HomeMy WebLinkAbout1328provided, however, that this provision for lien subrogation
shall be effective only as to the lands and easements described
in Schedule A hereof.
13. To pay all and singular the costs, charges, expenses
and attorney's fees, including those of appellate proceedings,
incurred or paid at any time by the mortgagee because of
the failure of the mortgagor to perform, comply with and
abide by each and every the stipulations, agreements, conditions
and covenants of said promissory note, this deed, and of Items
b. and c. of Paragraph 5, or any of them, and every such
payment shall bear interest from date at the rate of 16 per
cent per annum,
19. The mortgagor further covenants that the improvements
to be constructed and equipped with money to be advanced
on this mortgage shall be constructed in accordance with~
plans and specifications submitted to the mortgagee, and
that should said improvements not be constructed in accordance
with said plans and specifications, then and in that event,
the mortgagee may, at its option, declare all sums secured
hereby immediately due and payable.
16. Except pursuant to the site plan and other plans and specifications
on file with mortgagee, the mortgagor binds itself not to erect or permit
to be erected any new buildings on the premises herein mortgaged
or to add or to permit to be added to any of the existing
improvements thereon, or to demolish, alter or destroy any
material part of the improvements, without the written consent
of the mortgagee, and in the event of any violation or attempt
to violate this stipulation this mortgage and all sums secured
hereby shall immediately become due and collectible at the
option of the mortgagee.
17. If foreclosure proceedings of a~y junior mortgage
or of a junior lien of any kind should be instituted against
mortgagor, or if any of the creditors of mortgagor shall
file a petition in bankruptcy against mortgagor, and mortgagee
declare$ a default hereunder, mortgagor shall be allowed
by mortgagee to cure said default, provided mortuagor is
not otherwise in default hereunder, by accomplishing the
following prior to six calendar months from mortgagee's notice
of breach or default extended pursuant to Paragraph 24 hereof,
or the date of entry of a final judgment of foreclosure of
this mortgage, whichever be sooner:
a. causing any foreclosure proceeding or bank-
ruptcy petition to be dismissed or judicially deter-
mined in favor of mortgagor;
b. paying to mortgagee all costs and expenses
incurred by mortgagee in proceeding to enforce its
~ rights under this mortgage, including, without limitation,
reasonable counsel fees, search fees, advances to
protect the mortgaged premises and any other sums
mortgagee is authorized by this mortgage or by law
to expend together ~~ith interest thereon from the
date of payment by mortgagee at the rate of 16 per
cent per annum.
Upon such cure by mortgagor within the time stated, mortgagee
will reinstate this mortgage and dismiss any proceedings
commenced under this mor~gage note or the promissory note
secured by same.
18. To the extent any items of the property or premises
encumbered hereby shall constitute personal property, this
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ATTORNEY3 AT LAW ~t~~K ~~iY ~a~;E~~~
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