HomeMy WebLinkAbout1230 secured by the lien of this mortgage and shall at the option of the mort-
gagee be immediately due and payable, or payable in such monthly install-
ments as the mortgagee may determine. j
5. To perform, comply with and abide by each and every the stipule- ~
Lions, agreements, conditions and covenants in said promissory note and
deed set forth. If any of the sums of money herein referred to be not prompt-
ly and fully paid as the same severally come due and payable, or if each and
every the stipulations, agreements, conditions and covenants of said pro-
missory note and this deed, or either, are not duly performed, complied with _ f
and abided by, the aggregate sum mentioned in said promissory note shall be-
come due and payable forthwith or thereafter at the option of the Associa-
tion, as fully and completely as if said aggregate sum of money was origi-
nally stipulated to be paid on such day, anything in said promissory note - #
or herein to the contrary notwithstanding.
~6. To execute, acknowledge and deliver, from time to time, such further
instruments as Association may require to accomplish the purposes of this
mortgage, including, without limitation, Uniform Commercial Code financing ~
statements and continuation forms.
7, To deliver to the Association 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)
days after due date any~and all governmental levies that may be made on the
mortgaged property, on this mortgage or note, or in any other way resulting
from the mortgage indebtedness secured by this mortgage.
8. Until default in the performance of the covenants and agreements
of-this mortgage, the mortgagor shall be entitled to collect the rents,
issues and profits from the premises hereinbefore described, but in case
of a default in any of the terms of this mortgage, or the filing of a com-
plaint to foreclose this or any other mortgage encumbering the within des-
cribed property, the Association shall immediately and without notice be
entitled to the appointment of a Receiver of the mortgaged property, and
of the rents, issues and profits thereof, with the usual. power of Receivers
in such cases, and such Receiver may be continued in possession of the said
property until the time of the sale hereof under such foreclosure and until
the confirmation of such sale by the Court.
9. If all or any part of the Property described herein as security for ~ ~
j this Mortgage or an interest therein, is sold or transferred by Borrower
without the Association's prior written consent, Association may, at Associa-
tion's.option, declare all the sums secured by, this Mortgage to be immediately
due and payable. Association shall have waived such option to accelerate if
prior,to the sale or transfer, Association and the person to whom the Property
is to be sold or transferred reach agreement in writing that the credit of
i such person is satisfactory to Association and that the interest payable on
~ the sums secured by this Mortgage shall be at such rate as Association shall
~ request.
10. In~the event the premises hereby mortgaged, or any part thereof,
shall be condemned and taken for public use under the power of eminent do-
main, the Association shall have the right to demand that all damages award-
ed-for"the taking of, or damages to, said premises shall be paid to the
Association, its successors or assigns, up to the amount then unpaid on
this mortgage and may be applied upon the payment or payments last payable
thereon.
11. The mortgagor binds itself not. to add or• permit to be added to any
of the existing improvements herein mortgaged, nor to demolish, alter or ~
destroy any material part of the improvements without the written consent
of the Association and in the event of any violation or attempt to violate
~ this stipulation this mortgage and all sums secured hereby shall immediately
~ become due and collectible at the option of the Association.
12. It is specifically agreed that time is the essence of this contract
and that no waiver 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 the instrument secured hereby.
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