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HomeMy WebLinkAbout0928 AND ths sald Mon9a9or he~eby coven~nts and aflreea with the said Mortpapee ~s follows: FIRST: That the Mortpa~or is lawfully sei:ed of tAs ebovs desc~ibed pramlaea in ise simpte and haa pood riyht to sell a~d convey tAe same to the Mon~apee; that the aatd premiaes are free and dische~ped of and Irom all taxea tsx titles or certiticatea, Jud~ments, mechan~'s Ilens and encumbrencea of eny netu~e or klnd whatsoever end that the Monflapor wfll fuly warrant and defand the same to ths Mortqayee. ayainai Ihe lawful claims and demanda of all petsona whomsoever, and witl make su~h turther assurances to pertect fee aimple titla to said land in the Mohflaqae, as may reasonable be required and will pey the aeveral a1~~! ~~'fAI~AY ~~~t?rl in fhe ~sie1 nnln ~n M ~elA Mnei MII In~~Mlln~~n~°v p::^v:~"2.°.~ i:~iv:~°i i:iviovi~ piv.Ti'yii~ iilivi~ uuo~ ai~v accordin9 to the true teno~ and eHect ot the said nota SECOND: That the MoAflaqor will p8y eil and singular fhe taxes, assessments, levies. and encumbrences of every nature on the above desc~ibed property, end upon this mortyefle end note, or the money securad fhereby, before deli~quency the~eof and reCeipts evidencing payment of aaid tanes~ assessmenta~ levies end encumbrencea shail be deposited with the Mortgaflee on or before March 1 at oi each succeedinp year du~infl the term O1 this mortgafle; and if same be nol promptly paid when due, the , Mortqaqee may (withoul obliflation to do so) pay the same, or become purchaser ot any lawful evidence thereof, or certi(icate therefor, without waiving or aNecting any ri~ht hereunder and in this mortgage, or the said note which this mohgage secures; end such payments or expenditures so made shall bear interest trom the date thereot et the rate ot highest legal rate per annum THIR~: That the Mortgagor will keep all real and personal property now or hereafter encumbered by the lien of this monflape insured as may be required f~om time to time by the Mongagee against loss by (ire, windstorm and other hazards, casualties a~d contingencies for such periods and for 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 of such Insurence required by the Mortgaflee ere expressive of ' ony the minimum amounts for which said insu~ance shail be written and it shali be incumbent upon the Mortpagor to maintain such additional i~surance as may be ~ecessary to meet and comply fully with all co-insurance requirements co~tained in said policies to the end that said Mo~tgagor is not a co-insuror thereundec Insurance shall be written by a company or companies approved by ihe Mortgagee and all policies and renewals thereof shall be held by the Mortgagee. AI! detailed designations by the Mortgagor which are accepted by the Mort~agee and all agreements between Mortgagor and Mortgegee relating to insurance, now existing or hereafter made, shall be in writing and sheli be e part oi this mortgage agreement as iully as though set forth verbatim herein and shall govern both parties hereto and their successors and assigns No lien upon any of said policies ot insurance or upon any - refund or return premium which may be payable on the canceilation or termination thereo(, shail be given to other than the Mort- ~ gagee, except by proper endorsement aHixed to such policy and approved by Mortgagee. Each policy ot insurence sha~l have aNixed thereto a Standard Mortgagee Clause acceptabte to the Mortgagee, making all loss or losses unde~ such policy payable ~ to the Mortgagee as its interest may appear. In ihe event any sum or sums of money become payable thereunder the Mortgagee ~ ~ shall have the option to receive a~d apply the same on account of the indebtedness hereby 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 mort9age. In event ot loss or physical damage to the mortgaged property the Mortgagor shall give immediate notice thereot by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not mede promptly by the Mortgagor. In evenf ~ of foreclosure ot this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured F ~ hereby, all righk titte and interest of the Mortgagor in and to any insurance policies then in force shall pass to the pu~chaser or ~ grantee. Upon any default thereof, the Mortgagee may (but without obligation on its part so to do) 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 shall bear interest ~ from the date oi payment at the rate oi hi.~~h~st le~al rate per annum ~ = FOURTH: That all sums of money paid or caused to be paid by the Mortgagee under the terms of this mortgage and herein s specificelly provided for, and including any expenses incurred by the Mortgagee in collection o( 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 secures ~ FIFTH: To permit, commit or suffer no waste, impairment or deterioration oi said property, or any part thereof, and upOn s the failure of the Mortgagor to keep the buildings on said property in gQOd condition of repair, the Mortgagee may demand the ~ immediate repair of said buitdings~ 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 Mortgagee for a period oi fifteen (15) days shall Constitute a breach of this mortgage, and, at the option of the Mortgegee, immediately mature the entire unpaid principal and i t interest helreby secured and the Mortgagee may, without notice, institute proceedings to foreclose this mortgage, and apply for : . the appointment of a receiver,~es hereinafter provided ~ ` SIXTH: That the Mortgagor hereby promises, covenanfs and agrees to pay the sums of money and interest as mentioned ~ in said promissory note, together with any and all other sums justly due and owing the Mortgagee by the terms therein, and secured ; to be paid as stated therein promptly when due. If detautt shall be made in the payment of the said sums oi money or any part thereof as provided in the said note or this mortgage, or ii the interest that may become due thereon or any part thereof shall be in default and unpaid tor a space oi iifteen (15) days, or should the Mortgagor breach or fail to Comply with any other covenant ~ i' or agreement on the part of the Mortgagor to be complied with (in those cases in which the option ot the Mortgagee of accelera- ~ ~ tion is not otherwise expressly provided herein) and such breach or norrcomptia~ce continue in existence for a space of fifteen (15) ~ days, then and irom thencefoRh, at the option of the Mortgagee and without notice to the Mortgagor, ihe whole of said principal ~ _ . sum expressed in said note, together with all other sums therein es well as herein provided for, shall become 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 ot therr~ in the hands of en ettorney fot collsCtion, the said Mort~agor covenants and egrees with the Mortgagee to pay alt costs, Charges ~and expenses of such collection, inctuding reasonable attorneys fees whether collected by foreclosure or othervvise. ~ ' EIGHTH: Tha~ in the event any suit is brought upon this mortgage, whether to foreciose it, to reform it, or otherwise, ; ~ and/or to eniorce ' payment of any claim hereundar, the Mortge~ae may epply to any court having jurisdiction thereof tor the ! appointment of e receiver ot aaid mortgaged property, es wall as the income, profits, issues and revenues thereof, and !he said j i f. ~ f NON ILD - Z- OR ; 3 2 2.,,, 0., B n 0 5 3 4 P A G E O 9 2 6 . _ . _ _ ~ _ _ : - - . _ _ _ _ t.