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HomeMy WebLinkAbout0915 . t ~ , . i And the Borrower hereby further covenants as follows: ; 1 1. Payment. That Borrower wi12 pay all and singular the principal and interest and the various and sundry sums of money payable by virtue of the Note and this Mortgage, each and every, promptly on the days respectively the - same severally become due. . 2. Taxes, etc. That Borrower will pay all taxes, assesaments, water rates, and other governmental or municipal charges, fines, or impositions, on the Mortgaged Property for which provision has not been made hereinbefore, and in default thereof the Leader may pay the same, and aIl such sums s~ paid by the Lender she11 be immediately due and payable, and shall be secured by the lien of this Mortgage; and the Borrower will promptly deliver the official receipts therefor to the Lender. 3. Waste; Repairs. That Borrower will permit, commit, or suffer no waste, impairment, or deterioration of the Mortgaged Property or any part thereof; and in the event of the failure Qf the Borrower to keep the buildings on said ~ premises and those~to be erected on the Mortgaged Property or improvements thereon, in good repair, the Lender may make such repairs, as in its dis- cretion, it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment ahall be immediately due and pay- able, and shall be secured by the lien of this Mortgage. 4. Collection. That Borrower will pay all and singular the costs, charges, and expenses, including reasonable attorneys' fees and costs of abstracts of title, incurred or paid at any time by the Lender because of the failure on the part of the Borrawer promptly and fully to perforcn the agreements and covenants of the Note and this Mortgage, and said costs, charges and expenses shall be ' immediately due and payable and shall be secured by the lien of th3s Mortgage. ~ I E ~ _ 5. Insurance. That Borrower will keep the improvements now existing or ~ hereafter erected on the Mortgaged Property, insured as may be reQuired from time to time by the Lender against loss by fire and other hazards, casualties, and cantingencies in such amounts and for such periods as may be contingencies in such amounts and for such periods as may be required by Lender, and will pay promptly, when due, any premiums on such insurance for payment of which pro- ~ ~ vision has not been made hereinbefore. All insurance shall be carried in com- panies approved by Lender and the policies and renewals thereof shall be held by Lender and have attached thereto loss payable clauses in favor of and in form acceptable to the Lender. In event of loss, Borrower will give immediate notice by mail to Lender, and Lender may make proof of loss if not made promptly by Borrower, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly tQ Lender instead of to Borrower and Lender ~ointly, and the insurance proceeds, or any part thereof, may be applied by Lender, at its option, either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this Mortgage or other transfer of title to the Mort- gaged Property in extinguishment of the indebCedness secured hereby, all right, title, and interest of the Borrower in and to any insurance policies then in force shall pass to the purchaser or grantee. 6. Receiver. That the Lender may, without notice to the Borrower, at any , time pending a suit upon this Mortgage, apply to the court having ~urisdiction ~ thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the Mortgaged Property all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and -4- BKo s 3 o pksEo s i 4 ~ ....~-.~~~..~ai;v..n _ . . .,~.-az " " . - . t T .