HomeMy WebLinkAbout0718 Pbr the purpose of lnductng the Mortgagee to extend to the Mortgagor t>~e Credit hereeyr evJderyobd and se•
cured. We Mortgagor hereby covenants and agrees t
1. To promptly pay when !lrst due the obUgatba evWeaced and secured hereby. This covenant shall be ooar-
strued to constitute an independent. unequivocal and unoosiditioaal obligation on the part of the Mortgagor to pay
to the Mortgagee the debt hereby evidenced and secured.
Z-a. ~ P~PUY PaY when due all and singular the taxes. assessments, levies, 11sbWties and encumbrances
of every nature and kind imposed and levied ort the above described property or any part thereof: to P~P~Y
deliver to U?e Mortgagee. when received or issued. all official receipts gad estlssRactbru showing performance of the
ooyeru?nts hereof. If the Mortgagor shall default to the performance of the oo~~enants hereof, the said Mortgagee
may at any time. without waiving or affecting his optkut to foreclose, or any right hereunder. pay said taxes,
aasessmenta, levies, IiabWties and encumbrances, and every payment so made by the Mortgagee shall bear Interest
from the date there at the rate of 896 Per annum.
Z-D. To promptly pay when due all intangible personal property taxes; occupation. excise. sales gad trans-
action taxes; unemployment and withholding taxes; all licenses of whatsoever kind, including but not limited to
alcoholic beverage license; and all other taxes and licenses levied or exacted by any auWor[ty relating to the use,
operation and buaineas of the Mortgagor conducted oa the aforesaid encumbered property; and to promptly deliver
or exhibit to the Mortgagee, when received or issued. all afflclal receipts and proof o! payment of each of the
aforeaatd.
Z-c. To promptly pay when due all operating, maintenance and servicing charges and costs relating to the
real and personal property encumbered by thin mortgage. including but not limited to telephone, gas, electricity.
water. water connection, sewer. sewer connections, and all other expenses incurred in the use and operation of said
encumbered property. and to furnish or exhibit to the Mortgagee proof of the performance of the provlatons hereof.
3. Tb pay all and singular the coats, charges and expenses, including lawyeYa fees, reasonably incurred or
paid at any time by said Mortgagee. because of the (allure on the part of said Mortgagor to perform. comply with
and abide by each and every the atipulationa, agreementer p apd.oo romiasory notes and
this deed. or either, and every such payment ahaU bear intere~~date a~~~per annum.
• i
4. To keep the buildings and personal property now ~ k?cated on said' tied tailir'ed against loss
by fire and windstorm. in a gum not leas Uuun the unpaid aggregate indebtedness hereby se~urgd, b a company
or companies to be approved by said Mortgagee and the policy or policies held by and payable•tb said Mortgagee
and to the event any sum of money becomes payable under such policy or policies, the Mortgagee aball have the
option to receive and apply the same on account of the indebtedness hereby secured or to permit the Mortgagor to
receive and use it, or any part thereof, for other purposes, without thereby waiving or impairing any equity, lien
or right under or by virtue of thin mortgage. and may place and pay for such insurance or any part Usereof with-
out waiving or affecting the option to foreclose or any right. hereunder, and each and every such payment shall
bear interest from date at the rate of 8% per annum. 1b promptly deliver to the Mortgagee original receipts or
other written evidence showing payment of all insurance premiums when due.
5. To permit, commit or suffer no waste. impairment or deterioration of said real or personal property. or
any part thereof. Tb keep all improvements. buildings and personal property situated on the above described land
in good state of repair, well painted and waterproofed, and to promptly pay aL costa and expeasea tt?ereof. Without
the written consent of the Mortgagee. the Mortgagor shall not remove, or allow to be removed, the tangible per-
aortal property hereby encumbered from the above described real property.
6. No delay by the Mortgagee L-r enforcing the terms and provlalons of this mortgage deed or the promia-
sory notes hereby secured shalt ever be construed as a waiver of the Mortgagee's right to enforce the same. The
debt evidenced and secured by this mortgage deed and the promissory notes herein refered to, having once been
accelerated by reason of default, cannot be decelerated save and except (1) by an instrument in writing executed
by the Mortgagee under Beal, and also (2) supported by independent good and valuable oonaideratioa. The ac-
ceptance by the Mortgagee o! part payment or part performance by the Mortgagor shall not be treated as curing
any default. nor shall the name operate as an estoppel or waiver against the Mortgagee.
7. 71 any said soma of money herein referred to be not promptly and fully paid wtWin fifteen days next after
the same severally become due and payable. or ii each and every the stipulations, agreements, conditions and cove-
nants of said promissory notes and U?ta deed, or either, are not dWy performed. complied with gad abided by, the
acid aggregate sum mentioned in said promissory notes shall become due and payable forthwith automatically
and without notice. as fully and completely as i1 the aaM aggregate gum of money evidenced by the promissory
notes hereby secured wag originally aupulat,ed to be, paid on such day. anything is said promissory notes or herein
to the contrary notwithstanding.
8. It is agreed Quit the provisions, agreements, terms and eonditiona comtaiaed in this mortgage deed. and
promissory notes hereby secured, together with the Ilea and security hereby created, shall extend and apply to+ and
govern any and all notes given in extension or renewal of the notes hereby orig[rtally secured..
9. All persona, aaaociationa and corporations liable for the debt hereby secured, whether prlmargy or se-
condarily, and each of them, hereby expressly waives any statutory or other defense which they now have, or
may hereafter have against the enforcement of the terms, provisions, agreements and oonditiona of this mortgage
deed and the promissory notes hereby secured, and each of them does hereby agree that they have no set-off or
counterclaim against the enforcement and collection of the debt hereby secured, and further agree and consent to
the entry of a summary final decree for Ute endorcement of We provisions of this Wenture.
10. The term "Mortgagee'- as used 1n thin mortgage deed and We promLsory notes hereby secured, shall be
deemed to include and mean the Mortgagee, his or her or theU heirs, administrators, executors and assigns, and
it a corporation. its successors, grantees and aaatgns; the term '`Mortgagor" as used fn this mortgage deed and
promissory notes herelry secured shall be deemed to include and mean the Mortgagor, his or her or their heirs, ad-
ministrators, executors, grantees and aaaigns, awd it a corporation, ire successors. grantees and aeedgns. The use of
the singular shall be construed ss the plural whenever the context so requires. The terms "debt" or ••obligatk?n", as
used in thJs mortgage deed and promissory notes hereby secured, ehW be deemed to taclude all the covenants,
agreements and promises of the Mortgagor as herein delineated.
11. Upon default by the Mortgagor of any of the terms, provisions, agreements and conditions of this wort-
gage deed, and the promissory notes hereby secured, We Mortgagee shall have the right to have a receiver ap-
pointed to take charge of, control and manage the mortgaged premises, and to collect and hold the rents and
profits accruing therefrom; such receiver shall be appointed without the necesedty as showing insolvency of the
Mortgagor or inadequacy of the mortgaged security; all rents. proAts, revenues and income arlsirtg from the mort-
gaged premises or accruing thereupon shall, upon default o[ the Mortgagor o! any of the terms of the mortgage
deed or the promissory notes hereby secured, be considered a• trust funds, and ti collected by the Mortgagor the
game shall constitute trust funds and be held is trust for the use aM benefit of the Mortgagee, and forthwith
delivered upon collection to said Mortgagee. The Mortgagee V excused from giving or l1Wig gay bond in a judicial
proceeding as required by statute or rules of court as a caoditlon or prerequisite to the appointment of a receiver, is-
nuance of InjuncUab, attachment, garnUhmeat or other proWsional remedy, or supersedeas !a the event as appeal
is taken by the Mortgagee. The Mortgagor irrevocably waives such statutory or rule requhYmeab reLtiag to bond.
. ~ s~332 Pa~E 7i7