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HomeMy WebLinkAbout2623y~~x u. R. 5~ ~hsE 559 S T. (~~CIE C SUN i Y. ~i ~,. notice of said default given by Mortgagee to Mortgagor apply to the court having jurisdiction 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 rents, income, profits, issues, and revenues from whatever source derived, each and every of ~~hich, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses thereof, and such receiver shall have all the broad and effective functions and powers in any- wise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency br insolvency of said Mortgagor or t1?P defendants, and that such rents, profit3, income, issues and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. 8. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagor, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or notice (except that Mortgagee shall give Mortgagor thirty (30) days notice of insurance payments or re-. pairs made by Mortgagee), or (c) in the event that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, prmm~r.ly, and fully performed within the time hereinbefore specified, then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Portgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding. y. Th~.t if the Mortgagor defaults in any of the covenants or agreements contained herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reasonable attorneys' fees) made by the Mortgagee in so doing shall draw int- erest at six (6%) per cent per annum, and shall be repayable im- mediately and upon thirty (30) days' notice and proof of such performance by the Mortgagor to thr Mortgagee, and, together with interest and costs accruing thereon, shall be secured by this mortgage. 10. It is agreed that the parties hereto shall have the right by mutual agreement at any time to renew or extend the indebtedness secured hereby, or any part hereof, or any addition which may be made hereto; and that they may by agreement increase or decrease the rate of interest and that they may modify, or change any other obligation between the parties hereto evidEnced by this instrument, or by the note mentioned herein, and such changes shall be binding upon any junior encumbrancer, voluntary or involuntary; and such changes and extensions may be granted without affecting or releasing the obligation of any subsequent purchaser who may purchase the property herein described, assuming this indebtedness; and that any or all of these changes may be made without notice to, or consent of, any junior encumbrancer or subsequent purchaser. . -6-