HomeMy WebLinkAbout0798 should file a petition for bankruptcy or an arrangement pursuant
to the Federal Bankruptcy Act or any similar statute, or if
*±ort~;agor he adiudicated a bankrupt or an insolvent; or if any
proceeding is instituted against or on behalf of Mortgagor
alleging that Mortgagor is insolvent or unable to pay Mortgagor's
debts as they mature; or if a petition for the bankruptcy or
arrangement of Mortgagor, pursuant to the Federal Bankruptcy Act
or any similar statute is filed; (9) Receiver: If there should be
appointed a receiver, liquidator or trustee for Mortgagor or for
any property of Mortgagor; (10) Judgments: If any judgment is
rendered against Mortgagor which is not paid in full and satisfied
or is not appealed from within the time allowed for appeals and
paid in full and satisfied when it becomes final; (11)
Liquidation or Dissolution: Should Mortgagor, if a corporation,
be liquidated or dissolved or its articles of incorporation expire
or be revoked, or, if a partnership or business association, be
dissolved or partitioned, or, if a trust be terminated or expire.
In the event of any sale, exchange, transfer, assignment, or other
conveyance of all of Mortgagor's interest in the Premises, the
Events of Default specified in paragraphs (3) , (8) , (9) and (10)
above shall apply only to Mortgagor's successor-in-interest which
shall then be the owner of the Premises subject to this Mortgage.
MORTGAGEE'S REMEDIES upon the occurrence of an event of
default shall be that, at Mortgagee's option, Mortgagee may exe-
cute and deliver to Mortgagor a notice specifying such default and
the action required to cure such default, and if such default is
not cured within ten (10) days after the giving of such notice, as
to the non-payment of the Indebtedness or any part thereof, or
within thirty (30) days after the giving of such notice as to any
other Events of Default hereunder, then at Mortgagee's option and
election and without further notice to Mortgagor, Mortgagee may
declare all or any portion of the Indebtedness to be immediately
due and payable, whereupon the same shall be and shall become due
and payable forthwith without presentment, demand, protest or
notice of any kind, all of which are expressly waived by
Mortgagor, and Mortgagee, at Mortgagee's option and election, may
do any one or more of the following: (1) Entry and Possession:
Mortgagee may enter upon the Premises or any part thereof and take
possession thereof, excluding therefrom Mortgagor and all agents,
employees and representatives of Mortgagor; employ a manager of
the Premises or any part thereof; hold, store, use, operate,
manage, control, maintain and lease the Premises or an_y part
~ thereof; conduct business thereon; make all necessary and
e appropriate repairs, renewals, and replacements; keep the Premises
insured; or carry out or enter into agreements of any kind with
~ respect to the Premises. (2) Collection of Rents: Mortgagee may
collect and receive all rents, issues, income, revenues, profits,
accounts and contract rights from the Premises and apply the same
to the Indebtedness, after deducting therefrom all costs, charges,
and expenses of taking, holding, managing, and operating the
Premises, including the fees and expenses ~f Mortgagee's attor-
net's, and agents. (3) Payments: Mortgagee may pay any sum or
sums deemed necessary or appropriate by Mortgagee to protect the
Premises or any part-thereof or Mortgagee's interest therein. (4)
Other Remedies: Mortgagee may exercise all rights and remedies
contained in any other instrument, document, agreement or other
writing, heretofore, concurrently herewith or in the future exe-
- C::t~u b, ~'!^rtywyQr i.^. Fairnr of Mnrtnae~eP in connection with the
transactions resulting in the Indebtedness or any part thereof.
(5) Appointment of Receiver: rortgagee may make application to
any court and be entitled to the appointment of a receiver to take
charge of the Premises or any part thereof without alleging or
proving, or having any consideration given to, the insolvency of
Mortgagor, the value of the Premises as security for the
Indebtedness or any other matter usually incident to the aopoint-
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