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HomeMy WebLinkAbout2342 fully paid according to the tenor hereof, or in the event that each and every the stipulations, agreements, conditions and covenants of said Note and this Mortgage, are not duly, promptly and fully performed or if the Mortgagor be adjudicated bankrupt or made defendant in a bankruptcy or receivership proceeding; then in either or any such event, the said aggregate sum mentioned in said Note then remaining unpaid, with interest accrued to that time, and all money secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all the said sums of money were originally stipulated to be paid on such day, anything in said Note or in this Mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay. the same together with costs, expenses, and allowances. The property may be sold in one parcel, several parcels or groups of parcels. In case of partial foreclosure of this Mortgage, the mortgaged premises shall be sold subject to the continuing lien of this Mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of there- after from time to time by the Mortgagee. 18. That all right, title and interest of Mortgagor in and to all leases affecting the said premises together with any and all further leases upon all or any part of the said premises, and together with all of the rents, income, receipts, revenues,-issues and profits from or due or arising out of the said premises are hereby transferred and assigned to Mortgagee (reserving, however, in Mortgagor the right to collect and receive same until default hereunder) as further security for the repayment of the said indebtedness. 19. That the drives and parking area, containing the number of parking spaces required by the pertinent governmental authorities (and major credit leases, if any) shall be maintained constantly, and that without the prior written consent of Mortgagee, no buildings nor other structures shall be erected on the remainder of the security property. 20. That any default by Mortgagor (or any subsequent owners), whether as landlord or otherwise, in any of the terms, covenants, conditions or warranties contained in any lease with any major credit tenant for the f leasing of any part of the said premises or improvements, shall be a default hereunder, whereupon, at the election of the Mortgagee, the entire ~ indebtedness secured hereby shall immediately become due and payable. 21. That upon default in any of the terms, covenants, conditions or warranties herein or in the note, Mortgagor (or the then owner), if in occupancy of the mortgaged premises, for other than dwelling purposes, shall become a tenant-at-will of Mortgagee, and shall pay monthly in $ advance to Mortgagee or to any receiver appointed to collect the rents, issues and profits of the said premises; the fair and reasonable rental ~ value for use and occupancy of said premises or so much thereof as may be so occupied by Mortgagor (or the then owner), and upon default in any ~ such payment shall vacate and surrender the possession of said premises to Mortgagee or to such receiver, and in default thereof may be evicted by summary proceedings or other appropriate action at law or in equity. 22. That at any time and from time to time, Mortgagee may execute a unilateral subordination agreement whereby this Mortgage shall become subject and subordinate, in whole or in part (but not in respect to the priority of entitlemen t to insurance proceeds or any award in condemna- tion) to any or all leases of all or any part of the mortgaged premises, and subordination shall become effective upon the recording of such subordination agreement in the Land Records of the jurisdiction where this Mortgage is recorded. 23. That Mortgagor will not, without the prior written consent of ~ Mortgagee, assign the rents or any part thereof, from said premises. Mortgagor will not consent to the cancellation or surrender of, or accept prepayment of rents under, any lease now or hereafter covering said premises or any part thereof having an unexpired term of more than - 7- SooK 3U4 aacf 2~ x:.