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HomeMy WebLinkAbout0469 - s _ . . 4. To ptrtait, cotumit or soffit ao waste, impaitaurtt or deterioration of acid property or gay part thereof 3. To pay ail and siagtt4r the roses, charges and expettaes, including resaoaable lawyer's fees anti cost of abstract: of title, iac»rred of paid at arty time by saki Mortgagee beause and/or is the event .of the failure oa the part of the said l[ottgagot to duly. promptly gad fully perfortq distbarge, execute. etlec~ complete. comply with and abkk by each std every the atipuLtioaa, sgreemeatR conditions gad coveaaats of said promissory note, anti this mortgage, say or either. std said toga, charges and expenses, each sad every. shall be immediately due and payable, whether or got there be rtodcq de- _ mead. attempt to collect or suit peadiuE anti the fuA amount of each anti every such payment shall bear Interest from the date thereof until paid at the rate of tea pet ceatum per aaautn; gad sp said Cosa„ charges std expetuxs so incurred or paid,. together with such iaurest, shall be secured by the lien of this mortgage. 6. That (a) is the event of gay brtuh of this tttottgage or default ~ the part of the Mortgagor, or (b) to the event any of said ~ ~~.y ~-re+.a refzrrr~! to be ~+t pr~edy and fully paid within tea days next after the name severally become due and - payable,without detnaad or notice. of (c) is the event each gad eveq the sdpulatlon, agreetaeaa, conditions and covemats of said pro note and this mortgage, gay or eithet,are not duly, pzomptly gad fully performed, discharged, executed, effected, w~~ wtapikd with end abided by, then, to tither or say such event, the said aggregate gum mentioned is said promissory gore then remaining unpaid, with interest accrued, sad all moneys secured hereby. shall become due gad payabk forthwith, or - thereaftei, attheoption of aitlMortgagee, asfully gad completely as if all of the and sums of money were orlgir~aUy sttpuLtcd to be - paid on such day, aaythiag is said protniasoq note, and/or itt this tttortgage to the contrary notwithauuuding; and thereupon or thereafter at the option of aakl Mortgagee, without notice or detrutd. suit at law or to equity. theretofore, or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to Its inatitutIon. 7. That in the event that at the bcgianing of or at gay time pending any suit upon this mortgage, or to foreclose it, or to reform it, and/or to enforce payment of any calms hereunder, acid Mortgagee shall apply to the court having jurisdiction thereof for the appoiatmeat of a Receiver. such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including aq and siagubu the rents, income, profits, Issues sad revenues from whatever source derived, each and tvery of which, it beIag expressly understood, is hereby mortgaged ss if speNfiully get forth std described is the grating and baberdum clsttses hereof, sad such Receiver ahaU have all the broad gad effective fuactiona and powers in anywise entrusted by a court to s Receiver, sad such appointment shall be trade by such wort as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or iruuiequacy of the value of the property mortgaged or to the solvency or 'w:-r u~~±~•••_±. a±.~/s.r of rht def~nd.nta< and chat such rents, profits. income. issues gad revenues shall be applied by -e=e-- - such Receiver according to the lies and/or equity of said Mortgagee gad the practice of such court. - e. Ia 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 autotmtiaaly, without notice. accelerate the maturity of all sums of money herein described std secured and.the same shall thertupon become dot and payable forthwith as fully as if the said aggregate sums of money were originally stipulated to be paid oa such dart. 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 precodiag aletdar year, and to deliver to said Mortgagee, receipts evidencing the payment of all liens for public Improvements within ninety (90) days after the name shall become due gad payable. and co pay or discharge within ninety (90) days after due date, any gad all governmental levies that maybe made on the mortgaged property, on this Mortgage or Note, or in any other way resulting from the Mortgage indebtedness secured by chin Mortgage; and if this condition be not complied with sad performed, said Mortgagee may pay sucbsum or sums which shall become part of the debt secured by this Mort- wmplicdwith gad performed, said Mortgagte may pay such sum or sums which shall become part of the debt secured bythis Mort• - - ,gage gad shall beu interest at the default rate provided is said Promissory Notc payable monthly until paid or said Mortgagte may elect that mid Mortgage debt tbtreupon become due and payable forthwith 10. If all or any part of the proptrcy or as interest therein is soW or transferred by Mortgagagor without Mortgagee's prior written wttsent, ezctudiag (a) the creation of a lien or encumbrance suborditt:te to this Mortgagt, (b) the cration of a purchase money aecuriq interest for housebokf appliances, (c) a transfer by devise or descent, or by operation of law upon the death of s joint ttnaat. or (d) the gnat 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 std payable, Mortgagee shall have waived such option to accelerate if, prior to the sale or transfer, Mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that the credit ofsuch person is aatisfsctory to Mortgagee gad 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. of any part thereof, shall be condemned and taken for public use under the power 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. l2. The Mortgagor binds himself not to erect or permit to be 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 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 event of any violation or attempt to violate this stipulation, this Mortgage and all sums secured hereby shall immediately become due and cogectible at the option of the Mortgagee. 13. It is specifically agreed that time is of the essence of this Mortgage and that no waiver of any obligation hereunder or of the obligation stcured hereby shall at any tithe be held to be a waiver of the terms hereof or of the irutrument secured hereby. 14. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien ofany kind should be instituted the Mortgagee may, at its option, immediately or thereafter declare this Mortgage and the indebtedness secured hereby due and payable forthwith, and may at its option proceed to foreclose fhb mortgage. l S. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the Mortgagee is hereby subrogated to tht lien or liens and to the right: of the owner and holders thereof of each and every mortgage lien or other encumbrance oa the land described herein which is paid and/or satisfied is whole or in part out of the proceeds of the loan des cribed herein or secured hereby and the respective liens of said Mortgages. liens or other encumbrances shall be and the same and each ofthem hereby is preaentd and shall pans to 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 anJ would have been passed to and been heal by the Mortgagee had it been duly gad regularly sssigncd, transferred. set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same tray be sated and cancelled of record it being the intention of the parties hereto that the same will be satisfied and cancelled of record by the holden thereof at or about the time of the recording of this Mortgage.