HomeMy WebLinkAbout2341 13. That upon default by Mortgagor in performance of any of the
terms, covenants or conditions herein or in said note contained,
Mortgagee may, at its option and whether electing to declare the whole
indebtedness due, or not, perform the same or any of them, without waiver
of any other remedy, and any amount(s) paid or advanced by Mortgagee in
connection therewith, and/or any other costs, charges or expenses
incurred in the protection of said premises and the maintenance of this
Mortgage shall be repayable by the Mortgagor without demand, with
interest thereon from the date of such payment at the highest rate per-
missible under the laws of the pertinent jurisdiction, and if no maximum
rate has been promulgated, then at rate six (6$) per cent higher than the
rate set forth in said note, and shall be a charge upon the said premises
prior to any right, title to, or interest in or claim thereon, attaching
or accruing subsequent hereto and shall be secured by this Mortgage.
14. Mortgagee, in making any payment herein and hereby authorized in
the place and stead of Mortgagor, relating to taxes, assessments, water
rates, sewer rentals and other governmental or municipal charges, fines,
impositions or liens asserted against the premises, may do so according
to any bill, statement or estimate procured from the appropriate public
office without inquiry into the accuracy of the bill, statement or esti-
mate or into the validity of any tax, assessment, sale, forfeiture, tax
lien or title or claim thereof, or relating to any apparent or threatened
adverse title, lien, statement of lien, encumbrance, claim or charge,
shall be the sole judge of the legality or validity of same. In making
payments relating to any other purpose herein and hereby authorized, but
not enumerated in this paragraph, Mortgagee may do so whenever, in its
judgment and discretion, such advance or advances shall seem necessary
or desirable to protect the full security intended to be created by
this instrument. At any time, Mortgagee may and is hereby authorized
to obtain a continuation report of title prepared by a title insurance
company, the cost and expenses of which shall be repayable by Mortgagor
without demand and shall be secured hereby.
15. That upon default by Mortgagor hereunder, Mortgagee may, with-
out notice and without regard to the adequacy of security for the
indebtedness secured, either personally or by attorney or agent without
bringing any action or proceeding, or by a receiver to be appointed by
the court, enter upon and take possession of said property or any part
thereof, and do any acts which Mortgagee deems proper to protect the
security hereof, and either with or without taking possession of said
t property, collect and receive the rents, royalties, issues and profits
thereof, including rents accrued and unpaid, and apply the same, less
~ the costs of operation and collection, upon the indebtedness hereby
secured to Mortgagee as further security for the payment of such indebt-
edness. If required by Mortgagee, Mortgagor shall execute and deliver to
~ Mortgagee a separate instrument assigning to Mortgagee all leases signed
and to be signed and rents to be collected thereunder. Exercise of
rights under this paragraph or under said separate assignment of leases
and rents shall not cure or waive any default or notice of default here-
~ under or invalidate any act done pursuant to such notice, but, shall be
cumulative to the right and remedy to declare a default and to foreclose
as hereinafter provided, and cumulative to any other right and/or
remedy hereunder, or provided by law, and may be exercised concurrently
or independently. Expenses incurred by Mortgagee hereunder, including
reasonable attorney's fees, shall be secured hereby.
16. In the event that the Note, this Mortgage or any other docu-
ment, agreement or instrument executed concurrently herewith shall pro-
~ vide for the payment of a prepayment fee in the event of the prepayment
of the Note. It is agreed that, upon the occurrence of a default here
under or a default of any of the terms and provisions of any of the other
~ loan documents or upon any other prepayment of all or any part of the
indebtedness represented by the Note, whether upon condemnation, des-
truction by fire or casualty, or otherwise, such prepayment fee shall
thereupon be and become due and owing and the same shall constitute addi-
tional indebtedness secured hereby.
17. In the event of any breach of this Mortgage or default on the
part of the Mortgagor or should the interest of ?Mortgagee in the property
become endangered by virtue of any reason whatsoPVer, or in the event
that any of said sums of money herein referred to be not promptly and
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