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HomeMy WebLinkAbout2345 35. That the note secured hereby as well as this Mortgage, and the rights and indebtedness hereby secured shall, without regard to the place of contract or payment, be construed and enforced according to the laws of the state in which the property conveyed hereby is located. 36. That notwithstanding anything to the contrary contained herein or in any other document executed in connection with the indebtedness secured hereby, the total liability for payments in the nature of interest shall not exceed the limits now imposed by the usury laws of the pertinent jurisdiction or any subsequent liberalization thereof. 37. That if any of the sums of money herein referred to be not promptly and fully paid within days next after the same severally come due and payable, or if each and every the stipulations, agreements, and covenants of said promissory note and this Mortgage or either, are not performed; complied with and abided by, the aggregate sum mentioned in the promissory note or otherwise secured hereby shall become due and payable forthwith or thereafter at the option of Mortgagee, as fully and completely as if said aggregate sum of money was originally stipulated to be paid on such day, anything in said promissory note or herein to the contrary notwithstanding; and, Mortgagee may foreclose this Mortgage in the manner provided by law and have the mortgaged premises sold to satisfy or apply to the indebtedness hereby secured. In the event the Mortgagee institutes a suit to foreclose this Mortgage, the Mortgagee shall be entitled to apply at any time during the pendency of such fore- closure suit to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property, and of all rents, income, receipts, revenues, issues and profits thereof, from what- soever source derived; and thereupon it is hereby expressly covenanted and agreed that the court shall forthwith appoint such receiver with the usual powers and duties of receivers in like cases; and said appointment shall be made by the court as a matter of strict right to the mortgagee, and without reference to the adequacy or inadequacy of the value of the property hereby mortgaged, or to the solvency or insolvency of the Mort- gagor or any other party defendant to such suit. The Mortgagor hereby specifically waives the right to object to the appointment of a receiver as aforesaid and hereby expressly consents that such appointment shall be made as an admitted equity and as a matter of absolute right to the Mortgagee and that the same may be done without notice to the Mortgagor. 38. That Mortgagor will perform, comply with and abide by each and every one of the stipulations, agreements, conditions and covenants j contained and set forth in a certain Mortgage Loan Commitment related to the indebtedness secured hereby, which Commitment was executed by ~ Mortgagor and Mortgagee (or which Mortgagee acquired by assignment), an executed copy of which is in the possession of Mortgagee. Said Commit- ment is incorporated herein by reference, and any default under, or breach of said Commitment shall, at the option of Mortgagee, be a default under this Mortgage. 39. That Mortgagor will perform, comply with and abide by each and every one of the stipulations, agreements, conditions and covenants contained and set forth in a certain Construction~Loan Agreement between ~ Mortgagor and Mortgagee (or which Mortgagee acquired by assignment), an executed copy of which is in possession of Mortgagee. Said Construction Loan Agreement is incorporated herein by reference, and any default thereunder by Mortgagor shall, at the option of Mortgagee, be a default hereunder. 40. That in the event Mortgagor shall fail to carry on or complete the construction of improvements in accordance with the Construction Loan Agreement referred to herein, or in the event of any other default by Mortgagor either under said Construction Loan Agreement, the note, or this mortgage, and whether or not Mortgagee shall cause the indebted- ness secured hereby to become due and payable, Mortgagee, without x. notice to Mortgagor, is hereby invested with full and complete authority r to enter upon the premises, to employ watchmen to protect the improve- ments and to preserve and protect the personal property therein, to con- time any and all outstanding contracts or enter into new contracts for .tii ~ - lo- ec. kx3U4 ~~~F2342 s w'f'$ ' - _