HomeMy WebLinkAbout0624 further secured by chattel mortgages, pledges, contracts of guar-
anty, assignments of leases, or other securities,. Mortgagee may
at its option exhaust any one or moxe of said securities-and the
security hereunder, either concurrently or independently, and in
such order as it may determine.
14. No delay by Mortgagee in exercising any right or remedy
hereunder, or otherwise afforded by law, shall operate as a waiver
thereof or preclude the exercise thereof during the continuance of
any default hereunder.
15. That the Mortgagor shall permit the Mortgagee or-its repre-
sentatives to examine and inspect the premises at any reasonable
times. ~ _
16. When and if Mortgagor and Mortgagee shall respectively -
become the Debtor and Secured Party in any Uniform Commercial
Code Financing Statement affecting property either referred to
or described herein, or in any way connected with the use and
enjoyment of these premises, this Mortgage shall be deemed the
security agreement as defined in said Uniform Commercial Code
and the remedies for any violation of the covenants, terms and
conditions of the agreements herein contained shall be (i) as
prescribed herein, or (ii) by general-law, or (iii) as to such
part of the security which is also reflected in said Financing
Statement by the specific-statutory consequences now or here-
after enacted and specified in the Uniform Commercial Code, all
at tortgagee's sole election.
17. As an inducement to Mortgagee making the loan evidenced by
the note which this Mortgage secures, Morti~agor covenants and agrees
that during the term of said loan, title to the real estate described
herein shall be vested solely in Mortgagor, and if at any time dur-
ing said term, all or any part of said real estate shall, witho~it
the prior written consent of Mortgagee, not be so vested (whether.
volur_tary or by operation-of law or-otherwise), the indebtedness
secured hereby shall, at the option of Mortgagee, become immedi-
ately due and payable without notice. Nevertheless, Mortgagee
will not withhold its consent to a change in ownership if the new
owner or owners have a satisfactory credit standing and qualified
management ability to operate the property described in this Mort- -
gage, in Mortgagee's sole judgment as a prudent lender and the
loan is not-i.n default. In addition, if the new ownership is of
only part of the real estate, there shall be such a principal pay-
~ down on the loan as Mortgagee in its sole judgment as a prudent
lender may require. A transfer in excess of 25$ of the capital
stock, measured cumulatively, of the corporate borrower or of any
corporate successor in interest of the borrower, shall be deemed
a change of ownership requiring the Mortgagee's consent pursuant
hereto. .
18. In the event the interest provisions hereof or any exac-
tions provided for herein or in the note or any other instruments
securing the note shall result, because of (1) the annual reduc-
tion of principal or (2) any other reason at any time during the.
life of the loan, in an effective rate of interest which, for any -
year, transcends the limit of-the usury or any other law appli-
cable to the loan evidenced by the note, all sums in excess of -
~ those lawfully collectible as interest for the period in question '
i
shall, without further agreement or notice between or by any party
~ hereto, be applied upon principal immediately upon receipt of such
moneys by the holder of the note with the same force and effect as
though the payer had specifically designated such extra sums to be
applied to principal and the holder hereof had agreed to accept- -
such extra payment(s) as a premium-free prepayment. Notwithstanding
the foregoing, however, the holder of the note, may at any time and
from time to time-elect by notice in writing to the owner of the
property affected by this mortgage to reduce or limit the collection
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