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Home My WebLink About2969 AND the soid Morigago~ hereby covenonts ond agrees w~th Ihe said Morlgogee os follows: FIRST: Thot the Mortgogor is IowfuNr seized of ~he above deuribed p-emises in fee s~mple ond has good r~ght 1o sell and :onvey the some to the Mortgagee; thaf the soid premises ore iree ond distho-ged oF q~d from oll faxes, tax tilles or tertificates. j~dgme~~s, mechonic's liens and erxumbrances of onr nature or kind whotsoever ond thot the Mortgagor will fully worront ond defcnd the same to Ihe Mortg~gee, agoinsl the lawful tloims ond demonds of ell pe~sons whomsoever, and will make svch further cssvronces to pe-fecl fee s~mple title fo said lond, in the Mortgagee, as moy reosonable be required, end will poy the several sums oF money cgrecd ~~ the soid note to be paid ond all installments of printipal and interest thereon p~omptly when due, ord occord~ng to the true tenor ond ef~ect of the soid note. SECOND: Thot the Mortqugor wiil poy al: nnd s~ngular IF~e foxes, ossessments, levies, and e~+cumbronces oi every noture on the above destribed properly, and upon this mortgoge ond nofe, or the money set~red therebr, before delinque~cy fhereof cnd rece~pts evidenting poyment of soid toxes, assessme~ts, levies and e~c~mbronces sholl be deposited with the Mortgogee on or before March lsf of eoch succeeding year duri~g the fe~m of this mortyage; ond if aame be no1 promptly poid when d~e, t~e Mcrtgogee moy ~Without obligotion fo do so) poY 1he same, or become purchaser of any lowful evidence thereof, or certif:ere t~erefor, wi~h~ut weiv~ng or oPfecting any right he~eunder and in this morfgage, or the said ~ate which this mortgage secures; c~d such peymenfs or expenditures so mode sholl bear ~nterest from the date thercof at the rote of fifteen 6 one-half (15.5~~ percent THIRD: That the Morlgagor will keep oll teal and personot property now or hereofter encumbered by the lien of this mo-tgage insured as moy be req~ired from time to time by the Morfgogee agoinst bss by fire, windstorm and other hozards, casva~t~es and con~ingencies for suth periods and for not less than such amounts as moy be required by the Mortgagee ar.d to poy promptly when duc oll premi~ms for such insurorxe. The amounts of suth insurance required by the Morfgagee are expressive of only the minimum amounfs for which soid insuro~ce shall be wriften nnd if shall be incumbent upon fhe Morfgagor to maintain s~ch odditional i~surance as moy be necessary fo meet and tomply fully with oll co-insurance reqvirements contoi~ed in said polities to the end thof said Mortgogor is not a to-insuror thereunder. Insurunte shall be writ~en by a tompany or compa~ies appro~ed by fhe Morrgagee and oll policies and renewals thereof sholl be held by fhe Morfgagee. All detailed designotions by the Mortgagor which ure accepted by the IAortgagee and oll agreemen~s between Mo-tgagor and Mortgagee relating to insuron:e, r-ow exist~ng o- hereafter mode, shall be in writing and sholl be o parl of this mortgage agreement as fully as though set forth verb~t:m herein ond shall govern both parties herelo and their successors ond assi9ns. No lien upon any of said policies of insuronce or upon any refund or return premium which moy be poyable on the tarxella~ion or terminofion thereof, shoN be given to other than the Mort- gagee, excepf by proper endorsement af~ixed te such polity aod approved by Morfgagee. Each poliq of insu~ance sholl hove af~ixed therefo o Stondord M.ortgagee Clause attepfable to ihe Mortgagee, moking all bss or bsses under wch policy paycble to the IAorlgogee as its interest moy appear. In ihe event ony sum or sums of money become payoble thereunder the M;,rtgogee sha}{ have the option to receive ond apply the same on occount of the indebtedness hereby secured, or fo permif the Mortgogor to receive cnd use it, or any part thereof,'without fhereby waiving or impoiring ony equity, lien or right under and by virtve of th~s mortgage. In event of loss or physital damoge to the mortgaged properly the Mortgagor sholt give immediat~ notite thereof by mail to the Mortgagee and fhe Morfgagee moy make proof of (oss if the same is nof mode prornpfly by the Mortgagor. In eve~t c,~ 4oreclosure of this mortgage or other fransfer of fitle fo the mortgaged property in exfinguishmenf of the indebtedness secured hereby, all right, title and interest of ihe Morfgagor in and to any insuronce policies then in force sholl poss to the purc.~aser or g~ontee. Upon any defevtt thereof, the Mortgagee muy (but witM~ut obligotion on its part so to do) ploce insurance on such bvildings and poy fhe premium ond thorge such sums so pQid to The Morfgago~ and such surrs of money so paid shall becr inferest from the dote of paymenf at fhe rafc of fifteeri and one-half percent (15.SX). FOURTN: Thot c11 sums of money poid or caused to be paid by the Mortgagee under the terms of fh:s mortgoge and here~n spec~fcofly provided for, o~d irxl~ding any ezpenses in:urred by the Mortgagee io collectioa of the w:n secvred by this m~rtgoge, slall be covered by the I~en of lhis mortgage, fhe some as the sums of money represented by the note which this mortgog~ secures. FIFTH: To ptrmi`, commit or suffer ~o woste, impairment or deteriorotion of soid property, or any part th~re~f, cnd upor. tn~ foiture of fhe Mortgagor to keep the buildings on said property in good condilion of repair, the Mortgogee may decnand the ~mmediote repoir of said buildings, or on increose in fhe omount of seturity, or fhe immediate repoyment of the deb! hereby ssc~red, and the failvre of fhe Mortgagor to tomply with soid demond of the Mortgagee for o period of ten(10) days sh~ll constitute a breach of this mortgage, and, af the option of the Morlgegee, immediolely moture the entire unpoid princ~pol and ~nte:est nereby secured, and fhe Mortgagee may, wifhout no~ice, instifute proceedings to foredose this mortgage, and epply for t~e appo~nlmen- of a receiver, as hereinafter provided. SIXTH: That the Mortgagor herebr promises, covenants a~d ogrees to poy the sums o`. money and interest os m~ntio~ed ~n said promissory note, togefher with ony ond oll ofhe~ sums jusNy due and owing fhe Mortgogee by the terms tfierein, and secured to be pa~d os stated therein promplly when due. If default shal: be made in the payment of the soid svms of mo~ey o~ anr port ~~ereof cs provided in the soid ~ote or this mortgage, or if the inferesf that may betome due thereon or ony part thereof sholl be ~n default ond unpaid for o space oi ten(10) days, or should the Mortgogor breach or fa~l to comply with any o~he~ covenone or ogrFement on the part of fhe Mortgagor to be tomplied with (in fhose cases in whith the option of fhe /llortgogee of cccelere- tion is not otherwise expressly provided herein) ond such breach or non-tomplionce continve in existence for a space of tzn (10) dcys, then ond from thenceforlh, ot fhe opfion of the Mortgogee and without nol'Ke fo fhe Mortgogor, fhe whole ot said prinupal sum expressed in sa~d note, together with al! other sums therein os well os herein provided for, shalt become immediotely due ond payobie, withouf notice fo fhe said Mortgogor. _ SEVENTH: Thot in cos~ it should become necessory to place this mortgoge ond the note secvred hereby or e~ther of 1htrn, i~ the hands of an attorney for collection, the said Mottgagor tovenunts ond agrees with fhe Mortgagee fo poy o~l cosrs, chorges urd expenses of such collection, including reasonable atforney's fees whether tolletied by forec(osvre or otherwise. EIGHTH: That, in the event ony suit is brought upon this mortgage, whrther to foreclose it, to reform it, or otherwise, cnd or to enforce poymeriR of any cloim hereunder, the Mortgogee may apply to onr covrf having jurisdiction thereof for t!~e oppo~n!menf of o receiver of said mortgoged propertr, as well os fhe intome, profits, issues ond revenves lhereof, ond the soid ~~~x345 p~E2!~ ~ _ - ._ ..- ._~ :~~