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HomeMy WebLinkAbout2477 AND the sold Mortgagor hereby covenants and agrees with the said Mortgagee as follows: FIRST: That the Mortgagor is lawfully seized of the above dexribed premises in fee simple and has good right to sell and convey the some to the Mortgagee; shot the said premises ors free and discharged of and from all foxes, tax titles or certificates, judgments, mechanic s liens and encumbrances of any nature or kind whatsoever and shot the Mortgagor will fully worronl and defend the same to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such furthe? assurances to perfect fee simple title to said 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 principal and interest thereon Promptly when due, and according to the true tenor and effect of the sold note. SECOND: That the Mortgagor will pay all and singular the foxes, 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 with the Mortgagee 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 thereof, or certificate therefor, without waiving or affecting any right hereunder and in this mortgage, or the sold rate which this mortgage secures; and such payments or expenditures so made shall bear interest from the dote thereof of the tote of FIFTEEN (15$) per cent i 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 lime to time by the Mortgagee ogoinst bss by fire, windstorm and other hazards, casualties and contingencies for such periods and{for not less than such amounts as may be required by the Mortgagee and to pay promptly when due all premiums for such inwrance. 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 to moiMoin such additional inwronte os may be necessary to meet and comply fully with all co-insurance requirements contained in sold pdicies to the end that said Mortgagor is not o co•insuror thereunder. Inwronte 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 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 a poA of this tnortgoge agreement as fully os though set forth verbatim herein and shall govern both parties hereto and their successon and assigns. No lien upon any of said policies of inwrance or upon any- refund or return premium which may be payable on the concellotion or termination thereof, shall be given to other than the Mort- gagee, except by proper endorsement affixed to such policy and approved by Mortgagee. Eoth policy of inwronce shall have affixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making all loss or losses under such policy poyoble to the Mortgagee as 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 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 loss if the same is not made promptly by the Mortgagor. In event of toreclowre 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 grid to any insurance polities 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 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 of the rate of FIFTEEN (15$) per oentper annum. FOURTH: That all sums of money paid or tause3 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 wm secured by this mortgage, shall be covered by the lien of this mortgage, the some as the sums of money represented by the rate which this mortgage secures. i FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any port thereof, and upat the failure of the Mortgagor to keep the buildings on sold property in good condition of repair, Me Mortgagee may demand the immediate repair of said buildings, or on increase in the amount of security, or the immediate repayment of the debt hereby secured, and the failure of the Mortgagor to comply with sold demand of the Mortgagee for o period of fifteen (15) dogs shot) ~ constitute a 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, 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 as stated therein promptly when due. If default shot: be mode in the payment of the said sums of money or any part :hereof os provided in the sold note or this mortgage, or if the interest that may become due thereon or any part thereof shat) be in default and unpaid for o space of fifteen (15) days, or should the Mortgagor breach or fail to comply with any other covenant [ or agreement on the port of the Mortgagor to be complied with (in those cores ~n wh'Klt the option of the Mortgagee of actelera- e lion is rat otherwise expressly provided herein) and such breach or non-compliance continue in existerxe for o space of fifteen (IS) days, then and from thenceforth, of the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal i sum expressed in said rate, together with all other sums therein as well as herein provided for, shall become immediately due and s poyoble, without ratite to the said Mortgagor. f SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them, t 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. s EIGHTH: That, in the event any suit is brought upon this mortgage, whether to foreclose it, to reform it, or otherwise, and; or to enforce payment of any claim hereunder, the Mortgagee may apply to any court hoeing jurisdiction thereof for the appointment of o receiver of said mortgaged property, os well as the income, profits, issues and revenues Mereof, and the said - ~ - el K329 P~E2475