HomeMy WebLinkAbout1959 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 coats, charges and expenses, including reasonable lawyer s tees 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, 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 and expenses so incurred or paid,
together with such interest, shall 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 snd 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 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 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 at said Mortgagee, erithnut notice or demand, suit at law or ir: 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 to foreclose it,
or to reform it, and/or to enforce payment of any claims hereunder, said Mortgagee 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
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 matterof 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 sliall 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 jurisdiction of the L.S. 1?istrict Court steal! be iriioke~ b3 or aga:rist the Mortgagor under any- of
the provisions of the Federal Bankruptcy Act, such action, whether voluntary or involuntary on the part of the I1lortgagor,
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 I?tarch 1 S th of each year, tax receipts evidencing the payment of all lawfully
imposed taxes for the preceding calendar year, and to deliver to said Mortgagee, 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 a!1 governmental levies that may be 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 [1ortgagee may pay suchsum or sums which shall become part of the debt secured by this Mort-
compliedwith and performed, said Mortgagee may pay such sum or sums which shall become part of the debt secured by this Mort-
.gage and shall bear interest at the default rate provided in said Promissory Note payable monthly until paid or said Mortgagee may
~ elect that said 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 biortgagagor 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) thegrant of any leasehold interest of three years or less not containing anoption topurchase,111ortga-
gee may. at its option, declare all the sums secured by this Mortgage to be immediately due and payable, I?Sortgagee shall have
E waived such option to accelerate if, prior to the sale or transfer, Mortgagee 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
1! the sums secured by this mortgage shall be at such rate u Mortgagee shall request.
1 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 damagesawarded for the taking of or
damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on this Aiortgagr and at the option of the
Mortgagee may be applied upon the payments last payable thereon.
12. The \iortgagor binds himself not to erect or permit to be erected any new buildings on the premises hrrrin 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 111ortRagee, and in the event
ofany,violation orattempt toviolate this stipulation, this Mortgageand all sums secured hereby shall immediately hecome due and
collectible at-the option of the Mortgagee.
13• It is specifically agreed that time is of the essence of this 1liortgage and that no waiver of any obligation hereunder or of
the obligation secured hereby shall at any time be held to be a waiver of the terms hereof br of the instrument secured hereby.
14. if(oreclosureproceedingsofanysecondmor[gage or secondttustdredoranyjuniorlienofam•kindshouldbrinstitutrd
the Mortgagee may, at its option, immediately or thereafter declare this Mortgage and the indehtrdnrss secured hrreb~• due and
payable forthwith, and may at its option proceed to foreclose this mortgage.
1 S. To the extent of the indebtedness of the lllortgagor to the Mortgagee described herein or secured hereby the ~iortgagre
is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of rash and every mortgage lien or other
encumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the Ie?an des-
cribed herein or secured hereby and the respective liens of said Mortgages, liens or other encumbrances shall br and the same :ind
each of-them hereby is preserved and shall pass to and be held by the Mortgagee hrrrin as security (or the indebtedness to the
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Mortgagee herein described or hereby secured, to the same extent that it would have hrrn preserved and would have hren passed
to and been held by the Mortgagee had.it been duly and regularly assigned. transferred. set aver and delivered unto the Mart};aFre
by separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled of record. it hrrn}; the
intention of the parties hereto that the same will be satisfied and canrrllyd of record by the holders thereof :u or about the
time of the recording of this MortQagr_
B~ 3~'8 P~~ 1958