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HomeMy WebLinkAbout2420 ~ of a receiver, assignee or trustee, or upon failure of the Mortgagor to keep or perform any of the terms, covenants. conditions. agreements or stipulations of this mortgage, the entire indebtedness hereby secured shall immed• lately. or at any time thereafter. at the option of the Mortgagee, become and be due and payable, and the equity of redemption of the Mortgagor may thereupon be foreclosed, or the Mortgagee may. at its option, foreclose only as to the sum past due without accelerating the entire debt, and without injury to this mortgage or the displacement or impairment of the remainder of the lien hereof, and at such foreclosure sale the property shall be sold subject to all remaining items of indebtedness payable under this mortgage and the note secured hereby, and the Mortgagee may again foreclose in the same manner as often as there may be any sum past due. 13. Additional provisions of this Mortgage are set forth on Exhibit "A" attached hereto and by this reference made a part hereof. In the event of a suit being instituted to foreclose this mortgage. the Mortgagee shall be entitled at any time pending such foreclosure suit to appl}• to the court having jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged property, and of all the rents, issues and profits thereof from whatsoever source derived; and thereupon the court shall forthwith appoint a receiver of said property and of such rents, issues and profits, with the usual powers and duties of receivers in like cases. Such appointment shall be made by such 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 the solvency or insolvency of the Mortgagor. Such rents, issues and profits shall be applied by such receiver to the payment of the proper and reasonable charges and expenses of such receivership and the remainder to the payment of the mort- gage indebtedness, according to the order of such court. This mortgage is intended by the parties to secure, and does and shall secure the payment, fully and completely, of any and all sums o[ money herein described, and of any and all extensions or renewals, with interest thereon, of the aforesaid promissory note, or any instalment of principal or interest thereof, and any such extension or renewal shall be subject to all of the covenants, agreements, conditions and stipulations contained in this mortgage. The 11~Iortgagee shall be entitled to enforce this mortgage and to exercise its rights and remedies hereunder notwith- standing that some or all of the indebtedness hereby secured is now or shall hereafter be otherwise secured, whether by mortgage, pledge, lien, assignment or otherwise. Neither the acceptance of this mortgage nor the enforcement thereof ~ shall prejudice or ~n any manner affect the right of the Mortgagee to realize upon or enforce any other security now or hereafter held by the 14iortgagee, it being understood that the Mortgagee shall be entitled to enforce this mortgage and <iny other security now or hereafter held by it in such order and manner as it may in its discretion determine. f Without affecting the liability of any other person liable for the payment of the aforesaid promissory note or for the performance of the covenants and agreements herein contained, and without affecting the lien or charge of this mort- r gage upon any of the property described herein as security for the full amount of al! unpaid indebtedness hereunder, the Mortgagee may from time to time, and without notice, release any person so liable, extend the time o[ payment of any sum payable under said note, or grant other indulgences, or modify any of the terms or provisions hereof or of said note, release any parcel or portion of the property hereby mortgaged, or consent to the granting of any easement, or enter into any agreement subordinating the lien hereof, or take or release any other security for the payment of said note or for the performance of any of the covenants and agreements hereunder, and/or make compositions or other arrangements with debtors in relation thereto. It is understood and agreed that no delay or omission by the Mortgagee in the exercise of any right or remedy accruing upon any default or in the doing of an}• of the matters and things by it permitted to be done under the terms and provisions of this mortgage and said promissory note shall impair any such right or remedy, nor be construed to be a waiver of any such default or acquiescence therein, nor shall it affect any subsequent default of the same or a dif- 3 ferent nature and every such right or remedy may be exercised from time to time and as often as it is deemed expedient by the Mortgagee. x Nothing contained herein, nor any transaction related hereto, shall be construed or so operate as to require the f Mortgagor to pay interest at a rate greater than it is lawful in such case to contract for, or to make any payment or to do any act contrary to law. It is understood and agreed that if any clauses or provisions herein contained operate or would prospectively operate to invalidate this mortgage, in whole or in part, then, such clauses and provisions only shall be held for naught, as though not herein contained, and the remainder of this mortgage shall remain operative and in full force and effect. It is mutually understood and agreed that all words used in the singular number in this mortgage shall be deemed to include the plural, and the masculine gender shall include the feminine and/or neuter, as the context may require. It is further understood and agreed that all of the terms, conditions, covenants and agreements of this mortgage shall extend to and be binding upon the Mortgagor and the heirs, successors or assigns of the Mortgagor, and shall inure to the benefit of the 141ortgagee and its successors or assigns. When more than one party is named as the Mortgagor, the obligations and liabilities of such parties shall be joint and several. s ~~:..3Uy .,~.-2417 Page .!j..-..