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HomeMy WebLinkAbout0583 r 1 (c) In the event (i) of any breach of this- mortqage or default on tfie part of the Mortgagor, or (ii) any o# 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 ' every 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 aggreqate sum mentioned in said pronissory note then temaining unpaid, with interest accrued, and all moneys secured hereby, shall become due and ~ payable forthwith, or thereafter, at the option of said !l~rtgagee. as fully and completely as if all of the said sums of ~oney 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, there.tofore, or thereafter begun, may be prosecuted as if all moneys secured hereby had matured F 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 i case Mortgagor and Mortgagee shall be restored to their former - ~ pos'itions 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 beginninq 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 k 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 ~ mortgaged as if specifically set forth and described in the ~ ~ granting and habendum elauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise ~ entrnsted 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 iuadequacy of the value of the property mortgaged ' or to the solveacy or insolvency of said Mortgagor and/or of the ~ defendants, and that such rents, profits, income, issues and revenaes shall be applied by such Receiver according to ~he lien ,K and/or equity of said Mortgagee and the practice of such court. ~ ~ . 4 9. The Hortgagee for himself, his heirs or assigns, by the acceptance of this Mortgage, hereby covenants and agrees ` ~ that (i) under no circumstances shall any officer, directior or ~ shareholder of Mortgaqor 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 i ~ B ~ 43U P~~~i3~3 _ ~ a~~~s P,~ 58~Z - -5- 500 - - _ F:~~