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HomeMy WebLinkAbout0903 M~ortqo~~ w the priority of tuch lisn over onr subordinate (ien~ ond that Mart9aQe~ may ~tsort for ths pormen~ oi Ih~ indsbNdn~u secured br thi~ Mortyo~s to any other security the~efo? held br Mort~o~ee in suth orde~ ond manner os Mwtqa9ee may ~lect, ?Z. That if the Mo~tqaqw sholl fail, neylect or refuse for o period of fiftesn (1S) dors lully and promptly to por the { amounts required to be paid by the note hercby secu~ed or the mte~est the~ein speciFied or ony of the sumi of money ha~ein referred to or hereby secured, o~ otherwise dulr, ivllr and p~omp~ly to perform, execute, complr with ond obide by each, every w ; any of the covenonts, co~ditions or stipulotions of thi: Mortgnge, the Promissory Note he~eby secured and/or the loon Ag~eement, then, and in either w in ony of such events, without notice w demand, ihe said aggre~ute sum mentioned in soid Promisso~r Note, less p~eviovs porments, if ony, and a~y and all sums mentioned herein or secured hereby sholl become due a~d payoble fonh- with or thereafte? at the continuing option of the Mortgagee os fvlly and completely as if said aggregate sums were originolly stipulated ro be poid at such time, on~rthing in said Promiuory Nofe or he~eirt to the tontrary notwithstonding, ond the Mortgagee shall be entitled thereupon or thereoher wilhout notice or demand to institute suit ot law or in equity ro enforce the rights of the Mortgagee hereunder or under soid P?omissory Note. In the event of any default w breach on the pori of the Mortgagw here- under or under wid P~omiswry Note, or the loan Agreement, the Mortgagee shall have tha continuing opHon fo enforce poyrr+ent of atl sums secured he~eby by action at law or by su+t in equity to foreclose lhis Mortgage, either o~ both, co~currently or other- wise, vnd one oction or suit sholl not abate or be u bar to or waiver of the Mortgagee's right to institute or meintai~ the other, provided soid Mongagee shall have only one poyment and satis(oction of soid indebted~ess. 23. Thot in the event thot Mortgogor sholl (1) consent to the oppointment of a receiver, trustee or liquidator of all or o substontiel part of Mortgogor's ossets, or (2) be adjudicated a bunkrupt or insolvent, o~ file a voiuntory petition in bonkruptcy, or odmit in writing ih inobi:ity to poy its debts as they become dur, or (3) make a gene~ol auignment for the benefit of creditors, or (4) file a petition or onswer seeking reorganizotion or ar~angement with c~editors, or to take advontage of any insolventy law, or (5) file an onswer admitting the materiol allegations of o petition filed against the Mortgogo• in any bankruptcy, reorganization or insolvency proceeding, or (6) action sholl be taken by tfie Mo~tgogor for the purpose of eHecting anr of the foregoing, or (7) onr order, judgment or decree snall be entered upon an opplicotion of o creditor or Mortgogo~ by a court of competent jurisdiction opproving a petition seeking appoiotment of a receive~ or trustee of oll or o substontial part of the Mortgagor's assets and such order, judgme~t or decree sholl continue unstayed and in effect for any period of thirty (30) consecutive doys, the Mortgagee may declare the note hereby secured forthwith due and payable, whereupon the princ+pol of and the interesl accrued on the note ond all other sums hereby setvred shal) become fo?thwith due ond payable os if all of the said sums of money were originally stip- ulated to be paid on such day; and the?eupon the Mortgogee without notice or demand moy prosecute o suit ot law and/or in equity as if oll monies secured hereby had motured prior to its institution. 24. If foreclosure proceedings shoutd be instituted ogoinst the property covered by this Mortgage upon any other lien or claim whether alleged to be superior or junior to the lian of this Mortgage, the Mo?tgagee may at its option immediotely upon ~nstitution of such suit or during the pendency thereof declare this Morigage and the indebtedness secured hereby due and poy- flble forthwith ond moy at iK option proteed to foreclose this Mortgage. 25. !t is furthe? corenonted and ogreed by said parties that in the event of a suit being instituted to forclose this Mortgage, the Mortgagee shall be entiiled to opply ot any time pending such fo~eclosure suit to the court having jurisdiction thereof for the appointment of o ~eceiver of all and si~gular the Mortgaged Propert~r, and of alt rents, incomes, profits, iuues and revenues there- of, from .~rhatsoever source derived; and thereupon it is hereby exprguly covenonted and ogreed that the court shall forthwith appoint such receiver with the usuol powers and duties of receivers in like coses; ond said appointment snoll be made by the court as o matter of strict right to the Morigagee, ond without reference to the odequacy or inadequacy of the value of the prop- erty hereby mortgaged, or to the solvenq or insoivency of the Mortgagors or any other pa~ defendant to such suit. The Mort- gagor hereby spec:ficalty woives the .ight to objed to the appointment of a receiver as aforesaid ond hereby expressly consents that such appointment shal) be mode as an odmitted equity and os a matter of obsolute right to the Mortgagee and that the some may be done without notice to the Mortgagor. 26. During the continuance of any such Event of Defoult, the Mortgagee personelly, or by its agents or attorneys, moy - enter into and upon all or ony part of the Premises, and each ond every part thereof, and mar extlude the Mortgagor, ets agents and servants whoNy the~efrom; and hoving and holding the same, mar use, operote, manage and control the Premises and con- duct the business thereof, either personally or by its superintendeMs, managers, agents, servents, attorneys or receivers; and upon every wch entry, the Mortgagee at the expense of the Mo~tgcsged Property or the Mortgagor, from time to time, either by pur- chose, repoirs or construttion, moy maintoin and restore the Mortgaged Property, whereof it shaN become possessed os oforesaid, may complete the construction or development of tbe lmprovemonts ond in the course of such completion mar moke such changes in the contemplated Improvements as it may deem desiroble ond may insure the same; and likewise, from time to time, at the expense of the Mortgcged Propert~r or the Mortgagor, the Mortgogee moy moke all necessary or proper ~epairs, renewals ond replacements and sucb useful olterations, additions, betterments and improvements thereto and thereon os to it may seem advis- able; and '+n every such case the Mocigagee sholl have the righf to monage ond operate the Mortgoged Property ond to carry orr the business thereof and exercise ali nghts and powers of the Mortgogor with respect thereto either in the name of the Mortgagor cr otherwise os it sholl deem best; and the Mortgagee shall be ent~tled to col(ect and receive aN earnings, reve~ues, rents, issues, profits and income of the Mortgaged Property ond every part thereof, aN of whech shall for al) purposes constitute property of ~ the Mcrlgagor; ond o:ter deducting the expenses of conducting the business the~eof and of all maintenance, repoirs, renewols, r~placemer.ts, oiterations, additions, betterments and improvements and amounts necessary to pay for taxes, assessments, insurance and prior or other proper charges upon the Mortgaged Property or any part thereof, as well os just ond reasonable compensaTion 'or the services of the ~~lortgagee ond for al) Attorneys, counsel, agents, clerks, servants ond other employees by it properly en- ' gogeo ond employed, the Mortgagee sholl apply the monies arising as aforesaid, first, to the payment of the principa) of the Note ' and the interest thereon, when ond as the same shall become payable and second, to the payment of any other sums required ro ~ be paid by the Mortgagor under this Mortgage. i t 27. In cose of proceedi~gs by or against the Mo~tgogor in insolvency or bank~upfcy or any proceedings for its reorgan- ~ ization or involving the liquidation of i~s assets, then, and in such case, the AAb~tgogee shall be entitled to prove the whole ~ amoun! of principo! and interest due upon the Note to the full amount thereof, and all other payments, -charges and costs due under this Mortgage, without deducting therefrom any proceeds obtained from the sale of the whole or any part of t6e Mortgoged ~ Property, provided, however, thot in no case sholl the Mortgegee receive a greater amount than such principo) and interest and such other payments, charges and costs from the aggregate amounf of the proceeds of the wle of the Mortgoged Property and i the distribution from the estote of the Mortgagor. G 28. Thot Mortgogee shal! have the right from fime to time to take action to recover any sums, whether interest, principal, { or any installment of either, or any other sums required to be paid under the terms of this Mortgoge, os the same become due, ' w+thout rego-~ to whether or not the principul sum secured, or any other sums secured, by the Note and Mortgage shall be due, G and without prejudice to the right of Mortgagee thereofter to bring an actio~ ot foreclosure, or any other action, for o defoult or defaults by Mortgogor existing ot the time such earlier action wos commenced. No remedy conferred upon or reserved to the Mor'3agee herein, or in the Mortgage Note or the loan Agreement is ~ntended to be exclusive of any other remedy or remedies, i and each and every such remedy shall be cumulative, and shall be in addition to every other cemedy given to the Mortgogee ~ ~,ow or herea:ter existing at low or in equity or by stature. No deloy or omission of the Mortgagee to exercise any right or R power occruing upon any Event of Defoult herein, or in the Mortgage Note, or the loan Agreement, shal) impoir ony such right G or power, or shall be construed to be a woive~ of any such Event of Default or o~ acquiescence therein; and every power and remedy given by the mortgbge herein, or in the Nbrtgage Nofe or the toan Agreement, to the Mortgagee may be exercised ' from time to tirne os often as moy be deemed expedient by the Morigagee. Nothirg in th:s Mortgage or in the Note or in the ~ loon Agreement shall affect the obligation of the Mortgogor to pay the principol of, and interest on, the Note in the manner and ~ at the time and place therein respectively expressed. i ~ 29. The Mortgagor will not at ony time insist upon, or plead, or in ony manner whatever claim or take any benefit or ~ advantage of, ony stay or extension or moratorium low, ony exemption from execution or sole o~ the Mortgaged Propeny or ony ~ 4. °-k 212 ~03 6L~~K - .n.~ _ ; _ - - - - ~ _ - ~ :Er ;~~.a _ u.