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HomeMy WebLinkAbout0768 4. To permit, commit or suffer no waste. impairment or deterioration of uid 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 uid Mortgagor to duty. promptly and fully perform. discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and covenants of uid 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, de- mand, 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 said costs, charges snd expenses so incurred or paid together with such interest, shat! be xcured by the lien of this nortgage. 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 ume severally become due and payable, irithouc demand or notice, or(e) 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 effecied, ~ completed, complied with and abided by, then, in either or any such event, the uid aggregate sum mentioned in uid promissory note then remaining unpaid with interest accrued and al! moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the uid 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 uid Mortgagee, without notice or demand, suit at law or inequity, 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, uid Mortgagee 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 al! and singular, including all and singular the Tents, 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 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 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 Mortgagor under any of the provisions of the Federal Bankruptcy Act, such action, whether voluntary or involuntary on the part of the 1ltortgagor, shall automatically, without notice, accelerate the maturity of all sums of mone}• herein described and secured and the same shall thereupon become due and payable forthwith as fully as if the uid aggregate sums of money were originally stipulated to be paid on such date. 9. To deliver to uid iliortgagee on or before March 1 S th of each year, tax receipts evidencing the payment of all lawfull}• imposed taxes far the preceding calendar year, and to deliver to uid Mortgagee, receipts evidencing the payment of all liens for public improvements within ninety (90) days after the same shall become due and pa}•able, and to pay or discharge within ninety (40) days after due date, any and all governmental levies that may be made on the mortgaged property, on this Alctrtgage or Note, or in any other way resulting from the I1lortgage indebtedness secured b}• this Mortgage; and if this condition be not complied with and performed, uid Mortgagee may pay suchsum or sums which shall become part of the debtsecured bythis I11ort- compliedwith and performed, uid Mortgagee map pay such sum or sums which shall become part of the debt secured bythis 1lfort= .gage and shall bear interest at the default rate provided in uid Promissory Note payable monthly until paid or uid 1lfortgagee may elect that uid Mortgage debt thereupon become due and payable forthwith 10. If all or 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 tenant, or (d) thtgrant of any leasehold interest of three years or less not containing an option to purchase, Mortga- get 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 ule 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 utisfactory to Iliortgagee 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 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 fur the taking of or damages to uid premises shall be paid to the Mortgagee up to the amount then unpaid on this Mortgage and at the option of the Mortgagee may be applied upon the payments last payable thereon. f 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 thewritten consent of the Dortgagee, and in theevent 999 of any violation or attempt to violate this stipulation, this Mortgage and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee. 13. It is specifically agreed that time is of the essence of this I?iortgage and that no waiver ctf any obligation hereunder or of ~ the obligation secured hereby shall at any time be held to be a waiver of the terms hereof or of the instrument secured hereby. ~ 14. If foreclosure proceedings of any second mortgage or second trust deed or wrap junior lien of ant• kind should be instituted the Mortgagee stay, at its option, immediately or thereafter declare this 1liortgage 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 Mortgagee described herein or secured hereby the Mortgagor 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 other 'r encumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds ctf the loan des- cribedherein orsecured hereby and the respective liens of said Mortgages, liens or other encumbrances shall be and the same and each ofthem hereby is preserved and shall pass to and be held by the Mortgagee herein as security for the indebtedness to the• Mortgagee herein described or hereby secured, to the ume extent that it would have been preserved and would have been passed to and been held by the Iltortgagee had it been duly and regularly assigned, transferred, set over and delivered unto the Mortgagee by separate deed of assignment notwithstanding the fact that the ume may he satisfied and cancelled of record, it bring the i intention of the parties hereto that the same will be utisfied and cancelled of record by the holders thereof at ur about the G time of the recording of this Mortgage. pt I f 9L'OK PdGE _ ~ _.xkx._ _ _ - - ~x ~s~.