HomeMy WebLinkAbout0157AND the scid Mo-t~apo- hereby covena~ts and apre~s with the soid Mortpogee as folbws:
FIRST: Thot the Mortqogor is lowfully seized of the obove dexribed premises in Fee simple ond hos 9ood ripht io sell ond
conver the some to ~he Mortgogee; thof the said premises ore free and discharyed of ond from all faxes, tox ti~les or certificotes,
jud9ments, mechonii s liens ond encwnb-oncas of anr na~ure or kind whatsoever and thof the Morlpapor will fvlly watrant ond
defend fhe same to the Mortgogee, ogoinsl the lawful tloims and demo~ds of all persons whomsoever, ond will make such further
o3surantes to perfect fee simple title to soid land, in the Mortgagee, as moy reosonoble be required, ond will poy the seve~a)
s~ms of moner agreed in the said note to be paid o~d all installmenls of p-incipol and inferest fhereon F~omplly when due, ond
acco~ding to tAe ~rue teno- and eRec~ of Me soid note.
SECOND: That the Mortgagor will poy oll and singulor the taxes, assessments, levies, ond encumbronces of eve~y noture
on fhe obove deuribed property, and upon this mortgage ond nofe, or fhe money setured thereby, befo~e delinque~cy Ihe~eof
ond receipts ev~de~ting paymenl of soid toaes, assessments, leviea end entumbrances shall be depos~ted with the Morfgogee o~ or
befo~e Mo~ch lst of eoth sutteeding year during Me term of fhis morfgage; o~d i) same be not promptly poid when due, the
Mortgogee mor (without obligotion to do so) pay 1he some, or become purchoser,of ony lowful ev~de~xe thereof, or certificote
therefor, withouf waiving or offecting o~y right hereunder ond in this mortgoge, or the soid note which this mortgage secures; and
iuch poyments o~ expenditures so mode shall bear inte~esl from the dote thereof at the rate of F~L1RT .FN P.R .ENT (14.~0,'~)
per annum.
THIRD: Tho1 the Mortgagor will keep all reol and personal property now or hereofter encumbered by the lien of fhis
mo~tgage insured as moy be required from time to time by the Mortgogee ogainsf lost by fire, windstorm ond olher h~zards,
cosual~ies ond contingerxies for such periods and for not less than such amouots as mar be requ+red by the Mortgagee and to poy
prompfly when due oll premiums for such insurance. The omow-ts of such insurance required by the Mortgagee a~e eapressive of
only the minimum amounts for which soid .insura~ce shall be writte~ and if shall be intumbent vpon the Mortgogor to moinlain suth
odditionol insuronce os may be necessary fo meet and tomplr fullr with all to-insu-onte requirements tontained in said policies to
the end Mot said Mortgogor is not o co-insuror fherevoder. Insurance shall be wrille~ by o compo~y or componies approved by the
Mortgagee pnd all policies ond renewals thereof sholl_be hefd by fhe Mortgogee_ All detailed desigoo!ions by the Morfgagor
which are actepted by the Morfgogee and oll agreements befween Morfgagor ond Mortgogee relating to insuronce, now exisfing
or hereafter made, shall be in writing and shall be a part of this mo-tgage agreement os fully as though set forth verbalim herein
ond shall govern bo-h parties hereto and Meir sacessors and ossigns. No lie~ upon ony of sa~d policies of insurorxe or upon onr
refund or refurn premium whith may be payable on the ta~tellafion or ferminotion thereof, sholl be giveo fo ofher fhan fhe Morf-
gogee, excepl by proper endorsement aifixed to suth policr ond opproved by Mortgagee. fach policy of insurance shall have
affixed thereto a Standard Mortgogee Clause occeptable to the Mortgagee, making all loss ur losses under such poficy poyoble
to fhe Mortgagee os its interest moy appear. In the event ony sum or wms of rtw~-ey become payoble thereunder rhe Mongogee
sholl have the option to receive and apply the some on auount of the indebtedness hereby secu~ed, or to permit the Mortgogor to
receive antt use it, o~ any part the~eof, without thereby waiving or impairing o~y equity, lien or right under ond by virtue of this
mortgage. In event of loss or physica) damage to fhe mortgaged properfy the Morfgagor shall g~ve immediate nofite thereof by
moil to the Mortgagee and the Mortgagee moy moke proof of bss if fhe some is not made promptly by the Mortgagor. In cve~t
of forecbsure of this mo-fgage or other transfer of fitle to the mortgaged property in extinguishment of the i~debtedness secured
hereby, all right, fitle ond inte~esf of the Mo-fgogor in ond to anr insurance policies then in force sholl pass to the purchaser or
gro~tee. Upon any defavlt thereof, the Mortgogee may lbut without obligation on its part so 1o do) place insvrance on such
buildings and por the premium ond charge such sums so paid to the Mortgagor ond such sums of money x~ poid sholl bear inte~est
from the date of paymenf af the rote of FnimTFEN PRR(_RNT l14~Mlper onnum.
FOURTH: Thof ell sums of money paid or toused fo be poid by the Mortgogee unde- Ihe terms of this mc:rtgage ond herein
specificolty provided for, and including ony ezpenses inc~rred by the Mortgagee in collcction of the sum secured by Mis mortgoge,
shall be covered i~y the lien of fhis mortgoge, the same os the s~ms of rtw~ey represented by the rate wK~ch this mortgage secures.
FIfTH: To permit, commit or suffer no wosfe, impairment a~ deteriorotion of soid property, or ony part thereof, and upon
the failure of the Mortgagor to keep the buildings on said property in good cond~tion of repair, the Mortgagee may demand the
immediote repair of said buildings, or an irxrease in the amount of security, or the immediate repoyment of the debt hereby
secured, and the failure of the Mortgogor to tomply with said demand of the Mortgagee for a period of fifteen (I5) days shall
constitufe a breath of this morigage, ond, af the opfion of fhe Mortgagee, immediotely moture the eotire unpaid principal and
interesf hereby secured, and the Mortgagee mar, witho~f nofice, insfitute proceedings to foreclose this mortgoge, and apply fo~
the appoinfinenf of a receiver, as hereinofter provided.
SIXTH: Thot the Mortgagor hereby promises, covenants ond ogrees to poy the sums of money ond interest as mentioned
in said promissory nofe, fogefher with ony ond oll other sums justly due and owing the Mortgagee by the terms therein, and secured
to be paid os stated therein promptly when due. If default shal: be made in the payme~t of the said sums of money or ony part
thereof os provided in the said note or this mortgoge, or if the interest that may become due thereon or ony part thereof sholl be
in defoult ond unpaid for a space of fiftee~ (15) dars, o~ should the Mortgagor breach or foil to comply with any other covenont
or ogreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mor~gogee of accelera-
tion is rat otherwise eapressly provided herein) ond suth breoch or ran-compliance contin~e in exisfence for o space of fifteen (I5)
doys, fhen ond from thenceforth, af fhe option of fhe Mortgagee and without notice to the Morfgagor, the whole of ~oid principal
sum expressed in said note, fogether with all other sums therein as well os herein provided for, shail become immediately due and
payable, without notice to the said Mortgagor.
SEVENTH: That in case it should become necessorr to place this r.wrtgoge ond the note seared hereby or either of them,
in the hands of an oftorner for collecfion, the soid Mortgagor tovenants ond agrees w~th the Mortgagee to pay all costs, chorges
and eapenses of s~ch collection, including reasonoble ottorner's fees whether colleded by foreclosure or othe.w~se.
_ EIGHIH: Thol, in the event ony suit is brought upon this mongoge, Whe/her to foreclose it, to refo~m it, or otherw~se,
and or fo enfarce parment of ony claim hereunder, fhe Mortgagee may apply to any court hoving jurisdict~on thereof for rhe
appointme~f of o receiver of said mortgoged prope-ty, as well os the income, profits, issues ond revenves tnereof, ond the said
- 2- BO K J~U PAGE 1.5~
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