HomeMy WebLinkAbout1853 MORTGAGOR's assets, or (2) be adjudicated a bankrupt or Insolvent, or file a
voluntary petition in bankruptcy, or admit In writing its Inability to pay Its debts as
they become due, or (3) make a general assignment for the benefit of creditors, or
(4) file a petition or answer seeking reorganization or arrangement with creditors,
or to take advantage of any Insolvency law, or (S) file an answer admitting the
material allegations of a petition filed against the MORTGAGOR in any
bankruptcy, reorganization or Insolvency proceeding, or (6) 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 creditor 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 rwte(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 wili on the request of the MORTGAGEE
furnish a written statement of the amount owing on the obligation which this
j Mortgage secures, and therein state whether oc not MORTGAGOR claims any
i
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).
1 S. It is agreed that rathing 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 .
g 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 shalt 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
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