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HomeMy WebLinkAbout1990 6. if any proceedings shail be brought to foreclase this mortgc~ge or to colleci the indebtedness hereby secured, Mortgagee shall be entitled os a matte~ of right, without notice to Mortgagors o~ ony p~rson clcim- ing under them and without ~ego~d to the adequocy of the securiry or whether the some siwll then be occupied by the owner of the equity of redemption as o homesteod, to the immedia~e appointment ot o receiver with power to take possession of the premises, lease the some, colleci oil rentels ond profits the~eof and hold and apply the receipts os the court moy order for mointerwnce of the security end on account of soid indebtedness. Mortgagee is hereby empowe~ed at its option to foreclose this mortguge by adver- tisement and public sule, os by stetute p~ovided. 7. Notwithstanding anything in this mortgage or the note secured hereby to the cont~ory, neither this mortgage nor soid note sholi be deemed to impose on the Mortgagors any obligotion of poyment, except to the extent thet the seme may be legally enforceable; cand any provision to the contrary shall be of no fo~ce or effect. My award of damages unde~ condemnation for injury to, or taking of, eny part or all of said property is he~eby ossigned to Mortgagee with autho~ity to apply or release the moneys ~eceived, as above provided for insu~ence loss proceeds. 9. As odditional security for the repayment of the indebtedness hereby secu~ed ond the poyment of taxes, special assessments, ground rents, ond other chorges and fire ond other iwzard insurunce premiums, Mortgagors ogree to deposit with Mortgagee, if requested by it, monthly or other periodic payments in amounts, which, as estimated by Mortgagee from time to time, shall be sufficient to meet, as they become due, such taxes, ossessments, rents, charges and premiums. If at any time the funds so held by Mortgagee shall be insufticient to poy any tox, ossessment, rent, charge or p.•emium, Mortgagors shall, upon receipt of notice thereof, immediately deposii with Mortgagee such additionel funds as moy be necessery io remove the deficiency. It is agreed that all sums so deposited shall be irrevocabty appropriated to Mortgagee in trust, to be applied to the paymen[ of such taxes, assessments, renis, cherges ond premiums, and at the opiion of Mortgegee, after default, to be applied on the indebtedness hereby secured. ? 10. As udditionol security for the repoyment of the indebted~ess hereby secured, Mortgagors hereby ' assign to Mortgogee all their ~ight, title and interest in and to oll existing ieoses and u!1 tuture lecses upon or affecting the mortgaged premises, together wiih any extensions or renewals of such leases, and all rentals ond income o~ising from soid premises; provided that, so long as there is no defoult i~ any of the terms or conditions of this mortgage or of the note hereby secured, or of any extension or renewat thereof, Mortgagors shal) continue to manoge said premises os owners and collect al) income arising theretrom, but only os it occrues, rendering such rep~rts as rr?ay be required by Mortgagee. In the event of ony default in the perfomnance of any agreemeni o~ covenant in seid note or this mortgage, Mortgagors, upon demond, will immediately deliver to Mortgagee, or its oppointee, all feoses or agreements for occupancy of spoce in said premises, together with a seporate and specific ossignment of each of them to Mortgagee, o~ its cppointee, in form opproved by Mo~tgagee; and Mo~tgagee, with or withoui such specific assignment, may take possession and ossume the rrwnagement of said premises and colleci ihe rentals and other income therefrom, execute all powers and authority reserved to the (essor under the lease terms, including ony right or power the~ein to forfeif or cancel such lease, and modify ihe provisions of preseni leases ond rrwke new leases or rental contracts in the name of the owner of the property, or otherwise; dnd the lessees and other occupants of said premises are hereby authorized ond directed, upon demand, to pay to Mortgogee, or ony person desigrwted by it for thut purpose, oN vmounts due or to become dee from them under said leoses and ony extensior~s or renewols thereof, or by reason of such occuponcy; and such possession ond monagement by Mortqagee shall not in any woy effect its rights of foreclosure and the oppointment of a receiver as hereinbefore provided. - Mortgagee~may from time to time waive its right f?ereunder to cotlect rents ond other income but any such waiver shall not prejudice Mortgagee's right io make such collections thereafter so long os and whenever a default exists under this mortgage or the note hereby secured. Mortgagee shall have the right, but shall not be required, to sue for collection of rents, possession ot premises or other remedy, but shall not be liable for failure to colleci rents or other income ond shoil be held accountoble for only such amounts as are actuolly reteived. Funds received bY ihe Mortgagee six~ll be applied at its discretion to expenses - of collection, including reasonable attomeys fees, necessary repoirs, taxes and insuronce on the mortgaged premises, and on occount of the indebtedness hereby secured. No change or modification of a lease or rentol contract covering premises herein dezcribed shall be binding on the Mortgagee unless consenied to in writing by the Mortgagee. 11. As further security for ful£illment of Mortgagors' obligations, Mortgagors hereby assign to Mortgagee all oil, gas and mineral rights now owned or hereafter acquired on the mortgaged premises, including but not limited to any bonus, rents and royalties payable thereunder; and, upon any default, Mortgagee is hereby em- powered to enter upon and take possession of the premises, as provided in Item 10 above. 12. If any taxes shall be payable or be ruled to be payable by any State or Fed- ' eral authority in respect to the execution or delivery of this mortgage or the exe- ~ cution, delivery or issuance of said note, by reason of any existing or hereafter ` enacted Federal or State statute, Mortgagor will pay all such taxes, including inter- est and penalties if any, and will indemnify and hold Mortgagee harmless as against ! any liability in connection therewith (unless forbidden by law). ~ IN WITNESS WHEREOF, said Mortgagors have hereunto set their hands and seals the day and year first above written. In the Presence of: SEAL) - Paul H. Lef ~~~LUi~ /V' (SEAL) Theo H. Lef n t ~ : ~ R S BOC~ ; . v <?~v.,~ ~ . ~ ~