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HomeMy WebLinkAbout1292 I ANO the sold Mortgagor hereby covenants and agrees with the said Mortgagee as follows: FIRST: That the Mortgagor is lawfully seised of the above deuribed premises in fee simple and has good right to sell and ' convey the some to the Mortgagee; that the said premises ore free and discharged of and from nll taxes, fox titles or cartificolcs, judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that (tie Mortgagor will fully warrant and defend the some to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such further assurances to perfect fee simple title to sold (and, in the Mortgagee, os 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 i 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 properly, and upon this mortgage and note, 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 1st of each succeeding year during the term of this mortgage; and if some be not promptly pord when due, the Mortgagee may (witnouf obligation fo do so) pay the same, or become purchaser ,of any lowfut 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 (hereof of tha rate of tta lvP be one-half (12.50x) per annum. percent THIRD: That the Mortgagor will keep all real and personal property nov+ or hereafter rncumbered by the lien of this mortgage insured as may be required from time to time by the Mortgagee against lass by fire, windstorm and other hazards, cosuo:t:es and contingerxies 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 ore 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 with all co-insurance requirements contained in sold policies to the end shot sold Mortgagor is not a co-insuror thereunder. Insurance shall be written by o company or companies approved by the Mortgages and all polities and renewals thereof shall be held by the Mortgagee. All detciled designations by the Mortgagor which are accepted by the Mortgagee and all agreements between Mortgagor and Morfgogee relating to insurance, now existing or hereafter mode, shall be in writing and shall be a port of this mortgage agreement os fully as though set forth verbatim herein and shall govern both parties hereto and their successors and assigns. No lien upon any of suid policies of insurance or upon orrp refund or return premium which may be payable on the car•.cellot:ort or termination thereof, shall be given to other than thr• Mort- gagee, except by proper endorsement affixed fo such policy and approved by Mortgagee. Each policy of insurance shall have affixed thereto a Standard Mortgagee Clouse acceptable to the Mortgagee, making all loss or losses under such policy payable to the Mortgagee os ifs interest may appear. (n the event any sum or sums of money become payable thereunder the Morfgogee shall hove the option to receive and apply the some on account of the indebtedness hereby secured, or to permit the Mortgagor to receive and use if, or any part thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In event of loss or physical damage fo the mortgaged property the Mortgagor shat! give immediate notice thereof by mail fo the Mortgagee and the Mortgagee may make proof of loss if the some is nut made promptly by the Mortgagor. In event of foreclosure of this mortgage or other transfer of title to the :~ortgoged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance polities 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 x~ paid shall bear interest i ~ from the date of payment of the rote of r-vnl ~.n !4 one-hat f ~ 12.5(10 per annum. percent FOURTH: That all sums of money paid or caused to be paid by the Morfgogee under the tetras of this ine,rtgoge and herein specifically provided for, and including 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 same as the sums of money represented by the note which this mortgage secures. FIFTH: To permit, commit or wffer no waste, impairment or deterioration of said property, or any port thereof, and upon f t the failure of the Mortgagor to keep the buildings on suid property in good condition of repair, the Morfgogee may demand the immediate repair of said buildings, or an 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 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, institute proceedings to fo?ecbse this mortgage, and apply for R the appointment of a receiver, os hereinafter 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 Morfgogee 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 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 a spore of fifteen (I S) dogs, 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 roses in which the option of the Mortgagee of acceiera- lion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for o space of fifteen (15) days, then and from thenceforth, at the option of the Mortgagee and without notice to the Morlgogor, the whole of sold principal sum expressed in sold note, together with all other sums therein as well as herein provided for, shall become immediately due and k payable, without notice to the said Mortgagor. s SEVENTH: That in rose it should become necessary to place this mortgoye and the note secured hereby or either of them, in the hands of an attorney for collection, the said Morlgogor 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 otherwse_ EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to refo+m it, or otherwise, ~c and, or to enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereoF for the appointm~ ent of o receiver of said mortgaged properly, os well as the income, profit's, issues and revenues thereat, and thr said . _ _ ~ r A, _ _ _ ~ (lii 318 X287 ::.R = ? <<•~? :z`~ 2 2 5. 0 U t - ~ - na~x p~sf