HomeMy WebLinkAbout1825 the payment of which Is due on November 5 , 1985, together with any note or
notes hereafter executed by the MORTGAGOR as hereinafter set forth and secured
by the lien of this Mortgage, said notes hereinafter referred to as "promissory
note(s)", together with Interest as therein stated, and shall perform, comply with
anc# abide by each and every the stipulations, agreements, conditions and covenants
contained and set forth In this Mortgage and in the promissory note(s) secured
. hereby, then, this Mortgage and the estate hereby created shall cease and be null
and void.
AND, the MORTGAGOR does hereby covenant and agree:
1. To perform, comply with and abide by each and every the
stipulations, agreements, conditions and covenants contained and set forth in said
promissory-note(s) and this Mortgage.
2. To pay the indebtedness secured by this instrument, according to the
true tenor and effect of the promissory note(s) hereinabove mentioned, or of any
renewal thereof, promptly on the day or days the same severally become due,
inclusive of any grace period.
3. To pay, before becoming delinquent, all obligations, encumbrances,
taxes, assessments, paving, sidewalk, sanitary and other assessments, levies or
liens, now or hereafter levied or imposed upon or against the mortgaged property,
and to exhibit to the MORTGAGEE before such taxes, assessments, liens and
encumbrances become delinquent, the official receipts for payment thereof, and, if
the same or any part thereof be not paid before becoming delinquent, the
MORTGAGEE may at any time pay the same with accrued interest and charges, if
any, without waiving or affecting MORTGAGEE'S option to foreclose this
{ Mortgage, or any right hereunder, and every payment so made shall bear interest
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from the date thereof at the highest rate authorized by law and all such payments
with interest shall be secured by the lien hereof.
4. That, in the event of a suit being instituted to foreclose this
Mortgage, the MORTGAGEE shall be entitled to apply, at any time during such
foreclosure suit, to the court having jurisdiction thereof for the appointment of a
receiver of all and singular the mortgaged property, and of all rents, incomes,
profits, issues and revenues thereof, from whatsoever source derived; and E
thereupon it is hereby expressly covenanted and agreed that the court shall
forthwith appoint such receiver with the usual powers and duties of receivers in
like cases; and said appointment shall be made by the court as a matter of strict
right to the MORTGAGEE, and without reference to the adequacy or inadequacy of
i the value of the property hereby mortgaged, or to the solvency -or insolvency of the
MORTGAGOR or any other party defendant to such suit. The MORTGAGOR
1 hereby specifically waives the right to object to the appointment of a receiver as
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aforesaid and hereby expressly consents that such appointment shall be made as an
~ admitted equity and as a matter of absolute right to the MORTGAGEE and that the
same may be done without notice to the MORTGAGOR. ~
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a~342 P~18~24
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