HomeMy WebLinkAbout2129 admit in pritinq his inability to pay his debts as tney Decvme due,
or (3) make a qeneral asaiqmasnt !or bsnslit of creditora, or (4}
tile a pstition or ans~rsr seskinq-raorqani$ation or arranqment with
~ creditors, or to taks advantaqe of any insolvsncy law, or (5? lile
an ansWSr ad~aittinq any o! the naterial allsqations o! a pstition
tiled aqainst ths Mortqaqor in any bankruptcy, reorqaniaation or
inaolvency proceedinq, or (6) aation shall be taken by the Mortqaqor
!or the purposa o! elfeotinq ~y o! the foreqoinq, or (7) any order,
judqment or decree ehall be entered upon an appliaation of a crediter
or Mortgaqor by a court o! covapetant ~urisdiction approvinq a petition
aeekinq appointment of a receiver or trustee o~ all or a subatantial
part o~ the Mortqaqor's aasets an8 auch order, judqment or decree ahall
continue unstayed a~cid in ef~ect for any period o! ~'~irty (30) coasecu-
tiva days, tha Mortqaqee may declare the notes hereby eacured lorthwith
due and payabls, Whereupon the principal of and the interest accrued
on tRe notes and aii other sume Aereby secured ahall~became forthWith
due anil payable as i! all o~ the eaid aume o! money ~rere originally
stipulated to be paid on auch day= and thereupon the Mortgaqee without
notice or demand may prosecuta a auit at law and/or in equity as if all
monies eecured hareby had matured prior to its inatitution.
11-8. That in the event the premisea hereby mortqaqed, or any
part hereof, shall be condemned and taken tor public uee under~the
poWer of ea~?inent dasnain, Mortgaqee ahall have the right to require
that all dam~aqes aWarded for the takinq o! or d~aage to aaid premiaes
shall be paid to tAe Mortgaqee, not to exceed the then unpaid balance
o~ thia mortqaqe and any ewa eecured thereby, as,d at the option of
the Mortqaqee auch amounta may be applied upon the payinent or payments
last payable hereon. in the event it becaaes neceaeary for the
Mortqaqee to employ counael to protect_its intereet at any condenanation
proceedings, the Mortqaqor shall im~aediately upon demand reimburse the
Mortqaqee ~or ail reasonable e~cpenaea and attorneya' fee thua incurred,•
and all aucn aums ehall be deetaed aecured by the lien of this mortqaqe.
12. TAat the Mortqaqee or any person authorized by ~he Mortqagee
shall have the riqht to enter upon and inspect the mortgaqed premises
at all reasona~le times durinq normal ~rorking hours.
13-A. TAat to lurther aecure payment o! the indebtedness of
the Mortgaqor to tRe Mortqaqee, the Mortqaqor doea hereby aell, asaign,
transfer and set over unto the Mortqaqee all of the renta, issues, and
' profi~a o~ the mortqaqed premisea, and Mortqaqee may at its option
; delay enforcinq this aasiqrnaent until any default being made by the
~ Mortqagor under the tertas of this mortgage, the notea aecured hereby, ~
~ and any such aseiqnment in any event ahall resnain in tull force and
~ e~fect ao lonq es any default continues to exiet in the makinq of any
oi fit~e payments or the perfonaance o! any ~ot the covenants of this
~ mortqaqe or the notes secured hereby, and the Mortqaqee ahall have the
~ right to enter upon tAe premiaea and collect aame directly fran persons
~ tn ~oss~saion. Mortgaqor agreea to execute any furtlier documents evi-
~ dencinq such assigrnaent aa Mortgaqee may reasonably request from time
to ti~n~.
~ 13-8. Thatt in the event that at the beqinnfng of or at any
~ tia?e pending any suit upon this mortgage, or to foreclose it, or to
~ refora~ it, and/'or to entorce payment of any claims Y~ereunder, said
Mortqagee ahaii apply to the court having juriadiction thereof for
the appointment of a Receiver, such court ahall forthWitR appoint
~ ~ Receiver of aaid mortqaqed property all and sinqular, tncludinq all
h
and sinqular rents, incoane, profits, isBUes and revenues traa Whatever
~ sou=ce derived, each and eve=y o! which, it beinq expreaaly understood,
~ is hereby mortgaged ae it specifically set torth and deacribed in the
grantinq and habendum clauaes hereof, or any exhibita hereto, and such
~ Receivor shall have all the broad and effective functiona and powera
~ in anywise entrusted by a court to a Receiver, and such appointment
~ shall be made by auch court as an admitted equity and a matter of
~ absolute riqht to said Mortgagee, and without reterence to the adequacy
~ or inadequacy of any remedy at law or o~ the adequacy or inadequacy of
~ the value ot the property mortqaqed or to the solvency or insolvency
of said Mortqaqor or of any or all of the defendanta, and that such
rents, protita, incaae, iasuea and revenues shall be applied by such
Recetver accordinq to the lien +~nd/or equity of said Mortqagee and
the practice of such court.
~ ~ ;
~ -5- `.3i1 ~ ,
McOONALD, K[NN[Y Q RUSSAKIs
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