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HomeMy WebLinkAbout1955 4. To permit, commit or suffer no waste, impairment or deterioration of said property or any part thruuf. S. To pay all and singular the costs, charges and expenses, including reasonable lawyer's tees and cost c,f abstracts of citle, incurred ar 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 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 not there be notice, dr• mand, attempt to collect or suit pending; and the full amount of each and every such pa}•ment shall hear intrust 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 br secured by the lien of this mortgage. 6. That (a) in the event of any breach of this mortgage or dr[ault on the part of the Mortgagor, or (b) in the event any of said sums of money herein referred to be nut promptly and fully paid within ten days next after the same severally become due and payable, without demandor notice, or(e) in the event Bachand every the stipulation, agreements, conditions 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 completelyas if all of the said sums of money were originally stipulated to br paid on such day, anything in said promissory note, and/or in this mortgage to the contrar}• notwithstanding; and thereupon or thereafter at the option of said Mortgagee, without notice or demand, suit at law or in eyuity, 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 Aioregagrr shall apply to the court having jurisdiction [hereof far the appointment of a Receiver, such court shall forthwith appoint a Receiver of said moctgagec! propert}• all and singular, including all and singular the rents, income, profits, issues and revenues tram 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 b}• 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 of said Mortgagor 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 Mortgagee and the practice of such court. 8. In the event the jurisciictian 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 an the part of the Aortgagor, 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 fulh• 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 I S th of each year, tax receipts evidencing the payment o(all lawfully imposed taxes for the preceding calendar year, and to deliver to said Aiartgagee, receipts evidencing the payment of all liens for public improvements within ninety (90j days after the same shall becurete due and pa}•ablr, 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 Mortgage or Note, or in any other way resulting from the Aortgage indebtedness secured b}• this Mortgage; and if this condition be not complied with and performed, said Aortgagee may pay suchsum or sums which shall become part of the debt sec ured by chic Aiart- compliedwith and periormed, said Aortgagee may pay such sum or sums which shall become part of the debt secured b}• this Jiort- •gageand shall bear interest at the default rate provided in said Promissory Note payable monthly until paid ur said Alortgagrr ma}• elect that said Mortgage debt thereupon become-due and payable forthwith. l0. If all or any part of the property or an interest therein is sold or transferred by Aiortgagagor without Mortgagee s 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 foz household appliances, (c) a transfer by devise or descent, or by operation of law upon the death of a joint tenant, or (d) tht grant of any leasehold interest of three years or less not containing an option to purchase, Aiortga- gee may, at its option, declare all the sums secured by this Mortgage to be immediately due and 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 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, ur any part thereof, shall br condemned and taken for public use under the power of eminent domain, the Mortgagee shall have the right to demand that all damages awarded far the taking of or damages to said premises shall be paid to the Mortgagee up to the amount then unpaid un this Vortgage 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 Mortgagee, and in the• event of any violation or attempt to violate this stipulation, this Mortgage and all sums secured hereby shall i mmediatrly bee ome due and collectible at the option of the Mortgagee. 13. It is specifically agreed that time is of the essence of this Afortgage and that no waiver of am• obligation hereunder ar of the obligation secured hereby shall at any time he held to be a waiver of the terms hereof or of the instrument secured hereb~•. 14. If foreclosure proceedings of any secondmortgage or second trustdeed or any junior lien of any kind sh~,uld br instituted the Aortgagee may, at its option, immediatri~ ~r 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 Aortgagee dexribed herein or secured hereby the Af„rtgaKer 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 rather 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 Mortgages, liens of other encumbrances shall be and the same and each of•them hereby is preserved and shall pass to and be held by the Mortgagee herein as srcurin• for the indebtrdnrss to the ,Mortgagee herein described or hereby secured, to the same extent that it would have been preserved and would have brrn passed to and been held by the Mortgagee had it been duly and regularly assigned, transferred. set over and delivered unto the Mortt;agrr by separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled of rernrd. it bem}; the intention of the parties hereto that the same will he satisfied and cancelled of record by the holders chinut :at „r shout the time of the recording of this Mortgage. ~.;~K327 Y~f1~4 e . 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