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Home My WebLink About1607 3. To plate and continuously Reep on the bu~!dings now or hereafter ~ituate on said land and on al( equipmert and personetly coverrd by thia mortg- age, with ali premi~rrn thereon pa~d in full, fire insurance in the usuaf standard policy form, ~n a s~m approved by the MOR(vAGEE, and windstorm . insurance in the usua~ standard policy form, in a sum approved by the MORTGAGEE, in such company or companies as the MORTGAGEE may dircch and ail fire and windstorm insurance po(icies on any of ssid build~ngs, any interest therein or pert thereof, in the agqregate sum aforesaid or tn extess thereof, shall contain the usual standard mortgagee clause or such other clause as the Mortgagee may require, making the loss under said poli- cies, each and every, payab!e te said MORTGAGFE aa its intprext may appear, and each and every svch policy ahall be promptly ess gned and delivered ro ' ~ny held by said h10P,TGAGEE as furrhet ~ecurity to said mortgage debt, and, not less than ten (10) days in advance of the expiration of each policy, to de- ~ liver to said MORTGAGEE a reriewal thereof, together with a receipt for the Fremium of such renewal; and there shall be no flre or windsro~m insurance p~aced on any of said buildings, any interest therein or pert thereof, unless in the form'and with the ioss payable as aforesaid; and in the event any wm of money becomes payabie under such palicy or po!ities said MORTGAGEE shall have the opt~on to receive and apply the sarne on acceunt o~ the indebted- ~ ness secvred hereby or to permit said MORTGAGORS to receive and use it or any part thereof for otne, p~rposes, v.~fhour rh_rco~ waivin~ or ~mpair• ing any eqvity, lien or riyht under or by virtve of this mo-tgage; and in ihe event said MORTGAGORS sha!! for any reason fail to keep the said premites so insured, or fail to deliver promptly any oF said poli~ies of insuran~ to said MORTGAGEE, or fai! promptly to pay fully any premium therefor or in any resqett fai! to perform, di:charge, exewre, riieci, carr,ptete, camply with and a5ide by thix covenant, or any part hereof, said MOR7GkGEE may place ann pay for such insurance or any part thereof without walving or affecting any option, lien, equity, or right under ar by virtue of this Mortgage, end tht full amount of each and every such pzyment shall be immediately due and payable and shaii bear interest from the date Phereof until paid at rhe rate of nine per centum per artnum and to~efhe~ with auth interest shaii be sec~ired by the lien of ihis mortgage. 4. To permit, eommit or suffer no waste, impairment or deterioration of said property or eny part thereof. 5. To pay ell end s+ngular the Icoats, charges and enpenses, including a reasonable attorney's fee and costs cf abstracts of title, incurred or paid at any time by aaid MdRTGAG,E, becaus! or in the eyent of the fail~re on the part of she aaid MORTGAGOR to duly, promptly and fvily perform, d+scharge, s` execvte, effeci, complete, comply with and ab;de by each and every the a'~pulations, agreements, condition~, and covenants of said promissory note and thii i mortgage any or either, and said costs, charges and expenees, each and every, shall be immediately due and payable; whether or not there be no+ice do- F inand, attempt to coilett or suit pend~ng; and the fult amount of each and every such payment shail bea~ interest from tha date thereof until paid at the ~ rate of nine per centum per ann~m; and all said costs, charges and expenses incurred or pa~d, together w~th suth interest, shall be secured by the lien af this C mortgage. ~ 6. That (a) in the evant of any breacfi of this Mortgaye or defaulr on the part of the MORTGAGOR, or (b) in the event any of sa~d sumt of money ` herein referred to be not promptiy and fully paid within th~riy (30) days next after the same severa!ly become due and payable, without demand or notice, ~ or (c) in the event each and every the stipulations, agreemen~s, cond~tions and covenants of sa:d promisscry note and th~s mortgage any or eirher are nof iuly, promptly and fu!!y Ferformed, d+scharged, exetuted, effected, tompteted, cOmplizd with and abided tiy, then in either or any such event the said ag• prey~ate sum mentioned in said promissory note then remaining unpaid, with interest accrued, and aii moneys setured hereby, ahail betome due and pay _ able fortliwith, or thereafter, at the option oi sa~d MORiGAGEE, aa fully and complerely as if all of the sai~y sums ot money were originally atipul~ted to be pald on such day, anything in sa!d prom~ssory note or in this Mortgage to the contr~ry nor,riithsianding; and thereupon or thereafter at the opt~on of ~ taid MO~TGAGES, withcut notice or demand, su'rt at law or in equity, therefore or thereafter begun, may be prosecuted es if all moneys secured hereby i had matwed prior ro ets institusion. 7. That in the event that at the beginning of ur at any rime pending any s~it upon this Mortgage, or to foretlose it, or to reform it, or to enfo+ce ~ paymem of any claims hereunder, said IAORTGhGEE shali appiy to the Court having junsd;ttion thereof for tfie appo~ntment of a Receiver, such Court shail i • Farittiwi!h appcint a r~ceivpr of said mortgaged propetYy a!I and singular, in[Iud~ng ~li and singu!ar the income, profits, issues and revenues from whatever f ; eource deiived, each and every of wh:ch, it being expressiy understood, is hereby morrgaged as if spec~fically set forth end describec! in the Qranting and 4 r` habendum clauses hereof, and such Re<eiver sha(I have ail ihe broad and etfecr've funcr,ons and y' y { powers in an w~se entrusted b a Courf 1o a Receiver, and ~ wch appointment shall be made by such Court as an admitted equity and a rr.atter of abso!~te r~gh+ to sa~d AAORiGAGEE, and w~thout reference to the sdequacy or inadequacy of the value of the property mortgaged or to the so~venr~ or ~nsoivency of said MORiGAGOR or the defendants, and that such Covrt, Frofirs, irtcome, issues and revenues shall be app;ied by such Receiver accord~n9 to the lien or equity oi said MORTGAGEE and the practice of such z 8. To duly, promptly and fv~ly perform, discharge, execute, effec?, complete, compiy w;rh and abide by each and every the stlpulations, agreements, cortditic+ns and covenants in said prornissary note and this martgage set forrh. 9. Thet in the svent the ownership vf the mortgaged premisea, or any part thereof, 6ecomes vested in e person other ihan the JNORTGAG4R, the MORTGAGEE, its wccessors and assigns, may, without notita to the MORTGAOR, deat with such suttessor or successo: in intereat with referen~e tp thia mortgsge and the debt hereby secvred in the •am~ manner as with Mortgago~ witho~t in any way vitiating or dncharg;ng the Mongagors' liability here- undrr or upon the debt hereby secured. No sale of the promises hereby mortgaged ancl no forbearante an the per~ of the MORTGAGEE or its svccessor= or assign• and no extansion of the time for the payment oi the aebt hereby secured given by 1he MORTGAGEE or its successors or assigns, si7ail operate ~o reteaie, d+ttharge, mod~fy chings or affect the originai liabil~ty of the MOR~GAGOR herein, either in who1~ or ir part. 10. it is apec~fically agreed that tima is of the essencr of this contract and that no wa~vtr of any obl~gat~on hereunder or of the obligation st a;red hereby •hall et any time tnereafter br he!d to be a waiver of the terms hereof a. of the instrument tewred herby. l i. In add~tion to the forego:ng month!y payments of princ pal and in!erest required by the prom:ssary note secured heraby, mortgagar covenants and ugreta to pay to motigagee with each monthiy payr,,enl~aZ,ad~~sum es~~m~~~mortgagee to be equal to 1;`l2 of thc annual cost of the follow- : ~