HomeMy WebLinkAbout2016 2.I1 °l.cndec" EnllUed to Appointment of Receive~. It :,n Bvcnt u[ Uc[ault s1ia11 ocrur and tx cuntinu- ~
ing, then upon lh~ tiGng ot a bill ~n equity or ather cununencement ut juJicial prcxerd~n~;s to entw ce the
~~ghts of the "l.e~dcr", thc "I.endcr" to the cxtent pcr?mttcd by la«~, shail lx~ ent~tled :~s a n~atter ot ri~;ht
to the appoi~~tment ot a rece~rer ur recei~•~rs c~t • the Mort~aged Yro~ rly, and af the rents, rc•~•enues, issucs,
~ncomc, product artd profits thcrcot, pendin~; such prcxcc~l~n~;s, w~tli such powcrs as thc cuu~t m;~kint; wch
appo~ntment sh:~ll contcr, but nuh~~ithstand~nR ihe appu?niment ot :~ny receiver, trustce, or other custodian,
the "l.ender" shall be entiUed as pledgee to the possc~sian and rnntrol of any cash, or uther ~nstcuments at
the time held by; or payable or deli~~crablc undec the terms ot th~s mort~;age to the "Lcnder".
2.1° Suits to Protect the Alorl~a`ed Properly. The "l.ender" sli;?l) have powrr (a) to institute and m:~~n-
~ tai~ such su~ts and proceed~n~s as it may deem expedicnt to prr~•ent any ~m{~ainn~~nl of the ;4lorlga~;cd
1'ropcrty by any acts which may be ~mlaW~tul ar any ~•~olat~on at the tnorl~;atie, (b) to pre~er~•e or pru-
t~~ct its ~nterest ~n thc Alortga~cd Property and in thc ?ncome, rc~•enurs, rcnts :uid {,ruf?ts aris~n~ thcrctrum,
and (c) to resU•ain the enforcement ot or cumpl~ance w•ith any Ie~;~slation ur ather tio~•ernmcntal enactmc•»t,
rule or order Ihat may. be unconst~tutional or otherw•ise invalid, the entureement uf or compliance H•ith.
such enactment, rule or order would impair the secucity hereunder or l,e prejudicial tu the interest of the
''Lendcr".
2.13 °Lender" 1lay File Proo(s o[ Claim in Recei~~ershlp. etc, tn the case of any recei~c~rship, insol~•ency, ~
b:inkruptc~•, reurkani~ation, arrangement, adjustment, cumpusit~on, or other ~ud?cial procecdin;;s atfecLn~~ ihe
"Borr~u•cr", its creditors or its pmperty, lhe "Lcnder", to thc extcnt pcrm~tted by la~~~, shall Lc entiUcd to f~le
such proois ot claim and other documents as may be ~ieccssary or acl~•isable in order to h.+re the cla:mc ~~t
the "Lender" allu~~•ed ~n such ptoceedin~s for the entire amoun/ due and pa~•ablc• by the "Borro~eer" und~~r
this muct~,a6e at the date o[ the institution o[ such proce.~d~ngs •ind ior any add?tional anwunt which may
beco~ne due and payable by the "Borrower" hereunder aiter such d:,te.
2.14 "lforroKer" lu I'ay lhe Note on Any Default in I'aymenl; Application ot ~loneys by "l.endcr". I[
deta~ilt sha11 be niadc in Uie pa~•~ncnt of any amount due und~~r thc nolc or murt~a~;c, then, upon dcmarid
o( the "Lender", the "Borro~~•er" w•ill pay to the °Lendcr" the w•hale amount due and p~~yable undcr the nnte;
and ~n case the "[3orro~rer" shall iail to pay the same torthwith upon such demand, the °Lender" stiall
Ue enUUed to sue tor and to ~rcover jud~rnent for the ~•hole amount so duc and unpaid tu~~cther ~~•ith costs,
~~•h~ch ~hall include the reasonable compensation, expenses anc! disl~ursements ut the "Lender's" a6enls and
atiornc}•s. -
The "I.cniirr" sl~ull h~• esitiUcd to sue and reco~~cr jud~menl as c~f~res.~id cithen c~tur~. aftcr ur durin~; .
the pendi•nc~• ui :~ny proceecGn~;s [ur the enforc~~nient ~~t this murt,;~~;e. :md the ri~lit of the ..Lender.. to
::•r~i~•er s::ch ~ud~:nir:it shall not he atfected by any takin~~. pus;~•:.~un t~~r~~clustn-e s-~l~• hc~reunder, or h4
ti~e ~•xcrr~sc oE :~m• ~tiier rie;ht, po~~•er or remedy for the c~nforcem:•nt u: the terins uf th~s mortga~;e, or the
foreclosure of the lien hereof.
in c:~,e ~~f a fure~clust~re sale ot .~nr• of the l~tort~;:~~;ed i'rop~~rtt• ~~ni! of tltr appl~c:~tiun uF the prcKe~~cls of
s~li• 1~~ the p.i)~jn~~nt ~~f thc dc•I~t h~rehy securi~d. thr "Lc•ndr~" shall h.• er.titli~d ti~ rnf~nr~• p:~~•m~nt „t :t~d
t~~ rec~~i~•s• :~ll ani~~unts then r~~ma~ninG due and unpaid upun tiie notr•, :~nd th~ "l.cncier.. sh.~il bc ent:tled to
recu~•cr ~ud~;~i~cnl (or any portion uf ihe dcbt rema~ninE; utiplid. ~~•?tts ~ntcr~st.
The "E3urrow•e:" at;rces, lu the full extcnt ihat it may la~~•[ully so agree, that nu recu~~ery ui an~- such
ji3d~mcnt b>• thr "L~~nder" and nu attach~nent or l^~•~• uf any executiun upon any such ju~t~;nient upun an~•
~~I ti~e ~iort~;at;ed Yropcrty or upon an~• other proj~crty shall in :~n}• manner or tu .~ny extent ..ffect thc lien
~~f this mr-ut;,~a~:c ~:pon the ~Sort~.a~ed I'ruperty or :,?iy p:~rt thereot ur an~• licn. ri:;}:ls, pu~scr; or rc•r:iedics of
the "Lender" hereunder, but such lien, ri~hts, po~eers and remedies sh.~ll contim:e unimpaired ac hefure.
Anv munr~•s thus collected by the °Lender° or recei~•ed L~• thr "I.ender° und~r this P:,r.,~;raph 2.13 shc~ll
bc applicd as fotlot~~s:
F~rst to ihe pa~•ment ~~f the reasonable compcnsation, exF:enses and disburscmer•ts of the abents and at-
torneys ot tne "Lender"; and
~ Second, to~t•a:•d pa~•ment of the a~noimts due and iinpaid t~pun ti~e nute. .
°.tS llelay or Omis,ion :~o R'aiver. No deiay or vinissicm of the "l.end<•r" or ~if any 2:uld~•r ~~t the nute
tu exercise an}~ rtiht, puwer or remedy accruui~ upun ~ny dcf;.ult shall exh:nist or u::pair an~• su~ h n~;ht,
po~+•er ur remrdt• o: ~hail he cunstn:~•d to trr c~ ~~•a~.er of any s~ech deEauit, or c,rc;uiesccnce therein; and
c~•er)• i:ght, pot~•er and remedy gi~•en h~- this mortfia~;c to the "Lender" may t~c excrc~sed from timc to timc
and : c oitcn as m:~y~ i~e dcemed expedient hy itie "I.. ndcr".
~.ir; \o ~~'ai~er of One Default to Aftect .lnother, etc. \u ~~•ai~~er of an~• defauit hereunder shail extend
; ur =hal1 :~:lect .~n}• ~!:t„ertucnt or any other then existin, default o!- shail impair any rignts, poH•ers or
" remeclies consequcnt thereon.
~ If the ''Lc~ndcr" ~ a) ~rarits f~~~et,earance or an extension of time for the pa}•ment of an~~ s~:ms secured "
tic•re},}• tb) takes uther or addit~onal security for the pa~•ment thereof: (e) ti•cn~•rs or d~es t;at exercise an>•
~ ri;;tit ~:r.~nted h~~re:n ur in the note; (d) relc:~,es an}- i,:+rt of the \Iort~;aged F'roperty- fruni the lien of the
~ mort~;ar:c or otf:~•r~r~~c changes an}• of the terms of thc nute ur mort;;a~;e; le) ce.n:rnt; tu the fi:in~ of ~t3}~
; map, pi:,t ur reE;lat lhereuf; ! f) consenls to ihe ~;ru:itin~ of any easement therean, ur ( e 1 make.; or cun-
g <<•nts to any •~~;reement subordinating the lien or chan,e hereof, any such act ur omissiun shal! not release,
~ d:_clearGe. modify, change, or aftect the original iiability under the ncite, mort~a:;r or otner~~•ise of the "Bo:-
~ r~ncer" or .~ny suLsequent purchaser of the Mort~.iged Property or an~ part thereof, or :~ny maker, co-;i~ner,
3 enilu:ser, surety or guarantor; nor shall any such act ~~r umisslon preclude the "I.ender" trunt exercis;n•1 -:n}•
` n~~ht, po:+•c•r or pri~•ile~e herein ~ranted or ~ntended to be ~ranted in the e~•ent ot an~• other ciefault thcn
~ tna!:e or uf any suhsec;urnt detault, nor, e~ccept as otherw•ise c~xpreasly pro~•ided in an ~n>trunx~nt ~n imtn~-
~ ITIE'iIIS executcd b~- the "I.ender" shall the lien of this m<~rtaage bc altered therehy. 1n the e~~ent of th~ ~:.Ie
ur transfcr by operation oi la~v or other~~•ise of all or any part ot the TIo: t~;aked Prupert~-, the "Lendrr",
~ ~:•ithaut nutice to ~tn}~ person or corporation is hereby~ authorized and empo~ecrcd io deal «•ith :~n~~ such ~•en-
dee ur transteree with reference to the ~iortGa~ed Property or the indebtedness secu~ed hereb}•, or ~rith
~ reference to any of tne terms ur conditions hereo[. as fuliy and to the same extent as it misht deai W:ih :he
oi•iginal parties hereto and without in any way releasin~ or discharging any of the liabilities or undertakings
~ hereunder.
~
2.17 Disconlinuance of Proceedings - Position ot Parties, Reslored. In case ttie "I.ender" shall ha~•e pro-
ce,~dcd to enforce .~n~• n~ht or remedy under this moc t~a~e by toreclosure, entry or other~vise, and sucl~ pro-
~
; c~edui~;s shall ha~~•c~ heen discunt~nued or abandoned fur any reason. or shall ha~•e heen determined ad~~ersel~•
a tn thc• "Lender", th~n and in e~•~ry such case the "Rnrrower" and the "Lender" shall he re.t~~red t~ iheir fur-
~ mcr p~~s;t~uns and ri~hts hereunder, and all rights, pow~crs and remed:es of the "I.endcr" shali contuiue ~s ?f
~ nu such prcx'ecdin~; has hccn takcn. .
~ 2.18 Rcmedic~ Cumulafi~•e. 1`o ri~ht, puvver, o: rcmedy conferred upon or rescn•ed t~~ tl~~• "Lcndcr" hc
- this mort•,a~e is int~ri~lyd tc? he exclusi~•e of any other riqht, pua•er or remedy, t~ut ~ach and e~•e: y such
- rit;'r.t, pox•er and remedy sht~ll he cumulati~•e and concurrenl and sh::ll }.e in .~~idition to an~- other e-i~ht,
r po~~•er and remed~ g~ven hereunder or now or hereafter ex~sting at ld~v or in equity or by stat~~te.
A1tTICI.E TIIRBF.
~ ~Iiscellaneous Pro~•isions
.
3~il Succe~snrs and AssiRns Included in Yarties. ~~'hene~•er in this n:ortc~:~;;e one ~f tt-:~ partie: he-c~tu '
i~ n>m~•~! ~~r reirrrcd to, the success~rs and ass~~ns c~f such p:,rty~ shall be ~ncluded. ..r.d a?I c~~~~en.=n'.~ .~nd
'~-rt :~;;rcements c-ontsined in this mortga~;e by or on bchalf ot the "I3orro«•er" or b~• or vn i~chalf of "Lender"
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