HomeMy WebLinkAbout1582 4. To permit, commit or suffer no waste, impairment or deterioration of said property or any part thrrrol.
S. To pay all and singular the costs, charges and expenses, including reasonable lawyri 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 promissor}• note, and this mortgage, any or either, and
said costs, charges and expenses, each and every, shall be immediately due and W}•able, whether or not there be notice, dr-
rnand, attempt to collect or suit pending; and the full amount of rack 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 ur paid,
together with such interest, shall br secured by the lien of this mortgage.
6. That (a) in the event of any breath of this mortgage or default an the part of the Mortgagor, 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 i
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, pramptl}• 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 promssory}•
note then remaining unpaid, with interest accrued, and all moneys secured hereby, shall become due and payable forthwith, or
thereaRer, at the option of said Mortgagee, as fully and completely as if all of the said sums of moor}• were originally stipulated co br
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 lllortgagee, without notice or demand, suit at law or in rquit}•, thrretoforr, 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 ar at any time pending any suit upon this- mortgage, or a, foreclose it,
or to reform it, and/or to enforce payment of any claims hereunder, said Alortgager shall appl}• to the court having jurisdiction
thereof Cor the appointment of a Receiver, such court shall forthwith appoint r Receiver of said mortgaged property all and
singular, including all and singular the rents, income, profits, issues and revenues from w•hatrver sourer derived, each and rven•
of which, it being expressly underst«,d, is hereb}• mortgaged as if specifically set lorth and described in the granting and
habendum clauses hereof, 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 br made by such court as an admitted equit}• and a matter of absolute right to said
Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvenc}• ar
insolvency of said Mortgagor and/or of the defendants, and that such rents, profits, income, issues and revenues shall be applied b}•
such Receiver according to the lien and/or equity of said \lortgagrr 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}• a!
the provisions of the Federal Bankruptcy Act, such action, whether voluntan• or im•oluntary on the part cif 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 fulh• as if the said aggregate sums of money were originally stipulated
to be paid on such date.
9. To deliver to said i?toregagee an or before \larch 1 Sth of each }•ear, tax receipts evidencing the payment of all law•fulh•
imposed taxes for the preceding calendar year, and to deliver to said \lortgagrr, receipts e~•idencing the payment of all liens
for public improvements within ninen• (90) days after the same shall became due and pa}•ablr, and to pay or discharge within
ninety (90) days after due date, any and all governmental levies that may br made on the mortgaged property, on this ~tortgagr
or \ote, or in any other way resulting from the Mortgage indebtedness secured by this Mortgage; and if this condition be oat
complied with and performed, said Alortgagrr may pay suchsum or sums which shat! become pail of the debt secured bythis.\lort-
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 I\ote payable monthly until paid or said Mortgagee may
elect that said Mortgage debt thereupon hrcomr due and payable forthwith.
10. If all or any part of the property or an interest therein is sold or transferred by Martgagagor without Mortgagee's
f 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 ar descent, or by operation of law upon the
E death of a joine tenant, or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Mortga-
gee may, at its option, declare all the sums secured by this ;1ortgage to be immrdiatrl}• due and payable, Mortgagee shall have
waived such option to accelerate if, prior to the sale or transfer, I?iortgagee and the person to whom the propert}• is to he sold
} or transferred reach agreement in writing that the credit of such person is satisfactor}• toAlortgagee and that the interest pa}•able on
g! ehe sums secured by this mortgage shall he at such rate as Mortgagee shall request.
i 11. That in the event the premises hereby mortgaged, ar any part thereof, shall br condemned and taken for public use
( under the power of eminent domain, the .Stortgager shall have the right to demand that all damages awarded for the taking of oc
damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on this Jlortgagr and at the option of the
Aturtgagee may be applied upon the payments last pa}•ablr thereon.
12. The Mortgagor binds himself not to erect or permit to be erected any new= buildings un the prrmisrs hrrrin mortgaged
~ or to add to or permit to be added to ane ul the existing improvements thereon ur make am• changes or alterations in said
improvements which materially change the same or the use thereof, without the w•rittrn consent of the \lortgagrr, xnd in the event
of any violation or attempt to violate this stipulation, this Mortgage and all sums secured hereby shall immrdiatrh' hrcornr dur and ~
collectible at the option of chr Mortgagrr.
13. It is sprcificalh• agreed that time is of the essence of this ~lortgagr and that no waiver of am_• obligation herrundrr 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 am• second mortgage or second trust deed or am• junior lien ofam• kind should br instituted
the Mortgagee ma}•, at its option: immrdiatrh• or thereafter declare this Mortgage and the indebte•daess secured hereby dur and
parable 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 hrrrin or secured hereby the \lortgagrr
is hereby subrogated to the lien or lirnsand to the rights of the owners and holders themof o(each and every mortgage lien or other
encumbrance an the land described herein which is paid and/or satisfied in whole ar in part out of the proceeds of the lo.tn drs-
cribed hrrrin or secured hereby and the respective liens of said Mortgages, liens or other encumhranies shall hr and the s:,mr and
each of them hereby is preserved and shall pass to and be held by the Mortgagrr hrrrin ac security for the indebtedness to the
Mortgagee hrrrin described or hereby secured. ca the same extent that it would have brrn prrsrn•ed and would have brrn passed
to and been held by the ~lartgagre had it been duly and regularly assigned, transferred. set over and delivered unto the ~tortgagrc•
~ by separate deed of assignment notwithstanding the fact that the same may br satisfied and cancelled of record. it bring the
intention of the parties hereto that the same will hr sat,sfied and cancelled of record M_• chr holders thereof at or about chr
time of the recording of this >tortgagr.
°t~~ 482 PArE1280
3/9 /~77 - ~