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HomeMy WebLinkAbout1215 Fbr the purpose of inducing the Mortgagee to exte~?d to the Mortgagor tha credit hereby evldencM anQ ee- cured. the Mortgagor hereby oovenants snd agreea: l. Zb promptly psy when tirst due the oDUgatbn evidenced and secund hereby. Thfa oovenaat ahsll be con- strued to oonstltute an independQnt, uaequivocal and unoonditbnsl oWlgstlon oa the psrt oi the Mortgsgor to pay to the Mortgagre We debt hereby evidenced snd secund. 2-a. 1b ptomptly pay when due all and atngulsr the taxes, aasese~nents. levies. Uabilitles and encumDrances o! every nature and ktnd imposed and levied on the above deecrlbed property or sqy part theteof; t~ promptly deliver to the Mortgagee. when received or issued. all oificlal recelpta and sstidactlons ahowing performance a~ the oovenanb hereof. If the Mortgag~or shall detault in the perMrmance ot the oovenanb henaf. the saW Mortgagee may at any time. without walving or attecttng his optioa to forecbse. or aay rlght hereunder. pay said taxea. aseeaaments. levies, liabWUea aad encumbrancea„ aad every payment so made by the Mortgagee ahall Dear intereat from the date thereoi at the rate of 896 P~' annum. ~ 2-b. 'Po promP~Y P~Y when due sU intangible personal Properti? taxea; occuPsUon, excise. salee and trani' acUon taxer; unempbyment and withhoWing taxes; all Acensee o~ whatscever kind, includtng but not limited to alooholic beverage llcense; and all other taxes and licet?ees levted or exacted by any suthorlty relating to the use. operaUon and busineas of the Mortgagor conducted on the aforeaaid encumbered pmperty; and to prompUq deUver or exhlbit to the Mortg~agee, when received or iseued. all ofticial recefpb and pmo~ of payn?ent ot each ot the afo~reeaid. 2-c. Zb promPVY P~Y when due alt operaWig~ raslntenance and servicing chargre and oosts relating to the real and peraonal pmperty encumbered by thts mortgsge. includiag but not limited to telephona gas. electrlcity. water, water connecUon. sewer, sewer connections. and all other expeneea lncurred 1n the uae and operatbn ot aaM encumbemd pmperty, and to furninh or exhibit to We Morf,gagee proo~f of the pedormanoe oi We pmvlaions hercat. 3. 'Po pay all and aingular the ooats. chargea snd exPenses. including lawyer's fee0. reaaonably incurred or paid nt any time by aaid Mortgagce. because of the failure on the part oi aaid Mortgagor to perform. oomply with and abide by each and every the atipulations~ agreementa, oonditions and covenants o~ aald pmmissory notea and thie deed. or either, and every auch pay~nent Niall bear intereat from date at ihe rate oi 8% pet annum. 4. 'Ib kecp the buildings and pereonal pmperty now or hereafter located on aaW land inauted against loas by fire and windstorm, in a sum not leas than the unpaid aggregate indebtedneas hereby secured. 1n a oompany or oompaniea to be approved by aaW Mortgagee and the pollcy or policies heW by and pay$ble to ssW Mortgagee, send in the event any sum of money becomea payable under such pollcy or pollcies„ the Mortgagee MaII have the option to receive and apply the aame on acoount o! the indebtedneas hereby secured or to perntit the Mortgag~ot to recetve and uae it, or any part thereoi. ior other purposes, without ihereby waiving or impairing any equitq, lien or right under or by vlrtue o~ ttris mortgage. and may piace and pay tor such Sna~rancP ar aay part L~eae~t vriih- out waiving or affecting the option to foreclose or any rlght. hereunder. and each and every euch payment ahall bear intemat fmm date at the rate oi 8% per ~ P~PUy deHver to the Mortgagee original receipte or other written evldence ahowing payment of all inaurance premiuma when due. _ 5. To permit, commit or auffer no waste. impalrment or deter[oratton o! aaid real or pereonal property, or any part thereof. 1b keep all improvements, bulldinga aud pereonal pmPertY eituated on the above deecribed land in good state o! repair. well painted anQ waterprooted. and to promP~Y P~Y ~~~a thereof. Without the written connent of the Mortgagee, the Mortgagar ahall uot remove, or allow to be removed, the tangible per- sonal property hereby encumbered irora the above deecribed real propeity. 6. No delay by the Mortgagee i1 enforcing the t,erms and proviedons M thia mortgage deed or the promis- sory notes hereby eecured shall ever be oonstrued aa a waiver o2 the Mortgagee's right to enforoe the same. The debk evidenoed and eecured by this martgage deed and the promieeoq? notea herein rderred to, having once been ! accelerated by reseon ot default, cannot be decelerated se?ve and except (1) by an inatrument in writing executed by the Mortgagee under seal, and also (Zl supported by lndependent good and valuable ooneWeration. The ac- ; ceptance by the Mortgagee o! part payment or part performance by the Mortgagor ahall not be treated as curing ~ any default, nor ehall the aame operate as an eatoppel or watver against the Mortgagee. ~ ~ I! any said sumn af money herein refersed to be not promptty and fully pafd within fliteen daya ne~ct atter the aazne aeverally become due and payable, or ii each and every the atipulations, agreemente, oonditions and oove- € nanta of said promiasory notes and thia deed. or either. are not duly perlormed, oomplled with and abided by, the ~ said aggregate sum mentioned in aaid promiseory notes ahall beoome due and payable forthwith sutomatic~lly and without notice, as fully and oompletely as i! the aaW aggregate aum of money evidenoed by the promiasory notes hereby secured was or[ginally atipulated to be paid on such daY. aaything in said promiseory notea or herein to the contrary notwithstanding. 8. It ;n agreed that the provistona. agreementa, terms and oonditione oontained in thia mortgage deed, and promta9ory notes hereby secured. together with the lien nnd eecurity hereby created, aball extend aad spply to, and g~overn any and all notea gfven in extenaion or renewal ot the notea hereby orlginaIIy eecured. 9. All pereoc~, aa+ociationa and corporations llable for the debt hereby eecured, whether primarlly or ae- condarily. and each o! them, hereby expseaaly waivea any statutory or other defense whleh they nav~r have. or may hereafter have againat the enforcement of the terms. provieiona, agreementa and conditions of Wie mortgage deed and the promiasory notes hereby secured, and each oi them doea hereby agree that they have no set-oft or counterclaim againat the enforcement and oollectlon a~ the debt hereby eecured, and further agree and consent to the entry oi a aummary final decree !or the enloroement of the provlaions al this identure. 10. The term "Mortgag~ee•• as used in this mortgage deed and the promiesory notes hereby eecured. sball be ~ deemed to indude and mean the Mortgagee, hfs or her or their heirs. adminiatratora, executors aad assigns. and i! a oorporation. its sacoesaors, grantees and aaeigns• the term "Mortgagor'• aa used !n this mortgage deed and ~ promiaeory notea hereby eecured shall be deenaed to include and mean the Mortgagor. his or her or their heirs. ad- ~ mWstratore, executore, grantees and a~eigns. and i! a oorporatlon, ita aucceasoi'a. Brantees and asstgna. The use ~2 the singular shaU be conatrued as the plural whenever tl~e oontext so requirea. The terma "debt" or "obligaUon". as ~ used in thls mortgage deed and promiaeory notea hereby secured. ahall be deemed to include all t2ie o~venants, ~ agreementa and promiees o! the Mortgagor aa herein deliueated. 11. ~ Upon ddault by the Mortgagor o! any a~ the terms, pmvldotus, agreementa and condiUons a[ thia mort- gage deed. and the pmmissory notes herebq secnred, U?e Mortgagee ahall have the right to have a receiver ap- pointed to take charge of, oontrol and manage the mortgaged premisea4, and to oollect and hoW the rents and profits accruing therdrom; such receiver ahall be appointed wiWout the neceasity of ahowing insolvency a~ We Mortgagor or instlequacy oi the mortgaged security; all rents. Prn[fta, revenuea and inoome arfaing irom the mort gaged premises or accruing thereupon at~all, upon default o[ the Mortgagor o[ any aR' the terma o[ the mortgAge deed or the pmmissory notea hereby secured. be oonsid~+ed as trust tunds. ead it oollected by the Mortgsg~or the eame ahall oonetitute trust iunds and be held in Wst for the tue aad bendit o~ tlu Hortgagee. and fortharftb deUvered upon collection to saW MortgagE.~e. The Mortgagee is excu~ed irom giving or liiing aay bond 1a a iudiclal procxeding as required by atatute or rules of oourt as n oonditbn or prerequlatte to the appointment o~ a reoelv~r. L- suance of injuncUon, attachment, garnlshment or other provfalonal remedy. or supersedeas in the ever?t an appeal fa taken by the Mortgagee. The Mortgagor irrevocably waives such atstutory or rule requiremenb relsting to boad. - ~ooK 2~4 P~~1216 ~ ~ ~ _ _ . , - _ r. . ~ ~ ~ .