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HomeMy WebLinkAbout2786 income, profits, issues and revenues ore hereby mortgaged os if spacifkolly set forth and dessribed in the granting and. hobcndum clauses Mreof, and such receiver shall hove all the broad and effective functions and powers in any wise ent?u}ted by a court ro o receiver. and such appointment shall be mode by such court ps on admired equity and o matter of absolute right in the Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged, or to the solvency or insolvency of the Mortgagor and/o? the defendon? and such rents, profits, income, iswes and revenues shall be applied by Me receiver ooording • , to the lien and/or equity of this mortgage and the practice of such court, and such appointment of receiver shall be wiMOUt notice ro any obligor hereunder. NINTH: The Mortgagor hereby wolves all righri of homestead and exemption granted by the Constitution and laws of Fbrido. h is specifically agreed that time is of the essence in this contract and that no waiver by the Mortgagee of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of Mse obligation secured hereby. TENTH: Upon any sok, transfer or conveyance of the property herein described and covered by this Mortgage ro any person, firm or corporation, whose credit-worthiness has' not been approved in writing by the holder of this Mortgage, tM Mortgagee or holder shall hove the right, of its sole option, ro accelerate the maturity of this Mortgage as though it were due and payable on the day of such trorufer, if upon notice of said transfer, the Mortgagee or hokfer has good reason ro believe that the security of the Mortgagee or holder has been horned a placed in jeopardy. The Bonk shall receive o complete current financial srote- ment iri o form and presentotian sotisfoctory to the Bank ELEVENTH: 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 iri option immediately or thereafter dedore this mortgage and >he indebtedness secured hereby dw and payable. _ - " TWELFTH: That in the event the premises hereby mortgaged, or any port thereof, shall be a>r+demsed and token for public use under the power of eminent domain, the Mortgagee shall hove the right ro demand that all damages awarded for the taking of or damages to said premises shall be- paid ro the Mortgagee, up ro the amount then unpaid on this nartgoge and the obligation secured hereby and may be applied upon the payments last payable under this mortgage and the obligation scarred hereby. THIRT~~~~{+~F t installments, payable under the terms hereof and the note secured hereby, not paid when dw, shall be subject, offer days ~~om the dw ~~reof, to, and it is agreed Mortgagee shall a>flad thereon and fMrewith, o "late dwrge" in the amount of irr per cent of the installment due upon earls such delinquent ie~stollment, and suds "lots chargei' are secured by the lien hereof. - FOURTEENTH: Without impairing the obligations of Mortgagor oorstoined in paragraphs SECOND, THIRD and FOURTH hereof, and for application b the purposes thereof insofar as Ilse some shall be sufficient, Mortgagor shall, in addition ro the monthly payments of prirKipal and interest as stated in the original note (and in the note or notes severed hereby) Provided robe made, Pay o monthly wm and amount equal to one-twelfth I1/i2) of the estinwtdd anrwal taxes, ossessmarsri and insurance premiums upon the real estate security, as the amount thereof is determined from time to time by the Mortgagee. HFTEENTH: That the Mortgagor shall furnish amually, at the request of the Mortgagee, finarKio) stotemenri in form and i j certified in a manner satisfactory to the Mortgagee. ~ - SIXTEENTH: This mortgage oleo secures any and all renewals and extensions of the promissory note referred ro herein and f secured hereby, and all irutollmenri thereof, and oleo any other notes which have been or may be given to the Modgapee by the ` Mortgagor, and any other indebtedness of the Mortgagor to the Mortgagee which, however, shall not exceed of any one time the aggregate un aid rind al sum of_ TWent ei ht thousand two hundred twenty four P P P-- and 60 1 0- - 'Dollar (S 28 s 224.60 ) it being the specific intention that further advances may be mode by the Mortgagee at its option ro the Mortgagor, either prior to or after the due dates of the above referred ro promissory note hereby scarred; and this mortgage K given for the specifk purpose of securing any. and all indebtedness by the Mortgagor ro the Mortgagee in whatever manner the same may be evi- denced or represented, until this mortgage is satisfied of record; and all aovenanri and ogreemenri contained in this mortgage shall be applicable to all further and future advgnccs made by the Mortgagee ro the Mortgagor and all other indebtedness of Mortgagor to the Mortgagee, and any and all renewals or extensions thereof. E - f { , r a~331 P~2782 -3- f k.