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HomeMy WebLinkAbout1597 ANO the said Mo~tgagor hereby covenants and agrees wlth tt?e said Mortgagee as follows: FIRST: Thal the Mongagor is lawlully seized ot the above dascribed premises in Ic~e simpte and has good right to soll and convey the same to the Mortgagee; that tt~e s2id premises are frQe and discharged of and Irom all taxes, tax titles o~ certiticaies, Judgements, mechanic's liens and encumbrances o( any nature or kind whatscever and that tho Mortgac~or will luliy warrant and defend the same to the Mortgagee, against the lawtul claims and demands of all persons whomscevur, and will make such fur- ther assurances to perfect (ee simple title to said land, in Ihe Mortc~agee, as may reasonable be required, and will pay the several sums of money agreed in the said note to be paid and ali instatiments of principai and interest therecn promptly when due, and according to the irue tenor and ei(ect o( the said note. SECOND~ That ihe Mortgagor wil! pay all and singufar the taxes, assessments, Ievies, and encunibrances ot every nature on the above described property, and upon this mortyage and note, w the money secured thereby, before detinquency thereof and receipts evidencing payment of said ?axes, assessments, levies and encumbrances shall De deposited with tha Mortgagee on or before March 1st o( each succeeciinc~ year during the ierm of this mortgage; and if same be not prompily paid when due, the tv~ortgagee may (without obtigation to do so) pay the same, or become purchaser of any lawful evidence thereof, or certificate t~eretor, wiihout waiving or affecting any right hereunder and in this mortc~age, or th~ said note which tliis mortgage secures; and such payments ~,r expenditures so made shall bear interest from the date thereof at the highest ~ate allowable by law. THIR~: That the Mortgagor will k~~ep all real anU personal proparty now or herea(ter encumbered by it~e lien of this mort- gage insured as may be required trom time to time by thQ Mortgagee against loss by tire, windstorm and other hazards, casual- tios and contingencies tor such pericxis ~+nd tor not less than such amounts as may be required by the MortgagQe and to pay promptty when due a~l premiums (or such insurance. The amounts of such insurance required by the Mortgagee are expressive of only the minlmum amounts for which sai~i insurance shall be written and it shall be incumbFnt upon the Mortgagor to maintain such additional insurance as may be necessary to meet and comply tully with all co-insurance requirements co~tained in said pollcles ta the end 1ha1 said Mortgagor is not a co-insuror tt~ereunder. Insurance shall be written by a company or companies a~ proved by the Mortgagee and all policies and ~enewals thereof shall be held by the Mortgagee. All detailed designations by the Mortgagor which are accepted by the Mortgagee and afl agreements between Mortgagor and Mortgagee retating to insurance, now existing or hereafter made, shall be in writing and shall be a pah ot this mortgage agreement as futly as though set forth ver- batim herei~ and shall govern boih parties hereto and their successors and assigns. No lien upon any of said policies o! insur- ance or upon any retund or return prernium which may be payable on the cance!lation or terminalion ther~,~of, shall be given io other than lhe Mortgagee, except by proper endorsemeRt affixed to such policy and approved by Mortgagee. Each policy of insur- ance shall have affixed thereto a Standarcl Morigagee Ctause acceptable to the Mortgagee, making all loss or losses under such policy payable to the Mortgagee as its interest may appear. In the event any sum or sums ot money become payable thereunder ihe Morlgagee shaU have the option to receive and apply the same on account of the indebtedness hereby secured, of to permit the Mortgagor to receive and use it. or any part thsreoi, wilhout thereby waiving or impairing any equity, tien or right under and by virtue of this mortgage. ln event of loss or physical damage to the mortgaged property ihe Mortgagor shall give imrnediate notice thereof by mait to the Mortgagee and the Mortgagee may make proof ot loss it the same is not made promptly by the Mortgagor. In event of foreclosure of this mortgage or olher transfer of title to the snortgage~ aruperty in extinc~uishment oi the indebtedness secured hereby, all right, title and interest of the Mortgagor in and 'o any insurance policies then in Iorce shall pass to the pur- chaser or grantee. Upon any de/ault lhereof, t~e Mortgagee may (but without obtigatio~ on its pa~t so to do) place insurance on such buildings and pay the premium and charge such sums so paid !o the Mortgagor and such sums of money so paid shall 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 he~e~ in specifically provided for, and including ~ny expense~ incurred by the Mortgagee in collection oI the sum sec:ured by lhis mori- gage, shall be covered by the iien oI this n~ortgage, the ~;arr?e as ttie sums of money represented by ihe note which this morlgage secures. FIFTH: To permit, commit or sutiF;r no wai.te, impairment or !leterioration oI said prcperty, or any part Ihereol, and upon t~e failure o( the Mortgagor to keep the buildings on said F~roperty in good condition of repair, the Mortgagee may dernand the +m- mQdiate repair of said buildings, or an increase in the amount of security, or th~ immecliate repayment of !he debt hereby secured, and the failure o( the Mortgac~or to comply with said demand of the Mortgagee ;c~+ pe+iod of fitteen (t5) days shap con- stftute a breach ot this mortgage, and, at the option af the Morigagee, immediately mat~~re 1t.L an;ire unpaid principal and in- torest hereby secured, and the Mortgagec~ may, without notice, instiiute proceadings to forEClos;. mortgage, and apply for the appointment of a receiver, as hereinafter providecl. SIXTH: That the Mortgagor hereby promi:,es, a3vc:nants ancl agrees to pay the sums of m~~ey and interest as mentioned in said promissory note, together with any and all other sums justl~ due and owiny the Morigagee by the terms therein; and se- cured to be paid as stated therein promptly when due. If clefault shall be made in the payrnent of the said sums of money or any part thereof as provided in the said note or ihis morlgage. or i( the interest that may become due th~re~n ar any part thereoi shalf t~ in default and unpaid for a space of tifteen (15) days, or should the Mortgagor breach or fail to comply with any other covenant or agreement on the part of the MortgagOr to be compli~d with (in those cases in which the option ot the Mortgagee of accelera- tion is not otherwise expressly provided herein) and sucl~ breach or non-compliance continue in existence tor a space of fitteen ~ (15) days, then and from thencetorth, at the option ot the Mortgagee and wilhout notice io the Mortgagor, the whofe of said princi- pal sum expressed in said note, together with atl other sums therein as well as therein provided for, shatl 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 ~~ereby o~ either of them, in the hands of an attorney for collc.~ction, the said ~~lortgagor covenants and agrees with the Mortgagee to pay all costs, , charges and expenses of such collectian, including reasonable attorney's fees whether collected by foreclosure or othe?wise. EIGHTH: That, in the event any suit is brought upon this rnortgage, whether to foreclose it, to reform it, or oiherwise, and/or to enforce payment of any claim h~reunder, the Mortgagee may apply to any court having jurisdiction thereof tor ihe ap- polntment of a receiver oi said mortgaged property, as well as the income, profiis, issues and revenues thereof, and the said in- come, proffts, issues and revenues are hereby mortgagPCi as if specifically set forth and described in the granling and habandum clat~ses hereof, and such receiver shall have all the broad and effective functions and powers in any wise entrusted by a court to ~ a recefver, and such appointment shall be made by such cou~t as an admitted equity and a matter ot absolute right in tho Mortga- i eooK 674 ~~f159? ~ ~ , i n ~ - _ ~ .,d.~~~x~. .r.x_~___ _