Loading...
HomeMy WebLinkAbout2868 • - - 'l w- ' - i - i 4. To permit, commit or suffer no waste. impairment or deteei~ratioa of said property or any part dtereof.~ S. To pay ati and singular the trots, charges and expenses, intruding reasonable 4wryer s fees and cost of abscrsca of tide. incurred or paid at any time by said Mortgagee beause and/or in the event of the failure on the pare of the said Mortgagor co duly, prompdy and fully perform, discharge. execute. effect. camplett. comply with and abide by each and every the stipulatioas, agreements, conditions sad covenants of said promissory rate, and thi: mortgage. any or either, and said costa„ charges and expenses, each and every. ahaU be immediately due and payable. whedter or not there be notice. do- _ mand. attempt to collect or suit pending; and the full •atount of each and every such payment shag bear interest from-the date thereof until paid at the me of ten per ceatum per annum; and all said costs, charges and expenses so incurred or paid. together wdth such iatereat, shall be secured by the lien of this mortgage. 6. That (a) is the event of any breath of this mortgage or default on the part of the Mortgagor. or (b) in the event any of said sums of money herz:n refereed to be not prompdy and fullp paid wdthia ten days next after the same severally become due and . payable, without demand or notice, or(c; in the event Bachand every the stipulation, agreements, conditions and covenants of said promissory cote and this mortgage, any or either,ue not duty, promptly and fully performed. discharged, exea:ted, rlfected completed complied wadi and abided by, then, in either or any such event, the said aggregate sum mentio?ied in said promissory note then remaining unpaid, wrath interest a«rutd and air rR!mays secured hereby. shall become due and payable forthwith. or ' thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums ofmoney were odginallystipulated to be - paid on such day. aaythiad in said promissory note. and/or in this mortgage to the contrary notwdthsanding•, and thereupon or dtereafter at the-option of said Mortgagee. writhout notice or demand suit at law or in equity, theretofore, 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 Mortgagee shall apply co the court having jurisdiction thereof for the appointment of a Receiver. such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including aq and singular the rents. income. profit3, issues and revenues from whatever source derived, each and every of which, it being expressly understood is hereby mortgaged ss if specifially set forth and described in the granting and habendum louses hereof, and ouch Receiver shall have all the broad and eff ective functions and powers in anywise entrusted by a court to a Receiver, sad such appointment shall be made by such rnurt 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 solvency or t insolvency of said Mortgagorand/or of the defendants, sad tlpt such rents, profits, income, issues and revenues shall be applied by such Receiver according to die 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 Mortgagor under any 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 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 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 lawfully imposed taxes for the- preceding calendar year, and to deliver to said Mortgagee. 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 governmental levies that maybe made oa the mortgaged property, on this Mortgage I or Note, or in any other way resulting from the Mortgage indebtednts secured by this Mortgage; and if this condition be not complied will; and performed, said Mortgagee may pay suchsum or sums which shall become part of the debt secured by this Mort- - - • complied writh and performed, said Mortgagee may pay such sum or sums which shall become part of the delft secured by this Mort .gage. and shall beu interest at the default rate provided in said Promissory Note payable monthly until paid or said Mortgagee may 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, ezcluding (a) the creation of a lien or encumbrance subordinate to this Mortgage. (h) the creation of a ~ purchase money security interest [or household appliances, (c) a mnsfer 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 sq the sums secured by this Mortgagr to be immediately due and payable, Mortgagee shall have waved such option ro accelerate if, prior co the sale or transfer, Mortgagee and the person to whom the property +s to be sold t or transferred reach agreement in writing that the credit ofsuch persoa is satisfactory to Mortgagee and that the interest payable on L the sums secured by this mortgage shall beat-such rate as Mortgagee shall request. _ 11. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the bower of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or 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 be applied upon the payments last payable thereon. ~ ~ 12. The Mortgagor binds himself not to erect otpermit to !~e erected any new buildings on the premises herein mortgaged or to add to or permit to be added to any of the existing improvements thereon or nuke any changes or alterations in said - i improvementswhich materiailychange the same or u're use thereof. without thewritten consent of the 11lortgagee, and in the event ~ o: any violation or attempt to violate this stipulation, this Mortgage and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee_ - 13. It is specifically agreed that'time is of the essence bf this Mortgage and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time be held to be a waiver of the terms hereof or of the instrument secured hereby. 14. If forctlosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted the Mortgagee may. at its option. immedutely or thereafter declare this Mortgage and the indebtedness secured hereby 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 herein or secured hereby the iltortgagee is hereby subrogated 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 land described herein which is paid and~or satisfied in whole or in part out of the proceeds of the roan des cribed herein or secured hereby and the respective liens of said Mortgages. liens or other encumbrances shall be and the same and f each ofthem hereby is preserved and shall pass t~ and be held by the Mortgagee herein as security for the indebtedness to the 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 the Mortgagee had it been duly and regularly assigned, transferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled 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 shout the time of the ~rcording of this Mortgage. s~324 ~,~2864 -