HomeMy WebLinkAbout0915 AND the said Mortgagor hereby covenants and agrees with the sa~d Mortgagee as toltows:
FIRST: That t~e Mortgagoi ~s ~awfully seized of the above described premises in fee simple and has good right to sell and
convey the same to the Mortgagee; that the said premises are tree and discharged ot and trom all taxes, tax titlss or certificates,
judgme~ts, mechanic's liens and encumbrances uf any nature or kind whatsoever and that the Mortgagor will fully warrant and
defend the same to the Mortgagee, against the lawful claims and demands of all persons uvhomsoever, and will make such further
assurances to perfect fee simple title to said land, ~n the Mortgagee, as may reasonable be required, and will pay ihe several
sums of money a~reed in the said note to be paid and all instatlments of principal and interest thereon promptly when due: and
accorcting to the true tenor and effect of the said note.
SECOND: That the Mortgagor wi!! p~y a!! an~+ s~ngular the laxes, ~sssssrtesnts, !svies, a.^.d e^~~:^~rances of avsry~ na:u:e
on the above described property, and upon this mortgage and note, or the money secured thereby, before delinquency thereof
and receipts evidencing paymer,t of said taxes, assessments, levies and encumbrances shall be deposited wilh the Mortgagee on or
belore March t st oi each succeeding year during the term of this mortgage; and if same be not promptly paid when due, the
Mortgagee may lwithout obligation to do so) pay the same, or become purchaser of any lawful evidena~ thereof, or cert~ficate
therefor, with~ut waiving or affecting any right hereunder and in this mortgage, or the said note which this mortgage secures; and
such payments or expenditures so made shall bear interest from the date thereof at the rate of hiqhest 1@qal rate
per annum
THIRD: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the tien of this
mortgage insured as may be required from time to time by the Mortgagee against loss by fire, windstorm and other hazards,
casualties and contingencies for such periods and (or not less than such amounts as may be required by the Mortgagee and to pay
promptly when due all premiums for such insurance. The amounts ot such insurance requi~ed by the Mortgagee are expressive of
only the minimum amounts for which said insurance shall be written and it shall be incumbent upon the Mortgagor to maintain such
additional insurance as may be necessary to meet and comply fully with all co-insurance requirements contained in said policies to
the end that said Mortgagor is not a co-insuror thereunder. Insurance shall be written by a c~mpany or companies approved by the
Mortgagee and all policies and renewals thereof shall be held by the Mortgagee. Atl detaifed designations by the Mortgagor
which are accepted by the Mortgagee and all agreements between Mortgagor and Mortgagee relating 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 successors and assigns No lien upon any of said poticies of insurance or upon any
refund or return premium which may be payable on the canceflation or termination thereof, shall be given to other than the Mort-
gagee, exceot by proper endorsement affixed to such policy and approved by Mortgagee. Each policy of insurance shall have
'i affixed tnereto a Slandard Mortgagee Clause acceptable to the Mortgagee, making all loss or losses under such policy payable
to the Mortgagee as its interest may appear. In the eveni any sum or sums of money become payabie thereunder the Mortgagee
shall hav2 the option to receive and apply the same on account of the indebtedness he!eby secured or to permit the Mortgagor to
receive and use it, or any part thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this
mortgage. In event of 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 mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured
j hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in iorce 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
i
; buildings and pay the premium and charge such sumsso paid to the Mortgagor and such sums of money so paid shall bear interest
~ from the date of payment at the rate of highest legal rate per annum.
I ~ FOURTii: That al! sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein
~ specifically provided for, and including any expenses incurred by the Mortgagee in col!ection oi 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 mertgage secures
:
~ FIFTH: To permit. commit or suffer no waste, impairment or deterioration of said property, or any part thereof, and upon
t the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the
~ ~mmediate 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 Mortyagee for a period of tiftee~ (15) days shall
~ constitute a breach of this mortgage, and, at the option of the Mortgagee, irnmediately mature the entire unpaid principal and
~ intarest hereby secured, and the Mortgagee may. w~thouc notice, institute proceedings to foreclose this mortgage, and apply for
~ the appointment of a receiver, as hereinafter prov~ded.
~ SIXTH: That the Mortgagor hereby ~romises, covenants and agrees !o pay the sums of money and interest as mentioned I
~ ~n said promissory note, together with any and all other sums justly due and ow~ng the Mortg2gee 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 ot money or any part
thereof as provided in the said note or ihis mortgage, or if tne in?erest that may become due thereon or any part thereof shall be ~
~ ~n default and unpaid for a space of fifteen (15) days, or should the Mortgagor brea~h or fail to comply with any other covenant ~
~ 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 fifteen (15j
~
days, then and from thenceforth, at the option of the Mortgagee and without notice to the Mortgagor, the whole of said principat
sum expressed in said note, together v~ith a!! other sums therein as well as herein provided ior. shall become immediately due and
- payable wit`~out notice to the said Mortgagor.
SEVENTH: That in case it should become necessary to place this mortgage and the note secured hereby or either of them,
~n the hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay ali costs, charges
and expenses of such collection. ~ncluding reasonabte attorneys iees whether collected by foreclosure or otherwise.
EIGNTH: That, in the event any suit is brougt~t upon this mortgage. whether to foreclose it, to ref~rm ik or otherwise.
and/or to eniorce payment o! any cla~m hereunder, the Mortgagee may apply to any court hav~ng jurisd+ction thereof for the
- appointment of a receiver of said mortgaged property, as well as the income, profita issues and revenues thereof, and the said
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~ NCi`1 ~LD 2 - n~ ~
- ~441 ~~~:E 913 ~