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HomeMy WebLinkAbout1773 slid mortgage Indebtedness Fn~~ iitdebt~~clness of the ~tort{;agre to the rtortgagor, and said ~tortg~ge~ may also immediately proceed to foreclose this mortgage. and In anv foreclost~re a 5ale may be made of the premises en m~sse without offc~ring the sc:~-eral parts separately; 10. That the Alortgagee may employ counsel for advice or other legal service at the hlortgagee's discretion in connection ~vith any dispute us to the debt hereby secured or the lien of this instrument, or any litigation to ~rhich the b•lortgagee may be made a party on account of this lien or which may affect the title to the property securing the indebtedness hereby secured or which r.~a,~ affect said debt or lien and any reasonable attorney's fees so incurred shall be added to and be a part of the debt hereby secured. Any costs and expenses reasonably incurred in the foreclosure of this mortgage and sale of the property securing the same and in connection with any other dispute or litigation affecting said debt or lien, including reasonabl~~ estimated amounts to conclude the transaction, shall be added to and be a part of the debt hereby~ secured. All such amounts shall be payable by the ;~iortgagor to the Aiortgagee on demand, and if nat paid shall be included in any decree or juc~gment as a part of said mortgage debt and shall include interest at the highest contract rate, or if no such contract rate then at the legal rate. 11. In case the mortgaged property, or any part thereof~ shall be taken by condemnation, the Mortgagee is hereby empo~vered to collect and receive all compensation which may be paid for any property taken or for damages to anv property not taken, and all condei;ination compensation so received shall be forthwith applied b3~ the l~iortgagee as it may elect, to the ir.~mediate reduction of the indebtedness secured hereby, or to the repair and restoration of any property so damaged, provided that any excess over the amount of the indebtedness shall be delivered to the Mortgagor or his assignee. ~ 12. All easements, rents, issues and profits of said premises are pledged, _ assi~ned and transferred to the l~iortgagee, ~~•hether now due or hereafter to become due, under or b~- virtue of any lease or agreement for the use or occupance of said property, or any part thereof, ~~~hether said lease or agreement is ~vritten or verbal, and it is the intention hereof (a) to pledge said rents, issues and profits on a parity ~vith said real estate and not secondarily and such pledge shall :~ot be deemed merged in any foreclosure decree, and (b) to establish an absolute transfer and assignment to the blortgagee of all such leases and agreements and all the avails thereunder, together with the right in case of default, either before or after foreclosure sale, to enter upon and take possession of, manage, maintain and operate said premises, or any part thereof, make leases for terms deemed advantageous to it, terminate or modify existing or future leases, collect said ' avails, rents, issues and profits, regardless of when earned~ and use such measures whether ~ 1 egal or equitable as it may deem proper to enforce collection thereof, employ renting agents or I other employees, alter or repair said premises, buy furnishings and equipment therefor when it ~ deems necessary, purchase adequate fire and extended coverage and otlisr forms of insurance as f may be deemed advisable, and in general exercise all powers ordinarily incident to absolute owner- ship, advance or borrow money necessary for any purpose herein stated to secure which a lien is ~ rereby created on the mortgaged premises and on the income therefrom which lien is prior to the en of any other indebtedness hereby secured, and out of the income retain reasonable compensation for itself, pay insurance premiums, taxes and assesments, and all expenses of every kind, in~~uding attorney's fees, incurred in the exercise of the powers herein given and from time to time apply any balance of income not, in its sole discretion, needed for the aforesaid purposes, first on the interest and then on the principal of the indebtedn~ss hereby secured, before or after any decree of fore- ~ closure, and on the deficienc}• in the proceeds of sale, if any, whether there be a decree in personam therefore or not. Whenever all of the indebtedness secured hereby is paid, and the hiortgagee, in its sole discretion, feels that there is no substantial uncorrected default in Fcrformance of the ~iortgagor's agreements herein, the Dtort~agee, on satisfactory evidence thereof, shall relinquish ~~ossession and pay to ;~iortgagor anS surplus incomP in its hands. The possession of Aiortgag~~-- ma~t continue until all indebtedness secured hereby is paid in full or until the delivery of a rlaster's [~ed or Special Commissioner's Deed pursuant to a decree foreclosing the lien hereof, but if no ~ deed be issued, th~n until the expiration of the statutory period during which it may be issued. ~ `Iortgagee shall, how~ever, have the discretionary power at any time to refuse to take or to abandon ~ ~ssession of said premises w~ithout affecting the lien hereof, ?~Iortgagee shall have all powers, if ~ am•, H•hich it might have had ti~•ithout this paragraph. `o Suit shall be s~astainable against Mortgagee ~ based upon acts or omissions relating to the subject matter of this paragraph unless commenced ~ ~ti~ithin sixty days after ~tortgagee's possession ceases. ~ ~ ~ ~ 13. That each right, power and remedS herein conferred upon the Mortgagee is cumulative ~ uf every other right or remedy of the ~Iortgagee, whether herein or by law conferred, and may be ~ enforced concurrently therewith, that no waiver by the ~iortgagee of performance of any covenant herein or in said obligation contained shall thereaker in any matter affect the right of the Mortgagee ~ tc~ require or enforce performance of the same or any other of said covenants; that wherever the ~ ~p 94 ~7?2 ~ ~ u0~ ~ - 3- ~ . _ , . - - _