HomeMy WebLinkAbout0582 or policies said Mortgagee shall have the option to receive and~
apply the same on account of the indebtedness secured hereby or
to permit said Mortgagor to receive and use it or any part
thereof for other purposes without thereby waivi~g or impairing _
any equity, lien or right under or by virtue of this mortgage;
and in ~he event said Mortgagor shall for any reason fail to keep
the said premises so insured, or fail to deliver promptly any of
said policies of insura~ce to said Mortgagee, or.fail promptly to
pay fully any premium therefor, or in any respect fail to perform,
discharge, execute, e€fect, complete, comply with and abide by
this covenant, or any part hereof, said~Mortgagee may place and
pay for such insurance or a~y part thereof without waiving or
affecting any option, lien, equity or right under or by virtue
af this mortgage, and the full amount of each and every such
payment shall be immediately due and payable and shall bear
interest from the_date ttiereof until paid at the rate of ten per
centum per annum~and together with such interest shall be secured
by the lien of this mortgage.
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4. To permit, commit or suffer no waste, impairment
or deterioration of said property or any par~ thereof.
5. To pay all and singular the costs, charges and
expenses, including reasonable lawyer's fees and cost of abstracts
of title, incurred or paid at~any time by said Mortgagee because
and/or in the event of the failure on the part of the said
Mortgagor to duly, promptly and fully perform, discharge, execute,
effect, complete, comply with and abide by each and every the stip-
ulations, agreements, conditions and covenants of said promissory
note, and this mortgage, any or either, and said costs, charges
and expenses, each and every, shall be immediately due and payable,
whether or not there~be notice, demand, attempt to collect or suit
` .pending; and the full amount of each and every such payment shall
bear interest from the date thereof until paid at the rate of ten
! per centum per annum; and all said costs, charges and expenses so
! incurred or paid, together with such interest, shall be secured
' by the lien of this mortgage.
6. That (a) if Mortgagor or SLG shall (i)
voluntarily be adjudicated a bankrupt or insolvent, (ii)
seek or consent to the appointment of a receiver or trustee
for itself or for all.or any part of its property, (iii) file
a petition seeking relief under the bankruptcy or other similar
laws of the United States or any state or anx other competent
jurisdiction, (iv) make a general assignment for the benefit
of creditors, or (v) admit in writina its inability to pay
its debts as they mature; or
(b) If a Court of competent jurisdiction shall
enter an order, judgment or decree appointing, without the
~ consent of Mortgagor or SLG, a receiver or trustee for the
Mortgagor or SLG or for all or any part of the property of
~ _ the Mortgagor or SLG or approving a petition filed against
~ the Mortgagor or SLG seeking relief under the bankruptcy
or other similar laws of the United States or any state or
other competent jurisdiction,.and such order, judgment or
decree shall remain in force undischarged or unstayed for
a a period of sixty (60) days; or
~ BooK 434 PJ?:'c~3'~id
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~ -4- goo~ 276 P~ 58i
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