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HomeMy WebLinkAbout0879 4. To permit, commit or suffer no waste, impairment or deterioration of said property ur any part thereof. S. To pay all and singular the costs, charges and expenses, including reasonable lawyer'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 an the part of the said Mortgagor to duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by each end every the stipulations, agreements, conditions and covenants of said promissory note, and this mortgage, any or either, and said posts, charges and expenses, each and every, shall be immediately due and payable, whether or not Cheer he notice, de- mand, attempt to collect or suit pending; and the full amount of each and every such pa}•ment shall hear interest from the date thereof until paid at the rate of ten per rentum per annum; and all said costs, charges and expenses su incurred ur paid, together with such interest, shall he secured b}• the lien of this mortgage. 6. That (a) in the event of any breach of this mortgage or default on the part of the,~lurtgagor, or (h) in the event any of said sums of money herein referrtd 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, conditions and covenants of said promissory note and this mortgage, any or either,are not dul}•, promptly and fully performed, dischargrci, 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 berth},, shall become due and pa}•ahlr forthwith, c,r thereafter, at the option of said Mortgagee, as full}, and completely as if all of the said sums of moor}, were originally stipulated to br paid on such day, anything in said ptomisson• note, and/or in this mortgage to the contrary notwithstanding; and thereupon or _ thereafter at the option of said hlortgager, without notice or demand, suit at laa• or in eyuity, 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 upc?n this mortgage, or to foreclose it, or to reform it, and/or to enforce payment of any claims hrrrundrr, 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 all and singular, including all and singular the rents, income, profits, issues and revenues from whatever source derived, each and evert, of which, it being expressly understood, is beech}, mortgaged as if specificall}• 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 am•a•isr entrusted by a court to a Receiver, and such appointment shall hr made by such court as an admittc-d rquit}• and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy oCthe value of the pn,perty mortgaged ur tx, the solvrnc•c or insolvency of said Mortgagor and/or of [he defendants, and that such rents, profits, income, issursand revenues shall br applied by such Receiver according to the lien and,~ur rquitr of said hiortgagre and the practice of such court. 8. In the event the jurisdiction of the (,'.S. District Court shall hr invoked by or against the hortgagor under any of the provisions of the Federal Bankruptcy Act, such action, whether voluntary or involunt:uy on the part of the Mortgagor, shall automatically, without notice, accelerate the maturiq• of all sums of money herein described and secured and the same shall thereupon becorrle due~and payable forthwith as fulh• as if the said aggregate sums of money a•rrr originally stipulated to be paid on such date. 9. To deliver to said Mortgagee on or before March 1 S th of each },car, tax m«ipts cyidrncing the payment of all laa•f ulh• imposed taxes for the preceding calendar }•rar, and to driiver to said htortgager, receipts ryidrncing the payment of all liens for public improvements within ninety (94) dar•s after the same shall become due and payable, and to pa}• or discharge within ninety (90) days after due date, am• and all governmental levies that may be made on the mortgaged property, on this Mortgage or Note, or in any other way resulting from the Mortgage indebtedness secured by this Mo:tgagr; and if this condition hr not complied w?th and performed, said hiortgager may pay suchsum or sums which shall brcomr part of the debt secured b}• this Mort- complied with and performed, said hiortgager may pay such sum or sums which shall become part of the debt sec ured by this Mort- _gage and shall bear interest at the default rate provided in said Promissory Note payable monthiy until paid or said Mortgagee may elect that said Mortgage debt thereupon brcomr due and payable forthwith. 10. If all or any part of the property or an interest therein is sold or transferred by ~tortgagagor without Mortgagee's prior written Consent, excluding (a) the creation of a lien or encumbrance subordinate to this htortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer b}• devise or descent, or_by operation of law upon the death ofa joint tenant, or (d) thegrant 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 immediatel}• due and pa}•able, 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 issatisfactory to Mortgagee and that the interest payable on the sums secured by this mortgage shall he at such rate as Mortgagee shall request. 11. That in the event the premises beech}, mortgaged, or any part thereof, shall hc• cundrnu,ed and taker. for public use under the power of eminent domain, the Mortgagee shall have the right to demand that all damages aw•ardrd for the taking of or damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on th,s hlortgagr and at the option of the Mortgagee mat, be applied upon the payment, last pa}•ablr thereon. 12. The Mortgagor binds himsrif not to erect ut l,r, n,it to he Greeted any rrx 6vildir.Fs t:.^. ;f:r prrmi~r~ hrr•_•i~ .•e~~rry;a}:ed 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 materialh•changc the same•or thc• use thereof, without the written consent of the Mort,:.tgre, and,n the turn[ of ant, violation ur attempt to violate this stipulation, this \tortgagc and all sums secured hereby shall,mmediatrh• brrnmc• due a:,d coUrctible at the option of the hlortgager. 1 i. It is specifically agreed that time is of the essence of this hlottgagr and that nu a•aiyrr of am• ohh};atum hrrrundrr or of the obUgation secured beech}, shall at an}• time be held to be a waiver of the terms hereof ur of the instrurtrnt srrurrd hrre•hr. 14. If foreclosure proceedings of any second mortgage or second trust deed ur a ny junior lien of am- ki rid should be ins[ fluted the Mortgagee may, at its option, ,mmrdiatrh• or thereafter declare this hiortgagr and the indcbte•dnrss srrurt•d hrrrb_y dur`and payable forthwith, and may at its option pnxrrd to foreclose this mortgage. 1 S. Tn [fie extent of the indrbtcdncss of the Mortgagor to the hlortgagc•r dcsc ribcd hrrc•in or scrumd Fc•re•by the Mortgagee is berth}, subrogated to the hen or liensand to the rights of the owners and holders thrrcof of rack and every n,ortgagc hen or other encumbrance on the land described herr,n which is paid and,'oi satisfied in whole or in part out of the proceeds +,f the io:ut des- cribed herein or secured hereby and the respective liens of said Mortgages, lien. or other rncumbrancrs shall he_.tnd the sanu• and rack of-them hereby is preserved and shall pass to and br held bt• the htortgage•r hrrrin .u seCUnty for the indrhtrdnrs. to the ah„ tKager hcrci,-. d~sr; csed or ::rrc;;y srr;;: rd. to tl:: ~.a:::e rxtvr.! tba*_ it u•t,~al~~ ba+.a•~• h~•rn pr~•se•rt•rd .?nd would have been pasrd to and been held by the Mortgagee had it hero duh• and regularly assigned, transferred. se•t over and delivered unto the Mortgagee by separate deed of assignment notw,thstanding the fart that the same, may be• satisfied and canrrllyd of record. ~t hc•ing chr intention of the parties herein that the same a•i!1 br satisfied and rance•lled of record by the holder. thereof at or about the time of the recording of this Mort}~agc•. 327 P~~E 878 . 4 _ a.