HomeMy WebLinkAbout0688 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 coats, 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 said
runts of money herein referred to be not promptly and fully paid within ten days next after the same severally becume due and
payable, without demand or notice, or (c) in the event each and every the stipulation, agreements, conditions and coaenants 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 remaining unpaid, with interest accrued, and all moneys secured hereby. shall becume due and payablg 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 theareupon or
thereafter at the option of said Mortgagee, without notice or demand, suit at law or in equity, theretofore, or thereaRer 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 1lfortgagee shall apply to the court having jurisdiction
thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiaer of said mortgaged property all and
singular, Including all and singular the rents, inco+ne, profits, issues and revenues from whatever source deria•rd, rack and every -
of which, it being expressly understood, is hereby mortgaged as if specificall}• 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 an}•a•isr entrusted b}• a
court to a Receiver, and such appointment shall be 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 or to the solvent}, or
insolvency ofsaid biortgagorand/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 Mortgagee and the practice of such court.
8. In the event the jurisdiction of the U.S. District Court shall be invoked by or against the [1ortgagor under an}• of
the provisions of the Federal Bankruptcy Act, such action, whether voluntary or involuntary on the part of the Mortgagor.
shall automatically, without notice, accelerate the maturiq• 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 moor}• were 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 lawfull}•
imposed taxes for the preceding calendar year, and to deliver to said 111urtgagee, receipts evidencing the payment of all liens
for public improvements within ninety (90) cla}•s after the same shall become due and payable, and to pay or discharge within
ninety (90) days after due date, any and ail 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 Mortgage; 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 Mort-
complied with and performed, said Mortgagee may pay such sum or sums which shall become part of the debt secured by this Mort-
a e and shall bear interest at the default rate rovided in said Promisso Note aaable monthly until a+d or said Atort a ee ma
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elect that said Mortgage 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 Mortgagagor without Mortgagee 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 laa• upon the
death of a joint 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 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 propert}• is to be sold
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.
11. That in the event the premises hereby mortgaged, or any part thereof, shall hr condemned and taken for public use
under the power of eminent domain, the Dortgagee shall have the right to demand that all damages awarded for the taking of or
s damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on this Mortgage and at the option of the
Mortgagee may br applied upon the payments last payable thereon.
~ 12. The ~iortgagor binds himself not to erect or permit to be erected any new buildingsvn the premises herein mortgaged
or to add to or permit to be added to any of the existing improvements thereon or make am• changes ur alterations in said
improvements which materially change the same or the use thereof, without the written consent of the ~lortFagrr, and in the event
of any violation or attempt to violate this stipulation. this Mortgage and al! sums secured hereby shall immrdiatrh• become due and
q collectible at the option of the Mortgagee.
3 13. It is specifically agreed that time is of the essence of this ~iortgagr and that no waiver of am• obligation hereunder or of
the obligation secured hereb}• shall at any time be held to be a waiver of the terms hereof ur of the inctrumrnt secured herrbe.
14. If foreclosure proceedings of any second mortgage or second trust dyed or arn• junior lien of am• ki nd should be instituted
the Mortgagee may, at its option, immediatek or thereafter declare this Mortgage and the indebtedness secured hereby due and
payable forthwith, and may at its option prcxeed to foreclose this mortgage.
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1 S. To the extent of the indebtedness of the lltortgagor to the 1ltortgagee descrbed herein or secured hereby the Mortgagee
is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and ra•erv 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-
t cribed herein or secured hereby and the respective liens of said 1ltottgages, liens or other encum.brancrs shall br .end the s:une• and
each uf~them hereby is preserved and shall pass to and he held by the Mortgagee herein as srcurin• for the indrbtcdne•s. to the,
:Mortgagee herein described or hereby secured, to the same extent that it would have brrn prrservedand would hate brrn p.+ssed
to and been held by the Mortgagee had it been duly and regularh• assigned, transferred. set over and delivered unto the Mortg:+gec
I by separate decd of assignment notwithstanding the fact that the same may be satisfied and cancelled of rrcurd, it bring the
intention of the parties hereto that the same will hr satisfied and cancelled of rrcurd he the holders thereof at or about the
time of the recording of this Mortgage.
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