HomeMy WebLinkAbout2097AN~ the said Mortgagor hereby covenonts ond oQrees with f~e said •Mortgcqee as follows:
FiRST: Yho~ the Mor~gago- ~s iawfuliy se~:ed of the obove described premises ~n fee simple a~d hos good right to sell and
convey ~he same to the Mo-tgagee; thot the said premises are free and dischorged of and frorn all toxes, tax titles or certificates,
judgments, mechonic's fie~s ond encumbror+tcs of ony ~ature or kind whotsoever ond lhot the Mortgogor will fully worront ond
defe~d the same to the Mortgogee, agoinst the lowful claims a~d demonds of oN persons whomsoever, ond witt make suth fu-ther
ossurorscec to perfecl fee s~mple t~tle to said land. in the Mortgogee, as moy reasa+able be ~equired, and will poy the several
sums of rt~oney ag~eed in the soid note fo be poid and all installments of printipal and interesf thereon promptly whe~ due, ond
occording to ~he true fenor ond effecl of the said note.
SECOND: Tha- the Morrgagor w~ll pay all and singutor the taxes, assessments, levies, a~d e~+cumbrances of every nature
on thc above described property, ond upon this mortgoge ond note, or the money set~red thereby, before delinquency ~hereoF
ond receip-s evidencing payment of said taxes, assessments, levies a~d encumbrar+tes shail bt deposited wifh the Mortgagee on o~
before March 1 st of eath succeeding year d~ring the term of this morfgage; and if same be not prompflY poid whe~ due, the
Mo.tgagea r~,ay iwithout obiigation to do so1 pay the some, or become purchaser of ony lowful evidence fhereof, or certiFicate
therefor, without waiving or affecfing any -igh- hereunder ond in this morfgoge, or the soid nofe which this rtwrtgage setures; and
s~ch payments or expenditures so made sho~l bear infe-est from the dafe thereof ot the rate of ~f~Bt per tentum~~~ per annum.
16. 05
THIRO: ~hot tfie Mortgogor will keep oll real o~d personal property now or hereafte~ e~+cumbered br the lien of this
mortgage insuzed ns may be required from time to ~ime by the Mo~tgagee against loss by fire, windstorm ond other hozords,
casualties and cont~ngencies for sucb pe-iods and for ~ot less thon such amount: os moy be requi~ed by the Mortgagee and to poY
promptly when due all premiums for such insurante. The amounts of suth insuronce ~equired by the MoAgagee are expressive of
only the minimum amounis for which said insurance shall be wriffen and if shall be incumbent upon fhe Mortgagor to maintain s~th
additional insurance as may be necessary to meet ond comply fulty with oll co-insurance requirements contained in soid policies fo
rbe end ~hot said Mortgogor is not o co-insuror fhereunder. Insuronce sholl be wriften by a company or tompanies approved by fhe
Mortgagee and oll policies and renewols thereof shall be held by the Mortgogee. All detailed designations by fhe Mortgagor
which are actepted by fhe Mortgogee and oll agreements befween MortgagOr and Mortgpgee relaling to insuronce, now existing
or htreofter made, shall be in writing and shall be a pah of this mortgage agreement os fully as though set 4orth verbatim herein
ond shall gove-n both part~es hereto and their sutcessors and assigns. No lien upon any of said policies of insurarxe or upon any
refund or return premivm which may be payoble on the concellation or terminotion Mereof, shall be given to other than the Mort-
gagee, except by proper endorsement offixed to such policy and approved br Mortgogee. Eoch poficy of insu~ancc shell have
offized thereto a Standard Mortgogee Clause occeptoble to the Mortgagee, making oll loss or losses under such policp poyable
to the Mortgogee os its interest may oppear. In the evcnf u~y sum or sums of money become poyoble there~nder the Mortgagee
sholl have the option to receive and apply the samc on aaount of the indebtedness hereby secured, or to permit the Mortgagor to
receive ond use it, or ony port thereof~'withpuf thereby waiving o~ impa+ri~g a~y equity, lien or right under ond by virtur of lhis
mortgage. In eve~- of bs: or physical damage to the mortgaged propertp the Mortgagor shall give immediate ~otKe thereof by
mail fo fhe Mortgogee and the Mortgogee may make proof of (oss if fhe some is ~of made promptly by the Mortgogor. I~ event
of forectosure of this mortgage ar other transfer of title to the mortgaged property in txtinguishment of the indebtedness secured
hereby, atl right, title and interest of the Mortgogor in and to any insurance poficies then in force shall pass to the purchoser or
grontee. Upon any defoult thereof, the Mortgagee may (but without obligation on its part ~ to do) place ins~ronce on such
buildings and pay ehe premium and charge such sums so paid to fhe Mortgogor and such s~ms oi money so paid shall bear ~nterest
from the date of Qoyment at the rate of Af~jp? per centum (~'~p) per annum.
16.05
FOURTH: That oll sums of money paid or coused fo be paid by fhe Mortgagee vnder the terms of this morfgoge and herein
specificolly provided for, and including any expenses inc~rred by the Morfgagee in collection of the sum secured by this mortgage,
sholl be covered by ihe lien of ihis ma-tgage, the same os the sums of money represented by the note which this mortgoge secures.
FIFTH: To permit, commit o~ suf~er no waste, impoirment or deteriorotion of said propeAy, or any part thercof, and upon
the failure of the Mortgogor to keep the buildings on said prope~ty in good condition of repair, the Mortgogse moy demand the
~mmediate repair of s~id buildings, or an increose in the amount of security, or the immediote repayment of the de~ htreby
secured, and the foilure of the Mortgagor to complr with said demand of the Mortgagee for a period of~70~ days shall
constitute o breoch of this mortgage, ond, at the option of the Mortgagee, immediafelr mature the entire unpaid principal and
interest hereby sec~red, and the Mortgagee mar, withouf nafict, insfitufe proceedings fo foreclose this mortgage, and opply for
tfie oppointment of o receiver, as hereinofter prorided.
SIXTH: That the Mortgagor hereby Qromises, covenonts ond agrees to poy the sums of money and interest os mentioned
in said promissory note, together with anr ond all other sums jvstly due ond owing the Mortgagee by the terms therein, ond secured
to be po~d os stated therein promptlr when due. If default shal: be made in the payment of the said sums of moneY or ony part
thereof as provided in the said note or this morfg e, or if the interest fhaf moy betome due thereon or any parf thereof sholl be
in default and ~npaid for a space of ~jp~(~ ~rs, or should the Mortgagor breach or foil to comply with any other torenant
or agreement on the part of the Mortgdgor fo be complied with (in fhose toses in which fhe option of !he Mortgogee of occelero-
tion is not otherv+ise exprtssly provided herein~ and suth breoch or non-compliance corttinue in existence for a space of ~p@~ ~1,~}
days, then cnd from therxeforth, at the option of the Mortgagee ond without notice to the Mortgagor, the whole of soid principol
sum expressed in said note, together with all other sums the~ei~ as well os herein provided for, sholl betome immediately due ond
poyabte, without not~ce to the said Mortgagor.
SEVENTH: Thof in case it shp~ld become necessary to place this mortgoge and the note secu~ed hereby or eifher of them,
in the hands of an attorney for collection, the soid Mortgagor covenan-s and ogrees with the Mortgagee to poy all costs, charges
ond expenses of such toNettion, inct~ding reasonable attorney's fees whether tollected by foreclosure or otherwise.
EIGHTH: Thot, in the event o~y svit is brou9fit upon this mo~tgoge, whetfier to foretlose it, to reform it, or otherwise,
and or to enforce poyment of a~y claim hereunder, the Mortgagee may apply to any court having jvrisdittion thereof fo- the
appointment of o receiver of said moAgaged property, os well as the income. profits, issues end revenues thereof, ond the said
a~~x 3~ QdcE ~,V ~5
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