HomeMy WebLinkAbout2937 9. That tl the princip~l or intereat on the note herein dc,eriFutil or any pnrt of the indobtalneu s~cured hereb~
or interesL thereon be oot ps~d when duo. or if 1~1ort~,?a~or shall tnil to pny ~ny tnrca, s.sessmenla~ charRea~ ot impo~i-
tiona s~ the sAme become due a~d payabie, or if ~h•fnuit De mncl~ in the full and prompt prrfonnnnce of an eo~en~nt
or nRr~rme~t hcrcin containcd. or it any pmc~rvfin~ be in+titut~rl to ahatc nny nu~sance on thr 111ort~-s~ Yrcmiae~
or it any procecdinp.n be in~titutccl which miRht rccult ta tho d~trimcnt ot the u~c 1nd enjnyment u[ the premises. or
ii 1lfortga~or ia aJjudicated a bankrupt or insolvcnt, or if any I:~w sh:~ll be en:~ct~~l u~ deci~ium m~dcrcd by any court
of la~t msort impo~in~; an~r tsx o~ acves~ment not now in eff~~ct u~~on thia mu~t~;A~e. or the note sccured hereby. or
wny intcrest oi Mort~;aRce ~n the Mort~a~cif I're~ni:~es, or rcnderin~ inoperative 1h~e umiertakings oi DtortKa~or to pay
rll tax~~ ari~ing xs e msult ot this t~anaaction othcr th~n taxcx un the ioterret income henlrom~ o~ wh~ch results
in the deductioo from vnlue oi lonJ, for tax pur~sca. of the nmount of any licn hereon. or slterin~ the lawa for the
tnxi~R ot mortKwgea or debts securecl thernby. or it tl~c btort~u~;~~r. v?ithout fir~t obtaioinR the written consent oi the
biort~n~ee, shall firant, bar~Cain, scll or convey the 1ltort~a~,•~~1 1'rcmi~cs or any part thereof. i~cludin~ timber. then on
the happcoinR of any one or more oi these evc~tc, this conve~nnce shall become Absolute and the whote ~indebtedness
secunKl hereby shall immcKfiately become due und papnble at the option of the ~lort~nRee anJ this mort~age may
thereu{wn be foreclosed for the ~•hole of ssid mone~, interest snd costs. or Mort~n~-ee may foreclose only as to sutns
past ciue without injury to this mortgnfie or the dicplacemcot or impairment ot the mmoindcr of thc lien then•of~ and
at such fomclosure sale the property shall be cold subject to all mmaini~R items of i~debtednesa and the Mortgagee
may again ioreclose in the same manner as oitert as there bo any sum past due,
10. Jf at any time after default by 111ort~.agor a receivcrship may be necessacy in the opinion of 1~iortgaRee
to pmtect the lien hercof. or at the time of or after the institution of suit to rollect the indebtedness hereby secured,
or to foreclase this mortgage~ htort~ta~ee ahall. as sn udoiitted equitv and as s matter of strict riAht and regard-
lesa of the ~alue o[ the property. or the solvency or insol~ency of ~tortQaRor or any party bound for the puytnent
of the indebtcdness have the right to the appointment, on ex pnrtc application and without notice to anyone~ by any
proper court haviag jurisdiction. of a receiver. which recciver shall huve all of the bmad and effective.powers
and functions in an~ wise entrusted by the court to n recei~cr. to take char~e of, mana~e. preserve. mainta~n, care
for und protect the 1~SortRaRed Premises and to rnllect rents. is~ues. ptoceeds. produce, profit, income and revenuea oi
the 1??ortgaged Premises fmm whatscever source derived; to make all necessary or needftil repAirs und to pmvide for
the riortgaged Premises as set forth in paragrnphs 5 and 6 above, and to mairket the prociucts thereof and receive
and collect the proceeds thereof and such receivership shall. at the option of ~tortRagee. continue until the fnU pay-
ment of sll sums hereby secured. or untii title to the 111ortgaf;ed Premises shall have passed on sale under s iore-
closure of this mortgage.
11. Should Mortgagor and BiortRagee hemaiter Pnter into nny agreement modifying or changing the terms oi
this mortgage or the nate secured hereby in any particular. the riglits of the parties to such agreement shall be auperior
to the rights of the holder of any intetvening lien or encumbrance.
12. ~Vithout affecting the liability of any pcrson (other than nny person released pursuant hereto) for payment o!
any indebtedness secured hemby, and without affecting the lien hereof upon any property not released puranant bereto.
111ortgagee may at any time and fmm time to time, without nolice:
(a) Release any person liable for payment of any indebtedness secured hereby.
(b) Renew the indebtedness. or extend the time, or agree to alter the terms, of payment of any of the indebt•
edness.
(c) Accept additional security of any kind.
(d) Release any property securing the indebtedness.
(e) Consent to the making of any map or plat of the Mortgaged Pmmises~ or the creution of any eaaements
thereon or any covenants restricting use or occupancy thereof.
13. If the indebtedness aecured hereby is now or hereafter further secured by chattel mortgages, pledges, con-
tracts of guaranty, sssiRnments of leases, or other securities, aiortgagee may at its option exhaust any one or more
of aaid securities and the security hereunder, either concurrently or independently. and in such order ss it msy
determiae.
14. No delay by Mortgagee in exercising any ri~ht or remedy hereunder. or otherwise afforded by law. sh~li
operats as a waiver thereof or pteclude the exercise thereof during the continuance of any default hereunder.
lb. That the Mortgagor shall permit the 1?iortgagee or its representatives to examine and inspect the premisea
at any reasonable times.
This mortgage shall inure to and bind thc heirs. legatecs. devisees~ administrators, executors~ anccessors and
assigns of the parties hereto. ~Vherever used hercin, the aingular number shall include the plural~ the plural the
~ ~ingular~ and the use of any gender shall be applicabie to all genders.
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~ MortAagee ahall be snbrogated to the claims and lien9 of all parties whose claims or liens are discharged os
~ paid with the proceeds of the loan secured hemby.
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; The provisions of paragraphs 16 and 17 are set forth on Exhibit "B" .
= consisting of one page which is attached hereto and by this reference
¢ made a part hereof.
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; IN WITNESS WHEREOF, this mortgage haa been duiy executed by ihe Mortgsgor. Pd ~f~TC-
Signed, sealed and ddi~esed S~ R L
~ in the presenee oi: GLADES GROVES , INC .
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~ ~C,1 :e-z-(~ L: t gY ; ,
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President
~ Atte ~ ,
. - . ILa~Xo ~~~~a.~r~,~ ~ Secretary
= ; OR
soc~zl0 ~acE2~4
tia
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