HomeMy WebLinkAbout1110district is authorized to make additional assessments for improvements
in excess of 158 of the assessment in force and effect as of the date
hereof, then in any of such events the Mortgagee may, at its option,
declare the entire indebtedness hereby secured due and payable upon
six months' notice. If such option is exercised and notice given, then
upon the expiration of such six months' notice, the entire indebtedness
hereby secured shall be due and payable and nonpayment thereof shall
constitute a default under this mortgage, and the same may be collected
by foreclosure or in any other manner provided by law. However, if
the Mortgagor pays the said additional assessment in cash within said
six months' period, then the right of the Mortgagee to accelerate
the debt secured hereby, for said specific nonpayment, shall terminate
as to such default, without in any manner affecting the rights of the
Mortgagee under any other existing or subsequent default under this
mortgage or the note secured hereby.
11. In the event the Mortgagor sells or conveys said premises,
or any portion thereof, or, if the Mortgagor is a corporation, sells,
trades or disposes of more than 498 of its corporate stock to persons
other than the present owners, their heirs and qualified directors prior
to the time the indebtedness secured hereby shall have been reduced
to $0.00, then at the option of the mortgagee, the entire said
indebtedness shall become due and payable.
12. 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 hereafter enacted and specified in the Uniform Commercial Code,
all at Mortgagee's sole election.
It is agreed that granting any extension of time of payment
of any sum coming due under the note aforesaid or under this mortgage,
to any person, or the taking of other or additional security for the
payment thereof, the waiver of, or failure to exercise, any right to
mature the whole debt or any other waiver by Mortgagee shall not in any
wise affect this mortgage or the rights of Mortgagee hereunder, or operate
as a release of any liability or any covenant or stipulation herein
contained. The several rights and remedies in this mortgage contained,
provided, declared or authorized, shall be construed and deemed as
cumulative and no one or more of them as exclusive of the other or
any of the others or of any rights or remedies which now or hereafte r
may be given or allowed by law.
Mortgagor unconditionally grants to tortgagee the right to
enter upon and inspect the Mortgaged Premises at all reasonable
times.
The words "Mortgagor" and "Mortgagee" when used herein shall
be taken to include the singular and plural number and masculine,
feminine or neuter gender, as may fit the case, and shall include
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