HomeMy WebLinkAbout0927 AND the said Mortgagor hereby covenants and agrees with the sa~d Mortgagee as follows:
FIRST: That the Mortgagor is lawfully 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 free and disCharged of and from all taxes, tax titles or certificates,
iudgments, mechanic's liens and encumbrances of any nature or kind whatsoever and that the Mortgago~ will (ully war~ant and
defend the same to the Mortgagee, against the lawful claims and demands of all persons whomsoever, and will make such further
assurances to perfect fee simple title to said land, in the Mortgagee, as may reasonable be required and will pay the seve~al
sums of money agreed in the said note to be paid and alf insta~lments of principal and interest thereon promptly when due, and
according to the true tenor and eHect of the said note.
SECOND: That the Mortgagor wiil pay all and singular the taxes, assessments, le~ies, and encumbrances of every nature
on the above described property, and upon this mortgage and note, or the money secured thereby, before delinquency thereot
and receipts evidencing payment of said taxes, assessmentS levies and encumbrances shall be deposited with the Mortgagee on or
before March 1 st of each succeeding year during the term of this mortgage; and if same be not promptly paid when due, the '
Mort~agee may (without obligatfon to do so) pay the same, or become purchaser af any tawful eviden~e thereof, or certificate
!herefor, without waiving ~r affecting any right hereunder and in this mortgage, or the said note which this mo~tgage secures; and
s~ch payments or expenditures so made shall bear interest from the date thereof at the highest lawful rate of interest
THIRD: That the Mortgagor will I:eep all rea! and personal property now or he?eafter encumbered by the lien of this
mortgage insured as may be required from time to time by the Mortgagee against loss by fire, windstorm and other hazards,
~.asualties and contingencies for such periods and fo: not less than such amounts as may be required by the Mortgagee and to pay
promptly when due all premiums tor such insurance. The amounts of such insurance required by the Mortgagee are expressive of
only the minimum amounts for which said insurance shal! be written and it shall be incumbent upon the Mortgagor to maintain such
additionaf i~surance as may be necessary to meet and comply fully with all co-insurance requiremenis contained in said policies to
tne end that said Mortgagor is not a co-insuror thereunder Insurance shall be written by a company or companies approved by the
Mortoagee and all policies and renewals thereof shall be heid by the Mortgagee. All detailed designations by the Mortgagor
~;hich are accepted by the Mortgagzs snd aN agreements h,~iween tilortgagor and !ul~slaa~ee selating to ~nsurance, no~ar existing
or hereafter made, shall be in writing and shall be a part of this mor!gage agreement as full~ as though set forth verbatim herein
and shall govern both parties hereto and their successors and assigns No lien upon any of said policies of insurance or upon any
refund or return premium which may be payable on the cancetlation or termination thereof, shall be given to other than the Mort-
gagee, except by proper endorsement atfixed to such policy and approved by Mortgagee. Each policy of insurance shall have
affixed thereto a Standard Mortgagee Clause acceptablP to the Mortgagee, making all loss or losses under such policy payable
, to the Mortgagee as its interest may appear. In the event ar.y sum or sums of money become payable thereunder the Mortgagee
shall have the option to receive and apply the same on account of the indebtedness hereby secured or to permit the tulortgagor 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 I~ss 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
hereby, ali right, title and interest of the Mortgager in and to any insurance policies then in force shall pass to the purchaser or
grantee. Upon any default thereof, the MoRgagee may (but without obligation on its part so to do) place insurance on such_
I 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 af payment at the highest lawful rate of interest
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~ ~ FOURTH: Thai all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein
s spec~fically 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 secur2s
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p p y y part thereof, and u
` FIFTN: To ermit, Comr~it or suHer no waste, im airment or deterioration of safd propert , or an pon
the failure of the Mortgagor to keep the buildings on said property in good condition of repair, the Mortgagee may demand the
~ ~mmedfate repair of said buildings, or an increase in the amount of security, or the immediate repayment of the debt hereby
# secured and the failure oi the Mortgagor ±o 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 Mortgagee, immediately mature the entire unpaid principal and
~ ~nterest hereGy secured and the Mortgagee may, without notice, institute proceedings to foreclose th~s mortgage, and apply for
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the appointment of a receiver, as hereinafter provided
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~ SIXTH: That the Mortgago~ hereby promises, covsnants and agrees to pay the sums of money and interest as mentioned
g in sa~d promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms there~n, and secured
~ to be paid as stated therein promptly when due. If default shall be made in the payment ot the said sums of money or any part
i thereof as prov~ded in the said note or this mortgage, or if the interest that may become due thereon or any part thereof shall be
~ in default and unpaid for a space of ten (10) days, or should !he Mortgagor breach or fail to comply wlth any other covenant
r or agreement on the part of the Mortgagor to be complied with (in those cases in which th~ option of the Mortgagee of accelera-
~ i+on 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 ot the Mortgagee and withoui notice to the Mortgagor, the whole of said principal
sum expressed in said note, together with all other sums therein as well as herein provided for, shall became immediately due and
payable without 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 collectio~, the said Mortgagor covenants and agrees with the tAortgagee to pay all costs, charges
and expenses of such collect~on, includ~ng reasonable attorne~/s tees whether collec;ed by foreclosure or otherwise.
$ EIGHTH: That, in the event any suit is brought upon this mortgage, whether to forec!ose it, to reform it, or otherwise.
and/or to enforce payment of any claim hereunder, the IvSortgagee may apply to any court having junsdiction thereof for the
appo+ntment of a receiver of said mortgaged property, as weN as the ~ncome, profits, issues and revenues thereof, and the said
Il0 - 2 - ;;.:r.~~1 P.~.LE