HomeMy WebLinkAbout0575 winding-up or liquidation of its affairs and the continuance
of any such decree or order unstayed and in effect for a
period of sixty (60) consecutive days; or (ii) the commence-
ment by the Mortgagor of a voluntary case under the federal _
bankruptcy laws, as now constituted or hereafter amended, or
any other applicable federal or state bankruptcy, insolvency
or other=similar law, or the consent by it to the appointment
of or taking possession by a receiver, liquidator,~assignee,
-trustee, custodian, sequestrator (or other similar official)
of the Mortgagor or for any substantial part of-its property,
or the making by it of _ any assignment for the benefit of
creditors, or the failure of the Mortgagor generally to day _
its debts as such debts become due, or the takingg of action
by the Mortgagor in furtherance-of any of the foregoing;
then, and -in either event. No consent or waiver expressed
or implied by Mortgagee to or of any default bx Mortgagor
hereunder shall be construed as a consent or waiver to or of
any further default of the same or any other term,- covenant,,
condition or provision hereof, or of or under any of the- -
obligations secured hereby; and that no consent or waiver -
shall be deemed or construed ~to exist by reason of any
course of conduct or in an other manner whatsoever except
by a writing duly, executed by the Mortc~ac~ee acid then only to
the single occasion to which such writing is addressed.
25. If foreclosure proceedings should be instituted
- against the .property covered by this Mortgage upon-anX other
lien or claim whether alleged to be superior or junior to
the lien of this Morts~age-, the_ Mortgagee may at its option
immediately upon institution of such suit or during the-
pendency thereof declare this Mortgage and. the indebtedness - -
secured thereby due and payable forthwith and may at its_ -
option proceed to foreclose this Mortgage.
26. It is further covenanted .and agreed by said par-
ties that in the event of a suit being instituted to fore-
j close this Mortgage, the Mortgagee shall be entitled to-
apply at any time pending such foreclosure suit to the court
i having jurisdiction thereof for the appointment of a re-
ceiver of all and singular the Mortgaged Property, and of
all rents, incomes, profits, issues and revenues thereof,
from whatsoever source derived; and thereupon it is hereby
- expressly covenanted and agreed that the court shall forth-
with appoint--such receiver with the usual. dowers and duties
of receivers in like cases; and said. appointment shall be
made by-the court as a matter of strict right to the Mort-
gagee, and without reference to the adequacy or inadequacy
of the value of the property hereby mortgaged, or to the _
solvency or insolvency of the Mortgagors or any other party
defendant to such suit. The Mortgagor hereby specifically
waives the right to object to the appointment of a receiver
as aforesaid and hereby expressly consents that such appoint- _
ment shall be made as an admitted equity and as a matter of
absolute right to the Mortgagee and that the same may be
done without notice to the Mortgagor.
27. During the continuance of_any,such Event of De-
fault, the Mortgagee personally, or by its agents or attor-
neys, may enter into and upon all or any part of the Mort-
gaged Property, and each and every part thereof, and may
exclude the Mortgagor, its agents and servants wholly there-
from; and having and holding the same, may use, operate,
manage and control the Mortgaged Property, and conduct the
business thereof, either personally or by its superinten-
dents, managers, agents, servants, attorneys or receivers;
-14- BD~K J~ / PAGf 5~4