HomeMy WebLinkAbout1712 property or the major part thereof in any involuntary proceeding, or
any Court shall have taken jurisdiction of all or any portion of the
premises or all of the property of the Mortgagor, or any Guarantor of
Mortgagor's obligations under the Note or the major part thereof in
any involuntary proceeding for the reorganization, dissolution, liquid-
ation, or winding up of the Mortgagor, and such trustee or receiver
shall not be discharged or such jurisdiction relinquishes oc vacated or
stayed on appeal or otherwise stayed within thirty (30) days, or the
Mortgagor, or any Guarantor of Mortgagor's obligations under the
Note shall make an assignment for the benefit of creditors, or shall
admit in writing its inability to pay its debts generally as they
become due or shall consent to the appointment of a receiver or
trustee or liquidator of all or any portion of the premises or of all of
its property or the major part thereof, or the death of any Guarantor,
then, upon the occurrence of any of said events, the entire indebted-
ness secured hereby shall, at the option of the Mortgagee and without
notice to Mortgagor, become immediately due and payable and,
thereupon, or at any time during the existence of any such default,
the Mortgagee may proceed to foreclose this Mortgage by judicial
proceedings according to the statutes in such case provided, and any
failure to exercise said option shall not constitute a waiver of the
right to exercise the same at any other time.
(b) Expense of Liti ation. In any suit to foreclose the lien of this
Mortgage or en orce any other remedy of the Mortgagee under this
Mortgage, the Loan Agreertient, c Y::c Vote there shall be allowed
and included, as additional indebtedness in the judgment or decree,
all expenditures and expenses which may be paid or incurred by or on
behalf of Mortgagee for attorneys' fees, appraisers' fees, outlays for
documentary and expert evidence, stenographers' charges, publication
costs, survey costs, and costs (which may be estimated as to items to
be expended after entry of the decree) of procuring all abstracts of
title, title searches and examinations, title insurance polices, and
similar data aqd assurances with respect to title as Mortgagee ,may
deem reasonably necessary either to prosecute such suit or to
evidence to bidders at any sale which may be had pursuant to such
decree the true condition of the title to or value of the premises. All
expenditures and expenses of the nature in this Paragraph mentioned,
and such expenses and fees as may be incurred in the -protection of
said premises and the maintenance of the lien of this Mortgage,
including the fees of any attorney employed by Mortgagee in any
litigation or proceeding affecting this Mortgage, the Note or the
premises or in preparation for the commencement or defense of any
proceeding or threatened suit or proceeding, shall be immediately due
i and payable by Mortgagor, with interest thereon at the default
i interest rate set forth in the Note.
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~ (c) Mort a ee's Ri ht of Possession in Case of Default. In any case in
which, under the provisions o this ;Mortgage, the Mortgagee has a
right to institute foreclosure proceedings whether or not the entire
i principal sum secured hereby is declared to be immediately due as
aforesaid, or whether before ortafter the institution of legal proceed-
ings fo foreclose the lien hereof or before or after sale. thereunder,
forthwith, upon demand of Mortgagee, Mortgagor shall surrender to
Mortgagee and Mortgagee shall be entitled to take actual possession
of the premises, or any part thereof, personally or by its agent or
attorneys, and Mortgagee, in its discretion, may enter upon and take
and maintain possession of all or any part of said premises, together
with all documents, books, records, papers, and accounts of the
Mortgagor or the then owner of the premises relating thereto, and
may exclude the Mortgagor, its agents or servants, wholly therefrom
and may, as attorney-in-fact or agent of the Mortgagor, or in its own
name as Mortgagee and under the powers herein granted: (i) hold,
operate, manage, and control the premises and conduct the business,
a if any, thereof, either personally or by its agents, and with full power
to use such measures, legal or equitable, as in its discretion or in the
discretion of its successors or assigns may be deemed proper or
necessary to enforce the payment or .security of the avails, rents,
issues, and profits of the premises including actions for recovery of
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