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HomeMy WebLinkAbout1197 { . . 4._ To permit, commit or suffer no waste. impairment or deterioration of said property or any part thereof. S. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fees and cost 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 and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note, and this mortgage, any or either, and said costs, charges and expenses, each and every, shall be immediately 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 payment shall bear interest from the date thereof until paid at the rate of ten pee centum per annum; and all said costs, charges andcxpenses 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 the part of the Ilfortgagor, or (b) in the event any of said sums of money herein referred to be not promptly and fully paid within ten days next after the same severally become due and payable. without demand or notice, or (c) in the event Bachand every the stipulation, agreements, conditionsand covenants ofsaid promissory note and this mortgage, any or either,are not duly, promptly and fully performed, discharges, executed, effected, completed, complied with and abided by, then, in richer or any such event, the said aggregate sum mentioned in said promissory - note then remaining unpaid, with interest accrued, and all moneys secured hereby, shall become due and payable forthwith, or thereaftei,at the option of said Mortgagee, as fully and completely as if all of the said sums of money were originallystipulated to be paid on such day, anything in said promissory note, and/or in this mortgage to the contrary notwithstanding; and thereupon or - thereafter at the option of said Aortgagee, without notice or demand, suit at law or inequity, chcretofore, or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to its institution. 7. That in the evert 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 o[ 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 habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in an}•w•ise entrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted equity and a macter of absolute right to said 1ltortgagee, and wit(tout reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency bi insolvency ofsaid 111ortgagorand/or of the defendants, and that such rents, profits, income, issuesand 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 event the jurisdiction of the U.S. District Court shall be invoked b}• or against the Mortgagor under an}• of the provisions of the Federal 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, cax receipts evidencing the payment of all 1aw•fully 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 pa}•able, and to pa}• 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 resul[ing from the bortgage indebtedness secured by this Mortgage;-and if this condition be not complied with and performed. said I1lortgagee may pay suchsum or sums which shall become part of the debt secured bythis 111ort- compliedwith and performed, said Aortgagee may pay such sum orsums which shall become part of the debt secured by this Atort- _gageand shall bear interest at the default rate provided in said Promissory Note payable monthly until paid or said Mortgagee may elect that said 1lfortgage debt thereupon become due and payable forthwith. 10. If all or any part of the property or an interest therein is sold or transferred by 111ortgagagor without 1liurtgagee s prior written consent, excluding (a) the creation of a lien or encumbrance subordinace 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 g.ant of any leasehold interest of three years or less not containing an option to purchase, Mortga- f gee rosy, at its option, declare all the sums secured by this Mortgage co be immediately due and payable, Mortgagee shall have I waived such option to accelerate if, prior to the sale or transfer, Mortgagee and the person to whom the property is to be sold 9 or transferred reach agreement iriwriting that the credit ofsuch person is satisfactory tollforcgagee and that the interest payable on i the sums secured by this mortgage shall be at such rate as 1lfortgagee 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 111ortRagee up to the amount then unpaid on-this \lortgage 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 br erected any new buildings on the premises herein mortgaged or to add to ar permit to be edded to any of the existing improvements thereon or make an}• changes or alterations in said improvements which materiallychange the sameorthe use thereof, w ithout thewrittenconsrnt of the Mortgagee, and in theevent of an}• violation or attempt to violate this stipulacion, this Mortgage and all sums secured hereb}• shall immediate{}• 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 terms hereof or of the instrument secured hereby. 14. If foreclosure proceedings ofan}• second mortgage or second trust deed oranv junior lien of am• kind should be instituted the Mortgagee may, at its option, immediately or thereafter declare this 1liortgage and the indebtedness secured hrrrby due and payable forthwith, and may at its option proceed to foreclose this mortgage. 15. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Mortgagee is hrrrby subrogated to the.lien or Lens and to the rights of the owners and holders thereof of each and even• mortgage lien or other encumbrance on the land described herein w•hicF. is paid and/or satisfied in whole or in part out of the proceeds of the loin des- cribedherein orsecured hereby and the respective liens of said Mortgages, liens or other encumbrances shall br and the simr and _ each of-them hereby is preserved and shall pass to and be held by the Mortgaiger herein as securit}• for the indebtedness to the Mortgagee herein described or hereby srcurrd, to the same extent that it would have been prrsemed and would have hero passed to and been held b}• the Mortgagee had it been duly and regularly assigned. transferred, set over and delivered unto the Mortga}~re by separate deed of assignment notwithstanding the fact that the same mar be satisfied and cancelled of record. it being the intention of the parties hereto that the same will be satisfied and cancelled of record b}• the holders therroi at ur about the i time of ;hr recording of this Mortgage. i BOOR Jl~ Pllf#~.~