HomeMy WebLinkAbout0960 used or intended to be used in connection with or in the opera-
tion of the Mortgaged Property.
10. Additional Documents. At all times this Mortgage is in
effect, upon Mortgagee's request, Mortgagor shall make, execute
and deliver or cause to be made, execu~ed and delivered to Mort-
gagee and, where appropriate, shall cause to be recorded or filed ~
. .
an~ Li7~t~aLL~i' Lt} ue re-r~cvr~zci c}r tetiieci aL 5v~~, LiIile a~~u in
such place as shall be deemed desirable by Mortgagee any and all j
such further mortgages, instruments of further assurance, certi-
ficates and other documents as Mortgagee may consider necessary
or desirable in order to effectuate, complete, enlarge, perfect,
or to continue and preserve the obligations of Mortgagor under
the Note and this Mortgage; also a21 other instruments securing '
the Note, and the lien of this Mortgage as a first ar~d prior lien
upon all the Mortgag~d Property, except as otherwise specified
herein. Upon any failure by Mortgagor to do so, Mortgagee may
make, execute, record, file, re-record, or refile any and all
such mortgages, instruments, certificates, financing statements,
and documents for and in the name of Mortgagor. Mortgagor hereby
i rTs~~~nrahl~ a,nn~,i ntc Mnrt~ac~QQ anPr~t- ~nc~ ~ttnrn?v-in-fa~~t of
~ _ _ _ ' _ ' _ _ c j c' C r " . . _ ' _ _ _ ~ ~ _ ~ - _ . ,
Mortgagor to do all things necessary to effectuate or assure
compliance with this paragraph.
11. Event of Default. Any one of the following shall
constitute an event of default.
- (a) Failure by Mortgagor to pay, as and when due and -
payable, any installments o£ 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 Mortgagor hereunder or under any other instrument
securing the Note.
(b) Failure by Mortgagor to duly keep, perform and
observe any other covenant, condition or agreement in the
` Note, this M,ortgage, any other instrument securing the Note
j or any other instrument collateral to the Note or executed
~ in connection with the sums secured hereby for a period of
! ten (10) days after Mortgagee gives written notice specify- ~
~ ing the breach.
F
F
h
~ (c) Institution of foreclosure proceedings against the
~ Mortgaged Property as the result of any other lien or claim,
whether alleged to be superior or junior to the lien of this
Mortgage, the Mortgagee may, at its option, irrJnediately upon
~ institution ef such suit or during the pendency thereof,
~ declare this Mortgage and the indebtedness secured hereby
~ due and payable forthwith and may, at its option, proceed to
~ foreclose this Mortgage.
~ (d) If either Mortgagor or any guarantor or endorser
~ of the Note: (i) files a voluntary petition in bankruptcy,
~
} or (ii) is adjudicated a bankrupt or insolvent; or (iii)
~ files any petition or answer seeking or acquiescing in any
- reorganization, management, composition, readjustment,
~ liquidation, dissolution or similar relief £or itself under
~ any law relating to bankruptcy, insolvency or other relief
~ for debtors, or (iv) seeks or consents to or acquiesces in
the appointment of any trustee, receiver, master or liqui-
dator of itself or of all of any substantial part of the
Mortgaged 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 creditors, or (vi)
makes any admissian in writing of its inability to pay its
{
~
~
~ - 5 -
a~~c F~cF
_z ~ __x_. ~ .L ~ T _
- -