HomeMy WebLinkAbout1890 11). 'fhe ;k~~-t;;a~;ea, by anv uf i1~: :n;ri~t!: ar represent.~tiveR, sh.~ll have th~
r i~~li~ c~~ i nsperr. t h~• nK+s-t~;a•:~•~~ ~•r~?~.~•~•~ ( r~m t imc t~ t imc ac nn~~ ~rasonablr
h•~~lr ui Ih~• ~toy. Shuuld L1~~ ~~N.~ I~~:i~~~yl ~.~•~~prcty~ ~~c :~uy r:~cl th~~r~`ol ~ r~t i~nt
~ i~~~c• re~~uir~• i~is~~~~ctl~n. r~~~air, c:~r. ur altrnfion .,1 ~~~v kind or ni~C~n-~• a~~t
~,~uve~l~~~! Ly tl~i9 Mucl}~ay~e as ~1~•1~•ru~i~~r~l h~ th~~ Mori;;a!'~~• in iLR ~01~` di:~.•~a`- ~
liun~ th~• ,k,r~;:a~:ce nwy. nfCcr no~i~•.• iu rhr Mort'2:a~~~r, ~ntrr or rause c~~tr~• 4
to he rkldr npon the n?ort~;a~;ed propert y:in~! inspect ~ rcpai r, protecC, car.• 1or =
or u~ai ~ita ~ n such E~roperty, as tlie Fbr~~;a+;~~e ~aay in its solo discretion dcem s
necrssary, and may pay all amounts oC maney therefor, as the Mortgagee may in ;
its sole discretton deem necessary. ,
11. The principal amount owin;; on the t~ote to~;ether with interest thereon _ i
and all other charges, as therein provided, and all other amounts of money ~
awi~i~; by the Nortga~or to the rtortga~ee pursuant to_and sccured by this ~
Mort~at;e, shall inmediaEely become due and paysble without notice or der~and ?
apon the appointment of a receiver or liquidator, v~ether voluntary or in- #
voluntary, for the I~brtgagor or any oP the property of the Mortga~or. or upon ~
the filin; oE a petition by or against ihe Mortgagor under the provisions of ~
any State insolvency law, or unclcr the provisions of the Bankruptcy Act of ~
lf:~~, as amende~l, or ugon the makin~~ by the i~brtcagor of an assi~nnent Eor tl~e ~
i~cnef~ t u£ tlie Mortga;;or`s crediCors. The Mort~agcc is autnorizea ~o ~iccl~ire, ~
t~t it~ o~~tion, aIl or any part of s~~ch in~icbtedness i:~?~j?ediatcly due and ~~ayable ~
c~;~on ritc happectin; of any of the folloain~ events: ;
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(a) I~ai l~~re to pay r.he amow~t ~~f any installmen[ of principal and ~
interest, or oth~•r rfis+r~;es pa_yable on the Note, which shall have
hccome duc ~~±rior to thc~ due c~ate of the next s~~cn installment; ~
(b) ?:onperfoi~cnancc by the rtort~ dg~~r of any covenant, agreement, terca ~
or conciition of this Mort~aRe, or of the Note (except as otherwise ~
provided i:: suhdivision (a) hereof) or of any other agreement heretofore, ~
L.nra._.i tL. ..r i.~rny Ft~r MAr~P hv rhs. MnYtPAOAT vi rh C}lc M~rtea¢ee in CO(1'~ a
nection With such indebtedness, Pfter the Mortgagor has been given due ~
notice by thF M~rtgagee of such nonperformance; ~
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(c) Faiture of th~ Mort~a~;or tc, perform any co~~enan=, a~reement, term ~
o~ c~nctitio~: in any ins~ru::~ent creatinF, a lien upon tt~t- r~ortgaged pro- ~
, ~•c•r~_y, ~~r anp parr. ihe~-eot ,~1~ic.s, shall have p: iority over the lien ~~f ~
~ ~':is f•lort4,a,;e: ~ x
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; fc;) 7'he Mortt;3~~ee'ti d;src:ti~.?-y c~f 1.he Mortga~or~s failure in any appli-
~ c~a.ri~~~~ aL.-.the N,ort,;~~~or- c~~ r~~c :lortp,a~ee to disclose any fact deer.~ecl b_y -
~ !_he ~fortgugce t~~ be m:=ter:al, ~r of the meking therein, cir in anyo uf the ~
~ a~;rc~~~~ertts entered int~, by t'~e P1ortRatior witl~ the Mnrtgagee (incluJinr~ ~
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i~ut not limited to, .~I~r 13ote and this Morrgage) ~~f any misre~:c~se. tation ;
hti~ , on L~}:a 1 E , ~i : or ti~e t:er.e f~i t of the Mcrtgagor; ~
j The sa Ie ~ iease or othe? tra ns fer of any 1~ ~ nd or na ture of the i
~rt~;aged ~;roperty, or anv rart thereof, without the prior wril-ten consent ~
o" ti.e Mort~ag,ee; '
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Ti,e Morl~tagte's failure to er:ercise any of its rights hereunder ~:Lal] nr: con- ~
sri ~ute a waivcr thereof . Al l rie~ ~vrnts in this Paragran ~ enumeratecl upon thc- ~
~ ha~; en.iat; oI anv of whicn tt:e Not~~ si~alt become, or may be deelareJ to oe, .
~ ir.~mediatcl~~ due and pa;~able are in this Mort~;age cailed "events of d~~fault." ~
~
~ t_~. :;art;~age~~ ;,av from time r~, ti~~e care each detault under any covenant
~ at;re~~esent in any instr~~ment creatin~ a lien upon [he mort~aged proper[y, or
= ~~:~r~ r?:ereof, ~~hici~ snall ~~avc ~~rioriLy over the lien of this MorC~,a~;e, to
suc:~ e~cz~~nc as the Mort~agec czay e:tcl~isively determine, and eact~ a?r~o~int paid,
K:= i: an:. tl~e !y!ortsapee to cure any such default shall be paid by the Mortga~or
~ ;o ti~~• tiort;a~ee, and the ~4ortha~;ee shall also hecor+~e subro~ated to ~vhatever
~ ;-i;,i:t~ :-ii,• t:elc+e: oi ti:e ~rior li~•n mi~i~t i~ave ~mder such instrume~~t. ;
~ :
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~ t " . ; :1~'ter rhe happ~~nin~; c~f an, ~fefault hereurx:e: , rl;e ;tort~ag.~r shati, .
~ • .
~ ~1(~O~t ~~L:-:~Il~ t:he I"i(~l'Ci;ao,NC~ StIL'"c'ilt~~~~' pt~~SP.SSit~rl Of C~IC .~IOZ~hEJC~ rT~?~eT ty
the ~1urt;•a~rE., a~~ t~ir. ~[urt~a~;~:e r:~a, enter ,ucti ~rcp~~r[•:, a~d l~t the Ga~:~e
:i~-i ~•~21E~cc al l t~~.c• r~~nt:s [~~er.efrom wtiic}~ are c~~.~e or ~o becu~:~e due, ar.d a;•pl}~
~ t~i~~ , a~i pa~;:~~r.t ni al; char•;es an~i expenses, on account ~f ehe indebte~~-
*~~'`S SCCL:E'(~~ ::ilr 81~ 5U(:~l rc:~ts Anc~ R~1 iC:IS(~S _"1'~r7P!; at tFlf~ ~ISIIG O~
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~ ~ t ~ , eooK P~
~ ~ ~ - ° R 2~30 ~i889
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