HomeMy WebLinkAbout1397
5. That the waiver of any default or breach of agreement,
condition, covenant or warranty in this Mortqage and the
indebtedness secured hereby shall not be construed as a waiver
of any breach thereafter.
6. That all terms and conditions herein contained shall
be binding upon and inure to the benefit of t2ie heirs, admini-
strators, executors, successors and assigns of the parties
hereto.
DEFAULT AND FORECLOSURE
It is aqreed that time is of the essence and upon default
in the payment of any installment of said note or upon the
violation of any aqreement, condition, covenant, or warranty
contained in said note or in this Mortgage securing the payment
thereof, or in the event of any foreclosure or other proceedinq
to enforce any other lien or encumbrance against the Premises or
in the event of any default in any other mortgaqe or other
security device creatinq any lien against the Premises, or in
the event the MORTGAGOR, its heirs and assiqns, makes an
assiqnment for benefit of creditors or files a petition in
bankruptcy, or is declared bankrupt in an involuntary bankruptcy
proceedinq, or is in default on any agreement between the
parties hereto, then at the option of MORTGAGEE or the holder of
the note secured hereby, the indebtedness in full, including all
payments of t~es, assessments, insurance premiums, liens,
costs, expenses, attorney fees, and other payments herein
specified, shall become and be due and payable without notice to '
MORTGAGOR and the mortgage lien evidenced hereby shall become
immediately enforceable.
Upon maturity of said indebtedness, whether in due course
or upon acceleration as above provided, MORTGAGEE shall have the
riqht to enter into and take possession of the Premises and ,~
collect the rents, issues and profits thereof; and the net
income, after allowing a reasonable fee for collection thereof
and for management of the Premises, may be applied to the
-5-
:~_~_~~_~_. ~
g~~x J`t5 PAGE 1395
~~
Y:~.__,~:~-~