HomeMy WebLinkAbout1685 ANp the sold Mortgagor hereby covenants and agrees with the sold Mortgagee as follows:
FIRST; Thof the Mortgagor ;s lawfully seised of the above deuribed premises ;n fee simple and has goad right to sell and
convey the some to the Mortgagee; that the sold premises ore free and discharged of end from all foxes, cox titles or certificates,
judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and Ihot the 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 loud, in the Mortgagee, os may reasonable be required, and will pay the several
sums of money agreed in the said Hole to be paid and all installments of principal and interest thereon promptly when due, and
according io the true tenor and effect of the sold note.
SECOND: That the Mortgagor will pay all and singular the taxes, assessments, levies, and encumbrances o) every nature
on the above deuribed property, 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 w;?h the Mortgagee on o?
before March 1st of each succetd;ng year during the term of this mortgage; and if same be not promptly paid when due, the
Morlgogee may (wi/bout obligation tp do so) pay the some, or become purchaser ,of any lawful e~~dence thereof, or cerlificote
therefor, without waiving or affecting any right hereunder and in this mortgage, or the said Hare which thu mortgage secures; and
such payments or expenditures so mode shall bear interest from the dote thereof at the rote of Illne percent (9$)
pct annum.
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 Morlgogee against loss by fire, windstorm and other hn:ords,
eosvalties and contingencies for such periods and for not less than such amounts os 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 m;n;mum amounts for which said insurance shall be wr;tten and it shall be incumbent upon the Mortgagor to maintain such
additi,^,r.;! i.^.svr_~e !+s rnny be necessary to meet and comply fully with all co-insurance requirements contained in said policies to
the end that said Mortgagor is not o Co-insuror thereunder. Insurance shall be written by o company or companies approved by the
Mortgagee and all policies and renewals thereof shall be held by the Morlgogee. All detailed des;gno'ions by the Mortgagor
which ore accepted by the Mortgagee and ol! agreements between Mortgagor and Morlgogee relating to insurance, now existing
or hereafter made, shall be in writing and shall be o part of this mortgage agreement as fully os though set forth verbatim herein
and shall govern both parties hereto and their succeswrs 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 terminof;on thereof, shall br given to other thou the Mort-
gagee, except by proper endorsement affixed to such polity and approved by Mortgagee. fach policy of insurance shot) hove ,
affixed thereto a Standard Mortgagee Clouse acceptable to the Mortgagee, making all loss ur losses under such policy payable
to the Mortgagee os its interest may appear. In the event any sum or sums of money become payable thereunder the Morlgogee
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 value of this
mortgage. In event of loss or physical damage to the mortgaged property the Mortgagor shall grve immediate notice thereof by
mail to the Morlgogee and the Mortgagee may make proof of bss if the same is trot made promptly by the Mortgagor. In event
of foreclosure 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 fo the Mortgagor and such sums of money s~~ paid shall bear interest
from the dote of payment of the rate of nine percent (9$) per annum.
FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mi,rtgoge and herein
spetificaity provided for, and including any expenses incurred by the Morlgogee 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.
FIFTH: To permit, commit or suffer rip waste, impairment or deterioration of sold property, or any port thereof, and upon
the failure of the Mortgagor to keep the buildings on sold property in good condition of repair, the Mortgagee may demand the
immed;ote 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 tomply with said demand of the Morlgogee for o period of fifteen (15) dogs shall
constitute a breach of this mortgage. and, at the option of the Morlgogee, immediately mature the entire unpaid ~prirxipol and
interest hereby secured, and the Morlgogee may, without notice, institute proceedings to foreclose this mortgage, anti uNl'il'f :o:
the oppointmenl of o receiver, os hereinafter provided.
SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay tfie sums of money and interest os mentioned
in sold promissory note, together with any and all other sums j~~stly due and owing the Mortgagee. by the terms therein, and secured
to be paid os stated therein promptly when due. If default shot: 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 shot may become due thereon or any port thereof shall be
;n default and unpaid for a spore of fifteen (15) days, or should the Mortgagor breach or foil to tomply 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 Morlgogee of accelera-
tion is not otherwise expressly provided herein) and such breach or non-compliance continue in exi:fence for o spore of fifteen (IS)
days, then and from thenceforth, of the option of the Mortgagee and without notice to the Mortgagor, the whole of so;d principal
sum expressed in said note, together with all other sums therein as well as herein provided for, shall become immediately due and
payable, without rwtice to the said Mortgagor.
SEVENTH: That ;n rose it should become necessary to place this mortgage and the note secured hereby o. either of them,
in the bonds of on attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges
and expenses of such collection, includ;ng reasonable attorney's fees whether collected by foreclosure or otherw;se.
EIGHTH: That, in the event any suit is brought upon this mongoge, whether to foreclose it, to reform it, or otherwise,
and or to enforce payment of any claim hereunder, the Morlgogee may apply to any court hoeing jurisdiction thereof for the
appointment of o receiver of said mortgaged property, os well os the income, profits, issues and revenues thereof, and the sold
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