HomeMy WebLinkAbout0657 without thereby waiving or i~pairing any equity, lien or right under and by
virtue of this Agreement. .
5, To permit or cownit no waste, impairment or deterioration of said
property, or any part thereof, and, upon the failure of the se~ond party to
keep the buildings on said property in good condition of repair and maintenance,
the first party may demand proper maintenance and the immediate repair of said
buildings, an increase in the amount of security or the immediate repayment of
the debt hereby secured, or the first party may at its option make such repairs
or cause the same to be made and advance the necessary monies for such purpose.
6. To comply with all ordinances applicable to the above denoted real
_ property; not to make or permit to be made any structural alterations to any of
the existing improvements thereon without the written consent of the first party.
7. Until default in the performance of any of the covenants or agreements
of this Agreement and the Note or advances which it secures, the second party
shall be entitled to collect the rents, issues and profits from the premises
h~retofore described. In the event of a default in any of the terms of this
Agreement, the first party shall be entitled"to apply at any time without -
notice, pending such foreclosure suit, to the court having jurisdiction thereof,
for the appointment of a receiver of all and singular the above denoted real~
property and of all the rents, incomes, profits, issues and revenues thereof, '
from whatsoever source derived; and thereupon it is hereby expressly covenanted
and agreed that the court may forthwith appoint a receiver for said above de-
~
~ noted real property, and of such rents, incomes, profits, issues and revenues
t thereof, with the usual powers and duties of receivers in like cases; and such
~ appointment shall be made by such court as a matter of stric* right to the
~ first party, and without reference to the adequacy or inade uac of the value
Q Y
of the property herein described, or to the solvency or insolvency of the
second party; and such rent, profits, income, issues and revenues shall be
applied by the receiver to the payment of the Agreement indebtedness, costs `
and charges, according to the order of such court.
8. That in the event any interest in the title to the above denoted real
~ '
~ property premises, or any part~thereof, becomes vested in a person or persons 3
~
~ other than the second party, the first party may, without notice to the second :
party, deal with such seccessor or successors in interest with reference to
this Agreement and the debt hereby secured in the same manner as with the ~
~
second party, without in any way vitiating or discharging the second party's ;
~
~ ~
~ -3- ~ ~~57
~
~ . G:
' w`?`:F `s
r~ vsy- ~ c~ ~ . ~~.r " .
•€>~~y~~~'.v"~e,.s~~Fya'S~" t . . .