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HomeMy WebLinkAbout1648 AND the said Mortgagor hereby tovenonts and agrees with the sold Mortgagee as follows: FIRST: That the Mortgagor is lowfutly seized of the above deuribed premises in fee simple and Aas good right fo sell and convey the some to the Mortgagee; that the sold premises are free and discharged of and from atl taxes, cox titles or certificates, judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that the Mortgagor will fully warrant and defend Me same 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, as may reasonable be required, and will pay the several sums of money agreed in the sold note fo be paid and all installments of principal and interest thereon promptly when due, and according ro the true tenor and effect of the sold note. SECOND: That the Mortgagor will pay all and singular the taxes, assessments, levies, and encumbrances of every nature on the above described properly, and upon this mortgage and note, or tAe money secured thereby, before delinquency thereof and receipts evidencing payment of said foxes, assessments, levies and encumbrances :hail be deposited with the Mortgagee on or before March Ist of each succeeding year during the term of this morfgoge; and if some be not promptly pard when due, the Mortgagee may (without obligation fo do so) pay the some, or become purchaser ,of any lawful e~~derxe thereof, or certificate therefor, without waiving or afi`oting any right hereunder and in this morfgoge, or the sold rate which this mortgage secures; and such payments or expenditures so mode shall bear interest from the dote (hereof of the rote of Q~ght & 3/4 (8 _ 75$) per annum. THIRD: Thof the Mortgagor will keep all real and personal property now or hereafter rncumbered by the lien of this mortgage insured as may be required from time to time by the Mortgagee against loss by fire, windstorm and other hazards, co:•~olties 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 ore expressive of only the minimum amounts for which sold insurance shall be written and if shall be incumbent upon the Mortgagor to maintain such additional insurance os may be necessary fo meet and comply fully with all co-insurance requirements tontoined in sold policies to the end shot 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 Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurance, raw existing or hereafter mode, shall be in writing and shall be o part of this morfgoge agreement as fully os though set forth verbatim Herein and shall govern both parties hereto and flteir successors and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which may be payable on Me cancellation or terminofion thereof, shall bt given to other than the Mort- gogee, except by proper endorsement o}iixed fo such policy and approved by Mortgagee. Poch policy of insurance shall have affixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making all loss ur losses under such policy payable to the Mortgagee as ih interest may appear. In the event any wm or sums of money become payable thereunder the Mortgagee shall hove the option to receive and apply the same on account of the indebtedness hereby secured, or to permit the Morfgogor 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 rnoAgage. In event of kxs or physical damage fo 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 some is not made promptly by the Morfgogor. In event of forobwre of this mortgage or other transfer of title to the mortgaged property in extinguishment of tht 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 to the Mortgagor and such sums of money s<~ paid shall bear interest from the dote of payment of the rate of @lg]lt & 3/4 X8.7$$) per annum. - 'f FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mc~~gage and herein specifically provided for, and including any expenses incurred by the Mortgagee in collection of the sum secured by this morfgoge, shall be covered by the lien of this morfgoge, the some as the sums of money represented by the rate which this mortgage secures. FIFTH: To permit, commit or wffer no waste, impairment or deterioration of sold property, or any port 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 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 o period of fifteen (1 S) days shall coratitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby soured, and the Mortgagee may, without notice, institute proceedings to foreclose this morfgoge, and apply for the appointment of o roeiver, as hereinafter provided. SIXTH: That the Mortgagor hereby promises, tovenonts and agrees to pay the sums of money and interest as mentioned in said promissory note, together wiM 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 shol~ be made in the payment of the said sums of money or any part thereof os 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 (15) days, or should the Mortgagor breach or fail to comply 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 Mortgagee of accelero- lion is not otherwise expressly provided herein) and such breach or ran-compliance continue in existence for a space of fifteen (I S) days, then and from thenceforth, of the option of the Mortgagee and without ratite to the Mortgagor, the whole of said principal sum expressed in sold note, together with all other sums therein os well as herein provided for, shall become immediately due and payable, without ratite to the said Mortgagor. SEVENTH: That in case it should become necessary to place this mortgage and the rate secured hereby or either of them, r in the hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges and expenses of such collection, including reasonable attorney'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 or to enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment of a receiver of sold mortgaged property, os well as the income, profits, issues and revenues thereof, and the sold t i ! 3 B~K 32a PaCE -2- 1645