Loading...
HomeMy WebLinkAbout1826 S. That If any proceedings should be Instituted against the property covered by this Mortgage upon any other lien or claim, whether superior or junior to the lien of this Mortgage, or if any such mortgage is declared to be In default or other enforcement proceedings are instituted, the MORTGAGEE may, at Its option, immediately upon institution of such suit or during the pendency thereof, or if MORTGAGOR does not cure or reinstate such mortgage within any period allowed thereof, declare this Mortgage and the indebtedness secured, hereby due and payable forthwith, and may at its option proceed to foreclose this Mortgage. 6. That the amount of the obligation secured hereby shall include all and singular the costs, fees, charges and expenses of every kind including the cost of an abstract of title to said lands found to be convenient oc expedient in connnection with any suit for the foreclosure of this Mortgage, and also including, whether the MORTGAGEE is obligated to pay same or not,. reasonable attorney's fees incurred or expended at any time by the MORTGAGEE because of the failure of the MORTGAGOR to perform, comply with and abide by all or any of the covenants, conditions and stipulations of said promissory note(s), or this Mortgage, in the foreclosure of this Mortgage and in collecting the amount secured hereby with or without legal proceedings, and to reimburse the MORTGAGEE for every payment - l made or incurred for any such purpose with interest from date of every such payment at the highest rate authorized by law. 7. To keep the buildings and all equipment and personal property now or hereafter on said premises covered by this Mortgage insured in a sum equal to the full insurable value covering loss from fire, storm, flood hazard, extended coverage and other perils, making the loss under said policies, each and every, payable to the i MORTGAGEE, as- its interest may appear, and said insurance shall be in a good and ~ f Ii responsible insurance company satisfactory to MORTGAGEE, and written by a responsible agent satisfactory to MORTGAGEE; and the policy or policies shall ~ bear a standard New York mortgage clause without contribution, and shall be held by the MORTGAGEE; and, in the event any sum of money becomes payable under ~ such policy or policies, to the extent said proceeds of insurance are not payable to - any mortgagee, the lien of whose mortgage is superior to this Mortgage, all insurance proceeds received by MORTGAGEE on account of any damage to or destruction of improvements (less the actual costs, fees and expenses incurred in ! the collection thereof) shall, subject to the rights of any construction lender to receive and disburse such proceeds, be paid over to the MORTGAGEE and be applied, provided there is no event of default hereunder, to reimbursement to i' MORTGAGOR for expenses incurred in the restoration of the improvements or, if ' there is a continuing event of default hereunder, such proceeds"shall be applied to payment of the promissory rate(s); and the MORTGAGEE, if it deems necessary, may place and pay for such insurance, or any part thereof, without waiving or affecting its option to foreclose, or any right hereunder, and each and every payment so made shall bear interest from the date thereof at the highest rate :Mowed by law until paid and shall be secured by the lien hereof. In the event any loss or damage is suffered to the Property mortgaged thereof, MORTGAGOR shall notify MORTGAGEE of such loss or damage within five (S) days after the happening s thereof. - 4 - X342 Pb~Ei825 n. `raa mod' rc ir'Lw~°~.