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HomeMy WebLinkAbout1072 (d) if by the order of a court of cornpetent jurisdic- tion, a~rustee, receiver or liyuidator of the mortgaged pro- perties or an'y part thereof, or of Mortgagor, shall be ap- pointed and such order shall not be discharyed or dismissed within sixty (60) days after such appointmen~t; or (e) if Nbrtgagor shall file a petition in bankruptcy or for an arrangement or for reorganization pursuant to the Fed- eral f3ankruptcy Act or any similar law, federal or state, or if, by decree of a court of competent jurisdiction, Mortgagor shall be adjudicated a bankrupt, or be declared insolvent, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts gen- erally as they become due, or shall consent to the appoint- ment of a receiver or receivers of all or any part of the mortgaged properties; or . (f) if any of the creditors of Mortgagar shall file a petitian in bankruptcy against Mortgagor or for reorganiza- tion of Mortgagor pursuant to the Federal I3ankruptcy Act or any similar law, federal or state, and if such petition shall not be discharged or dismissed within sixty (60) days after the date of which such petition was filed; or (g} if final judgment for the payment of money shall be rendered against Mortgagor and Mortgagor shall not c~ischarge the sarr~e or cause it to be discharged within sixty (6~) days from the entry thereof, or shall not appeal therefrom or from the order, decree or process upon which or pursuant to which said judgment was granted, based or entered, and secure a stay of execution pending such appeal; or (h) if it shall be iilegal for rbrtgagor to pay any tax referreci to in Section 1.08 heYeof or if the ~ayment of such tax by Mortgagor would result in the viQlation of the usury laws of the state in which the Premises are located; or (i) if default shall be made by Mortgayor under the Loan Agreement entered into between -~rtgagor and Mortgagee; then, and in any of such events, the aggregate sum mentioned in the Note secured hereby, 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 Mortgagee as fully and completely as if said aggregate-sums were originally stipulated to be paid at such time, and Mortgagee shall be entitled thereupon or therea~ter without notice or demand to institute suit to enforce the rights of .~tortgagee hereunder or under the ~7ote secured hereby or any other security instrurients executed an~i delivered ~y Mortgagor to ;rfortgagee. Tn the event of any default or breacl~ on the part of Mortgagor hereunder or und~er the Note secured hereby, or any security instrument, Mortgagee shall have the continuing option to enforce pa yment of all sums secured hereby by action at law or by suit in equity to foreciose this ~~brtgage, either ~r both, concurrently or otherwise, and one action or suit shall not abate or be a bar to or a waiver af :9ort- gagee's rights to insti~ute or maintain the other, provided t~lort- gagee shaZl have onZy one pa yment in satisfaction of the indebted- ness secured hereby. ~ Section 2.02. (a) It is further convenanted and agreed by the parties that, in the event of a suit being instituted to fore- close this Mortgage, Mortgagee shall be entitled to apply at any -io- a~~ix34~ P~c~~d7'~