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HomeMy WebLinkAbout2035 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 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, do- mend attempt to collect or suit pending; and the full amount of each and every such payment shall bear interest from the dart thereof until paid at the rate of ten per centum per annum; and all uid costs, charges and expenses so incurred or paid, together with such interest, shalt 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, conditions and covenants of uid 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 uid aggregate sum mentioned in said promissory note then remaining unpaid, with interest accrued, and alt moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option ofsaid Mortgagee,:s 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, tray 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 I?lctrtgagee shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of uid mortgaged property all 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 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 uid Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of uid 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 uid Mortgagee and the practice of such court. 8. In the event the jurisdiction of the U.S. District Court shall be invoked by or against the bortgagor 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, accelerate 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. 9. To deliver to said Mortgagee on or before March l S th of each year, tax receipts evidencing the payment of all lawfully imposed taxes for the preceding calendar year, and to deliver to uid btottgagce, receipts evidencing the payment of all 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 a1! governmental levies that may be made on the mortgaged property, on this 1liortgage or Note, or in any other way resulting from the Mortgage indebtedness secured by this Mortgage; and if this condition bt not complied with and performed, uid Mortgagee may pay suchsum or sums which shall become part of the debt secured by this Mort- compliedwith and performed, said 1\iortgagee may pay such sum or sums which shall become part of the debt secured bythis 1lfort- _gageand shall bear interest at the default rate provided in said Promissory Note payable monthly until paid or uid bfortgagrr may elect that said Mortgage debt thereupon become due and payable forthwith. 10. If all of 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 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 terunt, or (d) thegrant of any leasehold interest of three years or less not containing an option to purchase, I?fortga- 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 of such person is utisfactory to Mortgagee and that the interest payable nn 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 Mortgagee shall have the right to demand that all damages awarded for the taking of ar damages to uid premises shall be paid to. the Mortgagee up to the amount thin unpaid on this Mortgage 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 mortg:tgcd or to add to or permit to be added to any of the existing improvements thereon or make any changes or alterations in said improvementswhich materiallychangethe same or the uce thereof, without the written consent of the Mortgagee, and in the rvent of any violation orattempt toviolate this stipulation, this Ntortgagr and all sums secured herebyshal) immediatelyberome dueand collectible at the option of the Mortgagee. 13. It is specifically agreed that time is of the essence of this Atortgat;c and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time br held to be a waiver o1 the terms hereof or of the instrument secured hereby. 14. If foreclosure procetdings of any second mortgage orsecond trust deed orany junior lien of any kind should be instituted the 1ortgagee may, at its option, immediately ar thereafter declare this 111urtgage 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 Aortgagor to the Alortga~ee described herein or secured hereby the 111artgagrr is hereby subrogated to the lien of liens and to the rights of the owners and holders thereof of each and every mortgage iien ar other encumbrance on the land described herein which is paid and/or utisfied in whole or in part out of the proceeds of the loan des- cribedherein or secured hereby and the respective liens e~f said Iiiortgagrs, liens or other encumbrances shall be and the same and each of them hereby is preserved and shall pats to and hr held by the Mortgagee herein as security for the indebtednrcc to the Mortgagee herein described or hereby secured, to the same extent that it Mould have been preserved and would have berm pa.srd to and been held by the Mortgagee had it been duly and regularly assigned, transferred, set over and delivered unto the 111attg.tgc•r by separate decd of assignment notwithstanding the fart that the same may he satisfied and cancelled of record, it hrinl: the intention of the parties hereto that the same will hr satisfied and ran: e•Ilc•d cif record by the holders thereof at or ahcxu the time of the retarding of this Ptortgagr. 327 ~~~F 2034 - _ = ~.w ,