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HomeMy WebLinkAbout2043 ,.v. AND Me said Mortgagor hereby covenants and ogress with the sold Mortgagee os follows: FIRST: That the Mortgagor is lawfully seized of the above deuribed premises in fee simple and has good right to sell and convey the some to the Mortgagee; that the said premises ore free and discharged of o~?d from all coxes, cox titles or certificates, judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that the Morigogor will fully warrant and defend the same to the Mortgagee, against the lawful clams and demands of all persons whomsoever, and will make such further assurances 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 said 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: Thof the Mortgagor will pay alt 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 sold taxes, assessments, levies and encumbrances shall be deposited wi?h thr Mortgagee on or before March 1st of each succeeding year during the term of this mortgage; and rf same be not promptly paid when due, the Mortgagee may (without obligation to da so) pay the same, or become purchaser ,oi any lawful evidence thereof, or certificate therefor, without waiving or effecting 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 mvTnmrrv rs ~s r-- - 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 the Mortgagee against lost by fire, windstorm and other hazards, casualties and contingencies for such periods and for not less thou 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 are expressive of only the minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor Io maintain such additional insurance as may be necessary to meet and comply fully with all to-insurance rerTuirements contained in sold polities to the end that said Mortgagor is not o co-insurer 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 ore accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurance, now existing or hereafter mode, shall be in writing and shall be o part 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 said 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 to such policy and approved by Mortgagee. Each policy of insurance shall have affixed thereto o Standard Mortgagee Clouse acceptable to the Mortgagee, making all loss ur losses under such policy payable to the Mortgagee as ifs interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall hove the option to receive and apply the same t?n account of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or any part 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 to the Mortgagee and the Mortgagee may make proof of bss if the some is not made promptly by the Mortgagor. (n event of forecbsure 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 puss to the purchaser or grontee..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 date of payment at the rate of THTRT .EN (13) Per cent Per annum. FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mc.:tgage 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 os the sums of money represented by the note which this mortgage secures. f FIFTH: To permit, commit or suffer rso waste, impairment or deterioration of said 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 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 1151 dogs shall constitute o breach of this mortgage, and, of 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, as hereinafter Provided. SIXTH: That 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 Mortgagee by the terms therein, and secured to be paid as stated therein promptly when due. If default shat: be made in the payment of the said sums of money or any part thereof as 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 (15) dogs, or should the Morigogor 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 accelera- tion is not otherwise expressly provided herein) and such breath or rwn-compliance continue in existence for o space of fifteen IlS) days, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of sold principal sum expressed in said note, together with all other sums therein as well as herein provided for, shall become immediately due and payable, without notice to the sold Mortgagor. SEVENTH: That in case it should become necessary to plate 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: Thof, in the event any suit is brought upon this mortgage, whether to foreclose it, to refo'm .t, 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 said mortgaged property, as well os the income, profits, issues and revenues thereof, and the scid - ~ - Bow 327 ~~E2042