Loading...
HomeMy WebLinkAbout1385 . ~ ~ 4. To permit, commit or suffer no wale, impairment or deterioration of acid property or any part thereof S. To pay all and singular the cwts, charges and expenses. including reasonable lawyer's fees and cost of abstracts of title, incurred or paid at any time by acid Mortgagee because and/or in the event .of the failure on the p:rc of the said Mortgagor to duly, promptly and fully perform, discharge, execute. effect, complete. comply with and abide by each and every the atlpulationa, agreements, conditions and covenants of said promissory note, and this mortgage, any or either, and said coats, cha:gea and expenses, etch and every. shall be immedtately due and payable. whether or not there be notice, de- mand, attempt to collect or suit pending; and the full amount of each and every such paymene shall bran interest from the date thereof until paid at the rate of ten pe: centum per annum; and all said costs, charges and expenses so incurred or paid, together with such interest, shall be secured by the lien of this mortgage. 6. That (a) in the event of any breach of this mortgage or default on tht part of the i4lortgagor, or to) in the crctlt any of said sums of money herein refereed to be not promptly and fully paid within ten days next after the same severally become due and ..payable, without detc~nd or notice, or (c) in the event each and every the stipulation, agreements, conditions and covenau:a o: ;n:~ promissory note and this mortgage, any or tither,are not du1q, promptly sad fiilly-performed. dtschargrd. executed effected, completed, complied with and abided by. then, in either or any such event, the said aggregate sum mentioned in said promissory ncte then remaining unpaid, with interest accrued, and all moneys secured hercby, shall become due and payable forthwith. or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day. anpthing in 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 in equity, theretofore, or thereafter begun, msy be prosecuted as if all tgoneys secured hereby had matured prior to its institution. 7. That in the event that at the beginning of or at any time pending any suit upon this mortgage. or to foreclose it, or to reform it, and/or to enforce payment of any claims hereunder. said 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 ss if specifically set forth and described in the granting and habendum clauses heceof, and such Receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and witl?out 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 and revenues shall be applied by such Receiver according to the lien and/or equity of said Mortgagee and the practice of such court. 8. In the even[ the jurisdiction of the U.S. District Court shall be invoked by ar against the Mortgagor under any of the_pmvisions9Lthe Fs~er_al Bank__ruptcy_ Act, such action, whether voluntary or involuntary on the part of the Mortgagor, - shall automatically, without notice, accelerate the maturity o~ alt sums omo ney 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 i 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 after 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 and performed, said Mortgagee may pay suchsum or sums which shall become part of the debt secured by this Mort- compliedwith and M•fnrmed_ said Mort¢aate may tray such sum or sums which shall become part of the debt secured by this Mort- .gageand shall bear interest at the default rate provided in said Promissory Note payable monthly until paid orsaid 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, excluding (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, Mor~ga- gee may. at its option, declare all the sums secured by this Mortgage to be immediately due and payable, Mortgagee shall have waived such optioa-tao 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 sums 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 to 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 dueand 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 terms 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 and 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 Aortgagee 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 orsecured hereby and the respective liens of said Mortgages, liens or other encumbrances shall be and the same and each ofahem 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 hercby 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 satisfied and cancelled of record by the holders thereof at or about the time of the recording of this Mortgage. BOCK J~s PA6E~~4