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HomeMy WebLinkAbout2537 MTG-1-A-4/23/73 (e) The entry by any court of last resort of a decision that an undertaking by Mortgagor as herein provided to pay taxes, assessments, levies, liabilities, obligations and encumbrances is legally inoperative or cannot be enforced, or in the event of the passage of any law changing in any way or respect the laws now in force for the tax~tion of mortgages or debts secured thereby for any purpose, or the manner of collection of any~such taxes, so as to affect adversely this Mortgage or the indebtedness or other sums secured hereby. (f) Default by Mortgagor under any agreement or obli- gation of Mortgagor (including, but not limited to, any other mortgage, security agreement or encumbrance upon any portion of the Mortgaqed Property, or any other documents or instruments securing any other indebtedness of Mortgagor to Mortgagee), if such default is not cured within any grace period permitted therein and if such default permits the holder to cause such obligation to become due prior to its stated maturity. Mortgagor shall notify Mortgagee in writing of the occurrence of such default, specifying the nature of such default. (g) Material breach of any warranty or material untruth of any representation of Mortgagor contairied in the Note, this j Mortgage or any other instrument securing the Note. ~ 2.02 Acceleration of Maturit . If an Event of Default shall have occurred, Mortgagee may dec ar~e the outstan3ing principal amount of the Note and the interest accrued thereon, and all other sums secured hereby, to be due and payable immediate- ly, and uponsuch declaration such principal and interest and other sums shall immediately become and be due and payable without ; demand or notice. - ~ ~ 2.03 Mortgagee's Power of Enforcement. If an Event } of Default shall have occurred, Mortgagee may, either with- f or without entry or taking possession as hereinabove provided ; or otherwise, proceed by suit or suits at law or in equity ~ or by any other appropriate proceeding or remedy: (a) to enforce ; payment of the Note or the performance of any term hereof or # any other right; (b) to foreclose this Mortgage and to sell, i as an entirety or in separate lots or parcels, the Mortgaged ` Property, under the judgment or decree of a court or courts ~ of competent jursidiction; and (c~ to pursue any other remedy ~ available to it. Mortgagee shall take action either by such E proceedings or by the exercise of its powers with respect to ~ entry or taking possession, or both, as the Mortgagee may de- ~ termine. ~ - 2.04 Mortgagee's Right to Enter and Take Possession, Operate and Apply Income. (a) If an Event of Default shall have occurred, ~ Mortgagor, upon demand of Mortgagee, shall forthwith surrender to Mortgagee the actual possession, and if and to the extent ~ permitted by law, Mortgagee itself, or by such officers or agents as it may appoint, may enter and take possession of ~ all the Mortgaged Property, and may exclude Mortgagor and its ~ agents and e~nployees wholly therefrom, and may have joint access ; with Mortgagar to the books, papers and accounts of Mortgagor. - , ~ ~ (b) If Mortgagor shall for any reason fail to surrender ~ or deliver the Mortgaged Property or any part thereof after ; ~ Mortgagee's demand, Mortgagee may obtain a judgment or decree s; conferring on Mortgagee the right to immediate.possession or ~ requiring Mortgagor to deliver i~nediate possession of all ~ or part of the Mortgaged Property to Mortgagee, to the entry ; ~ of which judgment or decree Mortgagor hereby specifically ~ consents. • ~ _ ~ ~ ~ -11- ~ ~ ~ n R ~~s ~~'!5~ ~a SG;,~ ~ ~ ~ - ~z;-~ ; - : ~~-"xu. ~ .~~L~~~ ..'t=;.'~"_.~.wW-. ; • j` Y.