HomeMy WebLinkAbout0903 4. To permit. commit or suffer no waste, impairment or deterioration of said property or any part thereof.
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 richer, 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 evene any ui said
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(e) in the event each and every the stipulation, agreements, conditioru and covenants of saiu
promissory note and this mortgage, any or either,ate not duly. promptly and fully performed, dischargetr, rxrcurrci,rffected,
completed, complied with and abided by, then, in either or any such event, the said aggregate sum mentioned in said promissory
note then remaining 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 ifall 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 Alortgagee, without notice or demand, suit at law or inequity, 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 or at any time pending any suit upon this mortgage, or to foreclose it,
or to reform it, and/or to enforce payment of any claims hereunder, said Alortgagee shall apply to the court having jurisdiction
thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver .of said mortgaged property alt 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 RrantinR and
habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise intrusted by a
court to a Receiver, and such appointment shall br made by such court as an admitted ryuity and a matter of absolute right to said
Alortgagee. and without reference to the adequan• or inadequacy of the value of the property mortgaged or to the solvency or
insolvency of said Mortgagor and/or of the defendants, and that such rents, profits, income, issues and revenues shall be applied by
such Receiver according to the lien and/or equity of said Alortgagee and the practice of such court.
S. In the event the jurisdiction of the U.S. District Court shall be invoked by or against the Mortgagor under any of
the provisions of the Federal Bankruptcy Act, such action, whether voluntary or involuntan• on the part of the AlortgaRor,
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. Ta deliver to said Alortgagee nn nr before Atarch 1 Sth of each year, tax receipts evidencing the payment of all lawfully -
imposed taxes for the preceding calendar year, and to deliver to said Alortgagee, receipts evidencing the payment of 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 Rovrrnmental levies that may be made on the mortRaRrd property, on this +Vortgagr
or Note, or in any other way resulting from the Alortgage indebtedness secured by this Alortgagr;and if this condition br not
complied with and performed, said Alortgagee may pay suchsum or sums which shall become part ofthe drbtsecured bythis Afort-
complied with and performed, said Mortgagee may oay such sum or sums which shall become part of the debt secured by this Afort-
.Rageand shall bear interest at the default rate provided in said Promissory Note payable monthly until paid or said Morty;agre may
elect that said Alortgay;e debt thereupon become due and payable forthwith.
10. If all or any part of the property or an interest therein is sold or transferred by Afortgagagor without Alortgagee's
prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Alortgage, (b) the creation of a
purchase money security interest for household appliances, (c) a transfer by devise or descent, of by operation of law upon the
death of a joint tenant, or (d) the grant ofany leasehold interest of three years or less not containing an option to purchase, Af orty;a-
gee rnay, at its option, declare al! the sums secured by this Mortgage to be immediately due and payable, Alortgagee shall have _ -
waived such option to accelerate if, prior to the sale or transfer, Mortgagee and the person to whom the properq• is to be sold
or transferred reach agreement in writing that the credit of such person is satisfactory to Alortgagee and that the interest payable on
the sums secured by this mortgage shall be at such rate as Mortgagee shall request.
11. That in the event the premises hereby mortRaRrd, or any part thereof, shall he condemned and taken for public use
under the power of eminent domain, the Alortgagee shall have the right to demand that all damages awarded for the taking of or
damages to said premises shall be paid to the Alortgagee up to the amount then unpaid on this Mortgage and at the option of the
Alortgagee may be applied upon the payments last payable thereon.
:2. The Aortgagor binds himself not to erect or permit to be erected any new buildings un the premises hrrrin inortRay;ecl
or to add to or permit to be added to any of the existing improvements thereon or make any changes or alterations in said
improvements which materially change the same or the use thereof, without the written consent of the AtortRagrr, and in the event
ofany violation or attempt to violate this stipulation, this Aortgage and all sums secured hereby shall immrdi:urly become due and
collectible at the option of the Atortgaytee.
13. It is specifically agreed that time is of the essence of this Alortgagr and that no waiver of any obligation hereunder or of
the obligation secured hereby shall at any time he held to be a waiver of the terms hereof ur of the instrument secured hrrrM•.
14. If foreclosure proceedings of arrv second mortgage or second trust deed or any junior lien of am• kind should br instituted
the Alortgagee may, at its option, immediately or [hereafter declare this Mortgage and the indebtedness secured hrrrb_e due and
payable 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 ~lortgager
is hereby subrogatrd to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other
encumbrance on the (and described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan des-
cribed herein or secured hereby and the respective liens of said Alortgages, liens or other encumbrances shall hr and the same and
rash of-them hereby is preserved and shall pass to and he held by the Mortgagee hrrrin as security for the indebtrdmss to the
Mortgagee herein described or hereby secured, to the same extent that it would have hero presen•rd and would have hrrn passed '
to and been held by the Alortgagee had it hrrn duty and regularly assigned, transferred. set over and drlivrrcd unto the A1c~rtRa}:re•
by separate deed of assignment notwithstanding the fact that the same may hr satisfied and cancrllyd of record, it briny: the
intention of the parties herein that the same will br satisfied and cancrllyd of record by the holders thereof at ur shout the
time of the recording of this Morty;agr.
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