HomeMy WebLinkAbout1429 ment or composition or extension or any other relief under or pur-
suant to the Federal Bankruptcy Act or any other similar statute ~
as now or hereafter in effect, or shall be adjudicated bankrupt or s
insolvent or any of his property shall have been sequestered and ;
;
such decree shall have con tinued undischarged and unstayed for s
ninety days after the entry the reof, the entire indebtedness here- ~
by secured, including all payaaents for taxes, assessments, insur-
ance premiums, liens, attorney's fees and expenses herein speci- #
fied, shall, at the option of the mortgagees, and without notice
to the mortgagor, be due and collectible at once by foreclosure
or otherwise; and, except as to property where such provisions is
prohibited by law, upon commencement of any foreclosure or at any
time thereafter the mortgagees, as a matter of right, without con-
sideration of the value of the premises, or whether the property
is probably insufficient to discharge the mortgage debt or is in
danger of being lost or removed or in~ured, and irrespective of
the solvency or insolvency of the mortgagor or the then owner of
said premises, and without notice to the mortgagor or any person
claiming under him, shall be entitled at once to the appoint~onent
of a receiver for said premises, to collect the rents, issues and
profits therefrvm during the pendency of such foreclosure, and the
proceeds of said receivership shall be applied by said receiver to
ward the payment of the indebtedness secured by this mortgage, or
toward the payment of such part of the judgment rendered thereon
as may remain unsatisfied after the sale of said premises, or to
repay to the mortgagees any advancements which said mortgagees ma
make after the comanencement of foreclosure action for taxes, asses -
ments, insurance or o~her charges as herein provided, together wi
interest thereon at the same rate as specified in said note secure
hereby on the principal thereof after default and maturity, and
from the proceeds of said receivership said receiver may make nece -
sary repairs and keep said premises in proper condition and repai
pending such sale, and pay all taxes and assessm~nts accrued or
accruing or redeem from sales therefor and pay insurance premiums
necessary to keep said premises insured in accordance with the
, provisions of this mortgage, and pay other proper charges as here-
in provided, and pay the expense of the receivership.
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; THIRTEENTN: In case this mortgage be foreclosed by a suit in
~ equity and the mortgaged premises be sold to sa~sfy a decree of
E foreclosure, the proceeds of such sale shall be applied as follows
~ First, to the expenses incurred hereunder; second, to a reasongble
~ attorney's fee for such services as may be necessary for the col-
~ lection of said indebtedness and the foreclosure of this mortgage;
~ third, to the payment of whatever sum or sums the mortgagees may
~ have paid or become liable to pay in carrying out the terms and
stipulations of this mortgage, together with interest thereon;
~ and finally to the payment and satisfaction of said note. The
~ balance, if any, shall, unless the Court decrees otherwise, be
paid into the registry of the Court having jurisdiction of said
foreclosure suit, to abide the further order of said Court. In
event a foreclosure suit results in the sale of the property herei
involved and said sale does not produce sufficient revenues to pa
~ outstanding debts evidenced hereby, tihe endorsers and guarantors
~ individually and collectively of the note here in involved, do here
~ by covenant and agree to pay any deficiency resulting from said
' sale, provided said default has taken place prior to J anuary 15,
~ 1974. Provided, how~ever, that the guarantee shall be limited to
~ the interest and principal due to be paid through January 15, 1974
~ according to the terms on the face of the note herein involved in
~ the total amount of $712,783.68.
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~ FOURTEENTH: That the mortgagor is lawfully seized of said
~ premises in fee simple and has good right and lawful authority to
i;HARLES E. BECHT sell and convey the same, that the same are free from encumbrances
n: *owHEr ~e ~wM
~~~j! ,•,~,E w,,,,.. except as aforesaid, that it shall be lawful for the mortgagees at
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