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HomeMy WebLinkAbout0371 • 4. To pecmu. comma or suffer no waste, impairment o[ deterioration of said property ur 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 \lortgagre because and/or in the event ~f the failure .on the part of the acid - blortgagor to dui}•, promptly and fully perform, discharge, execute. et7ect, complete, compl}• 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 cheer 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 blurtgagor, 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 same xverally 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 eithec,arr not duly. promptly and fully performed. dixhargee, 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, oc thereafter, at the option of said Mortgagee, as fully and completelyas 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 thetea[tec at the option of said b~occgagee, without notice or demand, suit at raw or in equity, theretofore. or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to its institution. T. 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, andi 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 o! 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 i habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise encrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted equic}• and a matter of absolute right to said btortgagee, and without reference co the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said btoctgagor 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 said btortgagee 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 i the provisions of the Federal Bankruptcy Acc, such action, whether volunary 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 i to be paid on such dace. ( l 9. To deliver to said btortgagee on or before March 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 btortgagee, 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 t ninety (90) days after due dace, any and all governmenal levies that may be made on the mortgaged property, on this btortgage or l~'ote. or in anq other way resulting from the biorcgage indebtedness secured by this btorcgage; and if this condition be not # complied with and performed, said Mortgagee may pay suchsum or sums which shall become part of the debt xcured by this Mort- ! complied with and performed, said btortgagee 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 pa}•able monthly until paid or said btortgagee 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 Mortgagees prior written conxnt, excluding (a) the creation of a lien or encumbrance subordinate to this btortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise or dextral, 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, btoctga- gee may, ac its option, declare all the sums secured by this btortgage to be immediately due and payable, Mortgagee shall have waived such option to accelerate if, prior to the safe or transfer, 'Mortgagee and the person to whom the property is to be sold or transferred reach agreement in writing that the creditofsuch person is satisfactory to 1ltortgagte and that tht 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 btortgagee shall have the right to demand that all damages awarded for the taking of or g damages to said premises shall be paid to the Mortgagee uP to the amount then unpaid on this blortgaGe and at the option of the _ ~ btortgagee tray be applied upon the pa?ments last payable thereon. i t 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 sameor the use thereof, a ithout the w ritten consent of the btortgagee, and in the event of any violation or attempt to violate thisstipulation. this Mortgage and all sums secured herebyshall immediately become durand 1 collectible at the option of the btortgagee. 13. It is specifically agreed that time is of the essence of this Mortgage and that iro 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 insccumrnt secured herrbr•. 14. If foredosureproceedingsofanysecondmortgageorsecondtrustdeedoranyjuniorlienofam•kindshouldbrinstituted the Jtortgagee may, at its option, immediately or thereafter declare this bortgage and the indrbcedness-secured hereby due and payable forthwith, and may at its option proceed to forrclox this mortgage. _ - 1 S. To the extent of the indebtedness of the Aortgagor to the btortgagee dexribed herein or secured hereby the Mortgagee is hereby subrogated to the lien or liens and to the rightsof the owners and holders thereof of each and every mortgage lien or other encumbrance on the land described herein which is paid andlgr satisfied in whole or in part out of the proceeds of.thr Juan des- cribed herein or secured hereby and the respective liens of said Mortgages, liens or other encumbrapcrs shall br and the same and each af•them hereby is preserved and shall pass to and be held by the Mortgagee herein as security for the indebtedness to the ` btortgagee herein dexribed or hereb}• secured, to the same extent that it would have brrn preserved and would have brrn p:tssrd to and been held br the btortgagee had it berm duly and regularly auignrd, transferred, set over and delivered unto the .Slort}:a~eer by separate deed of assignment notwithstanding the fart that the same may be satisfied and rantellyd of rrcorJ. it firing the ~ intention of the parties hereto that the same will br satisfied and cancelled of record by the holders therrnf at ur ahrnu the time of the recording of this Mortgage. - ~7~~. , _ I~R~1Jl? PaGE - ~~1 BCOK - _