HomeMy WebLinkAbout0643 5. To perform, comply with and abide by each and every the stipula-
tions, agreements, conditions and covenants in said promissory note and
deed set forth. If any of the sums of money herein referred to be not
promptly and fully paid as the same severally come due and payable, or if
each and every the stipulations, agreements, conditions and covenants of
said promissory note and this deed, or either, are not duly performed,
complied with and abided by, the aggregate sum mentioned in said promissory
note shall become due and payable forthwith or thereafter at the option of
the Association, as fully and completely as if said aggregate sum of money
was originally stipulated to be paid on such day, anything in said promis-
sory note or herein to the contrary notwithstanding.
6. To execute, acknowledge and deliver, from time to time, such fur-
ther instruments as Association may require to accomplish the purposes of
this mortgage, including, without limitation, Uniform Commercial Code finan-
cing 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 al]-governmental levies that may be made on
the mortgaged property, on this mortgage or note, or in any other way re-
sultingfrom 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 herei nbefore described, but i n 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 encumberieg 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 this Mortgage, or an interest therein, is sold or transferred by Bor-
I rower without the Association's prior written consent, Association may, i
at Association's option, declare all the suns 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 writ-
ing that the credit of 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
domain, the Association shall have the right to demand that all damages
awarded for the taking of, or damages to, said premises shall be paid to
the Association, its successors or assigns, up to the amount then paid 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 suns secured hereby shall immediately
become due and collectible at the option of the Association.
12. It is s ecificall a reed that time is the essence of this contract
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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 or of
the instrument secured hereby.
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. 8339 PEE 643
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