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HomeMy WebLinkAbout1525 4. To permit, commit uc suffer no waste. impairment or deterioration of said property or any part thereof. 3. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fees and cost of abstracts of title, incurred or paid at any time by uid Mortgagee because and/or in the event of the failure nn the part of the said lilortgagor to duly, promptly and fully perform, discharge, execute. effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and covenants of said ptomissory note, and this mortgage, :toy or either, and said costs, charges and expenses, each and every, shall be immediately due and payable; whether or nut there br notice, de- mand attempt to collect or suit pending; and the full amount of each and every such payment shall brat interest from the date thereof until paid at the rate of ten per centum per annum; and all uid costs, charges and expenses so incurred or paid, together with such interest, shall be secured by the lien of this mortgage. 6. That (a) in the event ofany breach of this mortgage or default on the part of the I?lortgagor, or (b) in the event any of said sums of money herein referred to be not promptly and fully paid within ten days next after the ume severally become due and pa~•able, w•itltout demand or notice, or(e) in the event each and every the stipulation, agreements, conditions and covenants of said promissory note and this mortgage, any or tither,are not duly, promptly and fully performed, discharged, executed, effected, completed, complied with and abided by, then, in either of any such event, the uid aggregate sum mentioned in uid promissory note then remainsng unpaid. with interest accrued, and all moneys secured hereby, shall become due and payable forthwith, or thereafter. at the option of uid 1lioregagee. as fully and completely u if all of the uid sums of money were originally stipulated to be paid on such day, anything in uid 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 u if all moneys secured hereby had matured prior to its institution. 7. That in the event that at the beginning of or at any time pending any suit upon this mortgage, or to foreclose it, or to reform it. and/or to enforce payment of any claims hereunder, uid ~lortgagre shall apply to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of uid mortgaged property all and singular, including all and singular the rents, income, profits, issues and revenues from whatever source derived, each and every of which. it being expressly undencood, is hereby mortgaged as if specifically set forth sod described in the granting and habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise encrusted by a coup to a Receiver, and such appointment dull be made by such court u an admitted equity and a matter of absolute right to uid I?iorcgagee, and without reference to the adequacy or inadequacy o[ the value of chr property mortgaged or to the solvency or insolvency of uid 111ortgagor and/or of the defendants, and that such rents, profits, income, issues and revenues shall be applied by _ such Receiver according co the lien and/or equity of uid ~ioregagee and the practice of such court. 8. In the event the jurisdiction of the L.S. District Court shall be invoked by or against the I?fortgagor under any of the provisions of the Federal Bankruptcy Act, such action, whether volunary or involuntary on the part of the 111ortgagor, _ shall automatially, without notice, accelerate the maturity of all sums of money herein described and secured and the ume shall thereupon become due and payable forthwith u fully u if the uid aggregate sums of money were originally stipulated to be paid on stub dace. - - ; 9. To deliver to uid I?lortgagce on or before I?tarch 1 S th of each year, tax receipts evidencing the payment of all lawfully j imposed taxes for the preceding nlendar year, and to deliver to uid Mortgagee, receipts evidencing the payment of all liens for public improvements within ninety (90) days after the ume shall become due and payable, and to pay or discharge within ninety (90) days after due date, any and all governmental levies that may be made on the mortgaged property, on this Mortgage or Dote, or in any other way resulting from the Mortgage indebtedness secured by this lLtortgage; and if this condition be not . complied with and performed, uid Mortgagee may pay suchsum or sums which shall become pare of the debt secured by this Mort- . complied with and performed, uid 1liorcgagee may pay such sum or sums which shall become part of the debt secured by this Mort- gage and shall beu interest at the default me provided in uid Promissory Noce payable monthly until paid or said Mortgagee may elect that uid Mortgage debt thereupon become due and payable forthwith. 10. If all or any part of the property or an interest therein is sold or transferred by 1?iortgagagor without Mortgagee s prior writtrn consent, excluding (a) the creation of a lien or encumbrance subordinate to this 1?tortgage, (b) the creation of a purchase money security interest For household appiiances, (c) a transfer by devise or descent, or by operation of law upon the - death of ajoint tenant, or (d) the grant of any leasehold interest of three years or less not containing an option to purchase,111orcga- gee may, ac its option, declare all the sums secured by this 111ortgage to be immediately due and payable, Mortgagee shall have waived such option to accelerate if, prior to the ule or transfer, Mongagee and the person to whom the property is to be sold or transferred reach agreement in writing that the credit ofsuch person isutisfaccory col?lortgagee and that the interest payable on _ ~ the sums secured by this mortgage shall be ac such rate as \iortgagee shall request. f ~ I1_ That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under chr power of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of oc damages to uid premises shall be paid to the Mortgagee up co the amount then unpaid on this \iortgagr and at the option of the ;•iortgagee may be applied upon the payments last payable thereon. 12. The 111ortRagor binds himself not to erector permit to be erected any new buildings on 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 uid - improvementswhich materially change chr same or the use thereof, wtithout the written consent of chr I?iorcgagee, and in the Brent of any violation or attempt to violate this stipulation, this,~tortgage and all sums secured hereby shall immediately become due and collectible at the option of the lllorcgagee. 13. It is speciCcally agreed that time is of the essence of this lltortgage and that ito 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 hereby. 14. 1f foreclosure proceedings of any second mortgage or second trust deed or any ju nior lien of am• ki nd should br instituted the \iortgagee may, at its option, immediately or thereafter declare this \iorjgagr :end chr indrbtedness-secured hereby due and j payable forthwith, and may at its option proceed to foreclose this mortgage. - - E . 1 S. To the extent of the indebtedness of the Mortgagor to the Mortgagee described hrrrin or secured hereby the Murtg:tger is hereby subrogated to the lien or liens and to chr rights of the owners and holders thereof of each and every mortgage lien or other encumbrance on the land described herein which is paid and(Or utisfied in whole or in part out of chr proceeds uf_thr loan des-- Z cribed hrrrin or secured hereby and chr respective liens.~f uid Mortgages. liens or other encumhrapces shall be and the same and ?f each of-them hereby is preserved and shall pass to and he held by chr Mortgagee hrrrin as security for chr indebtedness to chr t lllortgagee herein described or hereby secured. to the same extent that it would h:tyr brrn preserved and would have brrn passed to and been held by chr lilortgagre had it brrn duh• and regularly assigned. transferred. x c over and delivered unto chr Martg.tgrr ~ by separate deed of assignmene notw•ichstanding the fact that the same may he satisfied and cancelled of record. it bring chr intention oC the parurs hereto that chr same will hr satisfied and cancelled of record by chr holders thereof at or about chr time of the recording of this \iortgage. j I - _ _ - - _ a~~K 333 PEE 1523 _ - • F f t i. - - - - ~l i~ .u> r' -