HomeMy WebLinkAbout0260 instibute suit at law or in equity to enforce the rights oF tlie
Mortgagce hereunder or under said Promissory Note . In the event
of any default or brcach on the part oP the Morbgagor hereunder or
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undcr the said Promissory Note, the Mortgagee shall have the ~
continuing option to enforce payment of all sums secured hereby by ~
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action of law or by suit in equity to foreclose this Mortgage, ;
either or bott~, concurrently or otherwise, and one action or suit
shall not abate or be a bar to or waiver of the Mortgagee's right ;
to instif~.,te or maintatn the other, provided sa~d Mortgagee shall
have only one payment and satisfaction of said indebtedness.
22. That in the event that Mortgagor shall (i) consent to
~ the appointrr?ent of a receiver, trustee or Ziquidator of all or a
substantial part of Mortgagor's assets, or (2) be adjudicated a
bankrupt or insolvent, or file a voluntary petitio~ in bar~cruptcy, ~
or admit in writing its inabtlity to pay its debts as they become
due, or (3) make a general assignment for tfie benefit of creditors,
or (4) file a petition or answer seeking reorganization or arrange-
ment with creditors, or to take advantage of any insQivency law,
or (5) file an answer admitting tht materiat allegations of a
petition filed against the Mortgagor in any bankr~ptcy, reorgani- ~
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zation or insolvency proceeding, or (6) action shatl be taken by
the Mortgagor for the purpose of effecting any of tfie foregoing, _
or (7) any order, judgment or decree shatl be entered upon an
application of a creditor of Mortgagor by a court of competent
jurisdiction approving a petition seeking appointment of a receiver
or trustee of alt or a subs~tial part of the Mortgagor's assets ~
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and such order, judgment or decree shait continue unstayed and in
effect for any period of Thirty (30) consecutive d~ys, ifie
Mortgagee may declare the Note hereby secured forthwith due and
payable, whereupon the principal of and the interest accrued on
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