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HomeMy WebLinkAbout2531TM Mortgagor Mreby cotenants with the Mortgagee that the Moregaga is indefeasibly seined with the absolute and tee simple title to said property and has full power and lawful avrhatty to sell, convey, uansler and monyaye the same: that it shall be lawful at any time hereafter fa the Mortgagee to peaceably and gwetly enty upon, have, hold, and enjoy slid property. and every pan thereof; that said property is free and dixharged fiom all liens, eo- cwnbances, and claims of any kind, in law a in equity, and that the Mesrgaga hereby fully warrams unto the Mortgagee the title to said property and will defend tM cattle against the lawful claims and demands of all persons whensoever. NOW, THEREFORE, the condnion of this mortgage is such Mat N the Mortgagor shall well and truly pay unto the Mortgagee, the indebtedness evi- denced by that certain promissory note hereinabove set forth, made br the Mortgages and payable to the Mortgagee, together with interest as theroin stated, and also to pay to said Mortgagee such fwrher sum a sums of money, it any, as the Mortgagee may hereafter dwing the continwnce of these presents advance to the Mortgages, with interest on such further sum a awns from the time they may be respectively advanced at the rare provided }a in the said promissory note a notes evidencing such advance a advances, and shall perform, comply with and abide by each and every the stipulations, agreements, conditions and convenants contained and set forth rn this Mortgage and in the promissory note secwed hereby, then this Mortgage and the estate hereby created shall cease and be null and void. AND the Mortgages does hereby convenam and agree• 1. To perform, comply with and abide by each and every the sripvlations, agreemens, conditions and coneenants contained and set forth in said promissory note and this Mortgage deed; and to pay the principal and interest and other scans secwed hereby as they become dw, and also to repay all such fwthsr advance a advances, iE any, wiM interest thereon at the rate stipubted in the note a notes widening such advance a advances. Z. To permit, commit a suffer no waste, impairment a deterioration of said property, a any part thereof, and upon the failwe of the Mortgagor ro keep the buildings on said property in good condition of repair, the Mo-tgagee may demand the immediate repair of said buildings, a an increase in the amount of secwity, a the immediate repayment of the debt hereby secured and the failwe of the Mortgagor to comply with said demand of the Mortgagee fa a period of thirty (JO) days, shat) consritute a breach of this mortgage, and at the option of the Mortgagee, irrrnediafely matwe the entire amount of printipa) and interest hereby secwed, and immedrarely and without notice, the Mortgagee may institute proceedings to foreclose this matgatge and apply for the appointment of • Receiver, as hereinafter provided. 3. To pay all and singular the taxes, assessments, levies, liabilities, obligations and encumbrances of wary natwe and kind now on said dexribed property, a tMt hereafter may be imposed, suffered, placed, Iwied, a assessed thereon, a that hereafter may be levied a guessed upon this Mortgage a ri,s indebtedness secwed hereby, each and every, when dw and payable according to bw, before they become delingwnt, and before any interest attachts a any penalty is incwred; and insofar as any thereof is of record the same shall be promptly satisfied and dixhanged of record and the esiginta) official docwnertt widencing payment (such as, for instance, the tax receipt a the satisfaction paper officially endorsed a certified) shall be placed in the hands of said Mortgagee upon demand and within 10 days she. such demand, and to deliver to the Mortgagee on a before April 1st of each year tax receipts widenc- ing the payment of all lewfully imposed taxes aril aasessmenta for tFte preceding calendar year; and in the event that any thereof is not paid, satisfied and dis• charged said Mortgagee may at any time pay the same a any pan thereof without waiving a affecting any option, lien, equity a right sMdtr a by virfw of Mis Mortgage, and the full amount of each and wary such payment shall be immediately dw and payable and shall bear interest from the date thereof until paid at the rate of nine percent (9X- per annum and together with such interest shall be secwsd by the lien of this Mortgage. That in ceder to xcelerate the matwity of the indebtedness hereby secwed because of the failwe of the Mortgagor to pay any tor: assessment, liability, obligation or encwnbrance upon said property as herein povided, it shall not be necessary nor requisite that the Mortgagee shall first pay tM same. ~. That in the event the ownership of the mortgaged property, or any pan thereof, becomes vested in a person other tlvn the Mortgagor, the Mortgagee, in swcessors and assigns may, without notice to the Mortgagor, deal with swh successor a successors in imerest with reference to this Mortgage and the debt hereby secwed in the same manner as with the Mortgagor without in any way vitiating a discharging the Mortgagor's IiabiGty Mreunder or upon the debt hereby secwed. No sale of the property hereby mortgaged nor any faebearance on the pan of the Mortgagee, its stxcesson and assigns, nor any extension of the time fa the payment of the debt hereby secwed given by the Mortgagee, its successors and assigns, nor any release of any part a parts of the mortgaged property, nor any modification of the terms of payment recited in the mortgage note hereby secwed, wen though made with• out the consent of the Mortgagor, shall operate to rckase, dixharge, a relive the original liability of the Mortgagor herein, tither in while a in part. 5. If • conveyance should be made by the Mortgagor of the premises herein dexnibed, a any part thereof, then, and in that evem, and at the option of the Mortgagee, aril without notice, all sums of money secwsd hereby shall immediately and concwrently with such conveyance become dw and payable and in def~uh. 6. That in the went that at the beginning of a at any time pending any suit upon this Mortgage, or to foreclose it, a to reform it, a to enforce payment of any claims hereunder, said Mortgagee shall apply to the Cowl having jwisdictiort thereof fa the appointment of a Receiver, such Court shall forthwith and without notice to the Mortgagor a other defendants appoint a Receiver of said mortgaged property all and singular, including all and sirtgtrler the income, profits, issues and rwentres from whatever sowce derived, each and wary of which, it being expressly understood, is hereby mortgaged as if speciFiully set forth and described in the granting and habendum clauses hereof, and such Receiver shall Mw all the broad and effective functions and powers in anywise entrusted by a Cowt to a Receiver, and such appammem shall be made by such Cowt as an admitted equity and a matter of absolute - right of said~Mortgagee, and without reference to the adegwry or inadegwcy of the valve of the property mortgaged or to the solvency or insolvency of said Mortgagor a the defendants, and that such rents, profits, income, issws and revenues shag be applied by sudt Receiver according ro the lien a equity of said Mortgagee and the practice of such Court. 7. If forecbswe proceedings should be institwed against the progeny covered by this Mortgage upon arty other lien or claim, whether alleged to be superior a junior to the lien of this Mortgage, the Mdrtgagee may at its option immediately upon institution of such suit a dwing the pendency tl+ere- of declare this Mortgage and the entire indebtedness secwed hereby dw and payable forthwith and may at its option proceed ro foreckxs this Mortgage. 8. To pay all and sirtgulor the costs, charges and expenses, including a reasonable attorney i fee (including but not limited to collection with a without filing suit, and arty appeals) and costs of obstructs and chains of title, incurred or paid at any time by sold Mortgagee because or in the event of the failure on IM port of the sold Motigogor, to duly protttptly and fully perform, discharge, execute, effect, complete, comply with and abide by oath and every the stipulations, agreements, conditions and covenants of said promissory noro and this Mortgage, any or eitMr, and sold costs, charges and expenses, each and every shall be immediately dw and payable, whether or not there be notice, demand, otrompt to collect or suit pending; and all said costs, charges and expenses so incurred or paid shall be secured by the lien of this Mortgage. 9. To place and continuously keep and carry upon tM buildings and improvements now a hereafter sitwte upon said property, and all equipment and personal property covered by this Mortgage, with all premiums thereon paid in full, fi-e irtswance in the trawl standard policy tam, and such additional ~~4cies of inswance covering such other hazards, oswlties and contingencies, including but not limited to, windstorm, water, tornado a cyclone and war damage inswance, in such amounts arxf for such periods of rims as the Mortgages may require-, and in such irtswartu company or companies as the Mortgagee may approve; and all such inswance policies upon any of said buildings, improvements, equipment and personal property, whether in the amount required a in excess thereof, shall contain • standard New York Mortgagee Clause, without contribwion, a such other clause as the Mortgagee may require, making the toss order said policies, each and wary, payable to said Mortgagee as its interacts may appear, and each and wary such policy shall be promptly assigned •nd deGversd to and held by said Mortgagee as fwther secwity fa said mortgage debt, and not less than ten (10) days in advance of the expiration of each policy, to deliver to said Mortgagee a renewal thereof, together with a receipt for the premiwn of such renewal, and there shall be no inswance paced on any of said property, any interest therein a part thereof unless in the form and with the loss payable as aforesaid; and in the went any sum of mesxy becomes payable under such pdicy a policies said Mortgagee sMll have the option to receive and apply the same on accoum of the indebeeedness secwed hereby a to permit said Mortgagor ro receive and use it a any part thereof fa other purposes without thereby waiving a impairing arty equity, lien a right under a by virtw of this Mestgag.; and in the went said Mortgagor sMll fa any reason faH to keep the said premises so unwed, a fail to deliver promptly any of said policies of inswance to said Mortgagee, a fail promptly to pay fully amt premium therefor, a in any respect fail to perform, dixharge, execute, effect, complete, comply with and abide by this cot•enanr, or any part hereof, said Mortgagee may place and pay fa such inswance a amt part thereof without waiving a affecting arty option, Gen, equity, a right under or by virtw of this Mortgage, and the full amount of each end wary such paymem atoll be immediately dw and payable and sMll bear interest from the date thereof until paid at the rate of nine percent (9Y.) per annum and together with such inMrest shall be secwed by the Gen of this Mortgage. No lien upon any of said polices of inswance a upon any refund es retwn premium which may bs payable on the uncelat;on a termination thereof, shall be given ro other than the Mortgagee, except by the proper endorsement affixed to such policy and approved by Mortgagee. In went of loss a physical damage to the mortgaged property the Mortgagor shall give immediate ratite thereof by mail to the Mortgagee and tM Mortgagee may make proof of loo if the same is not made promptly by the Mortgagor. In event of faecloswe of this Mortgage a other transfer of title b the mortgaged property in extinguishment of the indebtedness secwed hereby, all right, title and interest of the Mortgages in and ro any inswanu policies then fn fesa shall pass to the pwchaser or grantee. t 10. TMt the abstract or abstracts of title catering r(-e mortgaged property shall at all times, dwirg the kfe of this mortgage, remain in tM possession of the Mortgagee and in went of the /esecloswe of this Mortgage or other trarafN of tiro to the mortgaged property in extinguishment of the indebtedness secwed hereby, all right, title and interest of the Mortgagor in •nd to arty such abstracts of title shall pass to the pwchaser or grantee. 344 P~~~2~`30 _ _