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HomeMy WebLinkAbout0618 ; ~ z ~ i i t i abstracts of title, incurred or paid at any time by the TforLgagee because of the 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 immediatel}? due and payable and shall be secured by the , i ~ lien of this rlortgage. - 5. That they will-keep the improvements now existing or hereafter erected on the mortgabed property insured as may be required from time to time by the Mortgagee against loss by fire or other haz- ards, casualties, and contin~encies 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 rene~aal.s thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in for acceptable to the Mortgagee. Rene~val policies shall be delivered to Mortgagee at least ten (10) days prior to expiration of e~isting policies. In event of loss, they will give immediately notice bv mail to Mortgagze, and Mortgagee may malce proof of loss if not made promptly by Murtgagor, 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 jointly, and the insurance proceeds, or any part thereof, may Ue applied by riortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repai_rs of ~ the property damaged. In event of foreclosure of this Mortgage . or other transfer of title to the mortgaged property in extin- I guishment of the indebtedness secured hereby, a12 right, title ~ ~ and interest of the Mortgagor in and to any insur.ance policies ~ € then in force shall pass to the purchaser or grantee. ~ ~ ~ ~ 6. That the Mortgagee may, at any time pending a suit uFon 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, and reve- ~ nues from whate~•er 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 admitted equiry and a matter of absolu te right to said riortga- f ~ gee, and without reference to the adequacy or inadequacy of the k value of the property mortgaged or to the solvency or insolvency ~ of said Mortgaoor or the defendants, and that such rents, pro- ~ fits, income, issues and revenues-shall be applied by such re- ~ cei_ver according to the lien of this Mortgage and practice of ~ _such court . ~ 7. Thzt (a) in the e~ent of any breach of. this Mortgage or uef-ault on the part of the riortg~~or, or (b) in the event that any or ~ ~ said sums of money herein referl-ed to be noL- prom~tl.y and £ull ~ ~ paid without demand or notice, or (c) in the eveiit tr~at each ar~d ~ ~ ~ f~~ -3- soc~203 PaCE 618 _