HomeMy WebLinkAbout1991 Pra~~ paid, as herein agreed, or to pay the taxes or assess-
mente which may be assessed aqainst the property, or the liens
or claims which may accrue thereon, the Mortgaqee or its assiqna
are hereby authorized at their election to insure the same
s~nd pay the costs of such insurance, and also to pay said taxes,
liens, and claims or any part thereof, without said l~rtqagee
waivinq its right of forecloaure or any other riqht hereunder,
and t,he Mortgaqor hereby aqrees to refund oa demand, and under
penalty of default, the sum or sums as paid, with interest
thereon• at the rate of ten (1096) per centum per annum, and any
and all coats, reasor~able charges, abstract fees, reasonable
attorneys' fees and other expenaes incurred and/or contracted
for in attempting to or collecting the same or enforcing the
payment thereof, and this Mortgage shall stand as security
therefor; and any said aum or sums so paid shall become a part
of the indebtedness hereby secured.
SIXTH: It is furthermore agreed tlzat the Mortgagee
may resort for the payraent of said principal moneys, interest
or any other moneys due or payable hereunder, to the several
securities and/or remedies therefor in such order and manner as
it may think fit, and its proceeding in one manner shall not
be a waiver of its rights to any other remedy.
SEVENTH: But if the Mortgagor shall fail to pay or
cause to be paid any of said installments ment~.oned in said note,
or fail to pay any moneys required under said note and such
default continues for a period of fif.teen t15) days or if the
I~ortgagor otYierwise defaults (except as hereinafter set forth)
under said note and/or this Mortgage according to the terma
thereof or comanits any default as Lessor, under the terms of any
lease assigned ae collateral and/or encumbered hereby, which is
not corrected or remedied within the period of grace applicable
thcreto, or in the case of the actual or threatened demolition
or removal of any buildinq now or hereafter erected upon said
premises, or in the event the Mortgagor shall fail to pay or
cause to be paid said taxea or assessments before delinquency
thereof, or said premiums of insurance, or fail to perform any
other act or thing herein required of or agreed by it to be done,
the entire indebtedness hereby secured shall thereupon became
due and payable and this Mortgage subject to foreclosure, at the
option of the Martgaqee, its successors or assigns.
EIGfiTH: In case this Mortgage be foreclosed by a
proper suit and the mortgaged premises be sold to satisfy a
decree of foreclosure, the proceeds of such sale shaZl'be applied
as follaws: First, to the expenses and costs incurred hereunder,
including reasonable attorney's fees for such services a~ ~ay
be neceasary in the premises and for the collection of said ~
indebtedness and the forecloaure of this mortqaqe; Second,
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