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HomeMy WebLinkAbout0921 AND the said MortQaflo~ hereby covenants and aqraes w+th the sa~d Mortpa9ee aa follows- FIRST~ The! the Mortflapor is lawfully seized ot t~e aDove described bremibes fee simple and has pood nyht to sel! and convey the same to the Mortflaflee: ihat the se~d premisea are free and discharged of and from all taxes, tax titles or certificates, ~udflments, mechan~c's liens and encumbranCes of any natu~e o~ kind whatsoever and that the Mortflagor will tuly warrant and detend the same to the Mortpaqee, aflainst the lawful claims and demands of all persons whomsoever, and will make such further assurances to perfeCt fee simple title to 88id land, in the Mortgaqee, as may reasonable be required and will pay the several sums of money egreed in the said note to be paid and all installmenls of princ~pal and interest thereon promptly when due, and accc~rd~ng to the true tenor and etfect of the said note. SECONQ That the Mortgagor will pay SII and singular the taxes, assessme~ts, ?evies, and encumbrances ot every nature on the above descnbed property, and upon this mortgage and note, or the money secured thereby, before delinquency thereof and receipts evidencing payment o! seid taxe8, assessments, levies artd encumbrances shall be deposited with the Mortgagee on or before March 1 st of each succee~inq year dunng the term of this mort~ege; and if same be not promp!ly paid when dud the Mortgaqee may (without obligation to do sa pay the same, or become purchaser of any lawful evidence thereof, or certificate therefor, without waivi~9 or aHecting any right hereunder and in this mortgage, or the said note which this mortgage secures; and such payments or expenditu~es so made shall bear interest from the date thereof at the highest lawlul rate of interest THIRD: That the Mortgagor will keep all real and personal property now or hereatter encumbered by the lien of this mortgage insu~ed as may be required from time to time by the Mortgagee against loss by fire, windstorm and other hazards, ~asuatties and Contingencies tor such periods and for not less than such amounts as may be required by the Mortgagee and to pay promptly w~en due a!I premi~ms for such insuranca The amounts of such insurance required by the Mortgagee are expressive of only the minimum amounts for which said insurance shall be written and if shall be incumbent upon the Mortgagor to maintain such additional i~surance as may be n~cessary to meet and comply fully with alt co-insurance requiraments contained in said policies to the end that said Mortgagos is not a co-insuror thereunder. Insurance shall be written by a company or compa~ies approved by the Mortgagee and all policies and renewals thereof shall ba held by the Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relatin~ to insurance, now existing or hereafter made, shall be in writing and shall be a part of this mortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto and their successo~s and assigns No lien upon any of said policies of insurance or upon any . refund or return premium which may be payabte on the cancellation or termination thereof, shall be given to other than !he Mon- gagee, except by proper endorsement affixed to such policy and approved by Mortgages. Each policy of insurance sh~ll have affixed thereto a Standard Mortgagee Clause acceptable to the Mortgagee, making all loss or losses under such policy payable to the MoRgagee as its interest may appear. In the event any sum or sums of money become payable thereunder the Mortgagee shall have the option to receive and apply the same on account of the mdebtedness hereby secured or to permit the Mortgagor to receive and use +t, or any part thereof, without thereby waiving or impairi~g any equity, lien or right ur,der and by virtue of this mortgage. In event af loss or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not made promptly by the Mortgagor. In event of foreclosure of this martgage or other transfer ot title to the mortgaged property in extinguishment of the indebtedne~s secured herebY, all right, t~tle and interest of the Mortgagcr in and to any insurance policies then in force shall pass to the purchaser or grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) place insurance on such { buildings and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shall bear interest ~ , ~ from the date of payment at the highest lawful rate of interest ~ FOURTH: That alf sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein k ' j specrtically provided for, and including any expenses incurred by the Mortgagee in collection of the sum secured by this mortgage. shall be covered by the lien of this mortgage, the same as the sums of money represented by the note which this mortgage secures i f FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any part thereof, and upon ~ the failure of the Mortgagor to keep the buildings on said property in good condition oi repair, the Mortgagee may demand the ~ immediate repair of said buildings, or an increase in the amount of security, or the immediate repayment of the debt hereby ~ secured and the failure of the Mortgagor to comply with said demand of the Mortgagee for a period of ten (10) days shall constitute a breach of this mortgage, and, at the option of the Mortga~ee, immediately mature the entire unpaid principal and ~nterest hereby secured and the NSortgagee may, without notice, institute proceedings Yo foreclose this mortgage, and appty for the appointment of a receiver, as hereinafter provided ~ SIXTH: That the Mortgagor hereby promises, covenants and agrees io pay the sums of money and interest as mentioned ~n said promissory note, together with any and alt other sums justly due and owing the Mortgagee by the terms therein, and secured ~ to be paid as stated therein promptly when due. if default shall be made in the payment of the said sums of money or any part thereof as provided in the said note or this mortgage, or if the interest that may become due thereon or any part thereof shall be ~ ~n default and unpaid for a space oi ten (10) days, or should the Mortgagor breach or fai! to comply with any other cor•enant ~ or agreement on the part of the Mortgagor to be complied with (in those cases in which the option of the Mortgagee of accelera- ' ~ tion is not otherwise expressly provided herein) and such breach or non-compliance continue in existence for a space of ten (10) ~ days, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said principal sum expressed in said rote, together with all other sums therein as well as herein provided for, shall become immediately due and ' payable without notice to the said Mortgagor. SEVENTH: That in case it ~hould become necessary to place this mortgage and the note secured hereby or either of them, in the hands of an attorney f~r collection, the said Mortgagor covenants and agrees with the Mortga~ee to pay afl costs, charges ar.d expenses of such collection, includ~ng reaaonable aitorneys fees whether collected by foreclosure or otherwise. e EIGNTH: That in the event any su~t is brought upon this mortgage, whether to foreclose it, to retorm f~ or otherw~se, ~ and/or to e~force payment of any claim hereunder, the Mortgagee may apply to any court having ~urisdiction thereof for the ~ appo~ntment of a receiver of said mortgaged property, as weli as the income. profits, issues and revenues thereof, and the said ~~~~K ~u~ PaGE ~3~G.1 ~ i~D - 'l - ~ , , _ _ s . ` ~ ~ ,r,~r, "