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HomeMy WebLinkAbout0564 ~ ' } or policies said Mortgagee shall have the option to receive and ~ apply the same on accou~t of the i~debtedness secured hereby or 3_ to permit said Mvrtgagor to receive and use it or any parti ` thereof for other purposes wi~hout thereby waiving or impairing any equity, lien or right under or by virtue of this mortgage; and in the event_said Mortgagor shall for any reason fail to keep . the said premises so insured, or fail to deliver promp~:ly any of said policies of insurance to said Mortgagee, or fail promptly to pay fully any premium therefor, or in any respect fail to perform, discharge, exe~ute, effect, complete, comply with and abide by this covenant, or any~part hereof, said Mortgagee may place and ' pay for such irisurance or any part thereof without waiving or ~ affecting aoy option, lien, equity or riqht under or by virtue ; of this mortgage, and the full amount of each and every such payment shall be immediately due and payable and shall bear interest from the date thereof until paid at the rate of ten per centum per annum and together with such interest shall be secured i by the lien of this mortgage. f ' ~ , 4. To permit, commit or suffer no waste, impairment F or deterioration of said property or any part thereof. 5. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fees and cost of abstracts ~ ~ of title, incurred or paid at any time by said Mortgagee because ~ and/or in the event of the failure on the part of the said { Mortgagor to duly, promptly and fully perform, discharge, execute, - effect, complete, comp~y with and_abide by each and every the stip- ulations, agreements, conditions and covenants of said promissory note, and this mortgage, any or either, and said costs, charges ; and_expenses, each and every, shall be immediately due and payable, ~ whether or not there be notice, demand, attempt to collect or suit i pending; and the full amount of each and every such payment shall ~ l bear interest from the date thereof until paid at the rate of ten ~ per centum per annwn; and all said costs, charges and expenses so ! incurred or paid, together with such interest, shall be secured ~ by the lien of this mortgage. ~ ~6. That (a) if Mortgagor shall (i) voluntarily be adjudicated a bankrupt or insolvent, (ii) seek or consent to the appointment of a receiver or trustee for itself or for all or ~ any part of its property, (iii) file a petition seeking relief ~ under the bankruptcy or other similar laws of the United States or any state or any other competent jurisdiction, (iv) raake a general assignment for the benefit of creditors, or (v) admit . in writing its inability to pay its debts as they mature; or (b) If a court of competent jurisdiction shall enter ~ an order, judgment or decree appointing, without the consent of Mortgagor, a receiver or trustee for the Mortgagor or for all or F ~ any part of the property of the Mortgagor or approving a petition ' ~ filed against the Mortgagor seeking relief under the bankruptcy or other similar laws of the United States or any state or other ~ competent jurisdiction, and such order, judgment or decree shall ~ remain in force undischarged or unstayed for a period of sixty ; ~ (60) days; or ; ~ ~ ~ , t Y oR 30 ~ B~~x 4 ~~~1324 ~ go~ 276 ~ 5~'3 ~ -4- ~ . ~ - - _ ~w ~-T:~~