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HomeMy WebLinkAbout2918 7. To keep the Prope~ty in good condition and reps~r; not to p~~mit, commit a~wffer any waste, impai~qnent, or deterioration of same, or any part thereof; not to aba~don the Property, or any part thereof; not to permit the buildin~ or improvements thereon to be leh open subject to e~try by unauthorized penons; and if, in the jud~ment of Mon~egee, ~eid building~ or improvements at sny time stand fn ~eed of ~epsir to preserve same, or to prevent excestive deterioration, o~ if said buildings and improvements have, in ths judgment of Mortgagee, besn or appear to have been, abandoned or vacated, and Mortgagor shall fail or refuse to make said repai~s. or to secure said premisea against the entry of unauthorized perso~s, o~ if Mortgagee has been unable to oo~tact Mortgagc~r to demand such action, then Mortgagee, and/or its designees, at its option and aole di~c~etion, may thereupon. without lisbility for trespass, e~ter upon the premises and make such ~epaira and secu~e the buildings and imp~ovements, and any other portions of the Property, thereon against the entry of unauthoriZed persons, by chsnging or adding tocks, or wch other method as may, to Mortgagee at the time, seem most expedient, and pay wch wms and i~cur wch obligations for the account of Mongagor as a~e, in the judgment of Mortgagee, neceuary in connection therewith. 8. In the event Mortgagor fails or ~efuses to make ~y of the payments required he~ein, the Mortga~ee may, at its option, make wch payments for and on account of the Mortgagor, and a!1 wch wms a~d all other wms paid, or caused to be paid by Mongagee under the terms, or pu~suant to any option of Mortgagee hereunder, shall be added to the mortgage indebtedness, shall bear interest at the ~ate specified in the promissory note hereby secured fo~ installme~ts not made within ten days after same become due, and all wch wms, together with such interest, shall be secured by the lien of this mortgage, and shall, at the option of Mortg~g~e, be immediately due and payable. 9. If Mortgagor sells, grants, conveys or disposes of all or part of the Property, Mortgagor shall first obtain ~ the written consent of Mortgagee to wch sale, grant, conveya~oe or disposition and Mongagor's deed of conveyance shall contain a provision in form acceptable to Mortgagee by which purchaser aswmes this mortgage and agrees to pay the indebtedness secured hereby, and Mortg~gor shall pay or cause to be paid to Mortg~gee an assumption fee in an amount not to exceed $50.00 for the purpose of issuing a new loan account book and making necessary changes in its records. Any wch deed of conveyanoe shall, at the option of Mortgagee, be conclusively deemed a transfer to said purchaser of all wms held by Mortgagee pursuant to parag~aph "5" above. • 10. If the Property, or any part thereof, shall be condemned or take~ for public use under the power of eminent domain, Mortgagee shail have the right to demand that all damages awarded for the taking of, or injury to the Property, or part thereof, shall be paid to Morigagee up to the amount then unpaid on this mortgac~e, and said amounts shall apply upon the payment or payme~ts last payable hereon. 11. When any amount of money to be paid by Mortgagor to Mortgagee under the terms hereof shall be in default, or should Mortgagor default in any of the other terms, pravisions or conditions of this mortgage, then and in that case, Mongagee shall have the right, without notice to Mortgagor, but shall be under no duty to collect and receive from any tenant or leasee of said mortgaged premises the rents, issues and profits of the real estate hereby mortg~ged, and the improvements thereon, and to give proper reoeipts and acquittances therefor, and after paying all oommissions of any rental agent collecting the same, and any reasonable attomey's fees and other necessary expen9e incurred in collecting same, to apply the net proceeds of such coltections upon any indebtedness, obligatio~ or liability of Mortgagor hereunder. The right granted Mortgagee under this paragraph shall be in addition, and shall not limit or restrict any other right or rights ~anted Mortgagee in this Mortgage. 12. If any of the wms of money herein referred to be not promptly and fully paid within thirty days next I after the same severally come due and payable, or if ~ch and every stipulation, agreement, condition and ; covenant of said promissory note and this mortgage, or eithe~, are not duly performed, complied with and i abided by, or if Mortgagor, or any of them, make a general assignment for the benefit of creditors, or if a ~ petition in bank~uptcy shall be filed by or against Mortgagor, or if foreclosu~e proceedings of any second { mortgage or other junior lien of any kind should be instituted against any portion of the Property, the ~ aggregate sums secured hereby shall, at the option of Mortgagee, be immediately xcelerated and precipitated to maturity, and shall become due and payable forthwith, as fully and completely as if said aggregate wm of money was originally stipulated to t+e paid on wch day, anything in said promissory ~ote or herein to the contrary notwithstanding. ~ 13. Upon commencement of, or at anytime pending, any wit upon or to foreclose this mortgage, Mortgagee j may, at its option, as an admitted equity and matter of absolute right, without reference to the adequacy or ~ inadequacy of the value of the Property; or the soivency or insolvency of Mortgagor, or any of the other ~ defendanis, apply to the court having jurisdiction thereof fo~ the appointment of a receiver, and such court i shall forthwith, and without notice to Martgagor or other defendants, appoint a receiver of all and singula~ f said Property, and same shall be applied by wch receiver according to the lien ar equity of Mortgagee and ~ the practice of wch court. : i 14. Time is of the essence of this instrument, and no waiver by Mortgagee of any right or option hereunder, ~ or of the obligation secured hereby, shall at any time thereafter be held to be a continuing waiver of same E or a waiver of any of the other rights or options hereunde~, or of the instrument secureci hereby. 15. To pay all and singular the costs, charges and expenses, including attorney's fees reasonably incurred or paid at any time by Mortgagee, because of the failure of Mortgagor to perform, comply with and abide by each and every the stipulations, a~eements, conditions and covenants of said promissory note and this mortgage, or either, and every such payment shall bear inte~est at the rate specified in the promissory note hereby secured for installments not made within ten days after same shall become due. s°ccK J F~cF2915 ~ dY;++~aC"`~ S " . . _ _ _ ' . . ' . _ . . ~ - .-..~x'~ ~T ~ ~ v~~ ~ ~ F~ ~~~~~i~'~+~~.`~.~~+~,'. _ ~'~r'~...~~ - .