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HomeMy WebLinkAbout0628 Act or any similar statute or the institution by Mortqaqor of any proceedinq for the dissolution or liquidation of Mortqaqor, or the filinq aqainst Mortqaqor of any such petition or in- stitution aga;nst Mortqaqor of such proceedings, or the occur- rence of any of the foreqoinq with respect to persons or entities now or hereafter beinq a quarantor or surety for repayment of the Loan, unless the same be discharqed within thirty (30) days after the filinq or institution. (e) The renderinq by any court of last resort of a decision that an undertakinq by Mortqagor, as hezein provided, to pay any tax, assessment, levy, liability, obliqa- tion or encumbrance is leqally inoperative or cannot be en- forced, or the passaqe of any law chanqinq in any way or re- spect the laws now in force for the taxation of mortqaqes or debts secured thereby for any purpose, or the manner of collection of any such tax, so as to materially affect this Mortqage or the debt secured hereby. 22. Remedies: (a) Upon the happening of any Event of Default, this conveyance shall become absolute and the entire unpaid balance of the principal, the accrued interest and all other sums secured by this Mortgaqe shall become immediately due and payable, at the option of Mortgagee, without notice or demand. (b) When the entire indebtedness shall become due and payable, either because of maturity or because of the occurrence of any Event of Default, or otherwise, then forthwith: - (i) Foreclosure: Mortgaqee may institute an action to foreclose th.is Mortgaqe against the Mortgaged f Property, or take such other action at law or in equity for the enforcement of this Mortqage and realization on the mort- ; gage security or any other security herein or elsewhere pro- j vided for, as the law may allow, and may proceed therein to ; final judgment and execution for the entire unpaid balance of ~ the principal debt, with interest at the rate stipulated g in the ~tote, together with all other sums due by Mortqaqor ~ in accordance with the provisions of the Loan Aq=eement, t~e ~ Note and this Mortqaqe, includinq all sums which may have been loaned by ~tortqagee to Mortgagor after the date of this ~ Mortgage, and all sums which may have been advanced~by ~ Mortgaqee fo= taxes, water or sewer rents, charges or claims, payments on prior liens, insurance or repairs to the Mortqaged ~ Property, all costs of suit, toqether with interest at such ~ rate on any judgment obtained by Mortqagee from and after ~ the date of any_foreclosure sale until actual payment is - ~ made of the full amount due Mortgagee, and an attorney's ~ commission for collection which shall be five percent (5$) ~ of the total of the foreqoing sums, but not less than One ~ Thousand Dollars (S1,OOO.aO); or Mortgaqee may foreclose - only as to the sum past due with interest and costs, as above provided, without injury to this Mortgaqe or the = displacement or impairment of the remainder of the lien thereof, and at such foreclosure sale the ~iortgaged Property shall be sold subject to all remaininq items of indebtedness; and Mortgagee raay aqain foreclose, in the same manner, as often as t.'~ere may be any sum past due; or ~ ri 5+ ~ s f ~ b~Rlt ~~7V PAi,E 62~ ~ ~ ~ ~ _ ~ ° - - - - - - - - - - Y x.~,~~~ l - _ ~ _ ~.~~u ~ . - ~ . . - ~ ~ t u ~ . _ ~ .