HomeMy WebLinkAbout1389 3. To pay all and singular costs, charges, and expenses including
lawyer's fees, reasonably incurred or paid at any time by mortgagee, its
successors, legal representatives or assigns, because of failure by mortgagor,
his heirs, legal representatives or assigns to perform, comply with, and abide
by each and every stipulation, agreement, condition and ,covenant of the pro-
missory note and this mortgage, or either, and every such payment shall bear
interest from date at the rates of eight percent (8X) per annum.
4. To keep the buildings now or hereafter on the land insured in a sum
equal to-the highest insurable value, both fire and extended coverage, in a 1
company or companies to be approved by mortgagee, and the .policy or policies i
held by and payable to mortgagee, its successors, legal representatives, or ~
assigns, and in the event any sum of money becomes payable under such policy or 4
policies,•mortgagee, its legal representatives or assigns shall have the option
to receive and apply the same on account of the indebtedness hereby secured or
to permit 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 may place and pay for such insurance 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 at the rate of
eight percent (8X). per annum.
S. To permit, commit, or suffer no waste,. impairment, or deterioration
of the property or any part thereof, except reasonable wear and tear; and in the
event of the fail~ire of mortgagor to keep the buildings on the premises and
those to be erected thereon, or improvements thereon, in good repair, 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 (30) days after demand, and shall be secured by the lien
of this mortgage.
6. To perform, comply with, and abide by each of the stipulations,
agreements, conditions, and covenants in the promissory note.
7: Mortgagee may, at any time pending a suit on-tthis mortgage,~apply to
the court having 3urisdiction thereof .for the. appointment of a receiver, and
such court shall forthwith appoint a receiver of the premises covered hereby
all and singular, including all and singular the income, profits, issues, and
revenues from whatever source derived, each and every of which, it being expressly
understood, is hereby mortgaged, as if specifically set forth and described in
the granting and habendum clauses hereof. Such appointment shall be made by
such court as an admitted equity and a matter of absolute right to mortgagee,
_ and without reference to the adequacy or inadequacy of the value of the property ~
mortgaged or to the solvency or insolvency of mortgagor or the defendants.
Such rents, profits, income, issues, and revenues shall be applied by such
~ receiver according to the lien of this mortgage and the practice of such court. ~
In the event of any default on the~part of the mortgagor hereunder, mortgagor
agrees to pay to mortgagee on_demand as a reasonable monthly rental for the
premises an amount at least equivalent to one-twelfth of the aggregate of the
twelve monthly instalments then payable in the current year plus the actual amount
of the annual taxes, assessments, water rates, and insurance premiums for such
year not covered by the above monthly payments. _ i
8. If any of such sums of money are not promptly paid within thirty (30)
days next after the same severally become due and payable, or if each of the
stipulations, agreements, conditions, and covenants of the promissory note and
this mortgage, or either, are not fully performed, complied with, and ,abided by,
the aggregate sum mentioned in the promissory note shall become due and payable
forthwith or thereafter at the option of mortgagee, its successors, legal repre-
sentatives, or assigns, as fully and completely as if the aggregate sum were i
originally stipulated to be paid on such day, anything in the promissory note or
herein to the contrary notwithstanding.
9. The mailing of a written notice or demand addressed to the. owner of
record of the mortgaged premises or to such owner at the last address, actually
furnished to mortgagee, or if none, directed to the owner at the mortgaged
premises, and mailed by the United States mails, postage prepaid, shall be
sufficient notice and demand in any case arising under this instrument and
required by the provisions hereof or by law. -
10. If foreclosure proceedings of any mortgage or lien of any kind superior t
or inferior to this mortgage are instituted, mortgagee hereunder may at its
option, immediately or thereafter, declare this mortgage and the indebtedness
secured hereby due and payable .
IN WITNESS WHEREOF, mortgagor has hereunto set his hand the day and year
first above written. ~~'~QQ
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