HomeMy WebLinkAbout1725 S. The undenigned further agrees that; sbot~tld thiny.d~j~t'.d~fault be made in the payment of any
such tax, assasmenu, water renu or other governmental charge, or in the payment of a premiu~n for such
insurance, or should any default be made in the obligation to kap the mortgaged propecty in utisfactory
repair and condition, then the holder hereof may pay any such tax, usessmrns, water renu, governmeat
charge, i~surance premium or the coet to place the mortgaged property in satufactory repair and condition,
and the amount so paid shall be added to the amount owing hereunder and shall be due and payable on de-
mand, with interest at six (6) per cent per annum.
6. Notwithstanding the foregoing, the unpaid balance of the principal sum of this Note and interat .
hereon, shall immediately become due and payable, at the election of the holder hereof, in che event of:
(a) Thirty days' default in any payment due hereunder or
(b) Eacept to the eateat allowed by item "a" above, and deiault under the provisions of (a),
(b), (c), (d), and (e) of paragraph 4 hereof; or
(c) Any change in the ownership of the mortgaged property; or
(d) The appointment of a receiver of the property, or any part hereof, of the undersigned or of
the owner of such mortgaged property; or
(e) The filing of a petition by or against the undersigned or the owner of such mortgage prop-
erty for relief under any bankruptcy of insolvency law; or
(f ) An assignment by the undersigned or the owner of the mortgaged property of assets for the
benefit of creditors; or
(g) Any default in the covenanu and coaditions of the moccgage securing thu note.
7. The undenigned and all other partia who at any time may be liable hereon in any capacity,
jointly and severally, waive presentment, demand for payment, protest and notue of dishonor of this Note,
and authoriu the holder hereof, without notice, to grant eatension in the time of payment of and reduc-
tions in the rate of interat on any moneys owing on this Note.
8. The undersigned, if more than one, agree to be joindy and severally liable hereunder, and that
che term "Undersigned", u used herein, mezns any one or more of them.
9. It is agreed by the uadenigned that time is of the asence of this Note, and that in the event of
default of any payment due hereunder for a period of thirty (30) days, the holder of this Nou may, at iu
option, declare all of the remainder of this Noce due and payable, and the undersignod waiva demand, pro-
test and notice of dishonor or nonpayment and hereby wuves any eztensions of time and changa in mode of
' payment by the holder hereof. -Z
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