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HomeMy WebLinkAbout1828 l or to take advantage of any insolvency law, or (S) file an answer admitting the material allegations of a petition flied against the MORTGAGOR in any bankruptcy, reorganization or Insolvency proceeding, or (S) take action for the purpose of effecting any of the foregoing; or If any order, judgment or decree shall be entered upon an application of a credltoc of MORTGAGOR by a court of competent jurisdiction approving a petition seeking appointment of a receiver or trustee of all or a substantial part of the MORTGAGOR'S assets and such order, judgment or decree shall continue unstayed and in effect for any period of ninety (90) consecutive days; then, MORTGAGEE may declare the promissory note(s) secured hereby to be forthwith due and payable, whereupon the principal of and the interest accrued on the promissory note(s) and all other sums hereby secured shall become forthwith due and payable as if all of the said sums of money were originally stipulated to be paid on such day; and, thereupon, the MORTGAGEE, without notice or demand, may prosecute a suit in equity as if all monies secured hereby had matured prior to its institution. 13. That the MORTGAGEE or any person authorized by the MORTGAGEE shall have the right to enter upon and inspect the mortgaged premises at all reasonable times after occurrence of a default hereunder on the promissory note(s). 14. That the MORTGAGOR will on the request of the MORTGAGEE furnish a written statement of the amount owing on the obligation which this Mortgage secures, and therein state whether or not MORTGAGOR claims any defenses or offsets thereto; MORTGAGEE will, on request of MORTGAGOR, furnish a written statement of the amount owing on the obligation of which this Mortgage secures and whether or not MORTGAGOR is in default of the Mortgage or the promissory note(s). r 1 S. It is agreed that nothing herein nor any transaction related thereto shall be construed or so operate as to enable the MORTGAGEE to receive interest at a rate greater than it is now lawful in such case to contract for, or to receive any payment or to do any act contrary to law; that if any clauses or provisions herein contained operate or would prospectively operate to invalidate this ~ Mortgage or said promissory note(s), in whole or in part, then, such clauses and provisions only shall be held for naught, as though not herein contained, and the remainder of this Mortgage shall remain operative and in full force and effect. • 16. If all the mortgaged property shall be damaged or taken through condemnation (which term when used in this Mortgage shall include any damage or I taking by any governmental authority, and any transfer by private sale in lieu thereof), either temporarily or permanently, the entire indebtedness secured hereby shall, at the option of the MORTGAGEE, become immediately due and payable. In such event, MORTGAGEE shall, subject to the rights of superior mortgagees, be entitled to all compensation awards and other payments or relief therefor, and is ~ hereby authorized, at its option, to commence, appear in and prosecute in its own -6- . sfl~342 pM~E18~7 j