HomeMy WebLinkAbout2759 liens or other encumbrances, shall be and the same and each of them hereby is preserved
and shall pass to and be held by Mortgagee herein as security for the indebtedness to
Mortgagee herein described or hereby secured, to the same extent that it would have
been preserved and would have been passed to and been held by t~brtgagee had it been
duly and regularly assigned, transferred, set over, and delivered unto Mortgagee by
separate deed of assignment, notwithstanding the fact that the same may be satisfied
and eance2led of record, it being the intention of the parties hereto that the same will
be satisfied and cancelled of record by the holders thereof at or about the time of the
recording of this mortgage.
30. That the abstract or abstracts of title covering the mortgaged property
shall at all times, during the life of this mortgage, remain in the possession of
Mortgagee and in event of the foreclosure of this mortgage or other transfer of title
to the mortgaged property in extinguishment of the indebtedness secured hereby, all
right, title and interest of Mortgagor in and to any such abstracts of title shall pass
to the purchaser.
31. That notice, demand or request shall be made in writing, in person or by
mail, and shall be sufficient notice, demand or request in any case arising under the
provisions of this instrument or as required by law.
32. To pay all and singular the costs, charges and expenses, including attorney's
fees and abstract costs, together with interest thereon at the highest rate permissible
under the laws of the pertinent jurisdiction, and if no maximum rate has been promulgated,
then at a rate Six (6) per cent higher than the rate set forth in said note, reasonably
incurred or paid at any time by Mortgagee because of the failure of Mortgagor to perform,
comply with, and abide by each and every one of the stipulations, agreements, conditions
and covenants of said note and of this Mortgage, or either.
33. That if any clauses or provisions herein contained operate~or would prospectively
operate to invalidate this Mortgage in whole or in part, then such clauses and provisions
only shall be held for naught, as though not herein contained, and the remainder of this
Mortgage shall be operative and in full force and effect.
34. That to the extent permitted by law with respect to the note secured hereby
or any renewals or extensions thereof, Mortgagor waives, renounces, for himself and
family (and if the Mortgagor is a corporation for itself, its successors and assigns)
any and alI homestead and exemption rights, as well as the benefit of all valuation and
appraisement privileges, and stay redemption and moratoriums under or by virtue of the
laws of any jurisdiction, state or of the United States, now existing or hereafter enacted.
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35. That the note secured hereby as well as this Mortgage, and the rights and ~
indebtedness hereby secured shall, without regard to the place of contract or payment,
be construed and enforced according to the laws of the state in which the property
conveyed hereby is located.
36. That notwithstanding anything to the contrary contained herein or in any
other document executed in connection with the indebtedness secured hereby, the total
liability for payments in the nature of interest shall not exceed the limits now imposed
by the usury laws of the pertinent jurisdiction or any subsequent liberalization thereof.
37. That if any of the sums of money herein referred to be not promptly and fully
paid within thirty (30) days next after the same severally come due and payable, or if
each and every one of the stipulations, agreements, and covenants of said promissory
note and this Mortgage or either, are not performed, complied with and abided by, the
aggregate sum mentioned in the promissory note or otherwise secured hereby shall become
due and payable forthwith or thereafter at the option of Mortgagee, as fully and completely
as if said aggregate sum of money was originally stipulated to be paid on such day, any-
thing in said promissory note or herein to the contrary notwithstanding; and, Mortgagee may
foreclosure this Mortgage in the manner provided by law and have the mortgaged premises
sold to satisfy or apply to the indebtedness hereby secured. In the event the Mortgagee
institutes a suit to foreclose this mortgage, the Mortgagee shall be entitled to
apply at any time during the pendency of such foreclosure suit to the court having
jurisdiction thereof for the appointment of a receiver of all and singular the mortgaged
property, and of all rents, income, receipts, revenues,. issues and profits thereof,
from whatsoever source derived; and thereupon it is hereby expressly covenanted and
agreed that the court shall forthwith appoint such receiver with the usual powers and
duties of recievers in like cases; and said appointment shall be made by the court as
a matter of strict right to the Mortgagee, and without reference to the adequacy or
inadequacy of the value of the property hereby mortgages~,~r-to the solvency or
insolvency of the Mortgagor or any other party defendant to such suit. The Mortgagor
hereby specifically waives the right to object to the appointment of a receiver as
aforesaid and hereby expressly consents that such appointment shall be made as an
admitted equity and as a matter of absolute right to the Mortgagee and that the same
may be done without notice to the Mortgagor.
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