HomeMy WebLinkAbout1814 ~~nder which title is reserved in the vendor of any such fixtures, apparat~s, machin~r~,
~~:~u i ~~~nent, or personal property to be pl aced i n or upon any of the bui 1 di ngs or imI>r~,•~ ;
~ucnts on the said premises. Mortgagor will execute and deliver, from time to time, ~~~cl~ ;
iurther instruments as may be requested by Mortgagee to confirm the lien of this mur~.~~.~~~e ~
on any fixtures, machinery, apparatus and equ~ipment described herein.
ent of the indebtedness hereby secured, or any part '
15 In the event of default in the paym
thereof, in the performance of any of the covenants and conditions in this mortgage, the
t;ote secured hereby, and Security Agreement bearing even date herewith and given in
connection with this transaction as additional security, or under any agreement to vihicl~
rei'erence is expressly made herein; or in the event of any action in bankruptcy, receiver- ;
shi~, or reorganization filed by or against Mortgagor, or any assignment or comnosition ~
fo~• the benefit of creditors made or entered into by Mortgagor, or in the event of any ;
jucig~nent or proceeding entered or brought against PSortgagor by or in favor ofart th'ereoF;
id remises or to foreclose any lien thereon, or any p ~
~~e~•son affect~ ng the sa p
ti~en, and in any such event, at the option of Mortgagee, without notice or de+nand, tl~~ ;
~.a~ne being hereby expressly waived, the entire indebtedness secured hereby sl~all becu;ne ;
~I~~e, payabl e and col 1 ecti bl e, and, i n addi tion to any ot~~er ri ght or remedy w{~i cli
ctc?rtgagee n~ay now or hereafter have at law or in equity, Mortgagee shall havc the
~•i~il~~ and power (a) to sell the said remises according to law; (b) to foreclose u~on ~
~I~is inortgage and the lien. hereof; (c~ to apply without notice (the same being I~erel~y
~~x~~ressly alaived) for the appointment of a receiver to collect the rents and profits
~r said premises and to preserve the security hereof, as a matter of right, eitl~er
I,~~Fore or after any foreclosure sale, without consideration of the value of tlie s~id
~?rc~uises as security for the amount due Mortgagee, or the solvency of any person or ~
~~crsons liable for the payment of such amounts; the rents, issues, and profits of
t,l~e pre+nises, in any such event, being hereby assigned to Mortgagee as additional
security for the payment of such indebtedness; (d) to enter upon and take possession
ut i:he said premises with the irrevocable consent of Mortgagor as evidenced by tl~e :
~~xecution of this mortgage, and, as Mortgagee in possession and witliout the appoint- ;
,~~~~~~t of any receiver or application beinq made there~or, to let the said premis~s,
~•i ~.I?er in t•tortgagee's name or Mortgagor's name, and receive all the rents, issucs, a~~ct ;
i?~•ufits therefrom (v~hich are due or to become due), and to apply the same after tl~e ~
~~ay~~~ent of all charges and expenses deemed by Mortgagee to be necessary, to the indehted-
ness hereby secured; it being understood in_such case, that Mortgagor will pay to ~
tlortgagee monthly, in advance, a.reasonable rent for the premises occupied by t~Sortgac~or, ~
~r~d, in default thereof Mortgagor may be dispossessed. by tthatsany actionPmay~be~brou9tiit ~
~~~~~inst a defaulting tenant of real estate; and, further,
in t1ortgagor's name to dispossess any tenant defaulting in the payment of rent to ;
itortgagee or violating the term of his occupancy, which right and pov~er are effectiv^ ~nd i
~uay be enforced either with or without any action to foreclose this mortgage and wit,~out j
a~~plying at any time for a receiver for the said premises. In case of sale or foreclos~ire
of t~~e premises described here~in, the said premises may be sold in one or more parccls, ~
~ or as an entirety, as Plortgagee may elect.
i the
i ~G ;;i~enever used in this instrument, unless the context shall otherwise clearly require,
term °t~lortgagor" shall include the heirs, executors, ad~~inan~rallrpersonslclapninc~nlytives, _
successors and assigns, as the case may be, of Nortgag ,
t,f~r-ough, or under l~ortgagor; the term "t~lortgagee" shal l include the legal represenL~i. ~ves, ;
successors and assigns of Mortgagee; the term "note" shall refer to the promissory noi:c
evidencing the indebtedness hereby secured; the ~erm "person" shall include any indiviclual ;
~?~~rtnership, corporation, trustee, or unincorporated association; the term "premises" }
si~,~ll include the real estate described herein, together with all buildings, struct~~res, ~
~~n~i in~provements thereon and all fixtures, machinery, apparatus, equipment and art:icl~~s
ot' pcrsonal property referred to herein, and any and all other right,.property, or i~~t~~?•est '
any time subject to the lien of this mortgage; the singular shall ~nclude the ~~l~~ti~al
~~nd the plural, the singular; the gender used shall include the other genders.
17 All of the terms, covenants, conditions, and agreements herein set forth shall b~ binding
~~~,on and inure to the benefit of the respective heirs, executors, administrators, le~~l
re~~resentatives, successors and assigns, as the case may be of the parties hereto. I+
~~~rtgagor shall be more than one person, such persons shall be ~ointly and severaily liable
i~creunder.
~ TI?is mortgage is given and taken to secure a loan evidenced by a note of even dat:e b~i~~c~
u~acle for the pur•pose of erecting buildin~s and other improvements upon the premises ;
ctescribed in Exhibit 6 attached hereto. ~ortga~or agrees that construction s~~all t~~~
~ d i 1 i enti rosecuted and fai 1 ure to do so shal i consti tute a defaul t under the rnor .
~ ;-tori:ragor has executed and delivered a develofxnent loan agreement dated of even d.7+:~~
~ ~~crcof with Mortgagee, the terms, provisions and conditions of such h~ortgagor doe~ I~rr~~by
~~~J~ee to ful ~ ill and perform and the fulfillment and performance of which by ~~lortg~~~i~»'
is iiereby secured by this mortgage. Any failure to comply with the tern~s of this
mortc,~age, the said development loan agreement shall constitute a default hereuncler.
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