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HomeMy WebLinkAbout1392 of a receiver, assignee or trustee, or upon tailure of the titortgagur to keep or periorm any of the terms, coveuants, conditions, agrcements or stipulations of this mortgage, the entirc indebtedness hereby secured shall immed- iately, or at any time thereafter, at the option of the Alortgagee, becorne and be due and payable, and the equity ~ oE redemptian oE the 114ortgagor may thereupan be toreclosed, or the Mortgagee may, at its optinn, farecloet onlv as to the sum past due without accelerating the entire debt, and without injury to this mortgage or the displarement or impairment of the remainder of the lien hereof, and at such forecloeure sale the property shall be sold subject to all remaining items of indebtc~clness p~iyable under this mortgage and the note s~ecured hereby, ~ and the !~1or~gaRee n~ay again foreclose in the same manner as often as there may be any sum past due. 4 ~ !n the c~~ent ot a suit being instituted to foreciose this mort~age, the blortgagee shall be entitled at any time pending such foreclosure suit to apply to the court havin~ jurisciiction thereof for the appointment of a receiver of all and singular the mortgafied property, and of all the rents, issues and profits thereof from whatsoever source deri~•ed; and thereupon the ~ourt shall forthwith appoint a receiver of said property and of such rents, issues ar~d profits, with the usual powers and duties of receivers iii like cases. Such appointment shall be made by such court as a matter of strict right to the Mortgagee and without reference to the adequacy ar inadequacy of the value of the property hereby mortgaged or the solvency or insolvency oE the Mortgagor. Such rents, issues and pro5ts shall be applied bti• such receiver to the payment of the proper and reasonable charges and expenses of such receivership and the remainder to the payment of the mort- gage indebtedness, according to the order of such court. This mortgage is intended b~• the parties to secure, and does and shali secure the payment, fully~ and completely, af an}~ and all sums of money herein described, and of any and all extensions or renewals, with interest thereon, of the afores~iid promissor}• note, or any instalment of principal or interest thereof, and any such extension or renewal shall be subject to all of the covenants, agreements, conditions and stipulations conta~ned in this mortgage. The ~Iortga~;ee shall be entitled to enforce this mortgage and to exercise its rights and remedies h~reunder notwith- sta~iding that some or all of the indebtedness hereby secured is now or shall hereafter be atherwise s~ecured, whether b~~ mort~age, pledne, lien, assignment or otherwise. iVeither the acceptance of this mortgage nor the en{orcement theree.~f shall prejudice or in an}~ manner affect the right of the I~lortgagee to realize upon or enforce any other security now or hereafter held by the ~Iortgagee, it being understood that the &lortgagee shatl be entitl~d to enforce this mortgage and any other securit~~ now or hereafter held by it-in such order and manner as it may in its discretion determine. ~'l'ithout affecting the liabilit}• of an}• other person liabte for the payment of the aforesaid promis~ory note or for ; the performance of the covenants and agreements herein contained, and withaut aff~cting the lien or charge of this mort- ; ga~e upon an}~ of the property described herein as security for the full amount of all unpaid indebtedness hereunder, ~ the Mortgagee ma~~ from .time to time, and without notice, rziease any person sn liable, extend the time of pa}~ment oE an}~ sum pag•able under said note, or grant other indulgences, or modify any of the tPrms or provisions hereof or c~ said note, release any parcel or portion of Ehe property hereby mortgaged, or consent to the granting of acay easement, or enter into any agreement subordinating the lien hereof, or take or release any other se~unty for the payment of said C note or for the performanre of an}• of the covenants and agreements hereunder, and/or make compt~sitions or othec ~ arrangements wrth debtors in relation thereto. ~ It is understuod and agreed that no delay or omission by the :~Iortgagee in the exercis~ of any right or remedy ~ accruin~ upon any default or in the doing of any of the matters and things by it permittetl to be done under the terms and provisions of this mortgage and saici prom~ssory note shall impair any such right at remedy, nor be construed to be a waiver of ary such default or acquiescence therein, nor shait it af~ect any subsequent default ~f the same or a dif- ferent nature and ever}• such right or remed}~ ma}~ be exercised from time to time and as often ~s it is deemed expe:iient b}~ the :~Iortgagee. I\Tothin~ contained herein, nor an}~ transaction relateci hereto, shal[ be construed or so operate as to require the ~ k ~ titortgagor to pa,~ interest at a rate greater than it is law•ful in such case to contract for, ur to make any payment or to ~ do any act contrary~ to law. It is understoad and abreed that if any clauses or provisions herein conta~ned operate or would prospectively operate to invalidate this mortgage, in whole or in part, then, such clauses and provisions only shall r be held for nau~.~ht, as though not herein contained, and the remainder o( this mortgage shall remain operative and in full ~ farce and effcct. ~ It is rr~utuall~• understooci and agreed that all words used in the singular number in this mortgage shail be deemeci k to include the plural, and the masculine gender shall include the feminine and!or neuter, as the context may require. ~ It is turther understood and agreed that all of the terms, conditions, covenants and agreernents of this mortgage shall extend to and be bindin~ ui~on the ~Viortgagor and the heirs, successor3 or assigns of the Mortgagor, and shall inure to ~ the benefit of the hlortgagPe and its successors or assigns. When more than one party is named as the Mnrtgagor, the ~ obligations and liabilities of such parties ~hall be joint and se~•eral. i ~ ~ ~ ~ Pagc -