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HomeMy WebLinkAbout2306 AND the said Mortgagor hereby covenants and agrees with the sold Mortgagse as follows: FIRST: That the Mortgagor is lawfully seised of the above dexribed premises in fee simple and has good right to sell and convey the some to the Mortgagee; that the sold premises ore free and discharged of and from all toxes~ tax titles or certificates, judgments, mechanic i liens and encumbrances of any nature or kind whatsoever and that the Mortgagor will fully warrant and defend the some to the Mortgagee, against the lawful claims and demands of all perso:+s whomsoever, and will make such further assurances to perfect fee simple title to sold loud, in the Mortgagee, os may reasonable be required, and will pay the several sums of money agreed in the said note to be paid and all installments of'printipo) and interest thereon promptly when due, and according ro the true tenor and effect: of the sold note. SECOND: Thof the Mortgagor will pay all and singular the loxes, assessments, levies, and encumbrances of every nature on the above deuribed property, and upon this mortgage and note, or the money secured thereby, before delinquency thereof and receipts evidencing payment of said foxes, assessments, levies and encumbrances shall be deposited with the Mortgcgee on or before March 1st of each succeeding year during the term of this mortgage; and if some be not promptly paid when due, the Mortgagee may (without obligation to do so) pay the same, or become purchaser of any lawful evidence ,thereat, 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 at the rote of 17.22x per onrwm. THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this mortgage insured os may be required from time to time by the Mortgagee against bss by fire, windstorm and other hoards, cosuolties and contingencies for such periods and for not less thou such amounts as 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 ore expressive of only the minimum amounts for which said insurance shall be written and it shall be incumbent upon the Morfgogor to maintain such additional insurorxe as may be necessary to meet and comply fully with all to-insurance requirements contained in said policies to the end that said Mortgagor is not o co-insuror thereunder. Inwronce 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 designot'wns by the Mortgagor which ore accepted by the Mortgcgee and all agreements between Morfgogor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be o part of this mortgage agreement as fully os though set forth verbatim herein and shall govern both parties hereto and their successor and assigrss. No lien upon any of sold 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- gcgee, except by proper endorsement affixed to such policy and approved by Mortgagee. Eoth polity of insurance shall have affixed thereto o Standard Mortgagee Clause acceptable ro the Mortgagee, making all loss or bsses under such policy poyoble to the Mortgagee os its interest may appear. In the event any sum or sums of money become poyoble thereunder the Mortgagee shall hove the option to receive and apply the same on account of the indebtedness hereby secured, or ro 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 mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not made promptly by the Morfgogor. In 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 pass fo the purchaser or grantee. Upon any default thereof, the Mortgagee may (but without obligation on its port so fo do) plate insurance on such buildings and pay the premium and charge such sYr~s ~~oid fo the Mortgagor and such sums of money so paid shall boor interest from the dote of payment of the rate of per onrwm. 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 !his mortgage, I'~ shell be covered by the lien of this mortgage, the same as the sums of money represented by the note which this rmrtgoge secures. _ FIFiH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any part thereof, and upon j the failure of the Morfgogor fo keep the buildings on said property in good condition of repair, the Mortgagee may demand the immediate repair of sold buildings, or an increase in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Morfgogor to comply with said demand of the Mortgagee for o period of~n shall constitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpoi principal and interest hereby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for . the appointment of o receiver, os 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 t?wing the Mortgagee by the terms therein, end 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 Port thereof as provided- in the said note or this mortgage, or if the interest that may become due thereon or any port thereof shall be in default and unpaid for a space of days, or should the Mortgagor breach or fail to comply with any other covenant 3 or agreement on the port of the Mortgagor to a complied with (in those cases in which the option of the Mortgagee of occelero- lion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for o space of fifteen (15) days, then and from thenceforth, of the option of the Mortgagee and without notice to the Morfgogor, the whole of said principal sum expressed in sold note, together with all other sums therein os well as herein provided i'or, shat! become immedictely due and poyoble, without notice to the said Mortgagor. SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, in the hands of on attorney for collection, the said Mortgagor covenants and agrees with the Mortgcgee to pay all costs, charges , ~ c;nd 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 rmrtgage, whether to foreclose it, to reform it, or otherwise, ord. or to enforce payment of any claim hereunder, the Mortgagee may apply to any court hoeing jurisdiction thereof for the appointment of a receiver of sold mortgaged property, os well os the income, profits, issues and revenues thereof, and the scid t ac(~~ ~dcE23t14 -z-