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HomeMy WebLinkAbout1193AN~ the said Mortgapo~ hereby covenants ond aprees wifh the said Morlgagee as follows: FIRST: Thof the Mottyogor is tawfully sei:ed of the obove destribed premises in fee simple ond hos good ri9ht to sell and conver the same to Ihe Mortgagee; rhot the said p.em~ses ore f~ee and discharged of ond from oll ~oxes, tox,tilles or ce-tifxates, judgments, mechonic's liens a~d encumbrances of ony ~oture ~r kind whotsoever ond thof Ihe Morrgogo- will fully worront ond defend fhe some to the Mortgogee, against the lawful cloims ond demonds oF all persons whomsoever, and will moke suth further ossuronces to pe~fecl fee simple litle to soid lo~d, in the Mortgogee, as moy reosonable be required, ond will poy the sever~l sums of mo~ey ogreed ~n 1he soid note to be pa~d o~d all instollment~ of pr~nc~pal ond ~nte.est thereon promptly when dve, ond occording to the ~rue tenor o~d eifec~ of the said no~e. SECOND: Thot fhe Mo~tgagor will pay all and singulor the faxes, ossessmenls, levies, and encumbrances of every nolure on the above deuribed properly, and ~pon this mortgoge and note, or the money secvred ~hereby, befo:e delinquency Ihereof ond receipts ev~dencing payment of soid faxes, aisessme~ts, levies and e~cumbrarxes sholl be deposited with the Mortgogee o~ or before Morch lst oi each svtceeding year during ~he term of this mortgage; and ~f some be not promptly po~d when due, t~e Mortgagee moy (without obligotio~ to do so1 poy the same, or bKOme purchoser of ony lowful ev~de~xe thereof, or cerlificote f~:e~efot, wifhput woiving or offKfing ony righl hereunder ond i~ fhis mortgage, ot fhe said note whit6 i o gogc setures; ond 1 ~ ~~ ~ such poyme~-: or expenditu.es so mode s~all beor interes~ f-om the date thereof at the rote of per onnum. THIRp: Thol tht Mortgago- w~ll keep ail real and personal prope-ty now or herea~ter encumbered by 1he I~en of this mortgoge insured as moy be requirtd from t~me to time by the Mortgagee against lost by fire, w~ndstorm ond ofher ho:ards, cosvolties and tonfingencies for such periods ond for no- Iess fhon such amounts os moy be req~ired by the Mortgogee ond Io poy promplly when due all p~emiums for s~ch insuronce. The amounts of such insurarxe required by the Mortgagee ore expressive of only the min~mum omounfs for which said insuronce shall be written ond it shall be intumbent upon the Mortgogor lo mainfain suth additional insurance os moy be ~ecessary to meet cnd tomQly fvllr wifh all to-insurance requ~rements tontoined in said policies to the end that said Morfgagor is nof a co-i~suror lhereunde~. Insurorxe shall 6e wnften by o tompa~y or companies approved by the Mortgogee and oll policies and renewals fhereof shall be held by the Mortgagee. All detailed designations by the Morfgagor which a~e attepfed by the Mortgagee and oll agreements befween Mortgogor ond Mo-tgagee relati~g to ins~ronce, now caist~ng or hereafter mode, sholl be in w-ifing and shall be o port oi this mortgage agreement os fully os fhough set forth verbatim he-ein and shall govern bofh parties herefo and fheir suctessors and assigns. No lien upon ony of sa~d polities of insvrance o~ upon any refund or refurn premium which moy be payoble on fhe tanCellofion or te~minotion thereof, sholl be given 10 other than fhe Mort- gogee, except by proper endorsement afFixed to such poiicy and opproved by Mortgogee. Each policy of in~urance sholl hove af~ixed therelo n Standard Mortgagee Cla~se occeptable fo the Mo~tgagee, making all loss u. losses ~nder such policy poyable to the Mortgagee as its interesf may oppear. In the evenf ony svm or svms of money become payoble the~eunder the Morfgagee sholl hove the option_to receive and opply the some on account of Ihe indebtedness hereby secured, or to pe-mit the Mortgugor fo receive and use if, or any po-t thereof, wifhout thereby waiving or impairing ony equity, lien o- right unde- ond by virfue of this morfgage. In event of bss or physical damage to fhe mortgaged property the Mortgogor sholl give immediote notice thereof by mail to fhe Morfgagee and the Mortgogee mar moke proof of bss if the same is not mode promptly by the Mortgagor. In event of forecbsure of this mortgage or other tronsfer of title to the mortgoged property in ext~nguishment of the indebtedness secured hereby, all righf, fitle and interest of Ihe Morfgagor in ond to ony insuronce policies then in force shall pass to the purchoser or granfee. Upon any defoult thereof, the Mortgaqee moy ibut without obliqafion on its part so to do) ploce insuro~+ce on such buildings and poy the premium and charge such ~u~ns,~Q ~id to the Mortgogor and such sums of money so paid sholl bear interesf from the dote of o ment ot fhe rafe of tS UU p y per onnum. FOURTH: Thot oll svms of money paid or coused fo be poid by the Mortgagee under the terms of this mortgoge ond herein specifically provided for, and including ony expenses incurred by the Mo-fgogee in tollection of the sum secured by this morlgoge, shall be covered by fhe lien of fhis mortgoge, fhe same as the sums of money represented by the note which this mortgoge secures. FIFTH: To permit, commif or suffer no waste, impoirment or deteriorotion of said property, or ony port thereof, and upon -he foilure of the Mortgagor fo keep the buildings on said properfy in good condition of repair, the Mortgogee may demand the ~mmediote repoir of said buildings, or on increase in the amount of sec~rity, o- the immed~ate ~epoyment of the debt hereby secured, and the foilure of the ~Aortgagor fo tomply wifh said demand of fhe /4lorigagee for o period of f(teen (15j days shall constifute a breach of this mortgage, and, at the option of the Mortgagee, immediafely moture the enr~re unpaid principal ond interest herebr secured, dnd the Mortgagee may, wifhovt notice, institute proceedings to foreclose th~s mortgage, and opply for the appointmenf of o receiver, os hereinofter provided. SIXTH: Thot fhe Mortgogor hereby promises, covenants and agrees to poy fhe sums of mcney o~d interest os men~ioned in said promissory nofe, together with any ond all other sums j~stly due ond ow~ng the Mortgagee by the terms therein, ond secured to be poid os stoted the.ein promptly when due. If defoult shol; be made in the payment of the said sums of money or any port the-eof os provided in the soid note or this mortgoge, o- if the interesf that moy become due thereon or ooy part thereof sholl be in defoult and unpaid for a space of fifteen (15) doys, or should the Morfgogor breoch or foil to tomply with ony other covenant or agreement on fhe porf of the Mortgagor to be compf~ed w~M (in those coses m wh~ch the opt~on of fhe Morlgagee of occelera- tion is not otherwise expressly provided herein) and s~ch breoch or non-complionce continue i~ existence fo- Q space of fifteen (151 days, fhen and from thenceforth, at the option of the Mortgogee and without notice to the Mortgogar, the whole of soid principol sum expressed in soid note, together wifh oll other sums fherein as well as here~n provided for, sholl become ~rr~mediately due ond poyable, without notice to the said Mortgagor. SEVENTH: That in cose it should become necessarr to ploce this mortgage and the note secured hereby or either of -hem, in fhe honds of an ottorney for collection, the said Mortgagor covenonts ond agrees w~th fhe Mortgogee to pay oll costs, cho-ges and expenses of s~ch collection, including reosonable oftorney~s fees whether collected by (oreclosure or othe.w~se. EIGHTH: That, i~ the event ony suif is brought vpon this mortgage, whether to foreclose it, to reform it, o~ otherw~se, and or to enforce poyment of any claim hereunder, the Mortgogee may apply to any covrt hov~ng jur~sdiction the-eof for the appointment of o receiver of said mortgaged property, as well os fhe irrome, profits, issues and reve~ves the•eof, ond rhe said ~-:~x349 PacE1194 -~- ~ ~. _ _ . __ _ _. _ _..