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HomeMy WebLinkAbout0074 - - . , t ' • o ~ 3. To pay all and singalar the costs, chazges and expenses, including attorney's fees, reasonably incurred or paid at any time by said 1liortgagee because af the f ailure on the part of said rlortgagor to perform, comply ~vith and abide by each and e~~ery the stipulations, agreements, conditions and covenants af s:iid promisson• nQte and this mortgage, or either, and every such payment shall bear interest from date at the rate of Ten (10 ) : ; per cent per annum. 4. To keep the building now or hereafter existing on said land 'uuured against all risk of los:: or damage ~ by fire or windstorm in such sum as the morigagee may require, in a company or compunies approvecl by said ? \lortgagee, and the policy or policies held by and payabls to said Mortgagee, and in the event any sum of ; money becomes payable under such policy or.~ policies, ihe ~iortgagee shall have the option to receive and ~ apply the same on account of the indebtedness hereby secured or to permit the Mortgagor to receive and use it, i or any part thereof, for other purposes, without thereby waiving or impairing any equity, lien or right under ; or by virtue of this mortgage, and may place and pay for such insurance or any. part thereof }~~ithout waiving ~ or affecting the option to foreclose or any right hereunder and each and e~~ery such payment shall bear interest ~ from date at the rate of Ten (10) per cent per annwn. ~ 5. To permit, commit or sufEer no waste, impairment or deterioration of said pmperty or any part thereof. 6. To perform, comply ~vith and abide by each an every the stipulations, agreements, conditions and covenants in said promissory note and in this mortgage as set forth. 7. Should it become necessary, for any reason, to institute foreclosure ar any other legal proceeclings hereunder, Mortgagor ~ hereby consents to the appointment, without notice, of a reoeiver to take charge of said property and administer the same pursuant to Court Order pending said foreclosure or other legal proceedings. 8, If any of the sums of money herein referred to, including not only ihe payment specified in saict Promis- sory Note but aLto those referred to iri the covenants of this mortgage, are not promptly and fully paid ~vithin 30 days next after the same se~~erally become due and pay^able, or if each and every of the stipulations, agreements, conditions and covenants of said Promissory Note and this hiortgage, or either, are not duly performed, complied with, and abided by, the aggregate sum specified in said Promissory Note shall become due and pa~able forth- ~vith or thereaker at the option of the mortgagee, the successors or assigns of the mortgagee, as fully and completely as if the aggregate sum specified in the Promissory Note was onginally stipulated to be paid on such day, any- thing in said Promissory Note or herein to the contrary notwithstanding. 9. In the event that at the beginning of, or any time pending, any suit upon this mort e or to foreclose it, or to reform it, or to enforce payment of any claims hereunder, the ;~tortgagee, the su rs or assigns of the ' Mortgagee, shall apply to the court g ~urialiction af that suit for the appoin#ment a receiver, that rnurt may ~ and should forth~vith appoint a receiver that mortgaged property all and sin , including all and singular ( the rents, income, profits, issues, and revenues from ~vhatever source derived, e_ and every of which, it is ex- ; E pressly understood, is hereby mortgaged as if specifically set forth and described in the ganting and hahendum = clauses hereof. That reoeiver should have all the broad and effective functions and powers which a Court may ~ entrust to a receiver. That appointment may and should be made by that court as an admitteci equity and a matter x of absolute right of the 114ortgagee, the successors or assigns of the Mortgagee, without reference to the adequacy ~ or inadequacy af the value of the properry mortgaged or to the solvency or insolvency of the Mortgagor, its suc- ~ cessors or assigns> or of the defendants in that suit. Those rents, profits, income, issues and revenues should be applied by that receiver according to the lien or equity of the Mortgagee, the successor or assigns of the I~Tortgagee and the usual practice of that Court. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors, and assigns or the parties hereto. 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