HomeMy WebLinkAbout1501AND Me sold Mortgagor hereby covenants and agrees with the sold Mortgagee os follows:
FIRST: That the Mortgagor is lawfully seised of tM above dexribed premises in fee simple and has good right fo sell and
convey the some fo the Mortgagee; shot the said premises are free and disdsorged of and from all foxes, tax titles or certificates,
judgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that the Mortgagor will fully warrant and
defend Me same to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such further
assurances to perfect fee simple title to sold land, in the Mortgagee, as may reasonable be required, and will pay the 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 Me true tenor and effect of the said note.
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 note, or the money secured thereby, before delinquency thereoF
and receipts evidencing payment of sold coxes, assessments, levies and erxvmbronces 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 to do soI pay the some, or become purchaser ,of any lawful evidence thereof, or cerfificote
therefor, without waiving or affecting any right hereunder and in this mortgage, or the sold rate which this mortgage secures; and
such payments or expenditures so mode shall bear interest from the dote thereof of the rote of Flfteeri peY' aE'11t (15$)_
per annum.
THIRD_ Thot the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this
mortgage insured as may be required from time to time by the Mortgagee against bss by fire, windstorm and other hnzords,
casualties and contingencies for such periods and for not less thou such amounts os may be required by the Mortgagee and fo pay
promptly when due all premiums for such insurance. 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 shotl be incumbent upon the Mortgagor to maintain such
addifionol insurance os may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to
the end shot sold Mortgagor is not a co-insuror thereunder. Insurance 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 designations by the Mortgagor
which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating to insurance, now existing
or hereafter mode, shall be in writing and shall be o 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 sod policies of insurance or upon any
refund or return premium which may be payable on the cancellation or te-minotion thereat, shall be given to other thou the Mort-
gagee, except by proper endorsement affixed fo such polity and approved by Mortgagee. Poch policy of insurance shall hove
affixed thereto o Standard Mortgagee Clause oueptoble fo the Mortgagee, making all bss ur losses under such policy payable
to the Mortgagee os its interest may appear. In the event any sum or wms of money become poyoble thereunder the Mortgagee
shall hove the option to receive and apply the some on auount of the indebtedness hereby secured, or to permit the Mortgagor to
receive and use if, or any port thereof, without Hereby waiving or impairing any equity, lien or right under and by virtue of this
mortgage. In event of bss or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by
mail to the Mortgagee and the Mortgagee may make proof of bss if the some is not made 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 interes! of the Mortgagor in and to any insurance policies then in force shall pass to the purthoser or
grantee. Upon any default thereof, the Mortgagee may (but without obligation on ih part so to do) place insurance on such
buildings and pay the premium and charge such wms so paid fo the Mort agar and such sums of money s<~ paid shall bear interest
from the date of payment of the rate of Flf~l Per f72At (1S$~ per annum.
FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mc:rrgoge and herein
specifically provided for, and including any expenses incurred by the Mortgagee 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.
HFTH: To permit, commit or suffer no waste, impairment or deterioration of sold property, or any port thereof, and upon
the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the
immediate repair of said buildings, or on increase in the amount of security, or the immediate repayment of the debt hereby
secured, and the failure of the Mortgagor to comply with said demand of the Mortgagee for o period of fifteen (IS) days shall
constitute o breath 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, os hereinafter provided.
SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest os mentioned
in said promissory note, together with any and all other sums justly due and owing the Mortgagee by the terns therein, and secured
to be paid as stated therein promptly when due. If defouh shol: be made in the payment of the said sums of money or any port
thereof as provided in the sold rate 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 (ISI days, or should the Mortgagor breach or foil to comply with any other covenant
or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera-
tion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for o space of fifteen (1 SI
dogs, 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 os herein provided for, shall become immediately due and
payable, without notice to the sold Mortgagor.
SEVENTH: That in case it should become necessary to place this mortgage and the rate 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 foreclosure or otherwise.
EIGHTH: That, in the event any suit 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 for the
appointment of o receiver of sold mortgaged property, os well os the income, profits, issues and revenues thereof, and the said
- ~ - X344 P~Ei501
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