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HomeMy WebLinkAbout0566 _ u .r? .a~ 4. To permit, commit or suffer no waste, impairment or deterioration of said property or any part thereof. S. To pay aq std singular the costs, charges sad expenses, including reasonable 4wyer's fees and coat of abstracts of title, incurred or paid at any time by said Mortgagee because and/or in the event "of the failure on the part of the said Mortgagor to duly, promptly and fully perform, discharge, execute, effect, complete, comply with anti abide by each and every the stipulations, agreements, conditions std covenants of said promissory note, and this mortgage, any or either, anti said costs, charges sad expenses. each sad every. shall be Immediately due and payable, whether or not there be notice, do- mead, attempt to collect or suit petdittg: and the fop amount of each sad every such payment shall bear interest from the date thereof until paid at the rate of tea per ceatum per annum; and all said coats, charges and expenses ao incurred or paid together with such interest, shall be secured by the lien of this mortgages - - - 6. That (a) in the event of say breach of this mortgage or default on the part of the Mortgagor, or ) in the event aAy o said sums of money herein referred to be not promptly and fuUp paid within ten days next after the same severally become due and payable, withoutdemaad or notice. or(e) in the event each and every the stipuhtion, agreements, conditions and covenants o[said promissory note sad this mortgage. any or either,are not duly, promptly anti fully performed, discharged. executed, effected, completed, complied with and abided by, then, in either or any such event, the said aggregate sum mentioned in said promissory note then remaining unpaid, with interest accrued, and all moneys secured hereby. shsil become due and payable forthwith, or thereafter, at the option of acid Mortgageq as fupy and completely as if all of the said sums of money were originally stipulated to be _ paid oa such day, anything iP said promissory note, and/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 inequity, theretofore, or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to its institution. 7. That in the event that at the begintung of or at any time pending any suit upon this mortgage, or to foreclose it. ar tts reform lt, aad:~o: to ~fo:ce payment of eny claims hereunder, saki Mortgagee shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singular the rents, income. profits, issues and revenues from whatever source derived, each and every of which. it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habeadum clauses hereof, and such Receiver shall have aU the broad and effective functions and powers in anywise entrusted by a rnurt to a Receiver, and such appointment shall be made by such court ss an admitted equity and a matter of absolute right to said Mortgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor and/or of the defendants, and that such rents, profits. income, issues sad revenues shall be applied by such Receiver according to the Ilea and/or equity of said Mortgagee and the practice of such court. 8. In the event the jurisdiction of the U.S. District Court shall be invoked by or against the Mortgagor under any of the provisions of the Fedeal Bankruptcy Act. such action, whether voluntary or involuntary on the part of the Mortgagor, shall automatically, without notice. accelerate the maturity of all sums of money herein described and secured and the same shall thereupon become due and payable forthwith as fully as if the said aggregate sums of money were originally stipulated to be paid on such date. 9. To deliver to said Mortgagee on or before March 1 S th of each year, tax receipts evidencing the payment of all lawfully imposed taxes for the preceding calendar year, and to deliver to said Mortgagee. receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shall become due and payable, and to pay or discharge within ninety (90) days titer due date, any and all governmental levies that may be made on the mortgaged property, on this Mortgage or Note, or in any other way resulting from the Mortgage indebtedness secured by this Mortgage; and if this condition be not complied with sad performed, said Mortgagee may pay suchsum or sums which shall become part of the debt secured by this Mort- compliedwith and performed, said Mortgagee may pay such sum or sums which shall become part of the debt secured by this Mort- .gage std shall bear interest at the default rate provided in said Promissory Note payable monthly until paid or said Mortgagee may elect that said" Mortgage debt thereupon become due and payable forthwith lo. if all or any part of the property or an interest therein is sold or transferred by Mortgagagor without Mortgagee s " prior written consent, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise or descent, or by operation of law upon the death of a joint tenant, or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Mortga- gee may, at its option, declare all the sums secured by this Mortgage to be immediately due and payable, Mortgagee shall have waived such option to accelerate if. prior to the sale or transfer, Mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Mortgagee and that the interest payable on the soma secured by this mortgage shall be at such rate as Mortgagee shall request. 11. That in the event the premises hereby mortgaged, or any part thereof. shall be condemned and taken for public use _ under the power of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on this Mortgage and at the option of the Mortgagee may be applied upon the payments last payable thereon 12. The Mortgagor binds himself not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to or permit to be added co any of the existing improvements thereon or make any changes or alterations in said improvements which materially change the same or the use thereof, without the written consent of the Mortgagee, and in the event of any violation or attempt to violate this stipulation, this Mortgage and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee. 13. It is specifically agreed that time is of the essence of this Mortgage and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time be held to be a waiver of the Germs hereof or of the instrument secured hereby. 14. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted the Mortgagee may. at its option, immediately or thereafter declare this Mortgage anei the indebtedness secured hereby due and payable forthwith, and may at its option proceed to foreclose this mortgage. 1 S. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Mortgagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other encumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan des- cribedherein oroecured hereby and the respective liens of said Mortgages, liens or other encumbrances shall be and the same and each of-them hereby is preserved and shall pass to and be held by the Mortgagee herein as security for the indebtedness to the Mortgagee herein described or hereby secured, to the same extent that it would have been preserved and would have been passed • to and been held by the Mortgagee had it been duly and regularly assigned, transferred; set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled of record it being the intention of the parties hereto that the same will be satt3fied and cancelled of record by the holders thereof at or about the time of the recording of this Mortgage. 800 J1U ~E