HomeMy WebLinkAbout1852 affecting Its option to foreclose, oc any right hereunder, and each and every
payment so made shall bear Interest from the date thereof at the highest rate
allowed by law until paid and shall be secured by the lien hereof.
8. To permit, commit or suffer no waste and to maintain the
improvements at all times in a state of good repair and condition; and to do or
permit to be done to said premises nothing that will In any way impair or weaken
the security of Bald Mortgage. in case of the refusal, neglect or Inability of the
MORTGAGOR to repair and maintain said property, the MORTGAGEE may, at its
option, make such repairs or cause the same to be made and advance monies in that
behalf which sums shall be secured by the lien hereof and bear interest at the
highest rate authorized by law.
9. That time is of the essence under this Mortgage and no waiver of any
covenant herein or in the obligation secured hereby shall at any time hereafter be
held to be a waiver of any _of the other terms hereof or of the promissory note(s)
secured hereby, or future waiver of the same covenant.
10. That in order to accelerate the maturity of the indebtedness hereby
secured because of the failure of the MORTGAGOR to pay any tax assessment,
liability, obligation or encumbrance upon said property as herein provided, it shall
not be necessary nor requisite that the MORTGAGEE shall first pay the same.
11. That if the MORTGAGOR shall fail, neglect or refuse (a) for a period
of thirty (30) days, fully and promptly to pay the amounts required to be paid by the
promissory note(s) hereby secured or any of the sums of money herein referred to
or hereby secured, or (b) within thirty (30) days after receipt of notice from
~ MORTGAGEE, to otherwise duly, fully and promptly perform, execute, comply with
and abide by each, every or any of the covenants, conditions or stipulations of this
Mortgage; then, in such event, without notice or demand, the said aggregate sum
mentioned in said promissory note(s), less previous payments, if any, and any and all
sums mentioned herein or secured hereby shall become due and .payable forthwith
or, -thereafter, at the continuing option of the MORTGAGEE, as fully and
completely as if said aggregate sums were originally stipulated to be paid at such
time, anything in said promissory note(s) or herein to the contrary notwithstanding;
and the MORTGAGEE shall be entitled thereupon or thereafter without notice or
demand to institute suit in equity to enforce the rights of the MORTGAGEE
hereunder. in the event of any default or breach on the part of the MORTGAGOR
hereunder or under said promissory note(s), the MORTGAGEE shall have the
continuing option to enforce payment of all sums secured hereby by suit in equity
to foreclose this Mortgage.
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~ 12. That in the event MORTGAGOR shall (1) consent to the
appointment of a receiver, trustee or liquidator of all or a substantial part of
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