HomeMy WebLinkAbout2795 9. That if the principsl or intanst on the note hereia described or any part ot the indebt~ednMS ~erared h
or intex^est thereon be not paid ~1'}t!A due, ar if ltortga~or shall fail to pay any ts~cea, aaseasments, char~w, or ia~s~
ti~na as the same become due wad~pa~ble, or ii drSault bs mnde in the full and prompt perfor~nance o! an oe~enaiet
or ~rnent herein eontainad, or i1 sny proceedings be ia~+tituted to ab-ate any nuisanca on the l[ort~e~ Fretnises
or anq ptoeeedings be inatitnt~ed whieh mi~ht reault to the detriment oi the uae snd enjoyment oi e yr~miar. or
ii Mort*agor is adjudicated a bankrupL or insolvr.nt, or if any lsw~ ahall be enscted ar deciaion rendered by ~?qy oonrt
01 laat reeiort imposinR any t~ or as~essmen! not now in efixt upon Lhis mortg~e, or tbe nota seeured 6trabr~ or '
any interert of Mort~s~~ee in the ltorte~~ed Premisea, or renderin~ inoperntive tke undertakinr of ~[o r to
all taxea ariain~ as s result of Lhis transaction other than taxes on tha intex~at income herefro~dn, or wh ranlEs
in the deduction lrom ~lue uf land, tor taz purposes, ot the amount of ~ny lien hereon, or alLerin~ the lawr !os the
tazin~ of tnort~~ or debts secured thereby, or if the Mortga~or, without firat obtainin~ the written oonsenL oi tM
Mort~~ee~ sha11-arant, bar~?in, aell or convey the Mort;aged Premise~ or any part thereof, includin~ iimber~ th~a on
the happanin~ oi any one or more oi these eventi, this conveysnce shall becoma rbsolute and the whole ind~ebt~dmw
secured hareby sball ibunedi~tely bscoeaa dne ~nd payable st th~ option oi the !~[ort~~?~ee ~nd this naart~~
thereupon be loreclwbd for the whole ot taid money, inEerest wnd costs, or ~dort~a~ee mry ioreclose onlr as ~n sn~ms
paat due without injury to thie mort~;~e or the diapLc~ment or impRirment o! tbe r~msinder o! ilie lien therwi~ and
~t such foroclosure sale the property s~ll be sold ~ubjeet to all remwinir?~ items of indabtednea~ snd Lhe 1tor~sre
may a~sia foreclose iri the s:me m~nner ~a otten as there be sny sum paat dne.
10. lf st sny time dter default by ffiort,gsaor a receivernhip maq be necesasry in the opinioa of Morttagee
to protect the lien hereoi, or at the time oi or dter the institution of auit to collect the indebtedt~eas hereby ~ecared,
or to forecloee thia mort~~e~ Mortgagee shall, ae •n admitted equity and as ~ matter ot strict ~t snd re~rrd-
leas af the vslae of the prnperty~ or the solveacq or insolvency oi Mortgsgor or sny party bonttd or tbe paym~ent
of the indebtedness have t1u n~ht to the appointnnent, on ex parte spplication and without notice to ~nyone, hy any
proper court havinQ jurisdict~on, ot a receiver~ which receivEr shall have aA of tha brosd and eifertive power~
and functione in •ny wise entruated by the court to r receiver, to take ehar~e of, manage, preeerve~ mxintain, care
for snd protect the Mort~taget? Premises xnd to collect rents. iaauea~~procc~eds, prroduce, prort, ineome snd revenuw ai
the Mort~aged Premisea from whatsoever eonrce derived; to make sll necessary or needtul npaire snd to pro~ide for
the Mortgsged Premieea ss aet forth in paragrapha 6 and 6~bove, snd to market tha producta thereof and receive
and collect the pro~eeda thereof snd aucb receivenhip ahnil, at the option of Mortga~ee, continne until the full pr
ment oi ~?11 euma hereby secured, or until titla to the Mortgaged Premisea shall have p~aaed on sale nnder a fore~-
closure oi thia morZga~e,
11. Should Ddortgsgor and Mortgagee heresfter enter into any agreement modifying or changin~ the teru~s o4
this mort~a.g~e or the note secured hereby in any pArticular, t??e righte of the partiea to such a~ment shsll be ~uperior
to tha nghts of the holder of any intervening lien or encucnbrance.
12, Without affecting the liability of any peraon (other than any persan relesaed puraaant hereto) for payment of
any indebGeclneas necured bereby, and without affecting the lien hereof upon any property not reieased puzreasnt bereto,
Mortgsaee may Rt any time and from time to time, without notice:
(a) Fielesse any person liable for payment oi any indebtedness secuzed hereby.
(b) Renew the indebtedneas, Qr extend the time, or agree to alter the terms; ai payment of any of t}te indebt-
ednesa.
(c) Accept sdditional secvriCy of sny kind.
(d) Releaae sny property eecuring the indebtcdneas.
(e) ~onsent to the making of any mg~ or plat of the biortgaged Premiaea, or the creation oi any eaaementa
thereon or ~ny covenants restri~tmg use or occupancy thereaf.
13. If the indebtednesa eecured hereby is now or hereafter furEher secured by chnttel mortg~sg+es, pledge~, con-
tracta o1 guszanty, assignments of leases, or other securities, Mortgagee may at ita option e~chautit sny one or more
of said securities and the security hereunder, either concurrently or independently, and in auch order aa it may
determine.
14. 2v'o delay by Mortgagee in exercising any riRht or remedy hereunder, or otherazse afinrded by lwv?, ahall
operate aa a waiver thereof or preclude the exercise thereof dvring the continuance of any defsuit hereunder.
16. That the Mortgagor shall permit the Martgagee or ita representativea to examine and inspect the premisea
ai any res,+sonsbl~ timea,
This mortgag~e ehall inure to and bind the heirs, legatees, deviaees, administn?tora, execntors, ausxeaaora and
aaaigna of the partiea hereto. Wherevet used herein, the eingular number shall include the pluznl, the plnr~tl the
aingular, and the use of any g+~nder ah~ll be applicable to all gendera,
Mortgagee shall be aubrogated to the claima and liena oi all parties whoae elaima or lienR xre diachsr~ed or
psid with the proceeda oi Lhe loan secured hereby.
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