HomeMy WebLinkAbout2554 d. To permit, comma or suffer no waste, impaumrnt or drtrrioration of said property ur any part thruuf.
S. To pa~• all and singular the costs, charges and expenses, including uax?nahlr lawyer's fees and cost of abstracts of
title, incurred or patd at any time by said \lortgagre because and/or in the event ui the lailure on the part of the wid
\lortgagor to duly, promptly and lolly perform, discharge, execute, effect, complete, cumph• wtth and abide by each and
every the stipulations, agreements, conditions and covenants of said promtssory note, and this mortgage, .tm• or either, and
said costs, charges and expenses, each and every, shall be immediatey due and payable, whether or not there hr notice, dr
mand, attempt to collect or suit pending; and the full amoune of each and curry such payment shall bear intrust Irom the
date thereof until patd at the rate of trrt per crntum per annum: and all said costs, charges and rxpensrs so incurred ur paid,
together wuh such intrust, shall br secured by the lien of this mortgage.
6. That (a) in the event af.tm• breach of this mortgage or default on the part of the Mortgagor, or (b) in the event anj• of said
sums of money herein referred to be not promptly and fully paid within ten d:t}•s next after the same severally become due and
payable, without demand or notice, or (c) in the event Bachand every the stipulacton, agreements, conditions end covenants of said
promissory note and this mortgage, any or eithrr,arr not duly, promptly and fully performed, discharges, executed, rffcKtrd,
completed, compltrd with and abided by, then, in either or any such event, the said aggregate sum ntrntionrd 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 ~iortgagre, as full}• and completely as if all of the said sums of mane}, were original!}• stipulated to br
paid on such day, any thing in said promtssory note, and/or in thu mortgage to the cnntran• notwithstanding; and thereupon or
thereafter at the option of said Mortgagee, without notice or demand, safe 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 any suit upon this mortgage, or n? foreclose it.
or to reform it, and or to enforce pa}•mrnt of any claims herrundrr, said Mortgagee shall apply to the court having jurisdiction
thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver ot: said mortgaged property .ell and
singular, including all and singular the rents, income, profits, issues and revenues from whatever source derived, each and curry
of which, it being expressly understood, is hereby mortgaged as if specifically set forth :tnd described in the granting and
habendum clauses hereof, and such Receiver shall have all the broad and effrcticr`functionc and powers in anywise entrusted by a
court to a Receiver, and such appointment shall be made h}• such court :ts an admitted rqutty and a matter of absolu[r right to s:rid
Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the wlvrncy or
insolvency of said Mortgagor and:'or of the defendants, and that such rents, profits, income, usury and revenues shall br applied bt•
such Receiver according to the lien and~or equity of said Mortgagee and the practice of such court.
8. In the event the jurisdiction of the L'.S. District Court shall br invoked by or against the Mortgagor under any of
the provisions of the Federal Bankrupts}, Act, such action, whether voluntary or involuntary on the part of the Mortgagor,
shall automaticalh, without notice, accelerate the maturity of all sums of mone}• herein described and secured and the same
shall thereupon become due and payable forthwtth as fully as if the said aggregate sums of money acre original!}• stipulated
to be paid on such date.
9. To deliver to said Iilortgagre on or before March 1 S ch of each year, tax receipts evidencing the pa}•mrnt c?f all lawfuii}•
imposed taxes for the preceding calendar },ear, and to deliver to said Mortgagee, receipts evidencing the pa}•mrnt of all liens
for public improvements within ninet}• (90) days after the same shall become due and payable, and to pa}• or disch.rge within
ninety (90) days after due date, any and al! governmental levies that may he made on the mortgaged property, on this Mortgage
or Note, or in any other way resulting from the Mortgage indebtedness secured by this Mortgage: and if this condition be not
complied with and performed, said Mortgagee may pay suchsum of sums which shall become part of the debt secured by this ~lurt-
compliedwith and performed, said ,~tortgagre may pa}• such sum or sums which shall become part of the debt secured by this ~tort-
.gageand shall bear interest at the default rate provided in said Promissory \ote payable monthk until paid or said Mortgagee may
elect that said Mortgage debt thereupon become due and payabir forthwith.
10. If all or an} 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 ~lortgagr, (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
i death of a joint cenanc, or (d) thegrant of any leasehold interest of three years or less not containing an option to purchase, Mortga-
~ ee ma at its o lion, declare all the sums secured b this Mort a e to be immediately due and arable, Mort a ee shall have
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waived such option to accelerate if, prior to the sale or transfer, I?lortgagee and the person to whom the property is to be sold
j 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, or any part thereof. shall he condemned and taken for public use
~ under the power•of eminent domain, the Mortgagee shall have the nghoto demand that all dama};rs aa-ardrd for the taking of or
damages to said premises shall be paid to the Murtg:tgee up to the amount then unpaid tin this Mortgage and at the option of the
m Mortgagee may be applied upon the payments Iasi payable thereon.
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12. The Mortgagor binds himself not to erect or permit to hr erected any ties, buildings tin the prrmurs hrrrin mortgaged
or to add to or permit to be added to any of the existing improvements thereon or make am• changes ur alteraetuns m said
~ improvements which materialh• change the same or the use thereof, without the written consent of the Jlortgagrr, and in the event
of anv violation or attempt u?viulatr thu stipulation. this Mortgage and all sums secured hrrrby chat' immrd~atelvbrcomr due and
1 collectible at the option of the Mortgagee.
13. It is specificalh• agreed that time rs of the essence of this Mortgage and that no waiver of anv_ ohltg.ttion herrundrr ur of
t tl?e obligation secured hereby shall at anv time he held to br a waiver of the terms hereof ur of the mstrumrnt sccurrd hcrrb_.•.
14. If foreclosure proceedirrc of am• second mortgage or second trust deed ur.tm• ~uniur lien ufam• kind should bc• to>t~tutrd
the ~turtga}rr may, at its option, immediatcl}• or thereafter declare thu Mortgage and the indchtednes~ sccurrd herrbv due and
payable forthwuh, and may at its option pn?crrd to foreclose this mortgage.
15. To the extent of the indebtedness of the Mortgagor to the ~iortgagre described herein ur secured herrbv the MortF.tgre•
is hereby subrogated to the lien or !fees end to the rights of the ua•nrrs and holders thrreul of each and even, mortgage lien ur other
rrcumbrancc on the land described hrrrin which is paid and/or satisfied in whole or in part out of the pn?ccrdc uf.thr lu.tn dry-
s cribed hrrrin ur sccurrd hrrrby and the rrspectivr liens of said \tortgagrs, liens or other encumbrances sh.?II br .tnd the c.tmr and
rash of them herrbv is preserved and shall pass to and br held by the Mortgagee hrrrtn ac .rcunn• fur the indrbtrdncs to thc•
Mortgagee herein descnbed or herrbv sccurrd, to the same extent that is would have been prrsrn•ed and would have been passed
to and been held by the Mortgagee had it brrn duly and regularly assigned. trancfrrrrd. set over .tnd dcliverrd unto the Murt};.tce•r
by separate deed of assignment notw•tthst.tnd~ng the face that the cr:nr e?ay br ~ati,fieci and cancelled tit rru?nl. tt bent! the
n intention of the parties hrrrtn th:u the ~amc will bc• sau+fied and cancelled of record ~?v thc• huldc•n theuof .tt ur .trout the
time of the recording of this Mortgage.
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s~~327 F~~2~i53
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