HomeMy WebLinkAbout1532 concerned is hereby suthorized and directed to make payment
for such loss directly to Mortgagee instead of to Mortgagor
and Mortqagee jointly, and the insurance proceeds, or any part
thereof, may be applied by Mortgaqee at its option either to
the reduction of the indebtedness hereby secured or t~o the
restoration or repairs of the property damaqed. In event of
foreclosure of this mortgaqe or other transfer of title to
the mortgaged property in extinguishment of the 3ndebtedness
secured~hereby, all riqht, title and interest of the Mortgaqor
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 mortgage, apply to the c~urt havinq jurisdiction
thereof for the appointment of a receiver, and such court shall
forthwith appoint a receiv~er of the premises covered hereby
all arid singular, including all and singular the inc~ee, profits,
issues, and revenues from whatever source derived, each and
every of which, it being expressly understood, is hereby mortqaged
as if specifically set forth and described in the granting
and habendwn clauses hereof, and such reveiver shall have all
the broad and effective functions and powers in ar.ywise entrusted
by a court to a receiver, and such appointment shall be made
by such oourt as an admitted equity and a matter of absolute ~
right to said Mortgagee, and without reference to the adequacy
or inadequacy of the value of the property mortgaged or to
the solvency or insolvency of said Mortqaqor or the defendants,
and that such rents, profits, income, issues and revenues shall
be applied by such receiver according to the lien of this mortgage
and practice of such court.
7. That (a) in the event of any breach of this mortgage
or default on the part of the Mortqagor, or (b) in the event
that any of said sums of money herein referred to be not promptly
and fully paid without demand or notice, or (c) in the event
that each and every the stipul~ti~n~. aoreements, conditions
and covenants of said note and this mortgage, are not duly,
promptly and fully performecl; then in either or any such event,
the said ag~gregate swn mentioned in said note then remaining
unpaid, with interest accrued to that time, and all moneys
secured hereby, shall become due and payable forthwith, or
thereafter, at the option of said Mortgaqee, as fuZly and completely ,
as if all of the said swns of mQney were originally stipulated
to be paid on such day, anything in said note or in this mortqage
to the contrary notwithstanding; and thereupon or thereafter,
at the option of said Mortgaqee, without notice or demand,
suit at law or in equi.ty, may be prosecuted as if all moneys
secured hereby had matured prior to its institutian. The Mortgagee
may foreclose this mortgage, as to the amount so declared due
and payable, and the said premises shall be sold to satisfy
and pay the same together with costs, expenses, and allowances.
In cases of partial foreclosure of this mortgage, the mortgaged
premises shall be sold subject to the continuinq lien of this
mortgage for the amount of the debt not then due and unpaid.
In such case, the provisions of this paragraph may again be
availed of thereafter from time to time by the Mortgagee.
8. That if any proceedinqs should be instituted against
the property ~vered by this Mortgage upon any other lien or
claim whether superior or junior to th~ lien of this Mortgage,
the Mortgagee may at its option immediately upon institution
of such suit or during the pendency thereof declare this Mort-
gage and ~he indebtedness secured hereby due and payable forth -
with and may at its option proceed to foreclose this Mortgage.
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