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HomeMy WebLinkAbout0547 (c) In the event (i) of any breach of this ~ mortgage or default on the part of the Mortgagor, or (ii) any ` of said sums of money herein referred to be not promptly and ~ fully paid within~ten days next after the same severally become ~ due and payable, without demand or notice, or (iii) each and e very of the stipulations, agreements, conditions and covenants- of said promissory note and this mortgage, any or either, are ; not duly,.promptly and fully performed, discharged, executed, effected, completed, complied with and abided by, then, in any such event, the said.aggregate sum mentioned in said promissory note then remaining unpaid, with interest accrued, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said _ ~ Mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said promissory note, and/or in this mortgage to the contrary notwithstanding; and thereupon or thereafter at the option of said Mortgagee, without notice or demand, suit at law or in equity, theretofore, or thereafter begun, may be prosecuted as if all moneys secured hereby~had matured prior to its institution. 7. In case Mortgagee shall have proceeded to enforce ~ any right under this mortgage and such proceedings shall have been discontinued or abandoned for any reason, then in every such case Mortgagor and Mortgagee shall be restored to their former positions and the rights, remedies and powers of MOrtgagee shall continue as if no such proceedings had been taken. 8. That in the event that at the beginning of or at any time pending any suit upon this mortgage, or to foreclose it, or to reform it, and/or to enforce payment of any claims ' hereunder, said Mortgagee shall apply to the-court having juris- ` diction thereof for the appointment of a Receiver, such court ~ ` shall forthwith appoint a Receiver of said mortgaged property { all and singular, including all and singular~the rents, income, I profits, issues and revenues from whatever source derived, each ~ and every of which, it being expressly understood, is hereby ~ martgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted equity and a matter of abso- lute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor and/or of the ~ defendants, and that such rents, profits, income, issues and • revenues shall be applied by such Receiver according to the lien and/or equity of said Mortgagee and the practice of such court. ~ ~ 9.-. The Mortgagee for himself, his heirs or assigns, ~ by the acceptance of this Mortgage, hereby covenants and agrees that (i) under no circumstances shall any officer, director or ~ shareholder of Mortgagor or any officer, director or shareholder ~ of any corporate successor of Mortgagor have any liability for the payment of the indebtedness or the performance of the obli- , gations, Mortgagee expressly waiving any right which he may - t B~oK 430 P~~z~307 5~~ ~ 'S- eooK2~ ~ , - - - - ~ _ _ - .