HomeMy WebLinkAbout2759 4. To permit, comma or suffer no waste, impairment or drtenorahon of said property ur an}• part thereof.
S. Tu pay all and singular the costs, charges and expenses, including reasonable law}•ri s Errs and cost of abstracts of
title, incurred or paid at an}• time by said ~1ortRagre because and,'ur in the event of the failure un the part of the said
AtortRagoc to dul}•, promptly and full}, perform, discharge, execute, effect, complete, compl}• with and abide by rash and
every the stipulations, agreements, conditions and covenants of said promissory note, and this mortgage, an}• or either, and
said costs, charges and expenses, each and even, shall be immediately due and payable, whether or not there be notice, dr•
mand, attempt to collect or suit pending; and the full amount of rich and ever}, such pa}•ment shall bear interest from the -
date thereof until paid at the rate of ten per centum per annum; and all said costs, char};rs and expenses su incurred ur paid,
together with such interest, shall be secured by the lien of this mortgage.
6. That (a) in the event of an}• breach of this mortgage or default on the part of the AlurtgaRor, or (b) in the event any of said
sums of money herein ceferred to be not promptly and 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
ptomisson voce and this mortgage, any or either,arr not duly, promptly and fully performed, discharges, executed, effected,
completed, complied with and abided by, then, in either or any such event, the said aggregate sum mentioned in said promissor}•
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 ~iorcgagee, as fully and completely as if all of the said sums of money were originally stipulated to be
paid on such day, anything in aid promissory note, and/or in this mortgage to the contrary notwithstanding; and thereupon or
thereafter at the option of said Mortgagee, without notice or demand, suit at law or in 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 ur at any time pending an}• suit upon this mortgage, or to foreclose it,
or to reform it, and/or co enforce payment of am• claims hereunder, said Mongagee shall apph• to the court having jurisdiction
thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged propert}• all and
singular, including all and singular the rents, income, profits, issues and revenues from whatever source derived, each and every
of which, is being expressly understood, is hereby mortgaged as if specifically sec forth and described in the granting and
habendum clauses hereof, and such Receiver shall hat a 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 equit}• and a matter of absolute right to said
I?tortgagee, and without reference co the adequacy or inadequacy of the value of the property mortgaged or to the solvency or
insolvency of said \iortgagot andi 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 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 lltortQagor 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 altgregate Burrs of money were originally stipulated _
to be paid on such dace.
9. To deliver to said Mortgagee on or before March I 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) da}•s after due date, any and all govtrnmental levies that may be made on the mortgaged property, on this 111ortRage
or 1\'ote, of in any ocher way resulting from the Mortgage indebtedness secured by this illortgage; and if this condition be not
complied with and performed, said 1ltortgagee may pay suchsum or sums which shall become part of the debt secured by this \tort-
compliedwith and performed, said Mortgagee may pay such sum or sums which shall become part of the debt secured bythis Jtorc- -
.gageand shall bear interest at the default rate provided in said Promissory Note pa}•able monthly until paid or said ~lortgaRee may
(I elect that said Mortgage debt thereupon become due and payable forthwith.
10. If all or an} part of the property or an interest therein is sold or transferred by Mortgagagor without 1liortRagee's
4 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 !aw 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,111ortga-
i gee may, at its option, declare all the sums secured by this Mortgage to be immediately due and payable, Mortgagee shall have
j waived such option to accelerate if, prior to the sale or transfer, 1liortRagee and the person to whom the property is to be sold
or transferred each agreement in writing that the credit ofsuch person is satisfactory to:~tortgagee and that the interest payable on _
@ the sums secured by this mortgage shall be at such race as Mortgagee shall request.
a
11. That in the event the premises hereby mortgaged, or an}• part thereof, shall be condemned and taken for public use
~ under the power of eminent domain, the ~iorcRaRee shall have the right to demand that all damages awarded for the takine of or
damages to said premises shall be paid to the \turcRagee 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
12. The Mortgagor binds himself not co erect or permit to be erected any new buildings nn 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
imp:ovementswhich materiallychangethe same or the use thereof, without the written consent of the \tortgaKee, and in the event
~ ofany violation or attempt to violate this stipulation. this \tortgaReand all sums secured hereby shall immediately become due and
~ collectible ac the option of the i\IortRagee.
1 ~
13. It is specifically agreed that time is ofthe essence of this Mortgage 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 hrrrby.
14. (f foreclosure proceedings of am second mortgage or second trust deed or any junior lien of am• kind should br institu_ ted
the Mortgagee may, at its option, immediately or thereafter declare this ~turtgage and the indebtedness secured hereby due anal
payable forthwith, and may at its opnon proceed to foreclose this mortgage.
_ -
i 1 S. To the extent of the indebtedness of the \lortRaFor to the \tortgaKee described herein ur srcurrd 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 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 1lurtgaRrs, liens or other encumbrances shall br and the s.tmr and
each of~them hrrrby is preserved and shall pass to and be held by the Mortgagee hrrrin as srcurit}• for [hr indebtedness u. the
Mortgagee herein described or hereby secured, to the same rxten[ that it would have born preserved and would have been p.usrd ~
to and been held by the Mortgagee had it been duh• and rrgularit• assigned, transferred. set over and delivered unto the Mortl;agc•r
g by separate deed of assignment notwithstanding the fart that the same mat, he sat„fied and .anrrllyd of record. a hying chr
~ intention of the parties hereto that the same will br sausfird and cancrllcd of record by the holders thereof at ~~r .?hout the
. time t~f the recording of this Mortgrgr.
~ _
j _
- 330 p~27.48 _ B~ K 330 P~~E ~?1
fi