Loading...
HomeMy WebLinkAbout1717 Mwtgage or the prioriry of such lie~ over any subordinflte lien;• and that Mortga9eo may ~eso?t for the porment of the indebtedneu , secured by this Mo~tgaga to any other security the?efor held by Mo~tgogee in suth order ond monne? as Matgagee may eiect. - 2~. Thot if the Mo~tgagor shall fail, oeglect or refuse for o period of fiiteen (15) doys fully ond promptly to par the amounts required to be poid by the note herebr secured or the interest therein specified o? any ot the sums of money herein referred to or hereby secu?ed, o~ otherwise duly, fulty and promptly to perfo~m, execute, comply with ond abide by each, every o? ony of 1he covenonts, conditions or stipulations of this Mo~tgage, the Promissory Noto he~eby secured ond/o? the loan Agreement, f the~, and in either o~ in any of such evenh, without notice or demo~d, the said a99~e9ate sum mentioned in said P~omissory Note, ; less previous poyments, iF ony, and any and all sums me~tioned he~ein or secured- hereby shall become due and poyable forth- with or thereatrer ot the continuing option of the Mo~tgagee as fully and completely as if soid agg~egate sums we?e originolly s stipulqted to be paid at such time, onything in said Promiuory Note or herein to the controry notwithstanding, ond the Mortgogee - shall be entitled thereupon or thereafter without notice or demand to institute suit at low o~ in equiry to enforce the rig6ts of the Mortgagee hereunder or under wid P~omiswry Note. In the event of ony deFault or breech on the port of the Mortgogo? here- under or under said P~omissory Note, or fhe Loon Agreement, ihe Mortgagee shall have the continuing opfion to enforce payment of oll sums aecured hereby by action at low or by suit in equity to foreclose this Mortgage, eithe~ or both, concurren~ly or other- wise, and one action or suit shatl not abote or be a bor to or woiver of the Mortgagee's ri9ht ro institute o~ maintoin the o~her, provided said Mortgagee shaN have onfy o~e payment ond setisfaction of soid indebtedneu. 23. That in the eve~t thot Mortgagor sholl (1) consent to the appointment of a receiver, trustee or liqvidator of oll or o substontiol part of Mortgogor's assets, or (2) be odjudicated a bankrupt or insolvent, or Rle a voluntory petition in bankruptry, o~ admit in writing its inabi:ity to poy its debts os they become due, or (3) moke a general auignment for the benefit of creditws, or . ~4) file a petition or answer seeking reorgonization or arrangement with c~editors, or to take advontoge of any insolvenry low, or (5? file ao onswer odmitting the materiol allegations of a petition frled ogoinsf the Mortgagor in any bankruptty, reorganixotion or insolvency proceeding, or (6) oction shall be token by the Mortgagor for the purpose of efiecting dny of the foregoing, or (7) ony order, judgment or decree shall be entered upon an application of a creditor or Mortgagor by a court of competent juriuliction approving a petition seeking oppointment of a receiver or trustee of oll or o substantial port of the Mortgagor's assets and such order, judgment or decree shull continue unstayed and in efiect for ony period of thirty (30) consecutive days, the Mortgagee moy declare the note he?eby secured fortFiwith due and poyable, whereupon the principal of ond the interest accrued on the note and oll other sums hereby secured shall become forthwith d~e and payoble as if oll of the said sums of money were originally stip- uloted to be paid on such ddy; and thereupon the Mortgagee without notice or demond may prosecute o suit ot law and/o~ in equity as if o!I monies secured hereby hod motured prior to its institution. 24. If foreclosure proceedings should be instituted against the properry covered by this Mortgoge upon any other lien or ~ claim whether aUeged to be superior or junior to the lien of this Mortgage, tha Mortgagee moy at its option immediately upon ~nstiturion of such svit or during the pendency thereof declare this Mo?tgage a~d the indebtedness secured hereby due and poy- ' able forthwith ond may ot its option proceed to _forectose this Mortgage. 25. It is further covenanted and agreec! bY said parties that in the event of a suit being instituted to forclose this Mortgoge, ~he t~Aortgagee shal( be entiiled to opply ot any time pending such foreclosure suit to the tourt horing jurisdiction thereof for the appo+ntment of Q~eceiver of oll ond singulor the Mortgaged Property, and of all rents, incomes, profits, issues and revenues there- of, from uhotsoever source derived; ond thereupon it is hereby expreuly covenanted ond agreed that the court shal) forthwith appoint such receiver with the usual powers ond duties of receivers in like coses; and soid appointment shall be mode by the court as a matter of strict right to the Mortgagee, and without reference to the adequacy or inadequocy of the value of the prop- erty hereby morlgaged, or to the solvency or insolvency of the Mortgagors or any other party defendant fo such suiT. The Mort- gagor hereby spec:~ically woives the right to object to the appointment of a receiver as aforesaid end hereby expressly consents that such appointment shall be made as on admitted equity and as a matfer of absolute right to the Mortgagee ond thot the same may be done without notice to the Mortgago?. 26. Duri~g the continuance of any such Erent of Default, the Mortgagee pe~sonolly, or by its agents or attorneys, may enter irtto artd upon oll or ony part of the Premises, and each and every part thereof, and may exclude the Mortgagor, its agents und servanrs wholly therefrom; ond hoving ond holding the wme, may use, operote, monage and cont~ol the Premises and con- duct the business thereof, either personally or by its superintendents, managers, agents, servants, ottorrteys or receevers; and upon t every such entry, the Mortgagee at the expense of the Mortgaged Prope?ty or the Mortgogor, from time to time, either by pur- F chose, ~epoirs or construction, may maintain and restore the Mortgdged P~operty, whereof it shall become possessed os aforesaid, moy complete the construction or development of the ImprovemQnts and in the course of such completion moy make such changes ~n the contemploted Imp~ovements as ii moy deem desiroble ond nsay insure the some; ond likewise, from time to 6me, at the ex~ense of the Mortgcged Property or the Mortgagor, the Mortgagee may make oll necessary or proper repairs, renewals and replocements ond such useful alterations, additions, bette~ments and improvements thereto and thereon os to it may seem advis- oble; and in every such case the Mortgogee shall have the right to manage and operote the Mortgaged Property and to carry on the business the~eof and exercise al! nghts and powers of the Mortgagor with respect thereto either in the nome of the Mortgagor ~~r otherwise as it shall deem best; and the Mertgagee shall be ent~tled to ~collect and receive oll earnings, revenues, rents, issues, profits and income of the Mortgaged Property and every part thereof, oll of which sholl for oU purposes constitute property of the Mcrtgagor; and a:ter deducting the expenses of conducfing tF?e business tF?ereof and of all maintenance, repairs, renewals, ~ ~e4latemer.ts, aiterotions, addi6ons, betterments and ~mprovements end amounts neceswry to pay for toxes, assessments, insurence ' and prior o~ othe? proper charges upon the Mortgoged Property or any port thereof, as well os just and reoss>nable compensation - , `cr the services of the ~~Aortgagee ond for all Attorneys, counsel, ogents, clerks, se~vonts ond otfier employees by it properly en- gogeo and employed, the Mortgocee shall appf f the monies arising as aforesaid, first, to the payment of the p?incipol of the Note and the interest thereon, when and os the same shall become payable ond second, to the poyment of any other sums req~ired to r be paid by the Mortgagor under this Mortgage. ~ 27. In case of proceedings by or against the Mortg4gor in insolvency or bankruptcy or any proteedings for its reorgan- i ization or involving the liquidation of its assets, then, and in such case, the Mortgagee shall be entitled to prove the whole ' i amo~nt of principal and interest due upon the Note to the full amount thereof, and olt other parments, charges artd costs due ~ under this Mortgage, w:thout deducting fhereirom any proceeds obtained from the sale of the whole or any part of the Mortgaged Propert~r, provided, however, thot in no cose sholl the Mortgagee receive o greoter amount than such principol ond interest ond such other poyments, charges and costs from the aggregote amount of the proceeds of the sale of the Mortgaged Property ond the distribution from the estate of the Mortgogor. , 28. Thaf Mortgagee shall have the right from time to time to tnke oction to recove~ ony svms, whether interest, principal, i or ony installment of either, or any other sums required to be paid under the terms of this Mortgage, os the same become due, x~rhout rega~d to whether or not ?he principal sum secured, or ony other sums secured, by the Note and Mortgage shall be due, and without prejudice to the right of Mortgogee thereofter to bring on action oF fo:edosure, or any other action, for o defoult or - dzfaults by Mortgagor ezisting ot ihe time suth eorlier adion was c,~mmenced. No remedy conferred upon or reserved to the Mortgogee herein, or in the Mortgage Note or the toan Agreement is irtended to be exclusive of an~ othe~ remedy or remedies, ond each and every such remedy sholl be cumulotive, ond shall be in addition to every other remedy given to the Mortgagee ~:ov, or herea~ter existing ot law or in equity or by statuse. No delay or omission of the Mortgogee to exercise any right or power occruing upon any Event of Defoult herein, or in the Mortqage Note, or the loan Agreement, sha!! impair any sucb right or power, or shotl be construed to be a waiver of any such Event of Defoult or on acquiexence therein; and every power ond remedy given by the mortgage herein, or in the Mortgoge Note or the loon Agreement, to the nAortgagee may be exercised ~rom time to time as often as may be deemed expedient by the Mortgagee. N~thing in th~s Mortgoge or in the Note or 'sn the ; Loan Agreement shall affecl the obligation of the Mortgagor fo pay the p?incipof o~, and i~terest on, the Note in the manner and at the time and place therein respectively expressed. 29. The Mortgagor will not at any Yime insist upon, or pleod, or in any manner whoterer cloim or take any benefit or advantage of, any stay or extension or morotorium low, any exemption from exetution or sale of the Mortgaged Property or anr 4. ~14 PN~E17~.6 ~ 6~~~ 212 ~,C~ ~03 ~ . _ ~ - ~ ~ ~.a~..~ - y,~~ ~ ' r -r -~e: .~~~r _ ~ - ~*t-L.., . _6 i~3'