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Home My WebLink About1687A AN~ the said Mortyo~o~ he~eby covenonfs and oqress with fhe saicl MortQaQee as follows FIRST: Thot Ihe Mortpogor is lowfully sei:ed of the obove descr~bed premises in fee simple and hos good ~ipht to sell ond convey tha same to the Mo-tyoqee; Iho1 ~he soid p~emises ore free and dischorged of ond f~om all taxes, fax titles or certificotes, {udymeMs, mechonit's liens ond encumbrante~ of ony ~oture o~ k~nd whot~oever ond thot the Mortgopor will f~tly wa-rent ond de~end Me same ~o the Mortqagee. agoi~st ~he lawfu! claims o~d dernoRds of oll pe~sons whomsoeve~, end will moke such tvrlher ossurances to perfeu fee :~mple ~itle to so~d lond, in the Mortgagee, as muy reosonable be required, ond w~ll paY fhe sever~l sums of money ogreed in the sa~d no~e to be pa~d and oll instollment~ of p-~r,upal ond ~nteres~ thereo~ FrompNy when dve, and occo-ding to the ~~ue tenor ond efFec~ of the soid note. SECONO: Thot ehe Mor~gagor wifl poy oll ond s~ngufor ~he toxes, o~sessmenls, tevies, and encumbronces oF every not~re on fhe obove descr~bed property, and upon this mOrfgage and nofe, ot fhe rnoney setured thttcby, btlo~e del~nquenty fhereof ond reteipts evidencing poyment of said toxes, assessments, levies and er-cumbronces shall be depos~ted w~1h thr Mortgogee o~+ o~ be~ore Morth lsf oi eeth sucteedi~g yeor during fhe ferm of fhis mortgage; ond ~f some be not promplly pa~d when due, the Mortgagee may (withoul obligaf~o~ to do so) paY Ihe same, or become purchaser ,of ony lowful e~~dence Ihereof, or certificote fherefor, without woiving or ofFecting an; right he~eu~der ond in this mortgoge, or the said nore wh~eh th~s mo-tgoge secures; ond suth poyments or eapenditures so mode sholl bear ~nterest from the date Ihereof ol the rote of STX'P~~i p~R (~11?r (16_0$) per anrwm. THIRD: Thot the Mortgagor w~ll keeQ all reol and Qersooal properly now or hereo4ter tncumbered by the lien of this mortgoge insured as moy be required from f~me fo time by fhe Morfgogee agoinsf loiti bT fire, w~ndslorm and other hoza~dt, cosualfies and contingenues fo~ suth periods and for not less thon such amounts as moy be required by the Mortgagre and fo poy promplly when due oll premiums for such insurance. The omounts of suth insurance required by the Mortgogee ore expressive of only fhe mimm~m omounts for which said insuronce shall be written and it shall be int~mbent upon the Mortgogor to mainfain svch oddilional insuronce as may be ntcessary to meet und comply fully with all co-~nsv-ance requirements contoined in soid policies to the end that soid Mortgagor is not o co-insuro- the-eunder, tnsurarxe shall be wr~tten by o company or tomp~nies approved by the Mortgagee aad oll policies and renewals thereo4 shall be held by the Mortgogre. All detailed desi9not~ons by the Mortgogor wh~ch are octepted by the Mortgagee ond all agreements between Mortgugor and Martgagee ~elating to ~nsuronce, r+ow eXisti~g or hereafter made, sholl be in writing and shall be a port of this mortgage ogreement as fully us though set forth verbatim herein and shall govern both parfies heretc+ and fheir successors and ossigns_ No lien upon ony of sa~d policies of ins~ronce or ~pon a~y refund or refurn premium which moy be payable on fhe toncellotion or termination thereof, sholl be given to other then -he Mort- gagee, extepl by proper endorsemenf offixed to such policy nnd opproved by Mortgagee. Fach polity of insvronce shol) have affixtd the-eto o Stondard Mortgagee Clause acceplable to the Morlgogee, making a!1 loss ur losses vnder such policy poyable to the Mortgagee os its interest moy appear. In tfit event ony sum or sums of money become poyoble the-eunder the Mortgagee sholl hove the opfion to receive and apply the same on account of the ~ndebtedness hereby secured, os to pormit the Mortgogo~ to reteive and use it, or any part thereof. withouf thereby waiving or impairing any equity, tien or right u~de~ and bY vsrtue of this mortgoge. In event of loss or physical damage to the mortgaged property the Mo~tgagor shall g~ve immediote notice thereof by moil to the Mortgagee and the Mortgagee moy moke proof of loss if the same is nof made promptly by the Morfgagor. In event of fo~ecbsurt of this mortgoge or other transfer of title to the mortgaged property in ext~nyuishment of the indebtedness secured hereby, all right, fitle and interesf of the Mortgagor in ond fo any- insvrorxe policies then in force shall pass to the purchosrr or gro~tee. Upon ony defautt thereof, the Mortgagee may Ibut without obligofion on its port so to do) place ins~rarxe on svch buildings and pny the premium and charge such sums so poid to the Mortgogor ond such sums of money s~~ poid shall beor interest from the dafe of poymenf af ihe rate of ~T~~ P~ ~~ ~1E.0$~ per annum. FOURTH: Thaf oll sums of monty paid or coused to be poid by the Mortgagee under the terms of this mc,r~goge and here~n specificaliy provided for, ond including any expenses incurred by fhe Mortgagee in collecf~on of fhe sum secured by ~his morfgage, sholl be covered by the lien of this mortgage, tfie same os the sums of money represented by rhe note which this mortgoge secures. FIFTH: To permif, tommif or ivffet no waste, impairmtnt or deteriorofion O~ said property, or ony pa-f thereof, ond upon the failure of fhe Mortgogor to keep fhe buildings on said p~operfy in good conditio~ of ~epair, the Mortgagee may de~r+and tf-e immediate repoir of soid buildings, or an irxrease in the omo~nt of securify, or the immed~ote repoyment of the debt hereby sec~red, and the foilure of tF~e Mortgagor to comply with said demond of the Mortgagee /or o per~od of f~fteen f.15) doy: shol~ tomfitute o breach of this morfgage, ond, at fhe option of the Mortgagee, immed~otely moture rhe enrire unpaid principal and interest hereby secured, a~d fhe Mo-tgagee moy, wi-hout notice, insfitufe proceed~ngs to fo-eciese ~h~s mortgoge, and opply (or the oppointment of o rectiver, os hereinofle~ provided_ SIXTH: That the Morfgagor hereby prom+ses, covenonls o~d agrces to poy tfie sums of money ond interest as me~tioned in said promissory note, together with any and all othe~ sums justly due and owing the Mortgagee by the terms there~n, and secured to be paid as stoted therein promptly when due. tf default shal: be made in the poyment of the said sums of money or any part fhereof os p~ovided in the said nofe or this mortgage, or if the interesf that may become due thereon or ony part thereof shnll be in de~oulf and unpaid for a spate of fifteen (15) doys, or sho~ld fhe Mortgogor b~eoth or fail to tomply w~th any other covenonf or opreemen- on the port of the Mortgagor 1o be complied with (in those cases in which the oprion of the Mortgagee of accelero- tion is noe otherwise expressly provided herein~ ond s~ch breoch or non-complioruE ;ontinue in e+~istence fo- a space of fifteen (15) days, the~ and from thenceforth, ot the option of the Mortgogee ond witfiout notice to Ihe Mortgagor, the whole oF said pr~nupol sum expressed ir. said nofe, fogether with ali othe~ s~ms fherein as well as herein provided for, shalt become ~mmed~utely due ond poyable, without rwtite to the said Mortgagor. SEVENTH: Thot in cose it should betome netessarr to ptace this mortgoge ond the note setured hereby or r_~ther o~ them, in ti-e honds of an atto-ney for toflection, the soid Mo-tgogo~ covenants and agrees w~th the Mortgogee to poy oll cos~s, charges ond expenses of zuch collection, irxluding reosonoble ottorney's fees whethe. tollected by foreclos~re or othe~w~se. EIGHTH: That, in the evenf ony suif is brpughl upOn this mOrtgage, whetfier to fo~etloie ~t, fo refo~m ~t, o~ othe~w~se, and or fo enforte payment of any claim hereunder, the Mortgagee may apply ta any tourl hav~ng junsd~ct~on thereof 4or the oppointment of o receive~ of said rr~or-goged prope-ty, os well os the ~ncome, profits, ~ss~es and reve~ues tnereof, and thP so~d - 2 - 60~1K J~9 PAGE16(7~ z==