HomeMy WebLinkAbout2319 4. The whole of the Debt shall become due, at the
option of Mortgagee, upon the occurrence of any of the follow-
i ng •
(a) upon default in the payment of any install-
ment of interest or principal for 15 days after same
is due;
(b) upon default in the payment of any tax,
water rate or assessment prior to delinquency or
' the attachment of interest and/or penalties.
(c) upon default upon request in furnishing
a statement of, the amount due on this Mortgage
and whether any offsets or defenses exist against
the Debt within 15 days after request, as herein- -
after provided;
(d) upon default for 15 days after notice
and demand in the payment of any installment which
may not be then due or delinquent of any assess-
ment for local improvements which may now or here-
after affect the Mortgaged Property and may be or
become payable installments;
(e) upon the actual or threatened waste,~re-
moval or demolition of, or material alteration to,
any part of the Mortgaged Property, except as pe-
mitted by Article 3;
(f) upon default of 15 days after notice in _
the observance or performance of any other covenant
or agreement of Mortgagor hereunder.
f
(g) upon the election by Mortgagee to ac-
celerate the maturity of the Debt pursuant to the
provisions of the note or of any other instrument
which may be held by Mortgagee as additional security
I for the note;
~ (h) upon any assignment made by the then
s
owner of the Mortgaged Property for the benefit
~ of creditors; or
(i) upon the appointment of a receiver,
liquidator or trustee of the then owner of the
Mortgaged Property, or the adjudication of such
owner or as a bankrupt or insolvent, or the fil-
ing of any petition for the bankruptcy, reorgan-
ization or arrangement of such owner pursuant to
any provision'of the Federal Bankruptcy Act or any
similar statute, or the institution of any pro-
ceeding for the dissolution or liquidation of
such owner, and, if such appointment, adjudication,
petition or proceeding be involuntary and not con-
sented to by such owner, the failure to have the
same discharged, stayed or dismissed within 60 days.
As used herein the term "owner of the Mortgaged
Property" shall mean such owner and/or any partner
F of a partnership constituting such owner.
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