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HomeMy WebLinkAbout2376 . 4. To permit, commit or suffer no waste, impairment or deterioration of uid property or any part thereof. S. To pay all and singular the costs, charges and expenses, including reasonable lawyer s fern and cost of abstracts of title, incurred or paid at any time by uid Mortgagee because and/or in the event of the failure on the part of the said aiu:Zhagor to duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide h}• each and every the stipulations, agreements, conditions and covenants of uid promissory note, and this mortgage, any or Tither, and uid 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 (till 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 uid costs, charges and expenses so incurred c,r 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 sums of money herein referred to be not promptly and fully paid within ten days next after the time severally become due and payable, without demand or notice, or(e) in the event each and every the stipulation, agreements, conditions and covrnantsof said promissor}• note and this mortgage, any or either are not duly, promptl}• and fully performed, discharged, executed, effected, completed, complied with and abided by, then, in either or any such event, the uid aggregate sum mentioned in uid 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 uid Mortgagee, as fully and completely as if all of the said sums of monT}• were originally stipulated to br paid on such day, anything in uid promissory note, and/or in this mortgage to the contrar}• notwithstanding; and thereupon or thereafter at the option of uid Mortgagee, 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 lfortgagrr shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a RTCrI\Tr of said mortgaged property all 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 granting and habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise entrusted b.• a court to a Receiver, and such appointment shall be made by such court as an admitted Tquit}• and a matter of absolute right to said Mortgagee, and without reference to the adryuacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency ofuid hiortgagorand/or of the defendants, and that such rents, profits, income, issues and revenues shall br appliceI b}• such Receiver according to the lien and/or equitt• of uid 1liortgagee and the practice of such court. 8. In the event the jurisdiction of the L.S. District Court shall be invoked by or against the Mortgagor under am• of E the provisions of the Federal Bankruptcy Act, such action, whether voluntary or involuntary on the part of the Aortgagor. ~ shall automatically, without notice, accelerate the maturity of all sums of money herein described and secured and the time shall thereupon become. due and payable forthwith as fully as if the uid aggregate sums of monrt• were originally, stipulated to be paid on such date. 9• To deliver to uid Mortgagee on or before March l S th of each year, tax receipts evidencing the payment of all lawfully imposed taxes for the preceding calendar year, and to deliver to uid Mortgagee, receipts evidencing the payment of all liens for public improvements within ninety (90) days after the ume shall become due and payable, and to pay or discharge within ninety (90) days after due date, any and all governmental levies that may be made on the mortgaged property, on this Mortgage or \ote, or in any other way resulting from the Mortgage indebtedness secured b}• this Mortgage; and if this conditii,n br not complied with and performed, uid Mortgagee may pay sucbsum or sums which shall become part of the debt secured by this Murt- complied with and performed, uid Alortgagre may pay such sum or sums which shall become part o(the debt sec tired by this Mort- •gageand shall bear interest at the default ra[r provided in said Promissory Note payable monthly until paid or said ~~Iortgagrr may elect that utd 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 b}• ;1lortgagagor without Mortgagee s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this 11lortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise or descent, or by operation of law 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 ule 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 isutisfactory to Aortgagee and that the interest payable on the sums secured by this mortgage shall be at such rate as Mortgagee shall request. i 1 I. That in the event the premises hereby mortgaged, or any part thereof, shall br condemned and taken for public use under the power of erninent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to uid premises shall be paid to the Mortgagee up to the amount then unpaid on this Mortgage and at the option of the Mortgagee may be applied upon the payments last payable thereon. 12. The Mortgagor binds himself not to erect or permit to he erected any new buildings on the premises herein mortgaged j or to add to or permit to be added to am• 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 Mortgagee, and in the Ts•Tnt of any t•iolation or attempt to violate this stipulation, this,~tortgagr and all sums secured hereby shall immediateh_• become due and collectible at the option of the lllortgageT. 13. It is specifiralh• agreed that time is o(thT essence of this Mortgage and that no wairrr of am• ~,bLgadon hereunder or of the obligation secured hereby shall at any time, be held to br a waiver of the terms hereof or of the, ,nstrument srcurc•d hrrrby. 14. If foreclosure proceedings of am• second mortgage or second trust deed or am• jumur Len of m• kind should br institute•d the Mortgagee may, at its option. immediateh• or thereafter declare this ~fortgagT and the inde•btcdne•ss srcurc•d hcreb~• due and payable forthwith, and may at its option proceed to foreclose this mortgage. 15. Tu the rxtrnt of the indebtedness of the Mortgagor to the :1lortgagre described herein or se•cure•d herrhs• the ,,\lortgagre is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and eern• mortgage Len or other encumbrance on the land described herein which is paid and/or satisfied in whole or in part out o(the proceeds of the Iran de•s- crihed herein or secured hereby and the resprcNcr liens of said Mortgages, liens or other encumbrances shall be• and the same and Tach of-them hrrrby is preserved and shall pass to and be held by the Mortgagee herein as security for the indebtedness to thc• Mortgagee herein described or hereby srcure•d. to the same rxtrnt that it aouLl haee been preserved and would hoer brrn passed to and been held by the Mortgagee had it brrn duk and regularly assigned, tramfrrred. sc•t os•c•r and drlis•rrrd unto the Mortga}~rc by separate dyed of assignment notwithstanding the fact that the same mas• be satisfied and rancrlled of record. ,r being the intention of the patties hereto that the same will be• satisfied and cancelled of record be the holders thereof at or .lhout the time of the rrcorduig of this +~lortgage. BOGK J?c~G PeGE~,~~UB