HomeMy WebLinkAbout0429 6. That, if any action or proceeding be commenced
to which action or proceeding the Mortgagee is made a party
defendant by reason of the execution of this mortgage or
the note which it secures, or in which the Mortgagee deems
it necessary to defend in order to uphold the lien of this
mortgage or the priority thereof or possession of said
mortgaged premises, all sums paid or incurred by the
Mortgagee for counsel fees and other expenses in such
action or proceeding shall be repaid by the Mortgagor,
and all such sums shall be immediately due and payable
and be secured hereby, having the benefit of the lien,
hereby created and of its priority.
7. That (a) in the event of any breach of this mortgage,
or (b) in the event the aforesaid real and personal property
taxes are not paid on.or before January 31, 1980, or (c)
in the event each and every of the stipulations, conditions
and covenants of this mortgage are not duly performed and
complied with, it shall also be deemed a default under the
terms and effect of the aforesaid obligation due Mortgagee
dated October 19, 1973, and the said Forebearance Agreement
and other related agreements as set forth therein; then, in
either or any such event, Mortgagee, at its option and
without prejudice or in limitation to any rights of enforcement
of Mortgagee under said Forebearance Agreement, may institute
suit to foreclose this mortgage. -
8. That if any suit shall be instituted to foreclose or
reform this mortgage and/or to enforce payment of any claims
hereunder, the Mortgagee shall be entitled to apply at any
time pending such quit, to the Court having jurisdiction
thereof, for the appointment of a Receiver of the mortgaged
property and of all and singular-the rents, income, profits,
issues and revenues thereof from whatever source derived,
each and every of which are expressly mortgaged by this
instrument; and it is hereby expressly covenanted and
agreed that thereupon such Court shall forthwith appoint
a Receiver of said mortgaged property, and of all and
singular the rents, income, profits,. issues and revenues
thereof from whatever source derived, with the usual powers
and duties of receivers in like cases; and such appointment
shall be made as matter of strict right to the Mortgagee,
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.
~ 9. That any failure to exercise any right hereunder
shall not constitute nor be construed as a waiver of that
right at any future time.
10. That this mortgage creates a continuing lien to
secure the full and final payment of the debt hereby secured
and all other obligations imposed hereby and hereafter
arising.
11. As additional security the Mortgagors do hereby
transfer, assign and set over to the said Mortgagee, its
successors or assigns, any and all rents now due, or to
= become due, on the above-described premises or any separate
rental premises appurtenant thereto, which are situated on
L' the land above-described; such rents to be collected by
or at the direction of the Mortgagee, its successors or
assigns, and the net proceeds thereof to be applied to the
indebtedness hereinbefore secured, as and when the same
3 shall become due and payable; and for the purpose of carrying
out this provision the Mortgagors do by these presents,
4 ~~~?~K 3GV PaGE ~ ! ;
M
t