Loading...
HomeMy WebLinkAbout1173 AND the sold Mortgagor hereby covenonh and agrees with the said Mortgaget as follows: FIRST: That the Mortgagor is lawfully seized of the above described premises in fee simple and has good right to sell and convey the some to the Mortgagee; that the said premises are fete and discharged of ancf from all taxes, cox titles or certificates, judgments, mechanic's liens and encumbrbnces of any nature or kind whatsoever and that the Mortgagor will fully warrant and defend the same to the Mortgagee, against the lawful claims and demands of aU persons whomsotver, and will make such further assurances to perfttt fee simple title fo said loud, in the Mortgagee, os may reasonable be required, and will pay the several sums of money agreed in the :aid note to be paid and all installments of principal and interest thereon promptly when due, and according to the true tenor and effect of Iht sold note. SECOND: That the Mortgagor will pay all and singular the faxes, 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 torts, assessments, levies and encu?nbrani:es shaft be deposited with the Mortgagee on or before March lst of each succeeding year during the term of this mortgage; and if some be not promptly paid when due, the Mortgaget may (without obligation to do so) pay the same, or become purchaser of any lawful evidence thereof, or certificate therefor, without waiving or affecting any right hereunder and in this mortgage, or the sold note which this mortgage secures; and such payments or exptnditures so mode shall bear interest from the date (hereof a? the rate of 15 . 09X _ per annum. THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this mortgage insured as may be required from time to time by fhe Mortgagee -against loss by fire, windstorm and other hazards, cosuafties and contingencies for such periods and for not less than such amounts os may bt required by the Mortgagee and to pay promptly when dut 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 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 said policies to the end that said Mortgagor is not o co-insuror thereunder. Inwrance 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 aaepttd by tht Morfgogee and all agreements betwttn Mortgagor and Mortgagee 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 successor and assigns. No lien upon any of said policies of insurance or upon any refund or return prtmium which may be payable on the cancellation or termination thereof, shall be given to other thou the Mor~- gogee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance shall have affixed thereto a Standard JVlortgagee Claust acceptable to the Mortgagee, making all loss or bsses under'suchpolicy payable to the Mortgagee as its interest may apptar. In the event any wm or sums of money become payable thereunder the Mortgagee - shall have the option to receive and apply the samt on account of the indebtedness hereby secured, or Io permit the Mortgagor to restive and use it, or any port 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 to the mortgaged property the Mortgagor shall give immediate notice thereof by moil fo tht Mortgagee and the Mortgagee may make proof of bss iF the same is not made promptly by the Mortgagor. In tvent of foredosure of this mortgage or other transfer of titlt 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 port so to do) plate insurance on such buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest from the dote of payment at fhe rate of 15.09% per annum. I; FOURTHS 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 irxluding any expenses incurred by the Mortgagee in collection of the sum secured by this mortgage, ~ shall be covered by the lien of this mortgagt, the some as the sums of money represented by the note which this mortgage secures. i FIFiH: To permit, commit or suffer no waste, impairment or deterioration of sold property, or any part 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 sold buildings, or an increase in the onsounl of stcurity, or the immediate repayment of the debt hereby secured, and the failure of the Mortgagor to comply with sold demand of the Mortgaget 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 nof'Ke, institute proceedings to foreclose this mortgage, and apply for the appointment of a receiver, as hereinafter provided. t SIXTH: Thof the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest os 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 os stated therein promp/ly when due. If default shale be mode in the payment of the said sums of money or any part thereoF as provided in the said note or this mortgage, or if fhe interest that may become due thereon or any part thereof shall be in default and unpaid for a space of fifteen (15) dogs, or should the Mortgagor breach or fail to comply with any other covenant ur agreement on the part of the Mortgagor fo be complied with (in those cases in which the option of the Mortgagee of a:celero- lion is not otherwise expressly provided herein) and such breath or non-compliance continue in existence for o space of fifteen (IS) t days, then and from thenceforth, of the option of the Morfgogee and without notice to the Mortgagor, the whole of said principal sum expressed in said note, together with all other sums (herein os well as herein provided tor, shall become immediately due and s poyalile, without notice to the said Mortgagor. t F SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, in the hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges fi 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, ~ or.d,'or to enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment of o receiver of sold mortgaged property, os well as the income, profits, issues and revenues thereof, and the sold 5 BOOK 3z2 PdGE 1172 _ ,