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HomeMy WebLinkAbout0419 AND N+e wid Mortgagor Mreby otwenontt and ogreet with the soid Mortgagee of folbwt: FIRST: Thor tM Mortgoga a bwtegy felted of M+e above described premiret in fee simple and hot good right ro sell and cower 1M wme ro 1M MortOoQ•et that tM wid premitet ore free and disdwrged of and from oq taxer, tax fillet or cnrtifkotes, judgmenh, methonk's Beet and encwebronces of any nOhKe a kind whofwever and Mot 1M Mortpogw will fully worronl and defend tM tome to 1M Mortgagee, ogointt Nte bwful doimt and demands of oq p~rsora whomsoever, and will make wch further oswroncts ro perfect fee timpb Ntle a toil bred, M tM Mortgagee, os may r~otonoble be required, and will pay the several suns of money agreed in Nse wid noN b fs• paid and all irrfotksnnM of pruscipol and interest thereon promptly when due, and ocoordinp ro the trw tens and effect of 1M wid note. SECOND: Thor the Mortgagor will pay oN and singular tM toxet, orrersments, levier, and encwnbrances of every nature on tM above described property, and epos Mtis mortgage and note, a Nte money secured Hereby, before delinquency thereof and raceipb evidencing payment of wid taxer, ouersmenb, levier and encwnbrancet shall be deposited with the Mortgagee on or before March 1st of each wtaeding rear during Me term of Mir mortgogej and if came be not promptly paid when due, the Mortgagee may (wiHgd obligation to do to) par 1M wme, a become pundsoser of any lawful" evidence Hereof, or certificate Merefor, without waiving or affecting any right hereunder and in this mortgage, or Me raid note which His mortgage secures; and rush garments or expenditvret so made shop boor interest from Me dote Hereof at the rote of eight per centvm 18861 }er arrwm. THgtC: That tM Mortgagor wig keep all real and personal property now a hereoher encumbered by He lien of thin mortgage insured os sstoy be required from time to time by N+e Mortgagee agoimt lot by Are, windstorm and otMr hasords, cosuohies and confiegenciet for suds periods and for not foss thou suds amounts os mar be required by He Mortgagee and ro par promptly when dw oq pnmiumt for such irnuronce. TM omounb of such inswance required by the Mortgagee ore expressive of only Mte minimum omounh for whids soid uiwronce shalt be written and h shall be incumbent upon the Mortgagor to maintain wch odditiortol irssrrrortce as nay be neceswry ro meet and cpnply fully wiH alt co-irnurance requirements coMoiried le wid policies ro Me end that soid Morggogo? is not o aa-insuror Hereunder. Mwronn thoq b• written by o company or companies approved by tM Mortgagee and aq pogBes and renewob thereof shop be held by 11te Mortgagee. Aq detailed detignotions by 1M Mortgagor whirls ore oaepted by Mte Mortgagee and art ogreemenb between Mortgagor and Mortgagee relating ro unuronce, now existing or ttereoffer mode, shots be in writing otrd shop be a part of Ha mortgage agreement cs fully as though set forts verbatim herein and shop govern hots potties Mnto os?d Heir wtcessoss and assigns. No lien upon any of soid policies of u~wronce or upon any refund or return premium which may be payable on the cancetlotion a termination thereof, rltall be given ro other Mon the Mort- gagee, except by proper endontented ofPuced to such popsy and approved by Mortgagee. Each pdicy of inwrance shall hove affixed thenro o Stoerdord Mortgagee Clouse oaaptobb b the Mortgagee, stoking all loss or bssns under suds policy payable ro 1M Mortgagee vs its interest may appear. ti Nte evert arty sum a tuna of sttoeey become payable Hereunder the Mortgagee shall hove Nse option to naive and apply Nte some on account of the indebtedness Mreby reared, a ro permit. the Mortgagor to revive and use it, or arty port tltenof, without Hereby waiving a impairing any equity, lien or right under and by virtue of this nwrtgago. bevent of ba or physical damage to He mortgaged property the Mortgagor shall give immediate notice Hereof by mail ro the Mortgagee and 11se Mortgagee may make proof of bss if the some is not mode prompNy by the Mortgagor. !n evert of foredosure of His mortgage or otMr tronsf~r of title to the mortgaged property in extinguitbmed of the indebtedness secured hereby, alt right, tiNe and interest of Nse Mortgagor in and ro orry iswrona policies Men in forte shop pass ro the purdwser a grorrlep. Upon orry defouh Hereof, IM Mortgagee may (but without obligation on its port so ro do) place irourance on :<rds " buildings and par 11se premium and darge such sums so paid to the Mortgagor and s,rdt sums of money so paid rfsall bear interest from IM dote of payment at the rote of eight per aroum (8~1 per onrwm. - .FOURTH: That oq sums of money paid or soused to be paid by the Martgogee under Mre term: of His mortgage and herein speafkally provided for, and including any expenses incurred by the Mortgagee in callettan of He sum seared by His m6rtgoge, shall be covered by the lien of this mortgage, tlse same os 1lte sums of nwr»y represented by He note which His mortgage snares. flFTH: To permit, commit or totter rsa waste, impairment or deterioration of wid property, or onr port Hereof, and upon Me failure of tM Mortgagor to keep tlse buildings on wid property in good condition of repair, the Mortgagee may demand the immediate repair of soid buildings, a on increase in tM omars? of security, or tM ummediate repayment of tM debt hereby snared; and the failure of the Mortgagor to comply with soid demand of the Mortgagee for o period of fifteen (i31 day: shot! cor?stihrte o brooch of this mortgage, and, of the option of the Mortgages, immediately mature He entire unpaid principal and interest hereby seared, and the Mortgagee may, without notice, iratitvte proceedings to foreclose this mortgage, and apply for the appointment of a receiver, as hereinafter provided. SIXTH: That the Mortgagor hereby promises, cavenonls and agrees fo poy the rums of money and interest os menYaned in said promissory rate, together with any and all other awns justly due and owing He Mortgagee by Me terms Herein, and seared to be paid as :toted therein promptly when due. If defauh shot: be mode in the poymeM of He soid soon of money or any port thereof os provided in the said note or His mortgage, or if the interest shot may bacase due thereon or any port thereof shall be in defauh and unpaid for o space of Aheen (1S) days, or should the Mortgagor breach or fa+T ro ccrnply wiH onr offer aavenont or agreement on the part of the Mortgagor ro be complied wits (in Hose cases in whidt the option of the Mortgagee of oaelero• o lion is not otherwise expressly provided herein),and such breodf o? non-oomplionce toMinve in existence for o space of Aheen (1S) days, then and from Henceforth, of the option of He Mortgagee and withou/ notice to the Mortgagor, He whole of said pruKipol sum expressed in soid note, together with all other soon therein as weq os herein provided for, shall become immediately due and payable, without notice ro the soid Mortgagor. " SEVENTH: That in core it should become nacessory to place His mortgage and He rate secured hereby or either'of them, in the hands of an ottonsey for collection, the soid Mortgagor covenants and agrees wiH He Mortgagee to poy ol! costs, charges and expenses of such collection, indudirp reosonoble attorney i fees whether collected by faedosure or otherwise. EIGHTH: Thor, in !la erem any wit is brought upon this mortgage, whether ro foreclose it, to reform it, or otherwise, and/or to enforce garment of any dour hereunder, the Mortgagee may apply t6 any court hoeing jurisdiction. Hereof for the oppoinhnent of o receiver of soid mortgaged property, os well of the incase, proAtt, irwes and revenues thereof, and He said . -2- • 8~3~0 p~ 4i9 . ~ T .