HomeMy WebLinkAbout0401 AND the sold Mortgagor hereby covenants and agrees with the sold Mortgog-e as follows:
FIRST: That the Mortgagor is lawfully seized of the above described premisrs .n fee simple c,nd has good right to sell and
convey the some to the Mortgagee; shot the said premisrs ore free and discharyed of and from nll tuxes, tax titles or certificates,
judgments, mechanic's liens and encumbrances of any nature or kind whotsoaver and that the Mo:tgago? will fully warrant and
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assurances to perfect fee simple title to sold loud, in the Mortgagee, os may reasonable he required, and will pay the several
sums of money agreed in the sold note fo be paid and all instaltmerts 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 thereof
and receipts evidencing payment of said taxes, assessments, levies and encu:n5rances shall be deposited with the Mortgcgee on or
before March 1st of each succeeding year during the term of this mortgage; and if sore be not promptly paid when due, the
Mortgagee may (without obligation to do so) pay the same, or become purchaser of eny 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 payments or expenditures so made shall bear interest from the date thereof at the rate of 11.9 7 X
per 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 Mortgagee against loss by fire, windstorm and other hazards,
casualties 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 Mortgcgee are expressive of
only the minimum amounts for which said insurance shall be written and if shall be incumbent upon the Mortgagor to maintain such
additional insurance as may be necessary to meet and comply fury with all co-insurance requirements contained in said policies to
the end that sold Mortgagor is not o co-insuror (hereunder. Insurance shall be written by a company or companies approved by the
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 made, 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 sold policies of insurance or. upon any
refund or return premium which may be payable on the cancellation or termination thereof, shall be given to other than the Mort-
gagee, except by proper endorsement affixed fo such policy and approved by Mortgagee. Each policy of insurance shall have
affixed thereto a Standard Mortgcgee Clause acceptable fo the Mortgagee, making all loss or losses under such polity payable
to the Mortgagee os ifs interest may apptar. In the event any sum or sums of money become payable thereunder the Mortgagee
shall have the option to receive and apply the same on account of the indebtedness hereby secured, or to permit the Mortgagor to
receive and use if, or any port thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this
mortgage. In event of toss or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by
mail to the Mortgagee and the Mortgagee may make proof of loss iF the same is rtot made promptly by the Mortgagor. In event
of foreclosure of this .:v~rtgage 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 pons 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 so paid shall bear interest
from the dote of payment at the rate of 11.9 7 x per annum.
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FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein
specifically provided for, and including any expenses incurred by the Mortgagee in collection of the sum secured by This mortgage,
shell be covered by the lien of this mortgage, the some as the sums of money represented by the note which this mortgage secures.
FIFiH: To permit, commit or suffer no waste, impairment o? deterioration of sold properly, or any port thereof, and upon
the fa~ure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee 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 said demand of the Mortgagee for a period of fifteen (15) Boys shall
constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid prirKipol and
interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for
the appointment of a receiver, as 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 Mortgagee by the terms therein, and secured
to be paid os stated therein promptly when due. If default shat: be made in the payment of the said sums of money or any part
thereof es-provided in the sold 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 space of fifteen (IS) dogs, or should the Mortgagor breach or foil to comply with any other covenant
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tin is not otherwise expressly provided herein) and such breach or non-compliance continue in existen,e for o space of fifteen {15)
do s then and from thenceforth of the o hon of the Mort a ee and without notice to the Mort a or, the whole of sold nnu nl
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sum e>:pressed in said note, together with all other sums therein ns well as herein provided tor, shall become immediately due and
poycble, without notice to the said Mortgagor.
SEVENTH: That in case it should become necessary to place this mortgage 5nd the note secured hereby or either of them,
~n the hor.ds of on attorney for collection, the said Mortgagor covenants and agrees with the Mortgage to pay ol! costs, charges
and expenses of such collection, including reasonable ottnrnty's fees whether collected by foreclosure or otherwise.
EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise,
and cr to enforce pcyment of any claim hereunder, the Mortgagee may apply to any court hoeing jurisdiction thereof for the
appointment of a receiver of said mortgaged property, os well as the income, profits, issues and revenues thereof, and the said
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