HomeMy WebLinkAbout0818transaction which resulted in the Indebtedness or any part
thereof be false, untrue, incomplete or misleading in any respect
as of the date made; (4) Waste: If the Premises or any part
thereof should be subject to actual or threatened waste, or any
part thereof be removed, demolished, or materially damaged or
altered as a result of which the value of the Premises shall be
diminished, except that waste shall not be deemed to include
development w~rk on the Premises approved by Mortgagee: (5) Seizure
or Lev~: If the Premises or any part thereof be seized or levied
upon under legal process or a receiver be appointed for the
Premises or any part thereof or for Mortgagor; (6) Liens: If any
Federal tax lien or any claim of lien for labor, material or
architectural or engineering services furnished or alleged to have
been furnished in the improvement of or with respect to-the
Premises is filed of record against Mortgagor or the Premises and
is not removed from record by payment or bond within thirty (30)
days from the date of such filing; (7) Priority Claim: If any
person shall assert any claim of priority over this Mortgage in
anv legal or equitable proceeding, and such claims shall not nave
been dismissed with prejudice within sixty (60) days after the
filing thereof; (8) Insolvency or BankruptcY: If Mortgagor shall
become insolvent or make an assignment for benefit of creditors;
~r if Mortgagor should file a petition for bankruptcy or an
arrangement pursuant to the Federal Bankruptcy Act or any similar
statnte, or if Mortgagor be adjudicated a bankrupt or an
insolvent; or if any proceeding is instituted against or on behalf
of Mortgagor alleging that Mortgagor is insolvent or unable to pa~
Mortgagor's debts as they mature; or if a petition for the
bankruptcy or arrangement of Mortgagor, pursuant to the Federal
Bankruptcy Act or any similar statute is filed; (9) Receiver: If
there should be appointed a receiver, liquidator or trustee for
Mortgagor or for any property of Mcrtgagor; (10) Judgments: If
any ju~gment is rendered against Mortgagor which is not paid in
full and satisf.ied or is not appealed from within the time allowed
for appeals and paid in full and satisfied when it becomes final;
(11) Liquidation or Dissolution: Should Mortgagor, if a
corporation, be liqui~ated or dissolved or its articles of incor-
poration expire or be revoked, or, if a partnership or business
association, 5e dissolved or partitioned, or, if a trust be ter-
minated or expire.
MORTGAGEE'S REMEDIES upon the occurrence of an event of
defa~lt shall be that, at Mortgagee's option and election and
without notice to riortgagor, Mortgagee may declare all or any por-
tion of the Indebtedness to be immediately due and payable,
whereupon the same s~all be and shall become due and payable
forthwith without presentment, demand, protest or notice of any
kind, all of which are expressly waived by Mortgagor, and
Mortgagee, at Mortgagee's option and election, may do any one or
more of the following: (1) Entry and Possession: Mortgagee may
enter upon the Premises or any part thereof and take possession
thereof, excluding therefrom Mortgagor and all agents, employees
and representatives of Mortgagor; employ a manager of the Premises
or any part thereof; hold, store, use, operate, manage, control,
maintain and lease the Premises or any part thereof; conduct busi-
ness thereon; make all necessary and appropriate repairs,
renewals, and replacements; keep the Premises insured; or carry
out or enter into agreements of any kind with respect to the
Premises. (2) Collection of Rents: Mortgagee may collect and
receive all rents, issues, income, revenues, profits, accounts and
contract rights from the Premises and apply the same to the
Indebtedness, after deducting therefrom all costs, charges, and
expenses of taking, holding, managing, and operating the Premises,
including the fees and expenses of Mortgagee's attorneys, and
agents. (3) Payments: Mortgagee may pay any sum or sums deemed
necessary or appropriate by Mortgagee to protect *_he Premises or
any part thereof or Mortgagee's interest therein. (4) Other
Remedies: Mortgagee may exercise all rights and remedies con-
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