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Home My WebLink About0956 /WO tAi said.Mortqo~ h~t~br tovtnoeb ond oo«~t wiM tM soid Mo~t9ope~ os fdbws: ; : fIRST: Tho1 tl~ Mortpa9w is lowfull~r s~ited of th~ obov~ desc~ib~d pren?i:es ~n simple ond hos pood ripht 1o s~ll ond . . conver fM some ro Me Monqoqee; Ma1 the ~oid p~e~ties are fr~~ ond d~scho~9ed u~ ond irom oll tcxes, tax titly or ce„~Rcolt~, jud9n~eMs. ~nechanit's li~ns ond er~cumb~ontes of anr notu~e w kind whotweve~ and ~hot Ifie Mort~a9o~ will fullr wa~~anf ond defe~d tht snme to th~ Mo~t9oqee. oqaiast the lowfvl claims and demonds ol oll pe~sa+s whomioever, and will moke such (urMer asw~onces 1o pe~fe~t fee s+mple tille to soid land. i~ the Mortgogee. os moY reasonable be reQuired, ond will pby Ihe seve?ol _ svms oE ma+er agreed in the soid note Io be po~d and all ~nstollmer.ls of p~intipal o~d ~nteres~ thereon promplly when due, o~d. accordin~ fo the t~ve teoo~ ond efFecf oF Me soid note. . SE~ON~: Th~t the Mortgago? w~lt par oll a.+d s~ngvlo~ the taaes, ussessments, levies, and erxumb~ances of every nature o~ the above described p~ope~ty, and upon this mortgage o~d note, or the money secured ~hereby, befo~e delioquency lhereof and receipts evidencing poymeol of so~d loxes. assessme~ts, levies ond encumbrontes sh~iil be deposited with Ihr Mo~tgagee on o~ befwe Ma~ch Ist of eoth sutteed~ng ycor during the term of fhis morigoge; and if some be not prvmptly paid whrn duc, the • Mortgogee may (withouf obli~ation fo do so) poy 1he samc. or become purcho~er,of ony lawful e~idence thereof. or ce+tificote therefor. without waiving ar of~eteing any right hereunder and in this mo?lgoge, or fhe said note NhKh Ihis mortgo e secu~es; a~d such parme~ts or expe~difures so mode shail bea~ i~terest from 1he date thereof a1 the rpte of ~9~st lega~ rat~e per o~num. THIR~: Thot the Mortgogor w~ll keep all real and persor+ol property now or hereafter encumbered by the licn of this mortgoge insured as rnor be req~ired irom time to time by the Mortgogee a~oinst loss by Rre, w~ndslorm a~d other hozards, cosuolties and conlingencies fo~ such periods and for not tess thon such amovnts os moy be iequired by the Mortgogee and lo poy promptly when due all premiums for such insurance. The amounts of svch insuronce required by the Mortg~gee ore expressive of only the minimum amounts ~or which soid intvronce shoil be written and i1 shutl be irxumbe~t upon thz Mo~tgogor to muintain suth ~dditionol insv~ance os may be necessary to meet und ccmply fu~ly with oll co-insurance requiremeots to~tnined in :oid policies to the end that said Mortgagor is not o co-insv~or thereunder. lnsurance sho01 be wretten by o compnny or compaoies approied by the Mortgagee ond all policies and renewals thereof shall be held by the N?ortgagee. All detoiled designations by fhe Mo~lgagor which ore oaepted by the Mortgagee and all ogreements between Mortgagor and Mortgagee rela~ing to insura~+ce, now existing or hereafte~ made, shall be in writing ond shall be o porl ot th~s mortgage ogreemenl as fvlly oti though sel forth verbatim herein ' and shall govero both porties 1?ereto and iheir successo~s and assigns. No lien upon any of sa~d policies of insv~ance or upon any ?efund or reTum premium whith may be payoble on the concellction or termi~wtion thereof, sha~l be given to other than the Mort- . . gagee, excepl by proper endorsement afiixed to such polity and approved by Mortgagee. fach policy of inwrance shal) have affixed thereto a Stendard Mortgogee Clause acceptcble to the MoMgagee, making oll loss or losses unde~ such polity poyable to the Mortgagee as ifs interes! moy appear. In the event any sum or sums of money become poyoble thereuoder Ihe Mortgegee shall have the option to receive a~d apply the some on account of the indebtedneu hereby secured, o? to permit Ihe Mortgqgor to r~ceive and use it, or ony port thereof, without Ihereby woiving or impairing any eqvity, lien or right unde~ and by virtue of this mo~tgage. !n event of loss o~ physica! damage to the mortgaged property the Mortgagor shall give immediate notite thereof by mail ro the Mortgegee ond the Mortgagee moy make proof of loss if the same is not made promptly by the Mortgagor. In event ef foretbwre of fhis morfgage or olher fransfer of fifle to the rr~ort~aged property in extinguishment of ~he indebtedness secured hereby, a!1 right, title and interest of the Mortgagor in and to ony insurance policies then in force shall pass to the purchoser w grantee. Upon ony default ttiereof, the Mortgagee rnay (but w~lhout obligation on its part so to do) plate insurance on such buildings and par the premium and tharge such sums so poid fo the Mortgagor and such sums of money x• paid shal) bear inferest _ from the dote of poymenf of the rate of highr~ct ln~nal ra#P per annum. ~ FOURTH: That all sums of money paid or coused to be paid by the Mortgagee under the terms of this mc.~gage and herein p specifitallr provided for, and including any expenses incurred by ihe Mortgagee in colledion of the sum s4cured by ~his morlgage, ~ sholl be covered by the lien of this mortgage, the same os the sums of money represented by the note wKich this mortgoge secures. E ; FIFTH: To permif, tommif o~ sufFer no waste, impoirment or deferiorotion of said property, or any parf the:eof, nnd upon the failure of the Mortgagor to keep the buildings on said property in good condition of repau, tn-: Mortgogee moy demond the ~ immediate repair of soid buildings, or an inc~ease in fhe amount of security, or the immediate reFoyment of the debt he~eby ~ secu[ed, and the failure of the MoAgagor to comply w~th said demand of the MoAgagee for u period of fiffeen (15~ days shall constitute a breach of Nus mortgage, and, at the oprion of the Mortgagee, immediately mature the enti~e unpaid principal and interest hereby secured, and fhe Mortgogee may, without Rotice, institute praeedings to foreciose this mortgage, and apply for the oppointment of a receive~, as hereinafter provided. • SIXTH: Thot the Morfgogor hereby promises, covenants and agrees to poy the sums of money and interesl as mentioned . ' in soid ptomissory note, together with anr and all.other sums jusdr due ond owing fhe Mortgagee br the terms therein, and secured to be poid as stated therein promplly when due. If defaul? shol: be made in the payment oF the said sums of money or ar.y part thereof as provided in the. said note or tfiis tnortgage, or if the inferesf thof may become due fhereon or any part fhereof shall be in default and unpoid for o spoce of fifteen (15) doys, or should the Mortgagor breach or fail to comply wi?h any other covenant or agreemenf on fhe port of the Mortgogor fo be comptied wifh (in those coses in which fhe opfion oF the Mortgagee o( etcele~a- t~on is not otherwise expressly provided hereinl and suth breecb or non-complionte continue in existence for o spoce of fiftcen (15) days, then ond from thenceforth, at the option of the Mortgogee and without notice to ihe Mcrtgogor, the whole of soid princ+pal ~ sum expressed in soid note; togelher with all other sums Iherein as well as herein provided for, sholl become immediately due and t porable, without nofice to tbe said Mortgagor. ~ SEVENTH: Thpf in case it shovtd become ntcessory to place this mortgage ond fhe note secured hereby or e~ther of them, in the hands of an atfomey for collection, the soid Mortgagor tovena~ts~ and agrees with the Mortgogee to poy all cos?s, chorges ~ and expenses of such collecfion, including reosonoble attorney's fees whether collected br foredosure or otherwise. r EIGHTH: Thal, in the event ony suit is brought ~pon this mortgoge, whether to fo~eclose it, to refo~m i~, or otherwise, and, or to eoforce paymenf of any claim hereunder, the MortgagEe moy opply to any courf having jvrisdiction thereo( tor 1he oppointmenl of o receiver of said morigoged praperty, os well as Ihe irxome, profits, is~ues ond revenves fhereof, c~nd the said - 2 - ~3R~c~ 800K'~?V PAGf ~ ~ _ - _ ~ - - - - - ~