HomeMy WebLinkAbout2562AN~ the said Mortgogor hereby covenonts ~nd agrces w~th 1he soid Mortgagee as follows:
FIRST: Thot Ihe Mortgogor is lowfully seized of the obove deu~ibed prem~ses in fce s~mple and Aos good r~gh- to seil and
convey the some to the Mortgogee; thot the said p-emises ere (~ee a~d disthorged of ond from oll -oxes, tox titles or certificotes,
judgments, methonic's lien: ond entumbrances of onr nafure or kind whatsoeve~ o~d Ihol the Mortgogor will fully warranr o~d
defend the same lo the Mortgogee, against 1he lowful tlaims ond demonds of etl pe-sons whomsoever, a--d will moke such further
ossvrantes fo perfett fee s~mple t~tle to said lond, in the Mor~gogee, as may reosonable be required, ond will pay the se~er~l
svms of money agreed in the said note to be poid and all installments of printipo) and interesl thereon ptomptly when dut, o~d
accord~~g to rhe trve tenor and effect of the soid note.
SECOND: Thot the Mortgogor will pay at~ and si~gular Ihe texes, assessr.,e~is, ~ev~es, ar.d encumb~ances of every netvre
on the above described property, and upon this mo~fgoge ond note, or the money secured lherebr, before del:nqve.:cy thereof
and receipts evidencing poyment of soid taxes, ossessmenfs, levies and entumbrorxes shall be deposited with the Mortgngee on or
before Morch lst of each succeeding yeor during the term of this mortgoge; and if some be not promptly poid when due, the
Mor:gagee may (withovt obligction to do so) pay the same, or betome purthoser of ony (owfvl evidence fhereof, or tertif+~Qte
therefor, with~ut waiving or offec~ing any right hereu:+der and in fhis morlgage, or tfie ioid note which this morfgcge setures; and
svch poyments or expe~ditures so mode sholl bear interest from the date thereof at the ~ate of 16. Sx per atutum
THIRU: Thot Ihe Mortgagor will keep alt real and personal property now or hereo~ter entumbe~ed by the I~en of tnis
morfgoge insured os moy be reqvired from time to time by the Mortgagee ogainsf (oss by fre, windstorm ond other hozords,
cosualties and contingencies for such pe-iods and for nol less thon suth omounts as may be required by the Mortgagee and to pny
promptiy when due oll premiums for such insur~nce. The amounts of suth iosurante required by the Mortgagee ore expressive of
o~ly the minimum amounts for which said insv~ence shall be written ond it shall be intumbent vpon the Mortgagor to mo~ntain svch
additional i~suronce os may be necessory to meet and complr Fully with all co-insurerxe requirements contained in said policies to
the end fhof soid Mortgagor is nof a to-insuror fhereunder. Insuronce sholl bc writfen by o tompany or tompanies approved by the
Mortgagee ond oll policies and renewols thereot sholl be held by the Mortgogee. All detoiled designafions by the Mortgagor
which are accepted by Ihe Mortgngee and all agreements befween Mortgagor ond Mortgagee ~elating to insu~once, now existing
or hereaf~er made, shal! be in writing ond shalf be o part of this mortgage agreement as fully as though sel forth ve-batim herr~n
ond sholl govern both porties hereto and fheir successors and assigns. No lien upon any of said potities of insuronce or vpon ony
refund or return premium which moy be payoble on the cancellotion or termination ihereof, shcll be given to other than the Mort-
gagee, except by proper endorsemenf affixed te such polity and epproved by Mortgagee. Each polity of insurar.ce shol! have
affixed fhereto a Standard Mortgagee Clause acceplable to the Mortgagee, making o{I loss or losses under s~ch polity poycble
to the Mortgogee as its interest moy appear. In the event any sum or sums of money become payable thereunder the Mortgagee
sholl have the option to receive and apply !he same on oaount of the i~debtedness hereby secured, or to permit the Mortgagor to
receive and use it, or any port thereof,'withouf thereby woiving or impairing any equity, lien or right under ond by virtue of this
mortgage. In event of loss or physical damoge to the mortgaged property the Mortgagor sholl give immediote -+otice thereof by
moil to fhe Mortgagee and the Mortgagee may moke proof of loss if ihe some is not ri~ade promptly by fhe Mortgagor. In evenf
of foreclosvre of this mortgage or other fransfer of tifle to the mortgaged properfy in extinguishment of the inde5tedness secvred
hereby, all right, title and interest of the Mortgogor in and to any insurunce policies then in force sholl pass to the purchoser or
grantee. Upon anr default fhe~eof, the Morfgagee moy (but without obligation on its part so to do~ place insurarxe on such
buildings ond poy the premium and charge suc?~ sums so paid to the Mortgogor and such sums of money so paid sholl beor interest
from rhe date of payment at ~he rate of Sixteen ~ one-half (16.SX) per cent per annum -
FOURTH: That all s~ms of moner paid or caused to be paid by fhe Mortgagee und~r the terms of this mortgage and he-ein
specit'KOlly provided for, o~d intluding any expenses incurred by the Mortgagee in collecti~n of the sum setured by this mortgoge,
shall be tovered by the lien of this mortgage, the some os the sums of money represented by the note whech this mortgage setures.
FIFTH: To pernit, commil or suffe~ no waste, impairment or deteriorat;on of said property, or ony part fhereof, ond upon
the failure of the Morigagor to keep the buildings on said properTy in good tondition of repoir, the Mortgagee moy demand the
immediote repoir of said buildings, or an increase in fhe amount of securily, or the immediate repayment of the debt hereby
secured, ond the foilure of ~he Mortgagor to tomply wifh said demond of the Mortgagee for a period of ten(10) days shall
constitute o breach of this mortgcge, and, of ihe opAon of the Mortgagee, immediotelr mature the entire unpaid prir,cipal cnd
inte:est hereby secored, and the Mortgagee moy, wilhou~ qofice, institute proceedings to foretlose tfiis mortgage, and apply for
the appointment of a receiver, os hereinofter provided.
SIXTH: Thot fhe Mortgogor hereby promises, tovenants and agrees fo poy fhe sums of money and interest as m-nlioned
in soid promissory nofe, ~ogether with a~y and all other sums justly due and owing fhe Mortgagee by fhe terms fherein, and setured
to be paid os stoted therein promptly when due. If defoul~ shal: be mode in the payment of ttie said sums of money or ony port
thereof as provided in the soid note or this mortgage, or if fhe inferesf thaf may become due thereon or any parf thereof sholl be
in defoult ond unpoid for a spate oi • teD(IO~ days, or should the Morfgagor breach or foil to comply with any olher tovenant
or agreement on the part of the Mortgagor to be tomplied with ~in those cases in which the oation of the Mortgogee of accelera-
tion is not otherwise expresslr provided herein) ond such breach or non-compliance continue in existence for a space of ten (10)
doys, then and from thenceforth, ot the option of the Mortgogee and without notice to the Mortgagor, the whole of soid prirscipol
sum expressed in soid note, together with oll other sums fherein os well as herein provided for, shall become immediately due ond
poyoble, without notice to Ihe said Mortgagor.
SEVENTH: Thot in case it shouid become necessary to pface this mortgage ond the rate secured hereby or either of them,
in the hands of on ottorney for collection, the said Mortgogor covenants and agrees with the Morigagee to poy o!I cost:, charges
and expenses of such collection, including reosonoble attorney's fees whether tollected by foreclosure or otherwise.
~ EIGHTH: Thot, in the event any svit is brought dpon this mortgage, whether to foreclose it, to reform it, or o:herw;se,
~ ond,~or to enforce payiment of onr claim hereunder, the MorTgagee may opply'to anr courl having jurisdicfion tnereof for ihe
~ oppointment of o receiver of said mortgaged property, as well as the intome, profits, issues and revenues thereof, cnd the said -
. B~~x 348 P~~E 2560
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