgagee. Each pdicy of urwronce shop have- - affixed thereto a Standard Mortgagee pause axeptable to the Mortgagee, cooking all lass or kxses under such pdicy payable to fire Mortgagee os its interest may appear. In the event any sum a sums of money become payable thereunder the Mortgagee - shall have the option to receive and Apply fhe same on account of the indebtedness hereby severed, 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 uy virtue of this mortgage. M evert of kou or physical damage ro the mortgaged property the Mortgagor shall give immediate notice thereof by moil to the Mortgagee and the Mortgagee may make proof of loss if the some is not made promptly by the Mortgagor. k+ event - of foredowre of this mortgage or other irorufer of tiNe to the mortgaged property in extinguishment of the indebtedness secwed hereby, all right, tale and interest of the Mortgagor in and ro any inwrance policies than in forts shall pose ro the purchaser a grantee. Upon arty defauh thereof, the Mortgagee may (but without obligation on its part so to do) Place inwronce on such buildups and poy the premium and charge such sums sopaid ro the Mortga or nd such sums of money s~• paid shall bear interest from the dote of payment at the rate of LT~ZVe ~ arwwm. - FOURTH: That all sums of money paid a caused to be paid by the Mortgagee under the terms of this nwrtgage ond herein spacificopy Provided for, and indudirp any expenses inverred by the Mortgagee in collection of the sum secured by this mortgage, shall be covered by the lien of this mortgage, the some os the sums of nweey represented by the note which this mortgage severer. HFTH: To permit, a>rnmit or suffer rro waste, impairment a deterioration of said property, or our pant 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 an increase in the amount of security, or the immediate repayment of the debt hereby severed; and the failwe of the Mortgagor ro amply with said demand of the Mortgagee for a period. of fifteen (IS) days shall _ constitute a break of tltis mortgage, and, of the option of the Mortgagee, immediately mature the entire unpaid principal and I interest hereby severed, ond the Mortgagee may, without notice, iratitute proceedings to foreclose this mortgage, ond_ apply for the appointment of o resolver, as hereinafter provided. e SIXTH: That the Mortgagor hereby promises, wvenoMs and agrees to par the sums of money and interest as mentioned in said promiuory-note, together with any ond 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 Betook shol~ be made in the payment of the said sums of money or any part thereof os provided at the said note or this mortgage, or if the interest that may become due thereon or any port thereof shall be in defauN and unpaid for o space of fifteen (IS) days, or should the Mortgagor breach or foil to comply with any other covenant - - - or agreement on the port of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of auelero- ` ti7n is rqf otherwise expressly provided herein) and such breach or non-compliance wntinue in existence for o space of fifteen (15) ~ days, then and from thenceforth, at the option of the Mortgagee ond without notice to the Mortgagor, the whole of said principal sum expressed in said note, together with all other cams (herein os well os herein provided for, shall became immediately due ond payable, without notice to the said Mortgagor. _ - " SEVBrTff: That in case it should beasme necessary to place this mortgage ond the note secured hereby or either of them, in the hands of on attorney for wlledion, the said Mortgagor covenants and agrees with the Mortgagee to pay all oasts, charges and expenses of such collection, inducting reasonable attorney s fees whether collected by foreclosure or otherwise. BtsHTH: That, in the event any wit is brought upon this mortgage, whether to forecbse it, to reform it, or otherwise, andjor to errforue payment of any Balm hereunder, the Mortgagee may apply to any wort hoeing jurisdiction thereof for the appointment of o re:eiver of said mortgaged property, as well as the income, profile, levees and revenues thereof, and the said - 1 f - - z - B~ 3~? ~~2~52 ~ - -