HomeMy WebLinkAbout0790 4. To permit, commit or suffer no waste, impairment or deterioration of said property or any part thrrrof.
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 rack 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 per 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 the part of the Mortgagor, or (b) in the event any of wid
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 each and every the stipulation, agreements, conditions and covenants of said
promissory note and this mortgage, any or either,are not duly, promptly and 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 retraining unpaid, with interest accrued, and all moneys secured hereby, 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, anything 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,
may be prosecuted as if all moneys 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,
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ur to reform it, angiur to enforce payment of any Maims nrtruntiet, said i71UItt,'d~',l'r ~fiaff apps} tU llle lUUil {id V'iii~,' jiff iJiiis. liUli
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
habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anva•ise entrusted by a
court to a Receiver, and such appointment shall br made by such court as 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 ur to the solvenn• or
insolvency of said Mortgagor and/or of the defendants, and that such rents, profits, income, issues and revenues shall br 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 im•oked by or against the Mortgagor under any of
the provisions of the Federal Bankrupccy Act, such action, whether voluntary or involuntary nn 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 weer 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 lawfulh•
imposed taxes for the preceding calendar year, and to deliver to said Alortgager, receipts evidencing the payment o(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 Atortgagr: and if this condition he not
complied with and performed, said Mortgagee may pay suchsum or sums which shall become part of the debt secured by this Alort-
compliedwith and performed, said Mortgagee may pay such sum or sums which shall become part of the debt secured by this Mort-
.gage and shall bear interest at the default rate provided in said Promissory Note payable monthip until paid or said Mortgagee may
elect that said Mortgage debt thereupon become due and payable forthwith.
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10. If all or an} part of the property or an interest therein is sold or transferred by Atortgagagor without Alortgagee'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 o(three years or less not containing an option to purchase, Atortga-
E 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
s 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.
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1 1. That in the event the premises hereby mortgaged, or any part thereof, shall he condemned and taken for public use
under the power of eminent domain, the Mortgagee shall have the right to demand that all damages aa•ardrd for the taking of or
damages to said premises shall be paid to the Aortgagee up to the amount then unpaid on this Atortgagr and at the option of the
Mortgagee may be appLed 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
improvementswhich materially change the same or the use thereof, without the written consent of the Mortgagee, and in thrrvent •
of am• violation or attempt co violate this stipulation, this Atortgagr and all sums secured herrbt• shall immediately beromr due and
collectible at the option of the Alortgagrr.
13. It is specifically agreed that time is of the essence of this Atortgagr and that no waiver of one 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 hrrebv.
t~., 14. If foreclosure proceedings of am• second mortgage or second trust decd or anv junior lien of am• kind should be instituted
the !l c;:tgage° . at .s optiar•• .......di:,tely o: thr:raft^: dr.:a:r this A!n:tgage and the .^•da;trir:~ ._,,.rrd l:r.elt•• a:._
payable forthwith, and map at its option proceed to foreclose this mortgage.
1 S. To the extent of the indebtedness of the Mortgagor to the Atortgagre described herein ur set•urrd hereby the Mortgagee
is hereby subrogatrd to the lien or liens and to the rights of the owners and holders thereof of rack and even, 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 drs-
cribed herein or secured hereby and the respective liens of said Mortgages, liens or other rncumhrances shall br and the same and
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each of-them hereby is preserved and shall pass to and be held by the Mortgagee herein .is security for the indebtedness to the
Mortgagee herein described or hereby secured, to the same extent that it would hace 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 drlis•rred unto the Mortg:tger
M• separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled of record. it hying the
intention of the parties hereto that the same will he satisfied and cancelled of record he the holders thrrrof at or ,hour the
time of the recording of this Mortgage.
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