HomeMy WebLinkAbout0824 i=
5. 'The principal sum secured hereby shall, at
the option of the Mortgagee, immediately become due arid
payable without notice if:
(a) Any payment provided for in the Note is not paid .
within fifteen (15) days after it becomes due.
(b) Any agreement, covenant, term or condition in the
Note, or in this Mortgage, other than the agreement
to make prompt payments, is breached.
(c) A transfer cf title to the Property, by sale or
otherwise, is made while this Mortgage remains a
lien thereon without the Mortg~igee's prior written
consent, which shall not be unreasonably withheld.
(d) Mortgagor makes a mortgage of any sort or otherwise
creates a lien on the Property of any nature,
inferior or superior in priority to this Mortgage,
without the prior written consent of Mortgagee.
(e) Mortgagor.files a petition in bankruptcy, or for
debtor's extension of time, or assigns for the
benefit of creditors, or seeks ai~y other relief
under the Bankruptcy Act or any other state or
federal insolvency law, as now existing or here-
after amended, or if Mortgagor is adjudicated,
bankrupt.
(f) Mortgagor fails to comply promptly with all appli-
cable requirements of the federal, state and
municipal governments, or of any departments, or
uses the Property in any way that violates any •
federal, state or local law, ordinance, rule,
regulation, or requirement, or abrogates any
Restrictive Covenants on the use of the Property.
I, (g) A complaint is filed instituting foreclosure
proceedings of any mortgage or lien of any kind,
' superior or inferior to this Mortgage.
;
j 6. Unless applicable law may provide otherwise,
i all payments received by Mortgagee pursuant to the Note
~ or the Mortgage, or either, shall be first applied -
f against any cost, charge or expenses, of any, incurred
by ~lortgagee pursuant to either Paragraph 2 or 4, or
~ both, of this Mortgage; then to interest payable on the
a
Note, then to the principal of the Note.
~ ercisin
~ 7. Any forbearance by Mortgagee in ex g
g any right or remedy hereunder, or otherwise afforded by
~ law, shall not be a waiver of or preclude the exercise
~ of any right or remedy hereunder. All remedies provided
~ in this Mortgage are cumulative to any other right or
~ remedy under this Mortgage or afforded by law or equity
~ to Mortgagee, and may be exercised concurrently, indepen-
; dently, or successively. The payment of taxes or othe.~
liens or charges by Mortgagee shall not be a waiver of
~ Mortgagee's right to accelerate.the maturity of the
~ indebtedness secured by this Mortgage.
a
; 8. The covenants, agreements, terms and conditions
~ herein contained shall bind, and the rights hereunder
shall inure to, the respective successors and assigns
of Mortgagee and Mortgagor. Wherever used herein, the
terms Mortgagee or Mortgagor shall include the heirs,
successors or assigns of either Mortgagee or Mortgagor.
~ Use of the singular, plural or neuter gender in reference
3
~ to Mortgagee or Mortgagor shail not limit or otherwise
~ define the scope or capacity of the parties.
~ 8A. To keep all impro~ement¢ no~ or hereinafter on ~he
property insured againet loss by fire and sll other h~q~rda. in
` ~ A coe~pany spproved by mortg~gee, for the higheat inaur¢ble velus.
said policy to bs held by And be p~yabls to mortgegee. r~nd mort-
~ q~gea ahall have the option to apply Any proceada eg~inet the
. indebtadneRa herebv sa~ured er ~ere~it ~nert~?s~Qer tn ra~aiv~ ~~esa i