HomeMy WebLinkAbout2877 5. That in the event the Mortgagors fail to pay and/or discharge the taxes, assess-
ments, levies, liabilities, obligations and incumbrances, or fail to keep said premises insured
or to deliver the policies, premiums paid, or [ail to repair the said premises, as herein agreed,
the Mortgagees are hereby authorized at their election to pay and/or discharge said taxes,
assessments, levies, liabilities, obligations and incumbrances or any part thereof, to procure
and pay for such insurance or to make and pay [or such repairs, without any obligation on
their part to determine the validity and/or necessity of any thereof and without the Mortgagees
waiving or affecting arty option, lien, equity or right under or by virtue of this mortgage: and
the full amount of each and every such payment shall be immediately due and payable and
shall bear interest trom the date thereof until paid at the rate of ten per centum per annum,
and, together with such interest, shall be secured by the lien of this mortgage; but nothing
herein contained shall be construed as requiring the Mortgagees to advance or expend moneys
for any of the purposes in this paragraph mentioned.
6. To pay all and singular the costs, charges and expenses. including reasonable law-
yer's fees, lawyer's disbursements and cost of abstracts of title, incurred or paid at any time
by the Mortgagees because and/or in the event of the failure on the part of Mortgagors duly,
promptly and fully to perform. discharge, execute, effect, complete, comply with and abide by
each and every the stipulations, agreements, conditions and covenants o[ said promissory notes +
and this mortgage; any or eitfier, and said costs. charges and expenses, each and every, shall
be immediately due and payable, whether or not there be notice, demand, attempt to collect or
suit pending; and the full amount of each and every such payment shall bear interest from the
date thereof until paid at the rate of ten per centum per annum; and all such costs. charges and
expenses so incurred or paid, together with such interest, shall be secured by the lien of this
mortgage.
7. That (a) in:~tte went of any breach of this mortgage or default on the part of the
Mortgagors, or; (b) in the event any of said sums of money herein referred to be not promptly
and folly paid within 10 days next after the same severally become due and payable, without
demand or notice; or (c) in the event each and every the stipulations, agreements, conditions
and covenants o[ said promissory notes and this mortgage, any or either, are not duly. promptly
and fully performed, discharged, executed, effected, completed, complied with and abided by,
or; (d) upon the rendering by any court of last resort o[ a decision that an undertaking by the
{ Mortgagors as herein provided to pay taxes, assessments, levies, liabilities, obligations and
~ incumbrances is legc:l:y tnoperative or cannot be enforced, or in the event of the passage of
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any law changing in any way or respect the laws now in force for the taxation of mortgages
or debts secured thereby for any purpose, or the manner of collection of any such taxes, so
as to affect this mortgage or the debt secured hereby; then, in either or any such event, the
E said aggregate sum mentioned in said promissory rotes then remaining unpaid, with interest
~ accrued, and all moneys secured hereby shall become due and payable forthwith. or thereafter,
~ at the option of the Mortgagees. 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 notes and/or
in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of
' the Mortgagees, without notice or demand, suit at law or in equity, theretofore or thereafter
i,e};w,, n,ay be prosecuted as if all moneys secured hereby had u~atured prior to its ins[itutian.
8. That, in the event that at the beginning of or at any time tending any suit upon
this mortgage, or to foreclose it, or to reform it, and/or to enforce payment of any claims here-
under, the Mortgagees 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 ,
stngular, including all and singular the 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 any wise en-
trusted by a court to a Receiver, and such appointment shall be made by such court as an ad-
milted equity and a matter of absolute right to the Mortgagees, and without reference to whether r
or not said mortgaged property be in whole or in part a homestead and without reference to the
adequacy or ;nadequacy of the value of the property mortgaged or to the solvency or insolvency
_ of the Mortgagors 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 o[ the Mort-
gagees and the practice of such court.
~~~K327 Pa~E2875