HomeMy WebLinkAbout2093 or by virtue of this Mortgage, and the full amount of each
and every such payment shall be immediately due and payable
and shall bear interest from the date thereof until paid at
the rate stated in the note secured hereby and together with
such interest shall be secured by the lien of this Mortgage.
3, To 'keep the buildings and all equipment and
personal property now or hereafter on said premises covered
_ by this mortgage, insured in a sum*s~~tx~x~uxskx~euakxkke
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aadxsk~[x~, making the loss under said policies, each and
every, payable to the mortgagee, as its interest may appear,
and said insurance shall be in a good and responsible insurance.
company satisfactory to said mortgagees, and written by a
responsible local agent satisfactory to said mortgagees, and
the policy or policies shall bear a standard mortgage clause
without contribution, and shall be held by the mortgagees,
and, in the event any sum of money becomes payable under such
policy or policies, the mortgagee$ shall have the option to
receive and apply the same on account of the indebtedness
hereby secured, or to permit the mortgagors to receive and
use it, or any part thereof, for other purposes, without
thereby waiving or impairing any equity, lien, or right under
and by virtue of this mortgage, and may place and pay for such
insurance, or any part thereof, without waiving or affecting
their option to foreclose, or any right hereunder, and the full
amount of each and every such payment shall be immediately due
and payable and shall bear interest from the date thereof until
paid at the rate stated in the note secured hereby and together
with such interest shall be secured by the lien of this Mortgage.
4. To permit, commit, or suffer no waste, impairment.
or deterioration of said property, or any part thereof, and
upon the failure of the mortgagors to keep the buildings on
said property in good condition of repair, the mortgagees may
demand the immediate repair of said buildings or the immediate
repayment of the debt hefieby secured, and the failure of the
mortgagors to comply with said demand of the mortgagees for a
period of Thirty (30) days, shall constitute a breach of this
' mortgage, and, at the option of the mortgagees, immediately
mature the entire amount of principal and interest hereby
secured, and the mortgagees, immediately and without notice,
may institute proceedings to foreclose this mortgage and apply
for the appointment of a Receiver, as hereinafter provided.
5. If any of the sums of money herein referred to
be not promptly and fully paid within Fifteen (I5) days next
after the same severally come due and payable~,or if each and
every the stipulations, agreement, conditions, and covenants
of said promissory note and this deed, or either, are not duly
performed, complied with and abided by, the aggregate sum
mentioned in said promissory note and any other amount or
amounts added to the mortgage indebtedness under the terms
of this mortgage shall become due and payable forthwith or
thereafter at the option of the mortgagees, as fully and
completely as if said aggregate sum of money was originally
stipulated to be paid on such day, anything in.said promissory
note or herein to the contrary notwithstanding.
6. To. deliver to the mortgagees, on or before
liarch 15th, of each year, copies of tax receipts evidencing
the payment of all lawfully imposed taxes for the preceding
calendar year; to deliver to the mortgagees receipts evidencing
the payment of all liens for public improvements within Ninety
(90) days after the same shall become due and payable, and to
pay or discharge within Ninety (90) days after due date, any
and all governmental levies that may be made on the mortgaged
property, on this mortgage or note, or in any other way
resulting from the mortgage indebtedness secured by this
mortgage.
*of not less than full insurable value covering loss from both
fire.and storm and any other insurable peril,
_ . - - - ~y _