HomeMy WebLinkAbout1813 -"4rtyagee. Any award or pay+nent so receivca ny i~orLg ~~ce may, a ~ ~E~ p` +
~ .+~~~e, be retained and appl ied, in whole or in part, to the indebtedness securec.
•.~~j~r or not then due and payabl e) , in such manner as Mortgagee may determi ~~e or r_' :
~~.,le o?^ in part, to Mortgagor for the purpose of altering, restoring, or rebuildir,« ~
nf Lhe premises which may have been altered damaged or destroyed as the result of ~
~'.aking, alteration, or proceeding, but Mortgagee shall not be obligated to sec to t}~e
...~?'.ion of any amounts so released.
. '!or~gagee shall incur or expend any sums including reasonable attorney's fees, whether
~.:onnection with any action or proceeding or not to sustain the lien of this mort~a~e or
~•.s pr~ority, or to protect or enforce any of Mortgagee's rights hereunder o to recover
~~~,y ;ndebtedness hereby secured, all such sums shall become imnediately due ~d' pay~ble '~y
~.~~•;~~agor with interest thereon at the higfiest lawful rate. All such sums shall ~e sect,~s~~~
'~v this mortgage and be a lien on the premises prior to any right, title, interest,or
'ain?, in, to, or upon the premises attaching or accuring subsequent to the lien of this
•u?•tJage.
~0 ~:ort9agor will not assign, in whole or in part, the rents, income, or profits arising
from the premises without the prior written consent of Fiortgagee, or in any other
u~anner impair the security of this mortgage for the payment of the indebtedness secured
i~ereby,
~l tSortgagor will observe and perform all covenants, conditions, and agreements contained
in any lease or leases no or hereafter affecting the premises, or any portion thereof
on the part of t~tortgagor ~ be observed and performed. If Mortgagor shall default in
tl~e performance of any of the terms, covenants, conditions, or obligations imposed upon
t-iortgagor by any such lease or leases, which default would give the lessee or lessees
tt~e right to terminate or cancel the said lease or leases or make monetary advances and
offset the same against future rentals, then, at the option of hiortgagee, the whole of
the indebtedness secured by this mortgage, including all advances and payments by Mortgagee
I~ereunder, shall become immediately due, payable, and collectible by foreclosure, or
otherwise, without notice or demand.
ttortgagor will not amend, cancel, abridge, terminate, or otherwise modify existing
or future lease~f f the said premises, or any part thereof, or enter into any new lease,
lease renewal,~dr extension other than in the ordinary course of business, or accept any
4~repayment of rent or installments of rent for more than one month in advance without
tt~e prior written consent of Mortgagee.
t~lortgagor, upon request, from time to time, will furnish to Mortgagee a statement in
such reasonable detail as Mortgagee may request, certified by Mortgagor, of all leases
relating to the premises; and, on demand, tdortgagor will furnish to Mortgagee executed
counterparts of any and all such leases. ;
'2 ~rtith respect to the said premises and the operations thereof, Mortgagor will keep
~ or cause to be kept proper books of record and account in accordance with generally -
~ accepted accounting principles consistently applied. Mortgagee shall have the ~
~ ~•igf~t to examine the said books of record and account at such reasonable times and ~
i intervals as Piortgagee may elect. ~Upon request, Mortgagor will furnish to the ~lortgagee i
~ ~•rithin ninety (90) days after the end of each fiscal year of Mortgagor, a statement of
income and surplus of Mortgagor for such fiscal year, in reasonable detail and stating _
in comparative form the figures as of the end of and for the previous fiscal year,
including statements of income and expense rela~ing to operations of the premises,
certified by an independent certified public accountant acceptable to t~lortgagee. In
addition, Plortgagor will furnish to Mortgagee such interim financial statements, as
~~tortgagee may request, certified by hlortgagor in such form as may be acceptable to
~tortgagee.
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13 ln the event that Mortgagee (a) grants any extension of time for forbearance with
respect to the payment of any indebtedness secured by this mortgage; (b) takes other
or additional security for the payment thereof; (c) waives or fails to exercise any
rigl~t granted herein or under the note secured hereby; (d) grants any release, with
or v~ithout consideration, of the whole or any part of the security held for the payment
of tl?e debt secured hereby; (e) amends or modifies in any respect with the consent of
tiortgagor any of the terms and prov~sions hereof or of the note secured hereby; then
and in any such event, such act or anission to act shall not release Mortgagor, or any
~ co-rnakers, sureties, or guarantors of this mortgage or of the note secured hereby, under
any covenant of this mortgage or of the said note, nor preclude PSortgagee from exercis- _
ing any right,or privilege herein granted or intended to be granted in the event of any
~ other default then made or any subsequent default and without in any wise impairing or
~ affecting the lien or priority of this mortgage.
~ ?~r t~Sortgagor will not make, suffer, or permit, without the written consent of the Piortgagee
first had and obtained, (a) any use of the premises for any purpose other than that for
a,hich the same are now used or intended to be used; (b) any alterations of the buildings,
i~nprovement, fixtures, apparatus, machinery, and equipment now or hereafter erecteci or
located upon the said premises; (c) anv ~vrchase or conditional sale, lease or agreemer.t
~ eoo~225 ~1810
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