HomeMy WebLinkAbout1723 il. It is specifically agreed that time is on the essence of this
contract and that no waiver of any obligation hereunder or
the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereof or of the instrunent
secured hereby.
12. To give the Mortgagee ten (10~ days notice in writing of its
intention to anticipate the full payment of the mortgage in-
debtedness.
13. To pay all and singular the costs, charges and expenses, including
lawyers' fees, reasonably incurred or paid at any time by the
Mortgagee, because of the failure of the Mortgagor to perform,
comply with and abide by each and every the stipulations, agreements,
conditions and covenants of said~pranissory note and this mortgage,
or either, and every such payment shall bear interest from date at
the rate of 15~ per cent per a,inum.
14. The property which is the subject of this ,nortgage deed is held
under a declaration of trust which is attached hereto and made a
part hereof. However, it is the intention of all of the parties
who are beneficiaries of said declaration of trust shall be liable
to the fullest extent of the law jointly and severally in the
event of the default in the mortgage note or of any of the covenants
of this mortgage deed.
15. Should the real estate and personal property which is the subject
s matter of this mortgage be sold transferred or assigned, the
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beneficiaries of the declaration of tYUSt above referenced to
jointly and severally covenant that the ~mmount then due on~the
mortgage note including any and all interest accrued thereon shall
be immediately due and payable within 30 days after such transfer.
16. The mortgagor acknowledges that in the event of a sale, the loan
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represented by the mortgage note shall in no ways be assumable by
the purchaser or assignee of the property referred to as the
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~ mortgaged property, nor may such transferee, assignee or purchaser
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take title to the real estate subject to the mortgage.
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