HomeMy WebLinkAbout1738 MORrGAGUR COVENANIS, tor itselt, its heirs, executors, administrerors, sUCCessors and assigns, with Mortgagee as fotlows:
Mortgagor owns said chatteis free from all claims and encumbrances and warrants and ahali d~fend the chattels against all claims end demand;
whatsoever.
If Mortgagor breaches any of the terma hereof or of said note or of any other obligation of Mertgagor to C.I.T., or if Mortgagor becomes insol-
vent or ceases to do business as n going concern, or if the chattels or any of tfiem be lost, setreted, m~sused or destroyed, or if a default is declared on
any job contracted by Morigagor; or if a surety fakes over performance of such e iob or extends financial assistance to Mortgagor, or if a petition in
bankruptcy or for arrengement or reorganization be filed by or ageinst Mortgagor, or property of Mortgagor be attached o~ a receiver be appointed for
Mortgagor, or whenever Mortgagee may deem the indebtednesa or chettels i~secure, the indebtedness herein described and all other debts then owing
by Mortgagor to C.I.T, shal! af the opt~on of C.I.T. and without notice become due and payable forthwith, and Mortgagor hereby authorizes Mortgagee
to enter with or without iegal process any premises where the chatteis may be and teke poasession thereof. Mortgagee may foreciose this mortgege in rhe
manner prorided by law. To the extent not forbidden by law, Mongagee may sell the chattels at private or public sale, in bulk or in parcels, with or
without notice, without having the chattela present at the place of sale, or in lieu thereaf the Mortgagee, or the Sheriff of any coumy where said property or
any part thereof may be, may sell the same in the menner prescribed by applicable lew, and Merigagee may bid and purchase. The proceeds of sale
. shall first be applied to the expense cf settling al~ liens and claims against and all costs and charges and expenses intu~red in taking, removing, holding,
repairing ar.d selling the chattels and a reasonable sum (15;6 if not prohibited by law) as attorneya' fees; then, to pay all sums ramaining unpaid hereon;
any surplus ~ha31 belong to Mortgagor, subject to being applied 5y Mortgagee to any other indebtedness of Mortgagor to C.i.T. Mortgagor egrees to pay
any deficiency forthwith. All remed~es herein are cumulative to, and any or all thereof may be exercised in lieu of or in add~tion to, any remedies at law,
in equity, or ~~der e statute.
UNTII ANY DEfAULT, Mortgagor sha11 remain in possession of the chattels, but Mortgagor shall not without the prior written consent of Nlortgegee
misuse, sell, rent, lend, encumber, transfer or secrete any of the chatteis. Mortgagor shall pay promptiy when due all taxes, license fees, assessmente and
public and private charges on said ch~tteb, The chattels shaii at ail times be at Mortgagor's risk, and Mortgagor shalf keep them insured against fim with
extended or combined additiona) coverage for the fulf insurable value thereof, and against such ather risks in such amounts a~ Mortgsgee may specify,
all such fire and other insurance to protect Mortgagee's irtercKt with a Standard Mortgagee or Long-Form Endorsement. Mortgagor herety waives all exemp-
iions. Wai-rer of any default shall not be deemed a waiver of any other or subsequent de4ault. Mortgagee may correct patent errors herein and fill in
blanlcs. Alf notices from Morigagee in Mortgagor shall be sufficiently given if mailed or delivered to Mo;-tgagor at Mortgagor'x edslress ahown above.
Mortgagor shall, if certificate of title be required or permitted by law, obtain such certificate wifh respect to the chattels, showing the lien hereof,
and in any event do everything necessary or exped~ent to preserve or perfect the lien hereof. No waiver nor change herein shafl be binding on Mortgagee
unless in writing signed by an officer of Mortgagee. Any parP hereoi contrary te the laws of a~y state where used .~t~alf be de+rmed ineffective therein,
but shail not invalidate any other parts hereof. Mortgagor acknowledges receipt of a tr~e copy and waives acceptance hereo#! >ff Mortpagor is a corpora-
tion, this mortgage is executed pursuant to authority of its Board of Directors.
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1 (N WITNESS WHEREOf, Mortgagor has exec~ted and sealed this chattel mortgage or. :..r..~..~ `s 19..~
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iName of Mort a or
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. whether ovrner or pari»er.)
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