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HomeMy WebLinkAbout0270 • 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 laaryei 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 each 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 lull 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 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 (c) in the event each and every the stipulation, agreements, conditiotu and covenants 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 became due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as ifall of the said sums of mone}• were originally stipule led 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 Mortgagee, without 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 an}• 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 to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property a!1 and singular, including alt 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 by 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 solvency or insolvency ofsaid Mor-gagor 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 Aortgagee and the practice of such court. 8. In the went the jurisdiction of the U.S. District Court shall be invoked by or against the Mortgagor under any of the provisions of the Federal Bankrupts}• Act, such action, whether voluntar}• or involuntary on the part of the illortgagor, shall autonutically, without notice, accelerate the maturity of all sums of mone}• herein described and secured and the same shall thereupon become due and payable forthwith as full}• as if the said ap,Rregate sums of mone}• were originally stipulated co 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 Mortgagee, receipts evidencing the payment of a!I 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 may be made on the mortgaged property, on this 1lortRaRe or Note, or in any other way resulting from [he Mortgage indebtedness secured by this Mortgage; and if this condition be not complied with and performed, said Mortgagee may pay suchsum or sums which shall become part of the debt secured by this biort- compliedwith and performed, said 11lortgagee may pay such sum or sums which shall become part of the debt secured by this,liort- ,gageand shall bear interest at the default rate provided in said Promissory Note payable month!}• 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, excluding (a) the creation of a lien or encumbrance subordinate co 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 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 arrived 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 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 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 caking of or damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on this 1liortgage 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 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 klortgaRer, and in the event of an}• violation or attempt to violate this stipulation, this 1ltortgage and all sums secured hereby shall immedi~tel}• become ducand collectible 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 secured hereby shall at any time be held to be a waiver of the terms hereof or of the instrument secured hereby. 14. If foreclosure proceedings of any second mortgage or second trust deed or any junior 1 ien of any ki nd should be instituted the Mortgagee may, at its option, immediately or thereafter declare this 1liortgage 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 Mortgagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof Drench and ever}• 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 des- cribedherein orsecured hereby and the respective liens of said blortRages, liens or other encumbrances shall brand the same and each of them hereby is preserved and shall pass 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 Rould have been preserved and would have born pissed to and been held b}• the Mortgagee had it been duly and rrgufarly assigned, transferred. set over and delivered unto the ~,\lurtgagrr by separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled of record, it hrinfi the intrntiur: of the parties hereto that the same sill he satisfied and cancelled of rernrd by the holders thereof a_t or about the time of the recording of this I1lortgage. 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