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HomeMy WebLinkAbout1773 • 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 lawyer s [ees and cost of abstracts of title, incu~rted or paid at any time by said Mortgagee because and/or in the event of the failure on the part of the said Alortgagor to duly, ~_•omptly and fully perform, discharge, execute, efiecc, complete, run,pl}• 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 nut there be notice, de- mand, attempt to collect or suit pending; and the full amount of each and every such pa}•mrnt al:~ll brit interest from the date thereof until paid at the rate of ten per centum per annum; and ail said costs, charges and expenses su inrurrrd 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 ur notice, ar(c) in tht: scent cacti and every the stipulation, agreements, conditioru 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 become due and payable 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 thereupon or thereafter at the option of said Mortgagee, without notice or demand, suit at law or inequity, 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 ai 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 Atortgagee shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Rririver of said mortgaged property al! 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 atl 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 valor of the property mortgaged or to the solvency or - insolvency of said Mortgagor and/or of the defendants, and that such rents, profits, income, issues and revenues shalt be applied b}• such Receiver according to the lien and/or equity of said Atortgagee and the practice of such court. 8. In the event fhe jurisdiction of the U.S. District Court shall be invoked by or against the Aortgagor 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, atcelerate 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. i 9. To deliver to said Mortgagee on or before March 1 S th of each year, tax receipts evidencing the payment of all law, fully imposed taxes for the preceding calendar year, and to deliver co 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 pa}• or discharge within i ninety (90) days after due date, any and all governmental levies that may be made on the mortgaged propert}•, on this Mortgage or Note, or in any other way resulting from the Mortgage indebtedness secured by this Aiortgage: and if this condition br not complied with and performed, said Atortgagee ma}• pay suchsum or sums which shall become part of the debt secured by this Aturt- complied with and performed, said Atortgagee may pay such sum or sums which shall become part of the debt secured by this Atort- .gageand shall bear interest at the default rate provided in said Promissory Note payable monthly until paid ur said Atortgagee 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 Atortgagagor without Mortgagees t 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 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, Alortga- gee may, at its option, declare all the sums secured by this Mortgage to be immediately due and payable, Atortgagee shall have i 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 issatisfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall be at such rate as Mortgagee shall request. I I. 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 Atortgagee 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 Atortgagee may be appitrd upon the payments Last payable thereon. ; t 12. The Mortgagor binds himself not to erect or permit to be efected any new buildings on the premises herein mortgaged or to add to or permit to be added to an}• of the existing improvements thereon or make any changes or alterations in said improvements which materially change the same or the use thereof, w ithout the written consent of the Atortgagee, and in the event of any violation or attempt to violate this stipulation, this Mortgage and all sums secured hereby shall immediateh• become due and collectible at the option of the Atortgagee. i 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 hereb}• shall at an}• time be herd to be a waiver of the terms hereof or of the instrument secured hrrrbti•. 14. If foreclosure proceedings of any second mortgage or second trust decd ur any junior lien ofan}• kind should be instituted the Atortgagee 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 this mortgage. 1 S. To the extent of the indebtedness of the Mortgagor to the Atortgagee described here in ur secured hereby the Atortgagee is hereby subrc,gatrd to the lien or liens and to the rights of the owners and holders theree.f ~,f each and every mort¢aer lien or other entomb:ante on the land described herein which is paid ani]ior satisfied in whore or in part vut of the proceeds of the loan des- cribed herein or secured hereby and the respective liens of said Mortgages, liens or other rncumhrances shall be and the same and each of•them hereby is preserved and shall pass to and br held by the Atortgagee herein as security for the indebtedness to the Mortgagee hrrrin described or hereby secured. to the carne extent that it would have been preserved and would have been passed to and been held by the Atortgagee had it been duly and regularly assigned, transferred, set over and drlivrrral unto the Atortgagee by separate deed of assignment notwithstanding the fact that the same may br satisfied and cancelled of record. it bring the intention of the parties hereto that the same will br satisfied and cancelled of record by the holders thereof at or about the time of the «•curding of this Alortgagr. . a~(~~ Pac~1~~