HomeMy WebLinkAbout0821 OTHBR I~RTGAGS PROVISI~S
23. If any class "C" intangible tax a~d/or anq eucise tax (documentary stamps)
or aay other tax shall be levied or sesessed upon thia mortgage and/or the
Note or Notes secured hereby, the Mortgagor agrees to pay immediately upon
demand all such ta~c or taxea, and the Mortgagor's failure to praaptly paq
aay such tax shall coastitute a default under this mortgage.
24. Upon aay sale, transfer or conveyance of the property herein described and
covered by thia mortgage to any person, fira~ or corporation, not previously
approved ia writing by the holder of thie Mortgage, the Mortgagee or holder
shall haye the right to accelerate the mgturity o f this mortgage ~a though -
, it were due and payable oa the day of such transfer and to demand payment
in full of the said mortgage amount or anq unpaid balance thereof, and to
exercise all the rights and re~edies herein or by lav reserved to said _ _
Hortgagee the same as in any event of default hereunder, anything in the
promissory Note secured hereby or herein to the contrary not~rithstanding.
25. That the Kortgagor shall furnish annually, at the request of the Mortgagee, .
financial statements in form and certified in a manner satisfactorq to the
~ Mortgagee. ~
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26. That in the event the Mortgagor should assign the rents of the Mortgaged
premisea, or any part thereof without the consent of the Mortgagee, thea the ~
entire principal s~ secured hereby shall, at the option of the l~iortgagee, ~
become immediately due and payable; that the Nortgagor, to further secure
the payment. of the indebtedness hereinabove described, doea hereby assign
to the Mortgagee all.the rents and profits of said premises.
27. For as long as the original Mortgagee shall hold this Nortgage and the Nate ~
secured hereby the Mortgagor.shall maintain an account with the liortgagee
Bank with a sufficient balance so that the Hortgagee can debit said account,
~ ~ and the l~iortgagee Bank is herebq suthorized to make the withdrawals from
said account as herein authorized, at the time and in the anount so that each
and every payment required to be made by the Mortgagor under this mortgage
or the Note secured herebq shall be duly paid as and when due. The failuie
of the Kortgagor to maintain auch an accouat With a sufficient balance shall
constitute a default under this Hortgage.
28. In the event of any default or breach on the part of the Mortgagor hereunder
or of said promissory Note, the Mortgagee shall havz the continuing option to
enforce the payment of all sums secured hereby by action at laW or bq suit in
equity to foreclose this mortgage, either or both, concurrentlq or otherWise,
and oae action or suit shall not abate or be a bar to or waiver of the
Mortgagee's right to institute or maintain the other, provided said liortgagee
shall have onlq one payment in satisfaction of said indebtedness.
29. In the event of foreclosure of this mortgage or other trausfer of title to the ~
riortgaged property, all right, title and interest of the Mortgage in aqd to
any insurance policies then in force, including all premiums thereon paid in
; advance, aad, together with all deposits and advaace payments for utility
service of any kind or nature, heretofore or hereafter deposited by the
Mortgagee for such utility service, in connection ~tith the operation of the
Mortgaged premises, shall pass to the purchaser or grantee.
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