HomeMy WebLinkAbout1107Mortgagor does further mortgage, transfer, set over, assign,
and pledge unto Mortgagee all craps now growing and hereafter
grown on the Mortgaged Premises, hereby giving and granting unto
Mortgagee a first and prior security interest therein.
TO HAVE AND TO HOLD the above granted and described premises
unto Mortgagee, its successors and assigns, forever.
Mortgagor hereby covenants that Mortgagor is indefeasibly
seized of the Mortgaged Premises in fee simple; that Mortgagor is
in actual possession thereof and has full power and lawful right to
convey the same in fee simple as aforesaid; that it shall be lawful
for Mortgagee at all times to peaceably and quietly enter upon,
hold, occupy and enjoy all of the Mortgaged Premises; that the
Mortgaged Premises are free from all encumbrances except as aforesaid;
that Mortgagor will make such further assurance to prove Mortgagor's
fee simple title as may be reasonably required and that Mortgagor will
and shall fully warrant and defend the-title to the same unto Mortgagee
against the lawful claims and demands of all persons whomsoever;
PROVIDED, ALWAYS, that these presents are upon the express
condition that if Mortgagor shall pay unto Mortgagee the sums of
money as provided in the promissory note aforesaid and any extensions
or renewals thereof and interest thereon, at the time and in the
manner therein provided, whether in due course or under any covenants
or stipulations herein contained, and shall pay all other indebtedness
or liabilities secured hereby and shall well and truly keep, perform
and comply with all the covenants, agreements and stipulations
herein contained, then the estate hereby granted, bargained, sold
and conveyed shall cease and determine; otherwise, these presents shall
be and remain in full force and effect.
And Mortgagor hereby covenants and agrees jointly and
severally to and with Mortgagee as follows:
1. To pay all and singular the principal and interest and
the various and sundry sums of money payable by virtue of said
promissory note and this mortgage, each and every promptly on
the days respectively the same severally become due.
2. To pay all and singular the taxes and assessments at any
time imposed, levied or assessed on the Mortgaged Premises or the
indebtedness secured hereby, or the Mortgagee's interest in the
Mortgaged Premises before they become delinquent. Tax receipts
shall be placed in the hands of the Mortgagee within ten (10) days
after payment.
3. To keep the Mortgaged premises other than land .continuously
insured against loss by fire and such other hazards as may from
time to time be requested by Mortgagee in companies and in amounts
in each company as may be approved by and be acceptable to Mortgagee;
all insurance policies shall contain the usual standard mortgagee
clause making the loss .payable, without contribution, to Mortgagee
as its interest may appear, and shall be delivered promptly to and
held by Mortgagee. Not less than ten days in advance of the
expiration of each policy, to deliver to Mortgagee a renewal thereof,
together with receipt for the premium of such renewal. The proceeds
of any such insurance or any part thereof may be applied by Mortgagee
at its option, either to the indebtedness hereby secured or to
the restoration or repair of the property damaged.
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a~344 P~1107