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HomeMy WebLinkAbout0106 • AND the said Mortgagor hereby covenants and agrees with the sold Mortgagee as Follows: FIRST: That the Mortgagor is lawlvlly seised of the above described premises in fee simple and has good right to sell and convey the same to the Mortgagee; that the said premises ore free and discharged of and from all taxes, tax titles or ce?tificotes, judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that the Mortgagor will fully warrant and defend Me some to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and wilt make such further osaurantes to perfect fee simple title to said land, in the Mortgagee, as may reasonable be required, and will pay the several sums of money agreed in the sold note to be paid and all installments of principal and interest thereon Promptly when due, and according to the true tenor and effect of the said note. SECOND: That the Mortgagor will pay all and singular the foxes, assessments, levies, and encumbrances of every nature on the above described properly, and upon this mortgage and rwte, or the money secured thereby, before delinquency fhereoF and receipts evidencing payment of said foxes, assessments, levies and encumbrances shall 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 whin due, the Mortgagee 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 said note which this mortgage secures; and such payments or expenditures so made shall bear interest from the date thereof of the rote of~~ljf per centumx~( per annum. Fifteen (15%) 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 the Mortgagee against loss by fire, windstorm and other ho=ards, 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 insvrorxe 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 fo maintain such additional insurance os may be necessary to meet and comply fully with all co-insurance requirements tor:•ained in said policies to the end that said Mortgagor is rsot o co-insuror thereunder. 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 are 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 part of this mortgage agreement as fully os though set forth verbatim herein and shall govern both parties hereto and their successors and assigns. No lien upon any of said polices of ~naurorxe 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 to such policy and approved by Mortgagee. Each policy of insurance shall have affixed thereto o Standard Mortgagee Clause acceptable to the Mortgagee, making all loss or losses under such policy payable to the Mortgagee as its interest may appear. (n the event any sum or sums of money become payable thereunder the Mortgagee shall have the option fo receive and apply the same 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 mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not mode 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 dal place insurance on sudt 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 date of payment of the rate of)~~( per centum}(~ per annum. Fifteen (15%) ~ 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, shall be covered by the lien of this mortgage, the same as the sums of money repiesenred by the note which this mortgage secures. FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any part thereof, and~upon i the failure of the Mort a or to kee the buildin son said ro err in ood condition of re air, the Mort a ee ma demand the E g g P 9 P P Y 9 P 9 9 Y 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) 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 notice, institute proceedings to foreclose this mortgage, and apply for the appointment of a receiver, os 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 mode 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 that may become due thereon or any part thereof shall be in default and unpaid for a space of fifteen (151 dogs, or should the Mortgagor breach or fail to comply with any other covenant or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera- ~ flan is not otherwise expressly provided herein) and such breach or non-compliance continue in existence f•sr a spate of fiffe~n (151 days, then and from thenceforth, of the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal a sum expressed in said note, together with all other sums therein as well as herein provided for, shall become ~mmediotely due and ~ } payable, without notice to the sold Mortgagor. SEVENTH: That in case if 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 ~ 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, fo reform it, or otherwise, and or fo enforce payment of any claim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment of o receiver of said mortgaged property, as well os the income, profits, issues and revenues fhereoF, and the sold ,F=~ ~ - 2 - BO K~~fJ PACE