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HomeMy WebLinkAbout0627 20. Ri ht To Remed Defaults: In the event that Mortgaqor s ou ai to pay rea estate or other taxes, assessments, water and sewer rents, charqes and claims, sums due under any prior lien or insurance premiums, or fail to make necessary repairs, or penait waste, Mortqaqee, at its election and without notice to Mortqagor, shall have the riqht to make any payment or expenditure and to takE any action which Mortgaqor should have made or taken, or which Mortgagee cleems advisable to protect the security of this Mortqaqe or the Mortgaqed Property, without prejudice to any of Mortqagee's riqhts or remedies available hereunder or otherwise, at law or in equity. All such sums, as well as costs, advanced by Mortqagee pursuant to this Mortgage shall be due inuaediately from Mortqagor to Mortqagee, shall be secured hereby, and shall bear interest at a rate which is equal to the t~en effective rate specified by the Note from the date of payment by Mortqaqee until the date of repayment, and Mortqaqee shall be subrogated to any rights, equities and liens so discharged. In the event that Mortqagor shall not complete the construction of the~buildinqs and unprovements on the Mortgaged Property as required by_para- qraph 18 hereof, or if such construction should be abandoned or cease before completion or if such work should remain abandoned o= cease or be interrupted for a period of four- teen (14) days without cause beyond the control of Mortgagor, then Mortgagee may, at its option, enter upon the Mortgaged Property and complete the construction of such buildings and improvements. Mortqagor hereby gives to Mortgagee the full power and authority to make such entry and to enter into such contracts or arrangements as may be necessary to complete such buildings and improvements. . 21. Events of Default: The following shall constitute Events of De au t ereun er: (a) Failure of Mortt3agor to pay any installment of principal or interest, or any other sum, within ten (10) days after the date~it is due under the Note, Loan Agreement, ; or this Mortgage. ~ ~ (b) Mortgaqor's nonperformance of or noncompliance with any other agreements, conditions, covenants, provisions ~ or stipulations contained in the Loan Agreement, the Note or ° in this Mortqage, or in any other document securing such ~ Note, and the continuation of such nonperformance or non- ~ compliance for thirty (30) days after notice thereof from ~ Mortgagee to Mortgagor. ~ ~ (c) Any assiqnment for the benefit of creditors ~ made by Mortgagor, any general partner of Mortgagor or any ~ of the persons or entities now or hereafter being a guarantor ~ or surety for repayment of the Loan. ~ ~ (d) AppointmPnt of a receiver, liquidator or trustee of Kortgagor (which term for the purposes of this suhparagraph (d) ~ shall be deemed to include any general partner of Mortgagor) or of any of the property of Mortgaqor, insolvency of :~ortgagor or the adjudication of Mortgagor as a bankrupt, the filing by ~Iortqagor of any petition for the bankruptcy, reorganization or arrangement of Mortgaqor pursuant to the Federal Bankruptcy ~ ~ ~ ~ ~ ~ -10- ~ _ ~ ~ zso ~A~E sz7 ~ ~UUK ~ ~ ~ ry , _ _ ' _ . _ . . ~ . . . ~ - . • ~_m`~~ ~ f,. : . A. 'S~' ~ ~ ~~~J~ ~ xi ,,a~`z'-'°= ' ~ eu ~~r""~.r~-.~ ~y .r ~x.. k ' . ~-e~'~:~' , ~"r~ ~ r= y . ~ . , t_~"• ~ r *F,~~:?t~,:x..._ ~~,Z~ . ~~.sr: . .