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HomeMy WebLinkAbout1526 AND the said Mortgagor hereby covenants and agrees with the said Mortgagee os follows: FIRST: Thal the Mortgagor is lawfully seized of the above described premises in fee simple and has good right to sell and convey the same to the Mortgagee; Ihol the sold premises are free and discharged o) and from all foxes, fax titles or certificates, judgments, mechanic's liens and encumbrances 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 all persons whomsoever, and will make such further assurances to perfect fee simple title to said land, in the Mortgagee, os 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 to the true tenor and effect of the said irate. SECOND: That the Mortgagor will pay all and singular the taxes, 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 encumbrances shall be deposited with the Mortgagee on or before March 1st of each succeeding year during the term of this mortgage; and if same be not promptly paid when due, the Mortgagee may (without obligation to do so) pay the some, or become purchaser ,of any 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 mode shall bear interest from the dote thereof of the rote of 111I1e & 1/4 AeY'CE'.I'lt (9.25$) per annum. THIRD: Thof the Mortgagor will keep otl real and personal properly now or hereafter encumbered by the lien of this mortgage insured as may be required from time to Time by the Morfgogee ogoinst lost by fire, windstorm and other hazards, casualties and contingencies for such periods and for not less than such amounts as may be required by the Morfgogee 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 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 that sold Mortgagor is not a to-insuror thereunder. Insurance shall be written by o company or companies approved by the Mortgagee and all policies and renewals thereof shat! be held by /he Mortgagee. All detailed designo!ions by the Mortgagor which ore accepted by the Morfgogee and all agreements between Morlgogor and Mortgagee relating to insurance, now existing of hereafter mode, shall be in writing and shall be o part of this mortgage agreement os fully os though set forth verbatim herein and shall govern both potties hereto and their successors and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which may be poyoble on the cancellation or termination thereof, shall bE given to other than the Mort- gagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Poch policy of insurance shall have affixed thereto a Standard Mortgagee Clause acceptable to the Morfgogee, making all loss ur losses under such policy poyoble to the Mortgagee as ifs interest may appear. In the event any wm or sums of money become payable thereunder the Mortgaget 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 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 fo the mortgaged property the Mortgagor shall give immediate notice thereof by moil fo the Mortgagee and the Morfgogee may make proof of loss if the same is not mcde promptly by the Morlgogor. 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 Morlgogor in and to any insurance policies then in force shall pass to the purchaser or I~'~ grantee. Upon any default thereof, the Mortgagee may (but without obligation on its port so to do) place insvrarxe on such I~ buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money x• paid shall bear interest from the date of payment at the rote ofTlinc~ & 1~4 ~rrpnt (9_?S~1 per annum. I ~ FOURTH: That all sums of money paid or Loused to be paid by the Morfgogee under the terr.?s of this mc,:tgoge and herein specifically provided for, and including any expenses incurred by the Mortgagee in collection of the sum secured by this rnorlgoge, 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 rto waste, impairment or deterioration of said 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 Morfgogee may demand the immediate repair of said buildings, or an irxrease in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Morlgogor to comply with said demand of the Mortgagee for a period of fifteen (1S) days shall constitute a breach of this mortgage, and, at the option of the Morfgogee, immediately mature the entire unpaid priripal and 4 interest hereby secured, and the Morfgogee may, without notice, institute proceedings to foreclose this mortgage, and apply for I 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 os mentioned in sold promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured to be paid as stated therein promptly when due. If default shat: be mode 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 o space of fifteen (1S) days, or should the Morlgogor 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 Morfgogee of accelero- f lion is not otherwise expressly provided herein) and such breath or non-compliance continue in existence for o space of fifteen (IS) { 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 os well as herein provided for, shall become immediately due and .poyoble, without notice to the said Morlgogor. SEVENTH: That in case it should becorne necessary to place this mortgage and the note secured hereby or either of them, in the hands of on attorney for collection, the sold 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: Thof, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, and or fo enforce payment of any claim hereunder, the Morfgogee 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 said f I E001 JGL Pars 1.rl''~