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HomeMy WebLinkAbout1334 4. That they will pay all and singular the costs, charges, and ex- penses, includi_ng reasonaUle la~.~}~er's fees, and costs of ab- stracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor_ promptly aiid fully to perform the agreements and covenants of said Promissory Note and this Mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this Mortgage. S. That they cvill keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required froni 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 iequired by Mortgagee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not l~een made hereinbefore. All insurance shall be carried in companies approved by rlortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in fornt acceptable to the Mortgagee. Rene«al policies shall be delivered to Mortga- gee at Ieast ten (10) days prior to expiration of existing poli- _ 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 4lortgagee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by riortgagee at its option either to the reduc*ion of the ~ indebtedness hereby secured or to the restoration or repairs ~f ~ the property damaged. In eve~t ot foreclosure of this Mortgage ~ or other transf_er of title to the mortgaged property in exting- ' uishrcent of the indebtedness secured hereby, all right, title _ ; and interest of the Mortgagor in and to any insurance policies ~ M then in force sha11 pass to the purchaser or grantee. ~ f ~ t ~ 6. That the Piortgagee may~ at any tirie pending a suit upon this ` ; Mortgage, apply to the court having jurisdiction thereof for the ~ ` appointment of a receiver, and such court shall forthwiCh appoint ~ a receiver of the premises covered hereby all and singular, in- ; cluding-a~-~ and singular the income, profits, issues, and reve- ` nues from whatever source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if-specifi.- # ~ cally set ferth and described in the granting and habendum ~ ~ clauses hereof, ai:d such receiver shall have all the broad and ; ~ effective functions and pocvers in any~~ise entrusted by a court to ~ a receiver, aiid such appointment sha1Z be made by such court as an admitted equity and a matter of absolute right to said riortga- - gee, and without reference to the adequacy or inadequacy of the ~ ~ value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants, and that such rents, pro- ~ fits, income, issues and revenues shall be applied by such re- ~ ceiver according Cu the lien of this Iiortgage and practice of ~ such court. I ~ ~ 7. That (a) In the event o£ any breactl of this :~iortgag~ or def~~ul: ~ on the part of thc I~:~~rtgagor, or (b) In the ever.t tha* a?1y of ; ~ ~ - 3 - ° ~ ~03 1334 ' bCO~ Pl16E ~ ~ 'a I~I ~ ~.rb-~, ~ _ ~ r . j ~ ~ ~ . j~,~'~~~s~'sas`i~ _ - . ~-s~~;~~~"