HomeMy WebLinkAbout0466 standard itre and extended coverage policy or policies , in a sum equal to the highest
insurable value, issued by a company or companies approved by the Mortgagee, 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
hereby 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 right
under or by virtue of this mortgage, and if the Mortgagor shall fail to cause such
insurance to be carried and paid for, the Mortgagee 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 anc3 every such payment shall bear interest from date thereof
ai the highest permissible leqal rate of interest.
S. Waste: The Mortgagor shall permit, commit, or suffer no waste, impair-
mant or decerioration of the Property, except reasonable wear and tear, and in the
event of failure of the Mortgagor to keep the buildings constituting a portion of the
Proparty or improvements thereon in qood repair, the Mortgagee may make such
repairs as in its discretion it may deem necessary for the proper preservation thereof,
and the full amount of each and every such payment shall be due and payable thirty
days afier demand, and shall bs secured by the lien of this mortqage.
6. Acceleration of maturitv of Note uQOn default: If any of said sums of
money herein referred to be not promptly and fully paid within ten days next after the
same severally bscome 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
fu!!y performed, complied with and abided by, the said aggregate sum mentioned in
the Note s hall become due and payable forthwith or thereafter at the option of the
Mortgaqee , as fully and completely as if the full principal amount here secured were
originally stipulated to be paid on such date, anything in the Note or heretn to the
contrary notwithstanding.
7. Forec:osure of lien: If foreclosure proceedings of any mortgage encumber-
ing the Property or any lien on the Property of any !cind sho~ild be instituted, the Mort-
gagee may, at its option, imme~iately or thereafter declare this mortgage aad the
inde}3tednes s secured hereby due and payable .
8. Appointment of receiver: Until d~iault in the parformance of the covenants
and agreements of this mortgage, the Mortgagor shall be entitled to coZlect the rents,
issu~s and p:ofits from the Property, but in case of a default in any of the terms of
Ij this mortgage or the filing of a bill to fo:eclose this or any other mortgage encumb~ring
~ the Property, the Mortgagee shall immediately, and without notice and as a matter of
strict right, be entitled to the appointment of a receiver of the Property and of the
r2nts , issues , profits , pzepaid rsntals or security monies , deposits and revenues
thereof, from whatsoever source ~erived, with the usuai power~ and duties of receivers _
in such cases, and such appointment shall be made by such court as a r.latter of strict
riqht to the Mortgagee and withou~ reference to the adequacy or inadequacy of the
value of the Property, or to the solvency or insolvency of the Mortgagor, and such
rer?ts , profits , prepaid rentals or security monies , deposits , income and revenue shall
be applied by such receiver to the payment of this mortgage indebtedness , cost and
charq2s, according to the order of such court, and such receiver may be continued in
possession of the Property until the time of the sale thereof under such foreclosure and
unt31 the confirmation of such sale by the court.
_ 9. Contest of lien: If any action or proceedin~ shall be commenced by any
person other than the holder of this mortgage, to which action or proceeding the holder
of this mortgage is made a party, or !n which it shall become necessary to defend or
uphold the lien of this mortgage, all sums paid by the holder of this mortgage for the
expense of any litiqation to prosecute , or defend the rights and liens created by this
mortgage {including reasonable counsel fees) , shall be paid by the Mortgagor, toqether
with interest thereon at the rate of six per 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 mortqage and by ;
the Note. In any action or proceeding to for~close this mortgaqe or to recover or collect
the debt secured theretiy, the provisions of law respecting the recovery of costs , dis- :
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~ bursements and allowances shall prevail, unaffected by this covenant.
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10. Condemnation: In the event that the Property, or any part thereof, shall ~
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 such taking shall be
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KATCM[R AND aCHA11LIN. ATT011NCYf AT LAW. FIRlT fiA710llAL SANK OUIlO1N0. M, rL01110A »012