The URL can be used to link to this page

Home My WebLink About0934 ~ A N D t h e a a i d M a i p a q o r h e r e b y c o v e n a n t a a n d a fl r e e a w i t h i h e s a i d M o r t Q~ s e a a f o l l o w s: . FIRST: That the Mortpaqor ia lawfuliy selzecf of the above describod promisea in fes aim~le and has qood riqht to sell a~d convey the same to the Mortfla~e« that the satd p~smisss ars fres and dischasyed of and from all taxas~ ta~i titlsa or certHicates, ~udpmenta~ mechanic's Ilena and encumbran~s of any nature or kind whatsoever and that the Mort9a9or wili fuly wanant ~nd defend the same to the MortyaQee. apainat the lawful clsims and dema~ds of all peraons whomaoever, and will make auch further ass~~rances to perfect fee simple titb to said land in the Mortpaflee~ as may reasonable be ~equired and will pay the several aumg of money apteed in the said note to be paid and all installment8 of p~'inCipal and interest thereon prompty when due, and aocordin~ to the true tena and eftect of the said rtota SECOND: That ths Mortya~or will pay all end str~uler the taxea~ assesament$ leviea, and encumbrances of every natura o~ the above deacribed property, and upon thia mwtflape and note~ a the money secured thereby, before delinquency thereof and receipta evide~cirp payment of said taxee, assessmenta, levies and encumbrancea shall be deposited with the Mortpaflee on or beforo March 1 st of eaCh succeedin~ yeu du~inp the tern? of th[a mort~ep~ and H same bsr not promptly paid whe~ due, the Mortsa~ea may (without obllsation to do s~ pey the sama or become purchaser of any lawful evidence thereof, or certificate therefor, vrithout waivin9 or affectirp any ~ht hereunder and in thla mortpaqer or the said note which this mortya~e securea; and . such paymenta or expenditures so made shall qear interest from the date thereof at the hi~hest lawfui ?ate of interest THIRD: That the Monpa~or will keep all real and personal property now or hereafter encumbered by the lien of thia mortyBQe insured aa may be required from time to tirne by the Mort~ee apainst loas by fire, wi~dstorm and other hazarda, casualtiea and contin~encfes for such perioda and for not lesa than such amounts as may be required by the Mort~aQee and to pay - promptty when due ali premiums for such inauranCe; The amounts of such _insurance required by the Martga~ee are,expressive of ony the minimum amounts for which a~ld insurance ahall be written and it shail be incumbent upon lhe MortQaflor to maintain such additionai inaurance aa may be neceasary to meet and comply tuily with all co-insurance requireme~ts contained in aaid policies to - the end that said Mortpapor is not a co-inauror thereundec Inaurence shall be written by a company or companies approved by the Mortflaflee and all policies and renewals thereof ahall be held by the Mortga~ee. All detailed designations by the Mortflagor which are accepted by the MortqaQee and ali agreements between Mortg~~or and Mortgagee relatin~ to insurance, now exiatir?g or hereafter madeR 8hall be in writing and shall be a part oi this mortgaQe agreer*~ent as fully as thciu~h set forth verbatim herein and shail govem both parties hereto and their suocessors and assi~ns No lien upon any of said poli~ies of inst,irance or upon any refund or retum premium which may be payable on the canceilation or termination thereof, shall be given to other than the Mort- yagee, except by proper endoraement affixed to such policy and approved by Mortgagee. Eac~ policy ot insurance shall have aHixed thereto a Standard Mortgaflee Clause accepta~le to the Mortgagee, making all loss or losses under such policy payable to the Matfla9ee es its interest may appear. In the eveM any sum or sums of money become payable thareunder the Ma~... shall have the option to receive and apply the same on account of the indeDtedness hereby secured, or to permit the Mortgagor to receive and use it, or any part thereot without thereby waiving or impairing any equity, lien or right under and by virtue of this mortgafle: !n event of loss or physical damaye to the mortgaged property the Mortgagor shall give immediate notice thereoi by mai~ to the Mortgaflee and the MortQagee may make proof of loss if the aame is not made promptly by the Mortgagor. In event of foreciosura of this mortgage or other transfer of title to the mortgaged prope?ty in entinyuishment of the indebtedness secured hereby, ali ripht, title and interest of the MortgagcK in and to any insurance policies then in force shali pass to the purchaser or grantee. Upon any defeult thereof, the MoRgagee may (but without obligation on its part so to doy 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 shatl bear interest from the date of payment at the highest {awful rate of interest 'r; FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein ; specificaly provided for, and including any expenses incurred by the Mortgagee in collection of the sum secu:ed by this mortgage, ~ shall be covered by the lien of this mortgag~ the same as the sums of money represented by the note which this mortgage secures i FIFTH: To permit, commit or suffer no waste, impairment or deterioration of said property, or any pa~t thereof, and upon the failure of the MoRgagor to keep the buildings on said property in good condition of repair, the Martgayee may demand the immediate repair ot 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 oi the Mortgagee for a period of ten (10) days shall conatitute a breach of this mortgage, and, at the option of the Mortgagee, immediately mature the entire unpaid principal an~ interest hareby secured, and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for the appoi~tment of a receiver, as hereinafter provided ~ SIXTH: That the Mortgagor hereby promises, covenants and agrees to pay the sums of money and interest as mentioned ~ 1 in said promissory note, toqether with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured I to be paid as stated therein promptly when due. If default shall be marle in the payment of the said sums of money or any part ~ thereof as provided in the said note or this mortgage, or if th@ interest that may become due thereon or any part thereof shall be in detault and unpaid for a space of ten (10) days, or ahould the MoRgagor breach or fail to comply with any other covenant or ayreement on the psR of the Mortgayor to be complied with (in those cases in which the option of the Mortgagee of accelera- tion is not Qtherwise expressy p~ovided herein) and such breach or non-compliance continue in existence for a space of ten (10) ~ days, then and from thenceforth, at the option Qf the Mortgagee and without noti~e to the Mortgagor, the wt~ole of said principal ~ sum expressed in said note, together wiih al! other sums therein as well as herein provided for, shall becomA immediately due and payable without notice to the said Mo~tgaflor. ~ ~ SEVENTFi: That in case it shou~d become necessary to place this mortgage and the note secured hereby or either of them, ~ in the hands of an attorney for collection, the said Mortgagor covenants and agrees with the Mortgagee to pay all costs, charges ~ and expenses of such collection, including reasonable attorneys fees whether collected by toreclosure or otherwise. ~ E!(ikTF~: That, in the event any suit is brough! upon this mortgage, whether to foreclose it, to reform it, or otherwise, and/o~ to enforce payment of any elaim hereunder, the Mortgagee may apply to any court having jurisdiction thereof for the appointment o! a receiver of said mortgaged property, as well as the income, profits, issues and revenues thereof, and the said ~ ~ (iRA c~ ~~o - 2 - 600K `~~J ,PAGE ~ r tiR ~n BOOK ch~ PAGf ? ~ ~ ,,J-~ EC~f ~ _ . _ . _ ~ - ~ - _ . - ~ ~ ~a~ ~ j ` k~:. T ~