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HomeMy WebLinkAbout1173AND He sold Mortgagor hereby covenants and agrees with the sold Mortgagee as folbws: FIRST: That the Mortgagor is lawfully sei:ed of the above described premises in fee simple and has good right to sell and convey Me some to the Mortgagee; that the said premises are fre• and discharged of and from all foxes, tax titles o- certificates, judgments, mechanic's litres and encumbrances of any nature o- kind whatsoever and shot the Mortgagor will fully warrant and defend Me some to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such furMer assurances to perfect fee simple title to sold land, in Me Mortgagee, os may reasonable be required, and will pay He 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 He true tenor and effect of Me sold note. SKOND: That the Mortgagor will pay all and singular He foxes. assessments, levies, and encumbrances of every. nature on the above described property, and upon His mortgage and note, or the money secured Hereby, 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 Me term of Mis mortgage; and if some be not promptly paid when due, the Mortgagee may (without obligation to do so) pay the some, or become purchaser ,of any lawful evidence thereof, or certificate therefor, without waiving or affecting any right hereunder and in Mis mortgage, or the said rate which this mortgage secures; and such payments or expenditures so mode shall bear interest from the dote thereof of the rote of 14.50$ per onrwm. THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this mortgage insured os may be required from time to time by the Mortgagee against bss by fire, windstorm and other hazards, casualties and contingencies for such periods and for not less Man such amounts as may be required by the Mortgagee and to pay promptly when due all premiums for such insurance. The amounts of such insurance required by the Mortgagee are expressive of only Me minimum amounts for which sold insurance shall be written and it shall be incumbent upon the Mortgagor fo maintain such additional insurance os may be necessary to meet and comply fully wiM all co-insurance requirements contained in sold policies to the end Mot said Mortgagor is not a co-insuror Hereunder. Insurance shall be written by o company or companies approved by Me Mortgagee and all policies and renewals Hereof shall be held by Me Mortgagee. All detailed designations by the Mortgagor which are accepted by He Morfgogee and all agreements between Mortgagor and Mortgagee relating to insurance, now existing or hereafter mode, shall be in writing and shall be o parr of His mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto and Meir successor and assigns. No lien upon any of said policies of inwrpnce or upon any refund or return premium which may be payable on He cancellation or termination Hereof, shall be given to other Man Me Mort• gogee, except by proper endorsement affixed to such policy and approved by Mortgagee. Poch policy of inwrance shall hove affixed Hereto a Standard Mortgagee Clouse acceptable to the Morfgogee, making all kiss ur losses under such policy payable to the Morfgogee as its interest may appear. In He event any sum or wms of money become payable thereunder He Morfgogee shall have Me option to receive and apply the some on account of Me indebtedness hereby secured, or to permit the Mortgagor to receive and use if, o- any port Hereof, without Mereby waiving or impairing any equity, lien or right under and by virtue of this mortgage. In event of kxs or physical damage to the mortgaged property He Mortgagor shall grve immediate notice Hereof by mail to Me Morfgogee and He Morfgogee may make proof of toss if He some is not made promptly by the Mortgagor. In event of forecbwre of His mortgage or other transfer of title to He mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies Hen in force shall pass fo the purchaser or grantee. Upon any default thereof, Me Morfgogee may (but without obligation on its port so to do) place insurance on such buildings and pay Me premium and charge such wms so paid to Me Mortgagor and such sums of money s~• paid shall bear interest from Me date of payment at Me rote of 14.50$ per annum. FOURTH: That all sums of money paid or caused to be paid by He Mortgagee under He terms of this mcrtgoge and herein specifically provided for, and including any expenses incurred by He Morfgogee in collection of the sum secured by this mortgage, shall be covered by the lien of His mortgage, the same as He sums of money represented by the note which this mortgage secures. HFTH: To permit, commit or wffer rep waste, impairment or deterioration of said property, or any part Hereof, and upon He failure of He Mortgagor to keep Me buildings on said property in good condition of repair, the Mortgagee may demand the immediate repair of said buildings, or an increase in Me amount of security, or He immediate repayment of He debt hereby secured, and He failure of Me Mortgagor to comply with said demand of He Mortgagee for o period of«)days shall corotitute o breath of His mortgage, and, at He option of the Mortgagee, immediately mature the entire unpaid principal and interest hereby secured, and the Mortgagee may, without notice, institute proceedings to forecbse this mortgage, and apply for He appointment of a receiver, os hereinafter provided. SIXTH: That Me Mortgagor hereby promises, covenants and agrees to pay He sums of money and interest as mentioned 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 Herein promptly when due. If default steal: be mode in He payment of He said sums of money or any part Hereof os provided in He said note oE~t tM~oge, or if He interest Mot may become due thereon or any part Hereof shall be in default and unpaid for a spate of~fltihtt~Xi4 days, or should He Mortgagor breach or fail to comply with any other covenant or agreement on He port of He Mortgagor to be complied wiM (in Hose cases in which the option of the Mortgagee ~~~tc lion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for o space o days, Hen and from Henceforth, at Me option of the Morfgogee and without notice to the Mortgagor, He whole of said principal sum expressed in said note, together with all other sums Herein os well as herein provided for, shall become immediately due and payable, without notice to He said Mortgagor. SEVENTH: That in case if should become necessary to place His mortgage and the note secured hereby. or either of them, in He 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. s EIGHTH: That, in the event any wit is brought upon Mis mortgage, whether to foreclose it, to reform it, o- otherwise, and or to enforce payment of any claim hereunder, Me Mortgagee may apply to any court hoeing jvr~sdittion thereof for the oppointmenf of o receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, and the said j 4 8~~344 Fa~ii73 -~- ., ~.