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HomeMy WebLinkAbout2959 ; MORTGAGE DEED - Page Four . hereby secured, without any deduction shall, at the option of the Mortgaqee, or its successors or ass-igns, become inunediately due and payable, notwithstanding anythinq contained in this mortgage or any law heretofore or hereafter enacted. AND it is stipulated and aqreed that, in case of default in any of the said payments of principal or interest, according to the tenor or effect of the said note mentioned above, or breach of any of the covenants or agreements herein contained, then and in any such case the whole of the said principal sum hereby secured and the interest thereon, and any payments made by the Mortgagee, its succes- sors and assiqns, for repairs, insura~ce, taxes, assessments, liens, judgments, decrees, costs, charges, expenses, abstract fees, at- - torney's fees or otherwise, shall at the option of the said Mortgagee, its successors or assigns, become immediately due and payable without further notice, and this mortgage may be foreclosed in the manner and with the same effect as if the said indebtedness had otherwise matured. . The proceeds of said foreclosure shall be applied: first, to the expenses incurred hereunder, including a reasonable attorney's fee for such service as may be necessary for the collection of said indebtedness and the foreclosure of this mortgage.; second, to the payment of whatever swm or sums the said Mortgagee, its successors or assigns, may have paid or become liable to pay in carrying out the options, terms and stipulations of this mortgage, together with interest thereon; third, to the payment and satisfaction of said note and interest: IT is further expressly stipulated and agreed that the Mortgagee, its successors and assigns, shall have the privilege, at its option, after the doinq of or the omission to do, by the Mortgagor, her heirs, legal representatives or assigns, of any act or thing which will constitute a default in or breach of any of the terms, conditions and covenants herein or in said mortgage I~ note contained, and upon the commencement, in a court of competent ~ jurisdiction of a suit for the foreclosure of this mortgage, of apply- ing for, either in and by the original bill for foreclosure or other- wise, and shall be entitled, as a matter of right and without regard to the value of the premises, property and estate, or the necessity, ~ r.easonab leness or expediency therefor, or the solvency or insolvency of the Mortgagor, her legal representatives, successors, heirs or ~ assigns, and without notice to said Mortgagor, her heirs, legal representatives or assigns, to the appointment of some suitable person or corporation as a receiver for the pr'operty, premises and estate hereinabove descri.bed. SUCH receiver shall have pawer to enter upon, receive and take complete, entire and exclusive possession of said property, pre- mises and estate, and the rents, issues and profits thereof; to pre- serve, maintain, defend and protect such possession and said premises, property and estate; to lease the same for a term to be approved by the Court; to pay all taxes, assessments and levies that are or may beco~ne liens thereon; to keep the buildings, furniture and fixtures thereon insured against fire, wind, storm, theft or other disaster; to make reasonable or necessary repairs and he shall have such other. ~ ~ powers as may seem proper to the Court. Such receiver, after deduct- ing all charqes and expenses attending such receivership, shall apply the residue of such rents, issues and profits to the payment and satis- faction of this mortgage and the note hereby secured, or to any de- ficiency that may arise or exist after applying the proceeds of the ~ ~ - aocx~3 w~~2~ ! . ~ :i?' ~ _ .CnF~ ~:y _ Y ^`~'x~'~'N~~'~",~ e# 'K'~* ~r YT~" _ sd Y s__.. .