HomeMy WebLinkAbout0461 standard fire and extended coverage policy or policles, in a sum equal to the hiqhest
insurable value, issued by a company or companies approved by the Mortgaqee, such
policy or policies to be held by and be payable to the Mortgagee, and in the event ~
any sum of money becomes payable under such policy or policies , the Mortqaqee
shall have the option to receive and apply the same on account of the indebtedness
her~by secured or to permit the Mortgagor to receive and use it or any part thereof
for other purposes, without hereby waiving or impairing any equity, lien or riqht
under or by virtue of this mortgaqe, and if the Mortqagor shall #ail to cause such.
insurance to be carried and paid for, the Mortgaqee may place and pay for such insur- ~
ance or any part thereof without waiving or affecting the option to foreclose or any
right hereunder, and each and every such payment shall bear interest from date_thereof
at the highest permissible legal rate of interest.
S. Waste: The Mortqagor shall permit, commit, or suffer no waste, impair-
ment or detarioration of the Property, except reasonable wear and tear, and in the
ev~nt of failure of the Mortgagor to keep the buildings constituting a portion of the
Progerty or improvem2nts thereon in qood repair, th~ Mortgagee may make such
repafrs as in its discretlon it may deem necessary for the proper preservation thereof,
and the full amount of each and every such oayment shall be due and payabl~ thirty
days after demand, and shall be secured by the lien of this mortgaqe,
6. Acceleration of maturitv of Note u~on deiault: If any of said sums oi
money herein referred to be no[ promptly and fully paid within ten days n~xt after the
same severally become due and payable, or if each and every stipulation, agreement,
condition and covenant of the Note and this mortgage , or either, is not promptly and
fully performed, complied v~ith and abided by, the said aggregate sum mentioned in
the Note shall become due and payable forthwith or ther~after at the option of the
Pdortqagee, as fully and completely as if the full principal amount here secured were
originally stipulated to bp paid on such date , anything in the Note or herefn to the
contrary notwithstanding . _
7. Foreclosure of lien: If forec!osure proceedings of any mortgage encumb~r-
ing the Property or any lien on the Property of any kind sho~ild be instituted, the Mort-
gagee may, at its option, immediately or ih~reafter declare this mortgage and the
indebt~dnes s secu~e~ hzreby due and payable .
8. Appointment of receiver: Until default in the performance of the covenants
and agreem~nts of this mortqage, the Mortgagor shali be entitled to collect the rents,
issu~s an~ profits from the Property, but in case of a deiault in any of the terms of
this mortgags or the filing of a bill to fore~!ose this or any other mortgage encumbering
the Prop~rty, the Mortgagee shall immediately, and witr,out notice and as a matter of
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f strict right, be entitled Lo the appointment of a receiver of the _Property and of the
~E ren[s , issues , profits , prepaid rentals or securlty m,onies , deposiLs and revenues
! thereof, from whatsoever source derived, with the usual powers and dutles of receivers
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in such cases , and such agpointment shall be made by such cour[ as a rnatter of sirict =
~ right to Lhe Mortgagee and without reference to the adequacy or inadequacy of the ~
value of thz Property, or to ~the solvency or insolvency of the Mortgagor, and such
rents , proiits , prepaid rentals or security monies , dep~sits , income and revenue shall
be applied by such receiver to [he payment of this mortgage indebtedness, cost and
charqes , according to the order of such court, and such receiver may be contlnued in
possession of the Property until the time of the sale thereof under such foreclosure and
until the confirmation of such sale by the court. ~
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9. Contest of lien: If any action or proceedfng shall be commenced by any
person other than thz holder of this mortgage , to which action or proceeding the holder
of this mortgage is made a party, or in which it shall become necessary to defend or
upho!d the lien of this mortgage, all sums paid by the holder of this mortgage for the
~ expense of any litigation :o prosecute , or defend the rights and liens created by this
~ mortqage (including reasonable counsel fees} , shall be paid by the Mortgagor, together
~ wlth interest thereon at the rate of six pec cent per annum, and any such sum, and the
interest thereon, shall be a claim upon the Property, attaching or accruing subsequent
to the lien of this mortgage, and shall b~~ deemed to be secured by this mortgage and by
the Note. In any action or proceeding to foreclose this mortgaqe or to recover or collect
the debt secured thereby, the provisions of Law respecting the recovery of costs, dis-
bursements and allowances shall prevail, unaffected by this covenant.
10 . Condemnation: In the event that the Property, or any part thereof , shall i
be condemned and taken for public use under the power of eminent domain, the Mortga-
gee shall have the right to demand that all damages awarded for s~ch takinq shall be
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KATCM[l~ AND aCHARLIN. ATTORNLY6 AT LAW. FI/1!T NATIONAL OANK OUILDINO. HIALGM, /10111~A »012
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