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HomeMy WebLinkAbout2534 • - - AND Me said Mortgagor hereby covenants and agrees with Nte said Mortgagee as folbws: lffftST: That tM Mortgagor is lawfully seized of the above described premises in fee simple and has good right ro sell and. convey the some ro the Mortgagee; that the sold premises are free and discharged of and- from-all tors, fox NNes or certifkotes, jvd9ments, mechonit's liens and enambronces of any nature or kind whatsoever and that the Mortgagor will fully warrant and defend Nte same ro the Mortgagee, against Me lawful claims and demands of all persons whomsoever, and will-make such further oswronces ro perfect fee simple tiNe ro said lord, 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 acoord'ap ro the true tenor.ond effect of the said note. . SKOND: That the Mortgagor will pay a!1 and singular the foxes, assessments, levies, and encumbrances of every nature on the' above described property, and upon this mortgage and note, a Me stoney seared 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 of eadrsucceeding year during the term of this mortgage; and if same be not promptly paid when due, the Mortgagee may (without obligation ro do so) pay the some, or become purchoser,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 poymen?s or expenditures so mode shall bear interest from Me dote thereof at the rote of vie 2$) ,fir eQnt per onrwm. - 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 acid 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 inwrance. The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounh for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such odditiaw) insurance os may be necessary ro meet and comply fully with all to-insurance requirements contained in said pdicies ro the end that said Mortgagor. is not o co-inwror thereunder. k~suronce shall be written by a company or cowponies approved ~by the Mortgagee and all policies and renewals thereof shall be held by the Mortgagee. All detailed designations by the Mortgagor which are aaepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to inwronce,-now existing - or hereafter mode, shall be in writing and shall be a port of this mortgage agreement as fully as Ntough set forth verbatim herein and shall govern both parties herero and their suaesson and assigns. No lien upon any of sold policies of inwronce or upon any refund or return premium which may be payable on the canceflation or termination thereof, shall be given ro other than the Mort- gagee, except by Proper endorsement affixed to suds pdicy and approved by Mortgagee. Poch policy of inwrance shall hove affixed therero o Standard Mortgagee Clouse oaeptable ro the Mortgagee, making all loss ur losses under such policy poyoble to the Mortgagee os its interest may appear. In the event any suet a sums of money become poyoble thereunder the Mortgagee shall hove-the option ro receive and apply the same on oaoount of the indebtedness hereby seared, or to permit the Mortgagor to receive and use it, or any pert thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. m event of bss a physical damage ro the mortgaged property the Mortgagor shall- give immediate notice thereof by moil ro the Mortgagee and the Mortgagee may make proof of bss if the same is not made promptly by the Mortgagor. ti event of foradosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness seared hereby, alt right, tiNe and interest of the Mortgagor in and to any inks trance policies then in force shall pass to the purdaser or grantee. Upon any defouh thereof, the Mortgagee may (but without obligation on its port so to do) place insurarce on such buildups and pay the premium and dwrge such sums so paid to the Mortgagor and such sums of money s<~ paid shall bear interest from the dote of payment of the rate of twelve (12) pendent Per annum. I~ FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mc;rtgoge and herein ~ specificoUy provided for, and induding any expenses incurred-by the Mortgagee in collection of the wm seared by this mortgage, ~ shall be a~vered by the lien of this mortgage, the some as-the sums of money represented by the note which this mortgage scares. FIFTH: To ermit commit or suffer no waste, im airmeM a deterioration of said r e P p pop rty, 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 imenediote repair of sold buildings, a an increase in the amount of scarify, or the immediate repayment of the debt hereby seared, and the failure of the Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (15) days shall oanstitute o breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby seared, and the Mortgagee may, without notice, institute proceedings to foredose this mortgage, and apply for the appointment of o receiver, as here'mofter 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 elf other sums jusNy due and owing the Mortgagee by the terms therein, and secured to be paid os stated therein promptly when due. If defauh shat: be made in the payment of the sold wms of matey or any port thereof as provided in the sold note or this mortgage, or if the interest that may become due !hereon or any part thereof sha8 be in defavM and unpaid for a space of fifteen (15) days, or should the Mortgagor breach or fail 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- tion is not otherwise expressly provided herein{ and such breach or non-compliance continue in existence for a space of fifteen (15) days, then and from thenceforth, at the option of the Mortgagee and without notice to-the Mortgagor, the while of said principal sum expressed in sold note, together with aft other sums therein as well as herein provided for, short become immediately due and payable, without notice ro the said Mortgago?. SEVENTFf: That in case it should became necessary to place this mortgage and the note secured hereby or either of them, in the hands of on attorney for colledion, the said Mortgagor covenanh .and agrees with the Mortgagee to pay all costs, charges and expenses of such wlledion, including reasonable ottomey's fees whether collected by foredosure or otherwise. EIGHTH: That, in the event any wit is brought upon this mortgage, whether to foreclose it, to reform it, 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 o receiver of said mortgaged property, os well os the income, profits, iswes and revenues thereof, and the said - 2 - BAR PAGE~~~ -