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Home My WebLink About0395 t - i'""'' } - i AND Me sold Mortgagor hereby wvenants and agrees wiM the sold Mortgage• os folbws: FIRST: That the Mortgagor is lawfully seized of tM above described premises in fee simple and has good right ro sell and convey He same to Me Mortgagee; Mat Me said premises ore free and discharged of and from all foxes, tax tiNes or certificates, judgments, medsonic's liens and encumbrances of any nature or kind whatsoever and that Me Mortgagor will fully warrant and defend Mt some to Me Mortgagee, against Me lawful claims and demands of all persons whomsoever, and will make such further assurances ro perfect fee simple title ro said land, in He Mortgagee. os may reasonable be required, and wilt pay He several sums of money agreed in Me said note to be paid and all installments of principal and interest thereon promptly when due, and according ro Me true tenor and effect of Me sold note. SECOND: That Me Mortgagor will pay all and singular Me taxes, assessments, levies, and encumbrances of every nature on Me above described property, and upon Mis mortgage and note, or He money secured Hereby, before delinquency. thereof and receipts evidencing payment of said taxes, assessments, levies and encumbrances shall be deposited with the Mortgagee on or before MQrth 1st of each succeeding year during Me term of Mis mortgage;, and if same be rat promptly paid when due, the Mortgagee may (without obligation to do so) pay the same, or become purchaser of any lawful evidence Hereof, or certificate therefor, wilhoul waiving or affecting any right hereunder and in Mis mortgage, or Me said note which this mortgage secures; and such payments or expenditures so mode shall bear interest from He date thereof of Me rate of ~ 8sk - per annum. THIRD: That the Mortgagor will keep all real and personal property raw or hereafter encumbered by the lien of Mis mortgage insured as may be required from time to time by Me Mortgagee against loss by fire, windstorm and other hazards, casuohics and contingencies for such periods and for not less Mon sud? amounts as may be required by He Mortgagee and to pay promptly when due all premiums for such insurance. The amounts of such insurance required by the Mortgagee ore expressive of , only Me minimum omaunK for which said insurance shall be written and it shalt 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 a co•insuror Hereunder. Insurance shall be written by o company or companies approved by Me ~!=.•:o••oee and all policies and renewal: thereof shall be held by He Mortgagee. All detailed designations by the Mortgagor which ore accepted 6y Me Mortgagee and all agreements between imorfyoyor o.-w u--•'•,;=a== =~'~ti'~='= "!s~'r~~+ew, now lxnGr?o _ or hereafter mode, :boll be in writing and shall be o pan of His mortgage agreement os fully as though set forth verbatim herein and shall govern both parties herero and Meir successor and assigns. No lien upon any of sold policies of insurance or upon any refund or return premium which may be payable on He cancellation or termination Mereof, shall be given ro other Mon the Mort- gagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of inwronce shall have orTixed Hereto a Standard Mortgagee Clause oaeptable ro He Mortgagee, making all loss or losses under such policy payable to the Mortgagee os its interest may appear. (n Me event any. wm or wms of money become payable thereunder the Mortgagee shall hove He option ro receive and apply He some on oaount of He indebtedness hereby secured, or to permit Me Mortgagor to receive and use it, or any part Mereof, without Mereby waiving or impairing any equity, lien or right under and by virtue of His mortgage. M event of loss or physical damage to the mortgaged property Me Mortgagor shall give immediate notice Mereof by mail ro the Mortgagee and the Mortgagee may make proof of bss if He same is not made prompNy by the Mortgagor. In event of foredowre of His mortgage or other frorssfer of title to He mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies Men in-force shots pass to He purd+aser or grantee. Upon any default Hereof, He Mortgagee may (but without obligation on its part so to do) place irrwrante on such buildings and pay the premium and charge such sums so paid to Ht Mortgagor and such sums of money so paid shall bear interest from He dote of payment at the rote of _ 18t's per onrwm. FOURTH: That aH sums of money paid or caused to be paid by Me Mortgagee under Me terms of Mis mortgage and herein specifically provided for, and including any expenses incurred by Me Mortgagee in collection of Me sum secured by Mis mortgage, shall be covered by the lien of Mis mortgage, He some as He sums of money repro;anted by Me note which this mortgage secures. HFTH: To permit, commit or wffer no waste, impairment or deterioration of said property, or any port Mereof, and upon the failure of He Mortgagor to keep He buildings on said property in good condition of repair, He Mortgagee may demand the immediate repair of said buildings, or an increase in He amount of security, or the immediate repayment of Me debt hereby secured, and He failure of the Mortgagor to comply with soil demand of He Mortgagee for a period of fifteen (IS) dogs shall ; corutitute a brooch 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 ratite, institute proceedings to foreclose this mortgage, and apply for Me appointment of o receiver, as hereinafter provided. SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay He sums of money and +interest as mentioned t in :aid promissory note, together with any and all other sums justly due and owing Me Mortgagee by He terms Herein, and secured to be paid os :toted therein promptly when due. If default shat: be made in file poy~+,t Fri t scid sums of money or any part Mereof as provided in the said note or His mortgage, or if the interest Mot may become due Mereai or any part Hereof shall be in defavM and unpaid for a space of fifteen 115) days, or should the Mortgagor breach or fail to comply wiM any other covenant or agreement on the part of Me Mortgagor to be complied with (in those cases in which the option of Me Mortgagee of occelera- tion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for a space of Fifteen (15) days, Hen and from Henceforth, at the option of He Mortgagee and without ratite to the Mortgagor, the whole of sold principal sum expressed in said note, together with all other sums Herein as well as herein provided for, shall become immediately due and payable, without notice ro the said Mortgagor. SEVENTH: That in case it should become necessary to place His mortgage and the Holt secured hereby or either of them, in the hoods of an attorney for collection, Me said Mortgagor covenants and agrees with Me Mortgagee to pay all costs, charges and expenses of sud? collection, including reasonable attorney's fees whether collected by foreclosure or otherwise. EIGHTH: That, in Me event any suit is brought upon this mortgage, whether to forecbse it, to reform it, or otherwise, and;~or to enforce payment of any claim hereunder, He Mortgagee may apply to any court having jurisdiction thereof for the appointment of o receiver of said mortgaged property, as well os He income, profits, issues and revenues thereof, and the said - 2 - 8o K ci>~0 PAGE t7~7tJ f - - - ~s,.s _ -