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HomeMy WebLinkAbout0935 such further mortgages, instruments of further assurance,~ certi- ficates and other documents as Mortgagee may consider necessary or desirable in order to effectuate, complete, enlarye, perfect, or to continue and preserve the obligatfons of Mortgagor under the Note and this Mortgage= also all other instruments securing the Note, and the lien of this Mortgage as a first and prior lien upon all the Mortgaged Property, ex~ept as otherwise specified he rei n. Upon any fa il ure by Mor t~gagor to do so, Mor bgaqee may ~ make, execute, record, file, re-record, or refile any and all such mortgayes, instruments, certificates, financing statements, j and documents for and in the name of Nlortgagor. Mortgagor hereby ~ irrevocably appoints Mort~gagee agent and attorney-in-fact of ' Mortgagor to do all things necessary to effectuate or assure com- j ~ pl iance wi th this paragrap h. ~ 11. Bvent of Default. Any one of the following shall con- s ti tu te an even t of de faul t. - ~ (a) Failure by Mortgagor to pay, as and wh~n due ~ ~ and payable, any installments of principal or interest due under the Note, or any deposits for taxes and assessments or insurance premiums due hereunder, or any other sums to be paid by Mort~agor hereunder or under any other instrument securing the Note. (b) Failure by Mort,gagor to duly keep, perform and - ~ observe any other covenant, condi tion or agr.eement in the Note, this Mortgage, any other instrument securing the Note or any other instrument collateral to the Note o~ execut~ed in connection with the sums secured hereby for a period of ten (10) days after Mortgagee yives written notice specify- iny the breac h. (c) Institution of foreclosure proceedings against the Mor tgaged Proper ty as the resul t of any o ther l ien or cl a im, whe ther alleged to be superior or junior to the 1 ien of this Mortgage, the Mortgagee may, at its option, immediately upon ins ti tution of suc h sui t or during the pendency thereof, declare this Mortgage and the indebtedness secured hereby due and payabl e fbr thwi th and may , a t i ts op tion, proceed to ! foreclose this Mortgage. ; (d ) If ei ther Mortgagor or any guaran tor or endorser ! of the Note: (i) files a voluntary petition in bankruptcy. i or ( ii) is adjudicated a bankrupt or insolvent; or ( iii) ~ files any petition or answer seeking or acquiescing in any ~ reorganization, management, composition, readjustment, ~ 1 iqu ida tion, dissol ution - or s imilar rel ie f for i tsel f under any law rela ting to bankruptcy, insolvency or other rel ief ~ for deb tors , or ( iv ) seeks or consen ts to ~or acquiesces in the appointrnent of any trustee, receiver, master or liquida- tor of itself or of all of any substantial part of the Mort- yaged Property or of any or all of the rents, revenues, issues, earnings, profits or income -thereof, or (v) makes any general assignment for the benefit of credi tors, or (vi ) ~ makes any admission in writing of its inability to pay its ~ debts generally as they become due; or (vii) a court of com- ~ petent jurisdiction enters an order, judgment or decree ~ approvi ng a pe ti tion f iled aga ins t Mor tgagor or any guaran- tor or endorser of the Note, seeking any reorganization, ~ arranyement, composition, readjustment, liquidation, disso- _ lution or similar relief under any present or future fed- 4 eral, state, or ather statute, law or reyulation relating to ~ bankruptcy, insolvency or other relief for debtors, which ~ orde r, j udgme n t or decree reraa ins unvaca ted and uns tayed for r ~ ; e t ~ 4 ~ ~ - 5 - ~ T . ~x 428 ~A~~ 935 i ~ ~ . . . . " _ y ~ . ..y.. .e':~~: . L~, ~ ~ "'i'~ $ y. "~"^-:~~-~'a.t[^~„~ a:.ei'~'~=~ . , ~ ~ . . _ . . _ . . . - F _ " ~ . .