HomeMy WebLinkAbout15264. To permit~ commit or suffer no waste~ impairment
or deterioration of said property. or any part thereof, and,
upon the failure of the Mortgagor.to keep the buildings on
said property in good condition of repair, the Mortgagee may
demand the immediate repair of said buildings, or an increase
in the amount of security, or the imanediate repayment of the
debt hereby secured. and the failure of the Mortgagor to comply
with said demand of the riortgagee for a period of thirty (30)
days shall constitute a breach of this mortgage, and, at the
option of the Mortgagee, immediately mature the entire amount
of the principal and interest hereby secured, and immediate;ly
and without notice the Mortgagee may institute proceedings
to foreclose this Mortgage and apply for the appointment of
a Receiver, as hereinafter provided.
5. Without the express prior written consent of
the Mortgagee, to permit no exploration for, nor mining, or
other means of production, of minerals or other natural resources.
6. If any of the sums of money herein referred
to be not promptly and fully paid within thirty (30) days next
after the same severally become due and payable, or if each
and every of the stipulations, agreements, conditions and covenants
of said Promissory Vote and this Mortgage, or either, are not
duly performed, complied with and abided by, the aggregate
sum mentioned in said Promissory Note sha11 become due and
payable forthwith, or thereafter at the option of the Mortgagee,
as fully and completely as if said aggregate sum of money was
originally stipulated to be paid on such day, anything in said
Promissory Note or herein to the contrary notwithstanding.
7. To deliver to said Mortgagee, on or before
March 15th of each year tax receipts evidencing the payment
of all lawfully imposed taxes for Che preceding calendar year,
to deliver to said Mortgagee receipts evidencing the payment
of all liens for public improvements within ninety (90) days
after the same shall become due and payable, and to pay or
discharge within ninety (90) days after due date any and all
governmental levies that may be made on the mortgaged property,
on this I~Iortgage or Note, or in any other cvay resulting from
the Mortgage indebtedness secured by this Mortgage; and if
this condition be not complied with and performed, said Mortgagee
may pay such sum or sums which shall become part of the debt
secured by this Mortgage, and shall bear interest at the same
rate as the principal indebtedness, payable semi-annually until
paid, or said t4ortgagee may elect that said 24ortgage debt thereupon
become due and payable forthwith.
8. It is further covenanted and agreed by said
parties that in the event of a suit being instituted to foreclose
this Mortgage, the Mortgagee shall-be entitled to apply at
any time pending such foreclosure suit to the Court having
jurisdiction thereof for the appointment of a Receiver of all
and singular the mortgaged property, and all of the rents,
incomes, profits, issues and revenues thereof, from whatsoever
source derived; and thereupon it is hereby expressly covenanted
and agreed that the Court shall forthwith appoint a Receiver
of said mortgaged property, all and singular, and of such rents,
incomes, profits, issues and revenue thereof, from whatsoever
source derived, with the usual powers and duties of receivers
in like cases; and such appointment shall be made by such Court
as a matter of strict right to the 24ortgagee, its successors,
legal representatives or assigns, and without reference to
the adequacy or inadequacy of the value of the property hereby
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