HomeMy WebLinkAbout2514 ~(c) The filing by the "Borrower" of a voluntary petition
in bankruptcy or the "Borrower's" adjudication as a bankrupt or
insolvent, or the filing by the "Borrower" of any petition or answer
seeking or acquiescing in any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief for itself
under any present or future federal, state or other statute law or
regulation relating to bankruptcy, insolvency or other relief for
debtors, or the "Borrower's" seeking or consenting to or acquiescence
in the appointment of any trustee, receiver or liquidator of the
"Borrower" or of all or any substantial part of the Mortgaged
Property or of any or all of the rents, revenues, issues, earnings,
profits or income thereof, or the making of any general assignment
for the benefit of creditors, or the admission in writing of its
inability to pay its debts generally as they become due; or
(d) The entry by a court of competent jurisdiction of an
order, judgment, or decree approving a petition filed against the
"Borrower" seeking any reorganization, arrangement, composition, re-
adjustment, liquidation, dissolution or similar relief under any
present or future federal, state or other statute law or regulation
relating to bankruptcy, insolvency or other relief for debtors, which
order, judgment or decree remains unvacated and unstayed for an
aggregate of sixty (60) days (whether or not consecutive) from the
date of entry thereof, or the appointment of any trustee, receiver
or liquidator of the "Borrawer" or of all or any substantial part
of the Mortgaged Property or of any or all of the rents, revenues,
issues, earnings, profits or income thereof without the consent or
acquiescence of the "Borrower" which appointment shall remain unva-
cated and unstayed for an aggregate of sixty (60) days (whether or
not consecutive).
2.02 ACCELERATION OF MATURITY. If an Event of Default shall have
occurred and be continuing, the "Lender" may declare the entire
principal amount of the note then unpaid, and the interest accrued
thereon to be due and payable immediately, and upon such declaration
such principal and interest shall forthwith become and be due and
payable, as fully and to the same effect as if the date of such dec-
~ laration were the date originally specified for the maturity of the
unpaid balance of the note.
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; 2.03 "LENDER'S" RIGHT TO ENTER AND TAKE POSSESSION, OPERATE
i AND APPLY IPJCONLF~.
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~ (a) If an Event of Default shall have occurred and be
continuing, the "Borrower", upon demand of the "Lender", shall forth-
with surrender to the "Lender" the actual possession, and if and
to the extent permitted by law, the "Lender", itself, or by such
officers or agents as it may appoint, may enter and take possession
of all the t~tortgaged Property , and may exclude the "Borrawer" and
its agents and employees wholly therefrom, and may have joi~nt access
with the "Borrower" to the books, papers and accounts of the
"Borrower".
(b) If the "Borrower" shall for any reason fail to
surrender or deliver any such Mortgaged Property or any part thereof
after such demand by the "Mortgagee", the "Lender" may obtain a
judgment or decree conferring on the "Lender" the right to imanediate
~ possession or requiring the "Borrower" to deliver immediate possession
of all or part of such Mortgaged Property to the "Lender" , to the
entry of which judgment or decree the "Borrower" hereby specifically
~ consents.
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~ (c} The "Borrower" will pay to the "Lender", upon demand,
~ all expenses of obtaining such judgment or decree and reasonable
~ compensation to the "Lender", its attorneys and agents; and all
~ such expenses and compensation shall, until paid, be secured by the
~ lien of this mortgage.
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