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HomeMy WebLinkAbout1436 AND the said Mortgagor hereby covenants and ogrees'wifh the said Morfgogee os folbws: FIRST: That the Mortgagor is lawfully seized of the above described premises in tae simple and has good ?ight b sell and convey the same Io the Mortgagee; that the sold premises are free and discharged of and from all foxes, tax titles or certificates, judgments, mechanic's liens and encumbrances of any nofure or kind whatsoever and shot the Mortgagor will fully warrant and defend the same to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such further assurances fo perfect fee simple title to sold loud; in the Mortgagee, as may reosonobte be required, and will pay the several sums of money agreed in the said Wore fo be paid and all installments of principal and interest (hereon promptly when due, and according to the Prue tenor and effect of the sold note. SECOND: Thor the Morlgagor will pay all and singular the foxes, assessments, levies, and encumbrances of every nofure 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 Loxes, 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 same be not promptly paid when due, the Mortgagee may (without obligation fo do so) pay the some, or become purchaser ,of any lawful rv~denct thereof, or certifKale therefor, without waiving or aftrecting any right hereunder and in this mortgage, or the said rwte which this mortgage secures; and such payments or expenditures so made shall bear interest from the date thereof of the rate of FOURTEEN (14$~ per Centtmt per annum. THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by they lien of this , mortgage insured as may be required from time to time by the Mortgagee against loss 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 Morfgogee and to pay promptly when due all premiums for such insurance. The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounts for which said insurance shall be written and if shall be incumbent upon the Mortgagor fo maintain such additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained in sold policies to the end that said Mortgagor is not a co-insuror thereunder. Insurance shall be written by a company or companies approved by the Morfgogee and all policies and renewals thereof shall be held by the Morfgogee. All detailed designations by the Mortgagor which are auepted by the Morfgogee and all agreements between Mortgagor and Morfgogee relating to insurance, now existing or hereafter made, shall be in writing and shall be a port of this mortgage agreement as fully os though set forth verbatim herein and shall govern both parties hereto and their successors and assigns. No lien upon any of said policies of insurance or upon any refund or return premium which may be payable on the cantellotion or te?minotion thereof, shall be given to other thou the Mort- gagee, except by proper endorstment affixed to such polity and approved by Mortgagee. Each policy of insurance shot) have affixed thereto o Standard Mortgagee Clouse acceptable fo the Mortgagee, making all bss ur losses under such policy payable to the Mortgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shalt have the option to receive and appl~r the same on auount of the indebtedness hereby secured, ar to permit the Morlgagor to receive and use if, 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 fo the Mortgagee and the Mortgagee may make proof of loss• if the some is not mode promptly by the Mortgagor. 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 to the purdsaser 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 x~ paid shall bear interest from the dote of payment at the rate of FOURTEEN (14$) per centt~er annum. FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mc.:tgage and herein ~ specifically provided for, and including any expenses incurred by the Morfgogee in collection of the sum secured by this mortgage, shall be covered by the lien of this mortgage, the same as the.sums of money represented by the note which this mortgage secures. i FIFTH: To permit, commit or sufFer no waste, impairment or deterioration of said property, or any part thereof, and upon i the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the f immediate repair of said buildings, or on increase in the amount of security, or the immediate .epoyment of the debt hereby secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (15) days shall constitute a breach of this mortgage, and, a/ the option of the Morfgogee, immediately mature the entire unpaid principal and interest hereby secured, and the Mortgagee may, without notice, institute proceedings to fo?ecbse this mortgage, and apply for the appointment of a receiver, as hereinafter provided. SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest os mentioned in sold promissory note, together with any and otl 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 thereof ai 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 I15) days, or should the Mortgagor breach or fail to comply with any other covenant or agreement on the pan of the Mortgagor to be complied with tin those cases in which the option of the Mortgagee of occelero- ~ lion is not otherwise expressly provided herein) and such breach or elan-compliance continue in existence for o space of fifteen (1 S) ~ days, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal sum expressed in sold note, together with all other sums therein os well as herein provided for, shall betome immediately due and payable, without notice to the ;aid Mortgagor. 1 , f SEVENTH: Thor in Lose it should become necessary to plate 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 Mortgagee to pay all costs, charges ~ and expenses of such collection, including reasonable attorney's fees whether collected by forecbsure or otherwise. EIGHTH: Thor, in the event any suit is brought upon this mortgage, whether to foreclose it, fo reform it, or otherwise, and or fo enforce payment of any claim hereunder, the Mortgagee may apply fo any court having jurisdiction thereof for the appointment of o receiver of said mortgaged property, os well os the income, profits, issues and revenues thereof, and the said t - 2 - B~~ P~&f~j r - _ _ _