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Home My WebLink About0940AND ~he so~d Mortgogo- hereby covenanrs ond agrees w~th the soid Mortgogre as foifor+s: FIRST~ Thot the Mortgagor is lawfutly se~zed of rhe above described premises ~n fee s~mple ond hos yood r~gh~ to sell ond convey the same ro rhe Mo-tgagee; thot the said prem~ses are free and dischorged of and f-om oll toxes, tax titles or certiPicate~, judgments, ~nP<hon~t's liens end enc~mbrQnces of ony narure or kind whotsoever and thot the Morrgogor w~ll fully warront and defend the same to the Mortgogee, aga~nst Ihe lawful tla~ms and demonds of oll perscns whomsoever, ortd will moke svch furlher assuror.ces to pe~{ect ~ee s~mp~e title to sa~d land, in the Mortgogee, os moy -eosonoble be reqvired, ord will pay the seve~~l ~ums of money agreed ~n the so~d nore to be pa~d and all instollmen-s of pr~ncipol ond ~nteresr thereon promptly when due, and accor~~ng to the true tenor ond ef~ect of the said note. SECOND: Thcr rhe Mortgagor w~ll pQy ali ond singulo- ~he toxes, assessments, le~ies, and e~xumbronces of every nature on the above descr;bed property, ond upon th~s mortgoge and no~e, or the money secured rhereby, before cielinquency thereof and -eceipts ev~den;ing poyment of said taxes, assessments, levies and erxumbrances shall be deposited with the Mortgagee on or before March 1 st of each svcceed~ng year during the term of this mortgoge; and ~f same be not promptly po~d when due, the Mortgagee m~y ~without obligo-~on to do so) pay the some, or become purchoser of any lawful evidence thereof, or cerfif~cote therefor, without wu~v~ng or afiecting o~y right he-eunder and in this mortgage, or -he said note which this mortgoge secures; and sUCh poyments of expenditures so made shall bear interest from fhe date thereof at the rote of eight per tentum ~~l per onnum 3s TMIRD~ That the Mortgago- w~ll keep oll real ond perso~al property now or he-eeffer encvmbered by the I~en of this mortgoge insured ~s moy be required from fime to time by the Morfgogee against loss by fire, windstorm and ofher haz~rds, casuattie~ and cont~ngenc4es far s~ch periods e~d for not less thon such omounts as moy be required by the Mortgagee and to poy promptty when due all premiums for such ~nsvronce. The omounts of such insuronce reqvired by the Mortgogee are expressivr of only the minimum amounts for whith said insuronce shall be written ond it sholl be irxumbent up:.n the Mortgagor to moi~~ta~n such add~tional ~nsuronce os may be necessary to meet and comply fully with oll co-insurarxe requirements contained in soid poliues to the end that soid Mortgogor is not o co-insuror thereunder. (ns~rarxe sholl be wriften by a company or compon~es approved by the Mortgagee ~nd oll polities ond renewols thereof sholl be held by fhe Mertgogee. All detailed designations by the Mortgagor M•hich ore accepted by thc Mortgogee ond all agreementi between Mortgogor ond Mortgogee relating to insuronce, now existing cr hereafter made, sholl be in wr~ting ard sholl be a part of this mortgage agreement os fully os though set fo-th verbatim herein and shoil gove-n both parties he-eto and their s~ccessors and assigns. No lien upon any of said policies of insuronce or upon ony refund or return nrem~um which may be payable on the concellotion or te-minotion thereof, shali be given to other than the Mor~- gagee, except by prope- endcrsement aflixed te svch polity and approved by Mortgagee. Eath policy of ~nsurorxe sholl have afiixed thereto o Standard Mortgogee Clouse acceptablt to the Mo-tgagee, making oli loss or losses under s~ch poticy poycb(e tc the Mortgagee as its interest may appear. In the event ony sum o~ s~ms of money become payobie thereunde- the Mortgogee s~a!1 hove 1he ~ption to :eceive and apply the same on account of the indebtedness hereby secured, or to permit the Mortgogor to receive onti use it, or any part thereof, without thereby woiving o~ impairing ony equity, lien or right ~nder a~d by virtue of this mortgoge. In evert of loss or physical damage fo ihe mortgaged properfy the Mottgagor shall give immediate notice thereof by mo~~ to the Mortgagee and the Mortgagee moy make proof of loss if the some is r+ot made promptly b~ the Mortgagor. !n event ~f foreclosure of this mortgoge or other trcnsfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, ail righ!, title ond +nte-esf of fhe Mortgcgor in and fo any msuronce polities then in forte shall poss to the purthaser or grontee. Upon any default thereof, the Mortgagee may {buf withouf obligafion on its port so to do) place insurance on such buildings ond poy the premium and charge s~th sums so paid to the Mortgagor ond such sums of money so pa~d shall beor interest from ihe dote of payment ot the rote of eight per centumX~ ) per annum. 7.33 FGURTH: Thot oll sums of money poid o~ caused to be paid by the Mortgagee under the terms of th~s mortgage and here~n specificolly provided f~r, and ~ncluding any expenses ~ncurred by tne Mortgagee in collecNon of the sum secured by this mortgoge, shall be co~ered by the (ien of this mortgage, the same os the sums of money represen-ed by the note wh~ch this mortgoge sec~res. FIFiH: To permit, comm~t or suffer no wosfe, impairment or deterioration of said property, or any port thereof, ond upon the foilure of ihe Morigago- to keep ihe buifdings on sc~d properfy in good tondit~on of repair, the Mortgagee moy damond the ~mmediote reooir of soid bu~~dirgs, or an i~creose in the omount cf secu~ity, or the immed~ate repoyment of the debt hereby secured, ond the fe~lure of the Mort~ogor to comply with said demand of the Mortgogee fo- c penod of f~fteen ;15) days sho!I constitute a breach of this mortgage, ond, et the option of the Mortgagee, immediafely moture the entire unpoid principol and ~r,terest hereby secured, and the Mortgogee may, without notice, institute proceed~ngs to fo~eclose th~s mortgage, and appiy fpr !he cppo~rtment of o rece~ver, os here:nafter provided. SIXTH: Thot the Mortgagor hereby promises, covenants and ogrees to poy the sums of money and interest as mentioned ;n so+d promissory note, !ogether w;th any ond all o~her sums justly due ond owing the Mortgagee b~ the te-ms therein, and secured to be poid os stofed therein promptly when due. If ~efault shal: be made in the payment of the soid sums of mon-y or any part rhereof as provided in t-~e said note or fhis mortgoge, or if the interesf that moy become due thereon or any part thereof sha!I be in defevlt and ~npaid for a spote of f~fteen (15~ doys, or shoufd the Mortgogor breoth or 4oil to comply wi!h any other cpvenont or ogreement on the part of the M.ortg;;gor to be compiied with ~in those :ases in wh~ch fhe option of the Mortgogee of accelero- tion is nos oth~rw~se expressly provided herein) and s~ch breach or non-:ompliance continue in existerxe for a spoce of fifteen (15) days, then ond from therxeforth, ot the option of the Mortgogee and wifhouf nofice to the Mortgagor, fhe whole of sa~d pr~ncipa~ sum expressed in said note, together with all othe- sums therein as well as herein provided for, sholl become immediotely due ond payoble, without notice to the said Mortgogor. SEVENTH: That ~n tase it should become necessary to place this mortgoge and the note secured hereby or e~ther of them, ;n the Fonds of an attorney for collect~on, the said Mortgogor covenonts ond agrees with the Mortgogee to pay all costs, chorges ond expenses of such coilect~on, includ~ng reosonabie attorney's fees whether tollected by foreclosure or otherwise. EiGHTH: Thot, in the event any suit is brought upon this mortgoge, whether to foretlose it, to reform it, pr othe~w~se, ond or to enforce paym~nt of any claim hereunder, the Mortgogee moy opply to any court hav~ng jur~sdict~on thereof fo! the appointment o4 o receiver of said mortgoged property, os well as the irxome, profits, issues and revenues ihereof, and the said ti~:'~351 Y,~ ~9 -~-