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law as in equity of the said mortgagor of, in and to the same and every
part thereof unto the said mortgagee and its successors and assigns
forever.
AND the mor~gagor does hereby covenant with the mortgagee that it
is ind~feasibly seized of said land in fee simple; that it has full
power and lawful right to convey said land in fee simple as aforesaid;
that it shall be lawful for the mortgagee at all times peaceably and
quietly to enter upon, hold, occupy and en~oy said land; that said
land is free from all encumbrances; that it will make such further
assurances to perfect the fee simple title to said land in the mortgagee
as may reasonably be required; and that it does hereby fully warrant
the title to said land and will defend the same against the lawful claims
of all persons whomsoever.
PROYIDED ALWAYS that if the mortgagor shall pay unto the mortgagee
the principal indebtedness evidenced by that certain promissory note of
even date herewith, maturing 7 years from date, made by the mortgagor
and payable to the mortgagee in the principal sum of Forty Thousand
Dollars (~40,000.00), payable in equal monthly installments of principal
and interest beginning April 20, 1981; and shall perform, comply with
and abide by each and every the stipulations, agreements, conditions
and covenants of the promissory not~ and this mortgage, then this mortgage
and the estate created hereby shall cease and be null and void.
AND the mortgagor does hereby covenant and agree:
1. To pay all and singular the principal and interest and other
sums of money payable by virtue of said promissory note and this mortgage,
or either, on the days respectively the same severally become due.
2. To pay all and singular the taxes, assessments, levies, liabili-
ties, obligations and encumbrances of every nature on said described
property when due and payable according to law, before they become
delinquent, and if the same shall not be promptly paid, the mortgagee
may at any time either before or after delinquency pay the same without
waiving or affecting the option to foreclose, or any right hereunder,
and every payment so made shall bear interest from the date thereof at
the rate of 15.75 per cent per annum.
3. To keep the buildings and all equipment and personal property
now or hereafter on said premises covered by this mortgage insured
against loss by fire, windstorm and such other casualities as may be
required by mortgagee, in amounts and in a company or companies satis-
factory to the mortgagee; and the policy or policies shall bear a
standard New York mortgage clause without contribution, and shall be
held by the mortgagee; and, in the event any sun of money becomes
payable under such policy or policies, the mortgagee shall have the
option to receive and apply the same on account of the indebtedness
hereby secured, or to permit the mortgagor to receive and use it, or
any part thereof, for other purposes, without thereby waiving or
impairing any equity, lien or right under and by virtue of this r~rtgage;
and the mortgagee may place and pay for such insurance, or.any part
thereof, without waiving or affecting its option to foreclose, or any
right hereunder, and each and every payment so made shall bear interest
from the date thereof at the rate of 15.75 per cent per annum.
4. To permit, comnit or suffer no waste, impairment or deteriora-
tion of said property, or any part thereof, and upon the failure of
the mortgagor to keep the improvements on said property in good condition
of repair, the mortgagee may demand the immediate repair of said improve-
ments or the immediate repayment of the debt hereby secured, and the
failure of the mortgagor to comply with said de~and of the mortgagee
for a period of thirty (30) days, shall constitute a breach of this
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