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HomeMy WebLinkAbout2893 4. That they will pay all and singular the costs, charges, and ex- penses, including rzasonable lawyer's fees, and costs of ab- stracts of title, incurred or paid at any time by the Mortgagee because of Che failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said Promissory Note and this Mortgage, and said costs, charges,. and expenses shall be imanediately due and payable and shall be secured by the lien of this Mortgage. 5. That they 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 fire or other haz- . ards, casualties, and contingencies 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 hereinbefore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached - thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortga- gee at least ten (10) days prior to expiration of existing pali- cies. In event of loss, they will give immediately 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 Mortgagor and Mortgagee ~ointly, 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 repairs of the property damaged. In event of foreclosure of this Mortgage or other transfer of title to the mortgaged property in exting- uishment 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 ~ ~Mortgage, apply to the court having jurisdiction thereof for the ~ appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, in- ~ cluding all and singular the income, profits, issues, Rnd reve- . nues from whatever source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if specifi- cally 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 entrusted by a court to ~ a receiver, and such appointment shall be made by such court as an adraitted equity and a matter of absolute right to said Mortga- gee, and without reference to the adAquacy or inadequacy of the value of the property mortgaged or to the solvency or insolven~y of said Mortgagor or the defendants, and that such rerits, pro- fits, income, issues and revenues shall be applied by such re- ceiver according to the lien of this Mortgage and practice of such court. 7. That (a) In the event of any breach of this 1?iortgage or defa~±lt on the part of the Mprtgagor, or (b) In the event that any of . -3- gp~ac~~ ~E~ : .