HomeMy WebLinkAbout1261 9. 'T'hai if the principel or intcr~~t on the note her~•in described or r.ny part of the indebtedrrtss aerurtd hereby
or interrst thereon be not paid w~hen due, or if Mort~aaor ahall fail tu pay ~n>~ taxes, assessments, charge~, or impos~-
tiuns as the eame become due and ~ayable, or if default be plRC3C ~n the full and prompt perform~nce of any eovenent
or agreement herein contained, or if any proceedinF;s be instituted to a6ate any nuisance on the Mnrt{~ged Premises
or if any proceedin~s be instituted which might result to the detriment of the use and enjoyment of the premiseu, ar
if Mortgagor is sdjudicated a bankrupt or insolvent, or if any law shall be enacte~i or decision rendered by any court
of last resurt imposin~ any tax or asseasment not now in effect upan this mort{~age, or the note secured hereby, or
any interest of hiortgagee in t}~e Mortgaged Premises, or rendering inoperative the undertakings oi Mortgagor to pay
' all taxes arising as a result of this transnction other th.in taxes on the intere~t iricome herefrorn, or which results
ir. thu deduction from value of land, for tax purposes, of the amount of any lien hereon, or altering the laws for the
I~ txxing of mortKages or debt~ secured thereb}~, or if thc~ 11ort~,ra~or, w~ithout first obtairiinK the wTitten consent of the
Murtgagee, shall ~;rant, bargain, selt or .onvcy the MortKxy;~~d Yremises or any part thereof, including timber, then on
the. happeninq of any one or more of these events, this cunvcyance shail become absolute and the whole indpbtednesa
secured hereby shall immediately become due and paysble at the option of the Mortgagee and thia mort{Yage may
thereupon be foreclosed for the whole of said money, interast and costs, or Mortgagee muy foreclose only ss to aums
past due without injury to this mortgage or the displacement or impairment of the remainder of the lien tihereof, and
at such foreclosure sale the property shall be sold subject to all mmaining items of indebtednesa and the Mortgagec
may ag~in foreclose in the same manner as often as thcre bc any sum past due,
10. If at any time after default by 1liort~agor a receivership r.~ay be nece,sary in the opinion of Mortgagee
to protect the lien I~ereof, or at the time of or after the ins.titution of suit to collect the indebtednea.~ hereby eecured,
or to foreclose this mortgage, Mortga~ee shall, as an pdmitted equit~~ and as a matter of strict right and rngard-
]ess of the value of the property, or the solver.cy or insot~•enc~~ of .1SortQaKor or anv p~rty bound Yor the payment
of the indebtedness have the right to the appointment, on ex parte ttpplicAtion snd without notice to anyone, by any
proper court havir.g jurisdiction, of a receiver, which rec~~i~er shall ha~•e all of the broad and effective powers
and functions in any M~ise entrusted by the court to n recei~~er, to tflke churge of, mana~e, preserve, maintain, eare
for and protect the ~1ortRa~eci Premises and to collect rents, isaues, proceed~, produce, profit, income and revenuea oi
the biortgaged Premises from whatsue~~er source derived; to make all nece,s~ery or needful repairs and to provide for
the Mort~aged Premises as set forth in para~raphs 5 and G ahoee, and to market the products thereof ettd receive
and collect the proceehs thereof and such receive~ship shall, ut the option of 1iort~agee, continue until the full paq-
ment of all Gums hereby secured, or until title to the D1urt,taKed Premises shall have pessed on sale under a fore-
closure of this mortgage.
il. Should Mort~zgor and MartKag;ee hereafter enter into any n~{reement modifying or changing the term~s af
thi, mort~a~c or the n;~te secured herrU}• in an}~ particular, the ri~hts of the parties to such agreement shall be superior
io the rights of the holder of any intervenir.g lien or encumbrance.
1'?. ~~'ithout affectinq the liabilit~• uf :in~• pcrson (other than a~iy ~~crson released pursuant hereto) for psytnent of
au}• indebtedness secur~d hereby, anri ~•ithout affcctin~ 4he lien }ic•reaf upon a~~}• property not released pursuant hereto,
blortgagee ma~• at an~~ time and from tirne to time, withutit nc~t;ce:
(a) Release any person liahle ior pa}~ment of an}• indebtrdness secizred hereb}•.
{b) Renew the ir.zlebtedness, or extend the time, or a~;rce to alter the terms, of psy~tnent of any of the indebt-
~ciness.
(c) Accept additional sec~~rity of any kind.
(d) Relcase any propcrty securing the indebtedness,
(e) Cor,sent to tne makin~ nf anp map or plat of the bSort~a~ed Premises, or the creation of anq eascments
thereon or any covenants restricting use or occupancy thereof.
13. If the indebtedness secured hereby is now• or herenfter further secured by chattel murtgages, pledges, con-
tracts of guaranty, ~ssianments of leases, or other securities, :~Sort~;agee m~y at its aption exhaust a*iy one or more
of said securities and the 3ecurity hereunder, either concurre*~t,y or inclependently~, and in such order as it may
determine.
14. 1`o delsy by Mortga~ee in exercis~n~ anp ri~;ht or reme:l~~ hereunder, or otherw•ise affor3ed by law, shall
operute as n waiver thereof or preclude the exercise thereof durink the continuance of any default hereunder.
lb. Thst the Mortgagor shall permit the iiortgaKee or its representati~~es to examine and inspect the premises
at any reasonable times.
This mortgage shall inure to and bind the ticirs, le~atres, c'.rF•isecs, admini,trators, ezeeutors, successors and
assigns of thP parties hernto. R'herever vsed herein, the singular numtx•r shall inciude the plurai, the plural the
singular, anc: the use of any gender shall be applicable to all grrders.
Mortgagee shall be subroRated to the claims and liens af ali parties whose claims or liens are diseharged or
paid with the proceeds of the ionn ~ecurc~ hereb}•.
Elixabeth Lloyd Davis, Carolyn Lyle Davis and Betty U, Deutsch jain in the
execution hereof for the sole purpose of mortgaging and encumbering all af
t~ie right, title and in~erest, Yf any, of each of them, including their
dower interest, if any, in and to the above described proper~y.
TN WITNESS WHEREOF, this mor~gage has be~n d~uly ex~ted by the Mortgagar.
S igned, sealed and deliver~d 1 1~~j~~~ SFA.L)
in e n of : ~
A u ch
. , _ ' _ , ^ , (~FAT,)
- ~ . ~ Eleanor I~euts~h
, . . . . ~ ~ _ - ~ E i~ F,~L'11~,
~ ~ " ~ ~ ~ Lester Deui~sch
Individually and as Co-Partn~rs,
d/b a TF~ DEt7'~SCH CO
_ - . - - - : - " (SEAL)
~~~~~~e~-,~~~~~~ Bet~y U . Deutsch
ts~)
W~ Thom.as Davis
i~~br~pa~ew~c~s _ !
• ~ ~ ~ ~ z~i/~- "r~ t$ '~,~1L~
~ ~--~-~-y-~-,-u__ ~`'~~u. . -`;~i . „ El i etn ~oya i.5
~1`~L~~il~' ~r.Cy~ 1 ' ~ "
l ~'~•~,r r,~ ~ f~' , ~ - '1+~ Phi~i Davi • r'~
C il.r~ct _ ~ ~ / ~
f tr t1! ) ~ i / % ` h....~ ' ~
t . _ Carolyn y1+~ ~ s ` , _ ~ ^ `
rg
t~VANA(~i ;~iN~H COMP~ ~'~NC ~ ~
~ ` / 4.( ~ ~
By: ~
~ k~ ~ J P o S. pmb ly , U~y- s'es ~r}~ .
d00K A'ttest ° ~ -~~~c.<..( U L~,~ -
Ma.r_aaret A. Two~?1 eCre