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HomeMy WebLinkAbout0925 d _ , ~ - -h ~ . ~ : ~U - ~C~U ~~Cd ~i~i~?~ , AND the aaid Mortgagor hereby covenants arrd agrees with the said Mortgagee as follows: FIRST: That the Mortgagor is lawfulty seized of the above described premises in fee simple and has good right to sell and convey 4he same to the Mortgagee; that the s2id premises are free and discharged of and from atl taxes, tax tittes or certiticates, Judpements, mechanic's Ilens and encumbrances of any nature or kind whatsoever and that the Mortgagor wHl tully warrant and defend the same to the Mortgagee, against the tawtut claims and demands of all persons whomsoever, and wi!! maks such fur- ther asaurarx;es to periect fee simple titte to said land, in the Mortgagee, as may reasonable be requlred, and will pay the several aums of monQy agreed in the saitl note to be paid and all installments of principal and fnterest thereon promptly when due, and acxording to the t~ue tenor and effect of the said note. ! SECONO~ That the Mortgagor wilt pay all and singular tt~e taxes, assessments, levies, and encumbrances of every nature on the above described property, and upon this mortgage and note, or the money secured tF~ereby, before dalinquency thereoi and recelpts evidencing payment of said taxes, assessments, levies and encumbrances shall De deposited with the Mort~agee on or belae March 1st af each succeeding year during the term of this mortgage; and if same be not promptly paid when due, the Mortflagee may (without obligation to do so) pay the same, or become purchaser of any lawful evidence thereot, or certificate theretor, wfthout waiving or affecting any right hereunder and in this mortgage, or the said note which thfs mort~age secures; ancf auCh payments or expenditures so made shali bear interest from the date thereof at the highest rate allowable by iaw. THIRD: That the Mortgagor will keep all real and personal property now or ~ereaRer encumbered by ths Nen of this mort- Sa~e insured as may be ~equired f~om time to time by the Mortgagee against loss by fire, windstorm and other hazards, casual- tlee and contingencies for such periods and for not less than such amounts as may be required by the Mort~agee and to pay promptly when due ali premiums for such insurance. The amounts of such insurance required by the Mortgagee are expressive of only the mintmum amounts for which said insurance shail be written and it shaH be incumbent upon the MortgaQor to maMtain auch additional (nsurance as may be necessary to meet and comply fully with a!I co-insurance requlrements contained in said potlcies to the end that said Mortgagor is not a co-insuror thereunder. lnsurance shall be written by a company or companies ap~ proved by the Mortgagee and a!I pollcies and renewals thereof shall be held by the Mortgagee. All detafled designations by the Morlqago? which are accepted by the Mortgagee and all agreements between Mongagor and Mortgagee relating to insurance, now exfstinfl or hereafter made, shall be in writing and shall be a part of this mortgage agreement as futly as though set forth ver- betlm hereln and shait govem both partfes hereto and their successors and assigns. No lien upon any of said policies of insur- sr?Ce or upon any refund or retum pr$mium which may be payable on the cancellation or termination thereof, shali be given to other than the Mortgagee, except by proper endorsement affixed to such poiicy and approved by Mortgagee. Each palicy ot Insur- ance shall have affixed thereto a Standard Mortgagee Ciause acceptable to the Mortgagee, making all loss a losses under such policy p8yable to the Mortgagee as its interest may appear. in tha event any sum or sums of money become payable thereunder the Mort~apee shall have the option to receive and apply the same on account of the indebtedness hereby secu~ed, or to permit the Mort~agor to receive and use it, or any part thereof, without thereby waiving or impairing any equity, Uen or right under and by virtue of this mortgage. ln event of loss or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereof by mail to the Mcxtgagee and the Mortgagee may make proof of loss if the same is nat made promptly by the Mortgagcr.. In event of foreclosure of thls mortgage w other transfer of title to the mortgagec aroperty in extingutshment of the Indebtedness aecured hereby~ all right, title and interest of the Mortgagor in and ta any insurance poiicies then in force shatl pass to the pur- ~ chaaer or flrantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) place insurance on auch build(nfls and pay the premium and charge such sums so paid to the Mortgagor and such sums of money so paid shail bear Interest from the date of payment at the highest rate allowable by law. FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and here- in specifically provided for, and inctuding any expenses incurred by the Mortgagee in co!leciion of the sum secured by ihis mort- ~afle, shall be covered by the iien of this mortgage, the same as the sums of money represented by the note which this mortgage secures. FIFTH: To pem~it, commit or sufter no waste, impairment or deterioration of said property, or any part thereof, and upon the failure of the Mortgaqor to keep the buildings on said property in good conditlon of repair, the Mortgagee may demand the {m- medlate repair of said buildings, or an lncrease in the amount of security, or the immediate repayment of the debt hereby securod, and the failure of the MortgaQor to comply with said demand of the Mortgagee ~or a pe~ iod of fiReen (15) days shall con- stttute a breach of this mortflage. and, at the option of the Mortgagee, immediately mature tt.~ antire unpaid p~inctpal and fn- t6reat hereby secured, and the tilortgagee may, without notice, institute proceadings to foreclosc "'3 mortgage, and apply for the appointment of a rec•,eiver, as herelnafter provided. : SIXTH: That the Mortpagor hereby promises, covenants and agrees to pay the sums of m~ney and interest as menttoned !n aald promissory note, to~ether wlth any and all other sums justly due and owing the Mortgagee by the terms thereln, and se~ cured to be pald as stated~ therein promptly when due. lf default shall be made in the payment of the sald sums of money or any part thereof as provided in the safd note or this mortgage, or if the interest that may become due thereon or any part thereaf shaf l be In default and unpald for a space of flfteen (15) days, w sh~uld the Mortg~~or txeach or falt to cvmply wlth any other cavenant or eqreertient on the paR of the Mortgagqr to be complied with (in those cases trt which the optlon of the Mortpapee of accelera- tlon Is not otherwtse expressly pravided herein) end such breach or non~omplfance contlnue In exlstence for a space of ftfteen ~ (1~ daya~ then and from thenoeforth, at the optlon ot the Mortpapee and wlthout notice to the Mortflagor, the whole of aald prt~cl- pal sum expreaaed !n sald note, together wlih all other sums thereln as well as therein provlded for. shall become Immedlatety due and psyable, without notlce to the sald Mortqa~. SEVENTH: That In case It should become necessary to place th(s mortgape and the note aecured hereDy or elther ot thsm. ln the handa of an attomey tor collectlon, the asld Mortgagor «~vvenants and aqrees wfth the Mort~a~ee to psy all costs, CAer{~e~ end expenaes of such c~llection, fnclucilny reasonable attomey's iees whether collected by foreclasure or otherwlae. Et(3NTH: That, In the ev~ent any sult is brouflht upon thfs mortgaQe, whether to foreclose it, to refo~m it, or otherwlse, andlor to snforce payment of any clalm hereunder, the Mortpapee may apply to any court havlnq ju~lsdtctlon thereof for the ap- p0lMmertt of a rooelver of sald mortpeped property, as well as the Income, protlts, issues and reve~ues thsreof, and ths sald In- coms~ proflts, fssuee and revenues a~e hereby mortqaged as ff speciflcally set forth and desc~lbed In the prantlnp and habsncfum clawes hsreof, and such rocelver atuill haYe all the broad and effective functlona and powern In any wtse entruated by ~ c~u~t to • rscelv~, and such appolntment ahall be made by such court as an admltted equlty and s matter of abaolute ~ht In ihs Mortpa- , - P~ps ~ ot ~