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HomeMy WebLinkAbout2547 4. To permit, commit or suffer no waste. impairment or deterioration of acid property or any part thereof. S. To pay aU and singular the costa, charges and expenses. including reasonable lawyer's fees and cost of abseracts of tide, intoned or paid at any time by uid Mortgagee because and/or in the event of the failure on the part of the said Mortgagor to duly, promptly and fogy perform, discharge, execute, effect, complete, comply with and abide by each and every the atipu4cions, agreement:, conditions and covenants of acid promissory note, and this mortgage, any or tither, and said coats, charges and expenses, each and every. shall be immediately due and payable, whether or not there be notice, de- mand, attempt co collect or suit pending; and the full amount of each and every such ~yment 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, ahaA 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 ume severally become due and payable, without demand or notice, of (c) in the event each and every the stipulation. agreements, conditioru and covenants ofuid i promissory note and this mortgage, any or either,ue 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 lolly and completety as if all of the uid sums of money were originally stipulated to be paid on such'day, anything in uid promissory note, and/or in this mortgage to the contrary notwithstanding; and thereupon or thereafter at the option of uid Mortgagte. 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. f 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 said mortgaged property all and singular, including all and singular the rents, Income, profits, roues 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 lubendum 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 mactet 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 said Mortgagor and/or of the defendants, and that such rents, profits, income. issues and revenues shall be applied by such Rtceiver according to the lien and/or equity of uid Mortgagee and the practice of such court. i 8. In the event the jurisdiction of the U.S. District Court shall be invoked by or against the Mortgagor under any of s 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 uid Mortgagee on or before March 1 S th of each year, tax receipts evidencing the payment of all lawfully imposed fazes for the preceding calendu 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 all governmental levies that may be made on the mortgaged property, on this Mortgage or !Vote, 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 or sums which shall become part of the debt secured by this Morc- compliedwith and performed, said Mortgagee may pay such sum or sums which shall become part of the debt secured by this Mort- - .gageand 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 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) the grant of any leasehold interest of three years or less not containing an option to purchase, Mortga- 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 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 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 or damages to said premises shall be paid to the 1?lortgagee up to the amount then unpaid on this Mortgage and at the option of the f 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 morrRagrd 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 Mortgagee, and in the event of any violation or attempt to violate this stipulation, this 1lfortgaFe and all sums secured hereby shall immediately become due and collectible at the option of the Mortgagee. i 13. It is specifically agreed that time is of the essence of this I?lortgage 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 or of the instrument secured hereby. 14. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted the Mortgagee may, at its option, immediately or thereafter declare this Mortgage and the indebtedness secured hereby due and payable forthwith, and may at its option proceed to foreclose this mortgage. ' l S. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the AlortRagee is hereby subrogated to the lien or liens and co the rights of the owners and holders thereof of each and every mortgage lien ar other encumbrance on the land described herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan des- cribed herein or secured hereby and the respective liens of said Mortgages, liens or other encumbrances shall be and the same and each of•tltem hereby is preserved and shall pass to and be held by the Aortgagee herein as security for the indebtedness to the Afongagee herein described or hereby secured, to the same extent that it would have been preserved and would have been passed ' co and been held by the 1ltortgagee had it been duly and regularly assigned, transferred, set over and delivered unto the P1orrRagre by separate deed of assignment notwithstanding the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be satisfied and canceged of record by the holders thereof at or about the time of the recording of this Mortgage. ~~~x328 PA~E2~46