HomeMy WebLinkAbout2055 5. That the Mortgagor will keep the improvements ~
now existing or hereafter erected on the mortgaged property ,
insured as may be required from time to time by the Mortgagee
against loss by f ire or other hazards, casualties, and contingen-
cies in such amounts and for such periods as may be required by
Mortgagee, and will pay promptly, when due, any premiums on such
insurance for payment of which provision has not been made herein-
before. All insurance shall be carried in companies approved by
Mortagee and the policies and renewals thereof shall be held by ;
Mortgagee. and have attached thereto loss payable ctauses in favor `
of and in form acceptable to the Mortgagee. Renewal policies ~
shall be delivered to Mortgagee at least 10 days prior to expiration ;
of existing policy. In event of loss, Mortgagor will im~nediately ~
give notice by mail to Mortgagee, and Mortgagee may make proof of
loss if not made promptly by Mortgagor, and each insurance company
concerned is hereby authorized and directed to make payment for
~ such loss directly to Mortgagee instead of to Mortqagor,and Mortgagee j
jointly, and the insurance proceeds, or any part thereof, may be
applied by Mortgagee at its option either to the reduction of the
indebtedness hereby secured or to the restoration or repair of the
property damaged. In event of foreclosure of this mortgaqe or other
tra~sfer of title to the mortgaged property in extinguishment of
the indebtedness secured hereby, all right, title and interest of
the Mortgagor in and to any insurance policies then in force shall
pass to the purchaser or grantee.
6. That the Mortgagee may, at any time pending a suit
upon this mortqage, apply to the court having jurisdiction thereof
for the appointment of a receiver, and such o~urt shall forthwith ,
appaint a receiver of the premises covered hereby all and singular,
including all and singular the income, profits, issues and revenues
from whatever source derived, each and every of which, it being
expressly understood, is hereby mortgaged as-if specifically set
forth and described in the granting and habendum clauses hereof,
and such receiver shall have all the broad and effective functions
and powers in anywise entrus~ed by a court to a receiver, and such
~ appointment shall be made by such court as an admitted equity and
; a matter of absolute right to said Mortgagee, and without reference
t to the adequacy or inadequcy of.the value of the property mortgaged
; or to the solvency or insolvency of said Mortgagor or the defendants,
~ and that such rents, prof its, income, issues and revenues shall be
~ applied by such receiver according to the lien of this mortgage
and practice of such court.
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7. That this mortgage also secures any and all renewals
and extensions of the above described note, and all installments
thereof, and also any other notes which have been or may be given
to the Mortgagee by the Mortgagor, or either of them, and any other
indebtedness of said Mortgagor, or either of them, to the Mortgagee
which, however, shall not exceed at aiiy one time the aggregate sum,
One Hundred Sixty-two thousand Dollars ($162,000.00), it
being the specific intention that further advances may be made by
the Mortgagee at its option to the Mortgagor, either prior to or
after the due dates of the above described note; and this mortgage
is given for the specific purpose of securing any and indebtedness
by the Mortgagor, or either of them to the Mortgagee, in whatever
~ manner the same may be evidenced or represented, until this mortgage
~ is satisfied of record; and all covenants and agreements contained
~ in this mortgage shall be applicable to all further advances made
by the Mortgagee to the Mortgaqor and all other indebtedness of
Mortgagor, or either of them, to the Mortqagee.
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