HomeMy WebLinkAbout0957 liquidation ar other simila~ proc:eedinc~s shall be instituted by ~ ayainst the Mrxtgagar f~
all cr any pa~t of its property urx3er the Title 11 of the United States Oocie, "Bankruptcy",
cx other law of the United States cr of any state cr other va~etent Jl~1Sd1CClOf1 (aomestic
fareign) and, if against the Mortg~~gar, it shall consent thereto cr shall fail to cause
the sarne to be discharged within thirty (30) days.
17. RQCn~dies. If an Event of Default shall occ~a~, hki tgagee may, at its option:
(a) Acceleration. Decla~e the unpaid p~tior: of the principal ~f the Note and
all interest accrued and unpaid thereon, ta~ether with all other a~unts sec~ed hereby, to
`~e due and payable imnediately, whereupon such s~.sns shall imnedi~tely become and be due and
c~ayable.
(b) Possession and Use of Mortgaged Premises. Mortgayor, upon demand of
~icxtyayee, shall s~render to Ma tgayee the actual possession, and if ~nnd to the extent
t~rmitted by law, Nbrtyagee its~lf, cr by such ofEicers ar agents as it may appoint, may
enter and take possession of all the Martyaged Premises, and may exclude Mortyagor and its
a.~nts and employees wholly therefrom, and may have joint access with Mortgagor to the
~ooks, papers and accounts of Mcrtyagcr. Upon every such entering ~~cx: ~ takiny of posses-
sia:, Mcxtgac~ee may hold, stcre, use, operate, rnanae~e ar:d control the Ma-tyayed Premises and
~or.duct the business thereof, and, fran time to time:
(i) make all r~cessary and ~.roper maintenance, repairs, renewals, replace-
,~er.ts, additions, betterments and improvements thereto ar~d thereor: and purchase ~ otherwise
ac qu ire acid i t ior.a 1 f i x ture s, per sor:a 1 ty ar:d other ~.roper ty;
(ii) ir.s~e cx keep the I~kxtgaged Premises ins?.~ed;
( i i i) mar:aye and oper ate the Nbr tyac~d Premi se s and e xer c i se a 11 the r i g hts
, nd pc-~wer s of Mor tyaga in its r~ame a otherwise , wi th respec t to the sar?ie ; and
( iv) enter into ac~eements with others t~o exercise the poh~rs herein ~ anted
ti9a9~ ~
311 as Mortgayee fran time to time may determine; ar.d Mrxtyagee may a~llect and receive all
che income, reven~.~es, rer.ts, issues ar.d Frofits of the same, includir.g those past due as
~.~e11 as those accruiny thereafter, and shall apQly the ma:ies so received by Mortgayee in
such pricrity as Mortgayee may determine to the payment of accrued inr_erest or: the Note; the
,~ayment of overdue installments of principal; the oost of ins~ance, taxes, assessments and
~ther ~roper cha~ges upon the Mcrtgaged Premises or any part thereof; ar.d the reasonable
,:~npensation, expenses and disb~sements of the attcrneys and ayer.ts of Mcrtyayee including,
~st not limited to, costs inc~red by Mcr tgayee in cornection with its taking possession of
; ~-.'ne Mcrtgaged Premises. ~
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i Mcc tyagee shall surrer.der possession of the Mxt~~ayed Premises to Martyayor
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; ~r:ly when all interest, tax ar:d insurance deposits and ~.rincipal installments, that is due
~ .~~xx: ths Note ar:d under any of the t~er ms o f th i s Mar tyage , sha 11 have bee n pa i d and a 11
~ :efaults c~ed. The same riyht of taking possession, traw~ver, shall exist if ar:y subsequer.t
~ ~,vent of Default shall occ~.
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~ (c) C~e by Mcrtgagee. Zf the Event of Default can be cured by the payment of
a r~~x:~y, Mcrtyagee shall have the right at ar~y time, at its sole option, and without waivir.g
~ affecting its other remedies hereunder , to pay such suns of money as may be r~ece ssar y to
~ .:~ee the ciefault. A11 s~.ans so paid, t~ogether with interest at the default int~erest rate ar:d
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~ t~ether with all costs, charc~es, att~neys' fees and expenses inc~ed in connectior. with
~ ~~~e payment shall be: ( i) deemed paid to the Mcxtgagcr ii ) imnediately due and payable by
~ '~~or tgagar , and ( ii i) shall be secu~ed by this Mcrtgage as a fut~e advance .[~Iotwithstand ir.g '
` s~~h paymer.ts by Mcxtyagee, the Event of ?~efault sh«11 be deemed to be cor.tinuing ur.til '
& 'a~-tga~gee has been reimb~sed by Mcxtgagcr as described herein and Mortyagee has waived the
; =efault by a~itten instrunent which makes sQecific reference to this pa~ac~aph.
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~ (d) Fcreclosire. P3crtgag~ may institute proceedinys f~r the com~lete ~ partial
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~ `~t-eclosure of this Mcrtgage.
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~ ( e) Other Fbemedies. Mcr tgac~e may exerc ise any other remedy s~ec i f ically c~anted ;
~ ~r;der this Mcrtgage, a~ the Note, ~ the other instruments sec~ing the Note, c~r now cr
~ ~:-~r.-eafter existir.g in equity, at law, by virtue of statute, cr otherwise. No riyht, power~ ~
d remedy cxx:ferred upon cr reserved to t~cxt~ayee by the Note, this Mo~tyaye ar any other ~
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} ~striment secu~iny the Not~e is e~uclusive of any other riyht, Er~wer ar remedy, but each ar~d
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