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HomeMy WebLinkAbout0642 AND the sold Mortgagor hereby covenants and agrees with the sold Mortgagee os follows: FIRST: That the Mortgagor is lawfully seised of the above dexr:brd premises in fee simple and has good right fo sell and convey the some to the Mortgagee; that the sold premises ore free and discharged of and from all taxes, tax titles or certificates, 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, ogoinst the lawful claims and demands of all persons whomsoever, and will make such further assurances to perfect fee simple ti11e to said land, in the Mortgagee, os may reosonoble be required, and will pay the several sums of money agreed in the sold note.lo 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 the Mortgagor will pay all and singular the foxes, assessments, levies, and encumbrances of every nature on the above described property, and upon this mortgage and note, or the money secured thereby, before delinquency (hereof and receipts evidencing payment of sold foxes, assessments, levies and encumbrances shall be deposited with the Mortgagee on or before March 1st of each succeeding year during the term of this mortgage; and if same be nor promptly pond when dve, the Mortgagee may (without obligation to do so) pay the some, or become purchoaer ,ot any lowfui evidence thereof, or certificate therefor, without waiving or offethng any right hereunder and in Phis mortgage, o? the said note which this mortgage secures; and such payments or expenditures so made shall bear interest from the date thereof at the rate of t"~1Ve j~rf~ilt (12$) per annum. . THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this morlgoge insured as may be required from time to time by the Mortgagee ogoinst loss by fire, windstorm and other hntords, casualties and contingencies for such periods and for not less than such amounts as may be required by the Mortgagee and fo 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 sold insurance shall be written and it shall be irxumbent upon the Mortgagor to maintain such odditionol insurance os may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to i ~ -1 ~ s s t=:C:~::. d l..~~,~,+va :h~tt _..r:ls~n ttiv r_, rmm~:_cn~ rsr t^mfS:srtiei QpplOve~ by /h! Mortgagee and all policies 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 ogreemenl os fully as though set forth verbatim herein and shall govern both parties hereto and their successors and assigns. No lien upon any of sod polities of insurance or upon any refund or return premium which may be payable on the concellotion or termination thereof, shall bt given to other than the Mort- gagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance shall hove affixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making all loss ur losses under such policy payable to the Mortgagee as ifs interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and apply the some on account 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 vvtue of this mortgage. In event of bss or physical damage to the mortgaged property the Mortgagor shall gwe immediate notice thereof by mail fo the Mortgagee and the Mortgagee may make proof of loss if the some is not made promptly by the Mortgagor. In event of foreclosure of this mortgage or other transfer of title /o 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 fo the Mortgagor and such sums of money s~~ paid shall bear interest from the date of payment at the rate of tWl=1Ve ~2rOt?nt (12$) per annum. x I i FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mc;:tgage and herein specifically provided for, and including any expenses incurred by the Mortgagee in collection of the sum secured by Phis morlgoge, shall be covered by the lien of this mortgage, the some os the sums of money represented by the note which this mortgage secures. t FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any port thereof, and upon the failure of the Mortgagor fo keep the buildings on said property in good condition of repair, the Mortgagee may demand the immediate repair of said buildings, or on increase in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Mortgagor to comply with sold demand of the Mortgagee for o period of fifteen (15) days shall E constitute a breath of this morlgoge, and, of the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby secured, and fihe Mortgagee mar, without rwtite, insiiiute prvietdi;~gs to fo:eti;,sa this morlgoge, e.^.d apply for the appo~ntmenf of a recover, os 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 shot: be mode in the payment of the said sums of money or any part thereof os provided in the said note or this mortgage, or if the interest that may become due thereon or any part thereof shall be in default and unpaid for o space of fifteen (15) days, or should the Mortgagor breach or fail to comply with any other covenant or ogreemenl on the port of the Mortgagor to be complied with (in those cases rn which the option of the Morigogee of accelera- tion is not otherwise expressly provided herein) and such breach or non-compliarxe continue in existence for o space of fifteen (IS) days, then and from thenceforth, of 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 os well os herein provided for, shall become immediately due and ~ payable, without notice to the said Morfgogor. SEVENTH: That in case it should become necessary to place this morlgoge and the note secured hereby or either of them, in the hands of on attorney for collection, the sold Morfgogor covenants and agrees with the Mortgagee to pay all costs, charges and expenses of such collection, including reosonoble attorney's fees whether collected by foreclosure or otherwise. ~ EIGHTH: That, in the event any suit is brought upon this morlgoge, whether to foreclose A, to reform it, or otherwise, and. or to enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiu~on thereof for the appointment of o receiver of said mortgaged property, os well os the income, profits, issues and revenues thereof, and the seid :s _ - ~ - ~..~x 318 ~a~E 641