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HomeMy WebLinkAbout0830 payment of such tax by Mortgagor would result in the vio- 18tion of the usury laws of the state in which the Premises are located; or (j) if default shall be made by Mortgagor under the Building and Construction Loan Agreement entered into between Mortgagor and Mortgagee; or (k) if the representations of Guarantor, if any, oE the Note secured hereby are untrue; then, and in either or in any of such events, without notice or demand, the said aggregate simn mentioned in the Note secured hereby, less previous payments, if any, and any and all sums mentioned herei~ or secured hereby shall became due and payable forthwith or thereafter at the continuing option of Mortgagee as fully and caapletely as if said aggregate suns were originallry stipulated to be paid at such time, anything in the said Note or herein to the contrary notwithstanding, end Mortgagee shall be entitled thereupon or thereafter without notice or demand to institute suit to enforce the rights of Mortgagee here- under or under the Note secured hereby or a~y other security instru- ments executed and~delivered by Mortgagor to Mortgagee. In the event of a~y default or breach on the part of Mortgagor hereunder or under the Note secured hereby, or any security instrument, Mortgagee shall have the continuing option to enforce payment of all sums secured hereby by action at law or by suit in equity to foreclose this Mortgege, either or both, concurrently or otherwise, and one action or suit shall not abate or be a bar to or a waiver of Mort- .gagee's rights to institute or maintain the other, provided Mortgagee shall have only one payanent in satisfaction of the indebtedness secured hereby. Section 2.02. (a) It is further covenanted and agreed by eaid perties that in the event of a suit being instituted to fore- close this Mortgage, Mortgagee shall be entitled to apply at any - time pending such foreclosure suit to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property, and of all rents, incames, profits, issues and revenues thereof, fram whatsoever source derived; and thereupon it is hereby expressly covenanted and agreed that the court shall forth- with appoint such receiver with the usval powers and duties of re- ceivers in like cases; and said appointment shall be made by the court as a matter~of strict right to Mortgagee, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the solvency of Mortgagor or any other party defen- dant to such $uit. Mortgagor hereby specifically waives the right to object to the appointment of a receiver as aforesaid and hereby expressly congents that such appointment shall be made as an admitted equity and as a matter of absolute right to MorCgagee. (b) To the extent that it may lawfully do so, Mortgagor will not at any time insist upon, or plead, or in any manner whatever claim or take any benefit or edvantage of any stay or extension or ~ moratorium law, or any exemption frvm execution or sale of the mort- geged property or any part thereof, wherever enacted, now or at any time here~fter in force, which mey affect the covenants and terms of performance of this Mortgage, nor claim, take or insist upon any benefit or advantage of any la~ naw or hereafter in force providing -12- - soe~ ~15 Fa~~ S~$ WILLIAMS, 3ALOMON, KANNER 6 D/~MIAN, ATTORNEYS AT LAW, ouVONT BUILDING. M1AMt, FLOf710A _ ~ `~'.w : r_~ ~ _