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Home My WebLink About1216 i ~ ~ lZ. No person liable for the debt hereby aecured, whether auch IWbiUty Le ptlmary o~ secondery, and whether Y such 1lability la cceated by endorsement ai the notes or as joint makcr of the i?otes. or guarantor, or having as- ~ aumed the obligaUon to pay eaW mortgage debt or otherwise liable !or aatd mortgag~ debt, ahall be mleaacd or ~ diecharged trom 11abUity ot the atoreaaid debt by vtetue oi any extenaion or renewal granted by the Mortgagee W ~ the maker of the notes hereby secured. or a~y oWe~ person ilable for said deDt, whether primary or secondary. The 1?iortgagee 1s hereby expresaly granted the right and power to grant such extenslons to the makcra of the ` reotea her+eby securrd as eaW Mortgxgee may deem advisable. without first obtalntng the conaent oi any other pereon ilable for aatd deb~, whether primary or seoondary. and to take such renewals ot the notea and debt here- by eecwed aa esid M6rtgagee raay deem adviaable, wiUwut first securing the ooneent ai any other pereon liable !or sald indebtedneas. No delay 1n the enforcement by the Mortgagee oi any ot the rights Of eaid MortgaRee ar[s- ing by vtrtue o! thia mortgage deed and promiseory notes hereby secured ehall operate aa a relesee or dlscharge of any person ltable for the debt hereby secured. whether primary or eecvondary. 13. In the event of the Mortgagor's default in the periormance ot any af tbe terma and pmvisions oi this mortgage or the promineory notes hereby aecured, the Mortgagor irrevocably appotnta the Mortgagee or its rep- rnaentaUve aa the agent a! the Mortgagor for the tollow[ng purposea: (a) to enter ugon and teke poeaessi~ ot, for the acoount of the Mortgag~or. the mortgaged prrmisea and pmperty hereby encumbered ( includtng but not limltcd to the rente, profita and inoome accruing theretrom) until auch tlme aa eaid pmperty, including rents. profit~ and inoome. is taken lnto actual cuetody by the court aa proWded in Paragraph il heirol, end out oi auch rents, protits anQ income to pay all obligatbna .oi the Mortgagor ss herein detlned. in the order which the Mort- gagee may determine; auch act~ oi the Mortgagee ehaU not be construed as a waiver ot defautt or eatoppel against the Mortgagee tfl exerciee ail other rights and privileges herefn conferred upon the Mortgagee; (b) to take po~s~easfon ot all tangible peraonal property hereby encumbered for the acoount o! the Mortgagor. and pmvide for the satekeeping of the aame until auch time as eaid pmperty is taken into actual cuatody Dy the court, as providod in Pnragraph il hereof. Alt coate and expenses thus incurred by We Mortgagee ehaU be paid by the Mortgagor and eecured by the lien oi this mortgage. 14. In the eoent the juriedicUon oi the U.3. Dlstrfct Oourt ahall be invoked by or agatnat the Mortgagor under any of the Chapters or provisione oi the Chandler Act (11 USC), such actlon, whether votunta~y or involun- tary on the part o! the Mortgagor. ahaU auLomaUcally. without noticc, accelerate the matur[ty at all auma o! money herein described and aecured, and the aame ahall thereupon become due and payable forthwtth aa fully as it the aaid aggregate auma o! money were origlnally atipulated to be patd oa auch debt 3uch oourt upoa mere moUon of the Mortgagee ahall lorthwith without delsy prnceed in a aummary manner (the moat expediUoua way allowable by General Ordrt 18. 11 USC 94(a) (4)) to sell the pmperty hereia encumbered and apply the proceeda o! auch aale in satia[action ot the debt hereby a~ecuted. and if ~ch proceeda be InaulYicient to discharge auch deb~ the Mort- gagee ahall have the rlgh~ to participate in the dietributton at other assets oi L2ee Mortgagor. 15. The Mortgagor agtees that it wUl not directly or inditectly, voluntaMly or involuntarily. eulter, sUow or permit any consenaual or nonooneensual or atatutory or iudtcial llen to attach to the real, peraonal or intangible pet~onal pmperty hereby encumbeted by thta mortgage deed. 16. In the event the real property encumbered by ihia mortgage shall be whoUy or partiatiy taken by the utilization oi power oi eminent domain, auch taking ahalt automat3cally without notlce mature the enttre debt hereby secwed, and the compenae?tio,~ ~wardrtt t}se as~ter !n suvh gruc~+slinga ~+t~all be paid to the Mortgagee and applled pro tanto in payment of the principal, lnteteat, expensea and reasunable oounsel feca due the Mortgagee as herein pmvided. 17. The debt evidenced and aecured by thin mottgage deed ia also evidenced by ptomiseory notes more par- ticularly deacribed as follows: A deacription ot said promissory notea is hereby deem~ adequate. The Mo r ~S~~by~u~.e~Ue ~l~l~h~ay ~~~~;~~g~~.~~ ~PS ~.'.~PrIlOt1W~E'~J~~`E~E~~~$. 18. In order to more fully protect the security oi thie mortgage. and to assure the Mortgagor'e coin- pliance with covenants 2 and 4 hereol, the Mortgagee may sE any time require that the Mortgagor. together wffh, and in addition to, the monthly paymente under the terma of the note aecured hereby. until the eaid note is fully paid, will pay to the Mortgagee the following suma: (a) A sum equai to the estimated annual taxee and aesea~nenta next due on the mortgaged property. plua the ptemiums that will next become due and payable on policies o! tire and other hazard insurance covering the mortgaged property (all as e~iimated by the Mortgagee, and oi which the Mortgagor is notified), lesa aU aums already patd therefor, payable monthly, in equivalent proporUona divided by the number ot monthe to elapae be- tore one month prlor to the date when such premiuma, tanea and aseeaements will beoome delinQuent, such aums to be held by Mortgagee in truat to pay said premiuras. taxe~ and aaeesementa. (bl The aggregate of the amounts payabie pureuant to sub-paragraph (a) and thoae payable on the note aecured hereby, shall be paid in a single paymen"t each month. to be appIied to the foilowing itema in the order stated: I. Taxes, assesaments, tire and other hazard insurance premiums. - II. Intereat on the note secured hereby; and III. Amortization of the principal ot said note. Any deficiency in the amount o! aaid aggregate monthty payments ahall, unlesv made good by the Mort- gagor within 15 daya following its due date, rnnstitute an event of delault under this mortgage. 19. It the total of the payments made by the Mortgagor under (a) o! paragraph 18 preceding stiall exceed the amount of paymenta actually made by the Mortgagee for taxea and aase~nenta, and ineurance premiums. ae the case may be, such excess shall be credited on subsequent paymente to be made by the Martgagor tor such items. If, however. such monthly payments ahall not be aufficient to pay such itema when the same ahall become due and payable, t2ien the Mortgagor ahall pay to the Mortgagee any amo•.uit neceasary to make up We deficiency. Such payment shall be made within 15 daya after written notice from the Mortgagee, ataLIng the amount of the deficiency, which notice may b~ given by mail. If, at aay LfmP the Mortgagnr ahall tender the Mort~aRee. in ac- cordance with the provistona o! the note secured hereby, full payment ot the entire indebtedness represented there- by, the Mortgagee ahall, in rnmputing the amount ot auch indebtedneae. credit to the acoount o! the Mortg~or any credit balance remaining under the provisiona oi (a) ot said paragraph 18. I! there shall be a ddault under any of the provisions of this mortgage reaulting in a judicial sale o! the premisea covered her+eby, or f! the Mort- gagee acquirea the property otherwiae atter detault, the Mortgagee ahall apply at the time o! the commencement o! such prooeE.•dinga, or at the time the property ie otherwise acquired, the a~hount then remaining to credit to Mortgagor under (a) of paragraph i8 preceding. aa a credit on the interest accrued and unpaid and the belance to the princlpat then remaining unpaid on said note. 20_ SLnultaneously with the execution of thia mortgage, Lhe Mortgagor has executed in favor oi the Mort- gagee a Agrcement, relaUng to impmvementa to be made by the 111ortgagor, on the above de- acribed property. All oi the terms, rnvenant~ and oonditiona oi said ~6~Xi[Ko~fi Loan Agreement ahall be and are herewith made a part oi thia mortgage, aa thongh eet forth herein, and the breach of any of the covenanta contained in said X700i1tD~CLoan Agreement shall constitute a br~ch o! this mortgage. 22. To turther aecure payment of the indebtedneas ~ Lhe Mortgagor to the 1?tortgagec, the Mortgagor doea hereby sell, assign, transter and aet over unto the Mortgagee all of the renta, isauea and profita ot the mortgaged - premises, and thie aasignment shal! become operative n~+oa any detauli being made by the Mortgagor under the ierms oi this mortgage or the note aecured hereby, and ahall remain in full force and effect so long as any detault conttnues to e~cist in the making oi any of the paymenta or the performance of any of the oovenante of thia mortgage or the note aecured hereby, and the Mortgagee ahall have the rlght to enter upon the premieea and ool- lect eame directty irom persons in posaession. 22. In the event ot Lhe acceleration of thfe mortgage and the note secured hereby by reason o! any default therein, any prepafd and uncarned interest and pointa in exceaa of the legal rate of interest to the date o! enforce- ment or payment, shall thereupon be refunded to the Mortgagor. automattcapy by the crediting ot aame against the sam Lhen due, but such credit shall not cure or waive the default occaaioning acceleration. . 800~244 PA~~1217 ~ ~ ~ . - - - - - - ~ ~ r _ ~ _ . ~:F _ . ~ ~~~~~a~