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the Promissory Note hereby secured and/or the Loan Agreement. then
and in either or in any of such- events, without notice or demand. the said
aggregate sum mentioned in said Promissory Note, less previous payments.
if any. and any all sums mentioned herein or secured hereby shall become
due and payable forthwith or thereafter at the~contimting option of the Mortgagee
as fully and completely as if said aggregate sums were originally stipulated
to be paid at such time. anything in said Promissory Note or herein to the
contrary notwithstanding. and the Mortgagee shall be entitled thereupon
or thereafter without notice or demand to institute suit at law or in equity
to enforce the rights of the Mortgagee hereunder or under said Promissory
Note. In the event of any default or breach on the part of the Mortgagor
hereundet• or under said Promissory Note, or the Loan Agreement. the Mortgagee
shall have the continuing option to enforce payment of all sums secured hereby i
by action at law or by suit in equity to foreclose this Mortgage, either or
both. concurrently or otherwise. and one action or suit shall not abate or
be a bar to or waiver of the Mortgagee's right to institute or maintain the ~
other. provided said Mortgagee shall have only one payment and satisfaction ~ '
of said indebtedness.
23. That in the event that l~'lortgagor shall (1) consent to the appointment ~
of a receiver, trustee or liquidator of all or a substantial part of Mortgagor's }
assets. or (2) be adjudicated a bankrupt. or admit in writing its inability ~
to pay its debts_as they become due, or (3) make a general assignment for ~ ~
the benefit of creditors. or (4) file a petition or answer seeking reorgani-
zation or arrangement with creditors, or to take advantage of any insolvency
law, or (5) file an answer admitting the material allegations of a petition ~ F
filed against the Mortgagor in any bankruptcy, reorganization or insolvency
proceeding. or (6) action shall be taken by the Mortgagor for the purpose 1
of effecting any of the foregoing , or any order, judgment or decree shall i
be entered upon an application of a creditor or Mortgagor by a court of competent #
jurisdiction approving a petition seeking appointment of a receiver or trustee
of all or a substantial part of the Mortgagor's assets and such order. judgment
or decree shall continue unstayed and in effect for any period of thirty (30)
consecutive days. the Mortgagee may declare the note hereby secured forthwith ~ ~
! due and payable. whereupon the principal of and the interest accrued on
the note and all other sums hereby secured shall become forthwith due and ~ ~
payable as if all of the said sums of money were originally stipulated to be i j
paid on such day: and thereupon the Mortgagee without notice or demand 1
may prosecute a suit at law and/or in equity as if all monies secured hereby j j
~ had matured prior to its institution . ~
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24. If foreclosure proceedings should be instituted against the property ~
covered by this Mortgage upon any other lien or claim whether alleged to ` t
be superior or junior to the lien of this Mortgage, the Mortgagee may at !
its option immediately upon institution of such suit or during the pendency ~
thereof declare this Mortgage and the indebtedness secured hereby due and ~
payable forthwith and may at its option proceed to foreclose this Mortgage.
25. It is further covenanted and agreed by said parties that in the
event of a suit being instituted to foreclose this Mortgage, the Mortgagee ~
shall be entitled to apply at any time pending such foreclosure suit to the
court having jurisdiction thereof for the appointment of a receiver of all 1
t and singular the Mortgaged Property. and of all rents, incomes. profits.
issues and revenues thereof. from whatsoever source derived; and there- i
~ upon it is hereby expressly covenanted and agreed that the court shall forth~vith.
Page 9. U ~r 3U2
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