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HomeMy WebLinkAbout1108 AND Ms sold Mortgagor hereby covsnonts and agrees with the sold Mortgagee as ..rtbws: FIRST: That tM Mortgagor is lawfully seised of the above described premises in fee simple and has good right to sell and ~ convey the some to the Mortgagee; that the said premises are Tres and discharged of and from all foxes, fox NNss w certificates„ judgments, mschanit s liens and erxumbroncss of any nature or kind whatsoever and shot the Mortgagor will fully warroM and defn+d the sums to the Mortgages, agoirof the lawful claims and demands of all persons whomsosvsr, and will make such further ; assurances to perfect fee simpls title to said land, in the Mortgages, os may reasonable be required, and will pay the several sums of money agreed in the sold note to be paid and all instollmsnts of principal and interest thereon Promptly when due, and according to the true tsnw and effect of the sold Hots. 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 Hots, or the money secured thereby, before delinquency Ihsreof and receipK evidencing payment of sold foxes, ossessmsnK, levies and encumbrances shall be deposited with the Mortgages on w before March Ise of each suaeeding year during the term of this mortgage; and if same be not prompNy paid when due, the Mortgagee may (without obligation to do so) pay the same, or bacons purchoser,of any lowfut evidence thereof, or certificate therefor, without waiving or affecting any right hereunder and in this mortgage, or the said note which this mortgage setures; and such poymsnK or expenditures so mode shall bear interest from the dote thereof at the rote of FIFTEEN (158) ,pe~ent per annum. ~ - THIRD: That the Mortgagor will keep all real and personal property now or hereafter rncumbered by the lien of this mortgage insured as may be required from time to time by the Mortgagee against bss by Bre, windstorm and other ho:ords, cosvolt'~es and contingencies for such periods ondtfor not less than such onwunK 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 ore expressive of only the minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maiMoin suds additional inwronce as may be necessary to meet and comply fully with all co-insurance requiremenK contained in sold policies to the eru! that soid-Mortgagor is not o co-inwror thereunder. k~surance 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 designo!'wns by the Mortgagor which ore aaepted by the Mortgagee and all agreemenK between Mortgagor and Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a part of this nwrtgogs agreement os fully os though set forth verbatim herein and shall govern both parties hereto and their waessors and assigns. No lien upon any of said policies of inwrance w upon any refund or return premium which may be payable on the cancellation or te?tninotion thereof, shall be given to other thou the Mort- gagee, except by proper endonament affixed to such policy and approved by Mortgagee. Each policy of inwrance shall have affixed thereto a Standard Mortgagee Clouse oaeptable to the Mortgagee, cooking all loss ar losses under such pdicy payable to the Mortgagee as iK interest may appear. In the event any sum or wms of money become payable thereunder the Mortgagee shall hove the option to receive and apply the some on oooount of the indebtedness hereby secured, or to permit the Mortgagor to receive and use it, or any port thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. M event of bss 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 toss if the some is not made promptly by the Mortgagor. ti event of forecbwre 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 pons to the purchaser or. grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) place insurance an such buildings and pay the premwm and charge such wms so paid to the Mortgagor and such sums of money s~• paid shall bear interest from the date of payment at the rate of FIFTEEN (158) per Dent per anon. FOURTH: That all sums of money paid or causeb 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 moitgoge, shofl be covered by the lien of this mortgage, the some as the sums of money represented by the note which this mortgage secures. flFTH: To permit, commit or suffer no waste, impairment or deterioration of sold property, or any part thereof, and upa~ the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the I immediate repair of said buildings, or on increase in the amount of security, or the immediate repayment of Nye debt hereby t ( secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of fifteen (IS) dogs shall corutitute a breach 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 notice, institute proceedings to foreclose this mortgage, and apply for the appointment of a receiver, as hereinafter provided. ` i . SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as ment'wned in sold promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured ) to be paid os stated therein piompNy when due. If "default shat: be made in the payment of the said sums of money or any part thereof os 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 (1S) days, or should the Mortgagor brooch 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- lion is not otherwise expressly provided herein) and such brooch or non-compliance tontinve in existence for a space of fifteen (1S) dogs, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal wm expressed in sold note, together with all other sums therein os well as herein provided for, shall become immediately due and payable, without notice to the said Mortgagor. 's I j 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 an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges E and expenses of such collection, including reasonable attorney's fees whether collected by forecbsvre or otherwise. 't EIGHTH: That, in the event any wit 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 having jurisdiction thereof fo? the appointment of a receiver of sold mortgaged property, as well os the income, profits, issues and revenues thereof, and the said 8~~331 P~E1108 ~ ,?R ~ - ~ - el)~~ 329 P~2475