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HomeMy WebLinkAbout0916 } . r • ~ ~ 4. To permi~ commit or suffer no w~asce, impairment or deterioration of uid property or any part thereof. ; : S. To pay all and singular the costs, charges and expensea, including reuonable la~vyer'a fces and cost of abstracts of ! title, incurred or paid at any time by uid Mortgagte because and/or in the event of the failure on the part of the said ~ Mortgagor to duly, promptly and fully perfotm, discharge, execute, effect, complete, tomply with and abide by each and every the stipulations, agteements, conditions and tovenants of said promissory note, and this mortgage, any or cither, and ssid coscs, charges and expenses, each and every, shall be immediately due and payable, ~+hether or not there be notice, de- mand, attempt to collect or suit pending; and the full amount of each and every such payment shall bear interest from the date thereof until paid at the ratr of ten per centum pet annum; and al) said costs, charRes and expenses so incurred or paid, toRethrr with such interest, shall be secured by the lieo of this mortgage. ~ 6. That (a) in thr event of any breach of this mortgage or default on the part of the MortgaRor, or (b) in the event any of uid sums oE money herein referred to be not promptly and fully paid within ten days next after the same sevenlly become due and payablt, without demand or notice, or (c) in the event each and every the stipulation, agreemencs, conditions and covenanu of said promissory note and this mortgage, any or either,are not duly, promptly and fully performed, dischargeo, executed, effccted~ completed, complied with and abided by, then, in oicher or any such event, the said agRreRate sum mentioned in said promissory ~ note then remaining unpaid, with interest accrued and all moneys secured hereby, shall become due and payable forthwith, or chercahei, at tbe option of said Morcgagee, as fully and completely as if atl of the uid sums of money were originally scipulaced to be paid on such day, anything in said promissory note, and/or in this mortgage to the contrary norwithstanding; and thereupon or ; thereaftet at the option of said Mortgagee, without notice or demand, suit at laa or in equity, theretofore, or thereatter beRun, may be prosccuted as if all moneys secured hereby had matured prior to its inscitucion. 7. That in the event that at the beginning of or at any time pending any suit upon this mortgage, or to foreclosc it, or to refotm it, and/or to enforce paym~nt of any daims hereunder, said Mortgagee shall apply co the court having jurisdiction thereof for the appointmenc of a Receiver, such tourt shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singular the rents, income, profits, issues and revenues from whatever sourte derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciGcally set forth and described in the RrantinR and habendum clauses hereof, znd such Rrceiver shall have all the broad and effectivc tunccions and powers in anywise entrusted by a court to a Receiver, and such appointment sha11 be made by such court as an admitted equity and a matter of absolute riRht to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor and/or of the defendants, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien and/or equity of said Mortgagee and the practice of such court 8. In the event the jurisdiction of the U.S. District Court shall be invoked by or against the Mortgagor under any of ; che provisions o~ the Federal Bankruptcy Act, such action. whethcr voluncary or involuntary on the part of the Mortgagor, _ shall automatically, without notice, accelerate the maturity of all sums of money herein described and secured and the same ~ shall thereupon become due and payable forthwith as fully as if the said ap,Rregate sums of money were originally stipulated E to be paid on such date. 9. To deliver to said Mortgagee on or before March 1 S th of each year, tax receipts evidencing the payment of all lawfully ~ imposed taxes for the preccding calendar year, and to deliver to said Mortgagee, receipts evidencinR the payment of al) liens for public improvements within ninety (90) days after the same shall become due and piyable, and to pay or discharRe within ninery (90) days after due date, any and all Rovernmental levies that may be rrude on the mortRaRed property, an this MortRaRe or Note, or in any other way resultinR from the Mortgage indebtedness secured by this MortRaRe; and if this condition be not complied with and performed, said MortgaRre may pay such sum or sums which shall become part ot the debt secured by this 111ort- gage and shall bear intercst at the default rate provided in said Promissory Note payable monthly until paid or said MortRaRee may elect that said Mortgage debc thereupon become due and payable forthwith. !0. If all or any part of the property or an interest therein is sold or transferred by Mortgagagor without Mortgagee s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a ' purchase money sccurity interest for household appliances, (c) a transfer by devise or descent, or by operation of law apon the ~ death of a joint tenant, or the grant oEany leasehoid interest of thrce years or less not containing in option to purchase, Mortga- f gee may, at its option, declare all the sums secured by this Mortgage to be immediately due and payable, Mortgagee shall have ~ ; ~vaived such option to accelerate if, prior to the ule or transfer, Mongagee and che person to whom the property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Mortgagee and that the interest payable on 4 the sums secured by this mortgage shall be at such rate as Mortgagee shal; request_ I1. Tlut in the event the premises hereby mortRaRed, or any part thereoE, shall be condemned and taken for public use , under the power of eminent domain, the Mortgagee shall have [he right to demand that ali damages awarded for the taking of or damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on this MortRaRe and at the option of the Mortgagee may be applied upon the paymencs last payable thereon. ~ l2. The Morcgagor binds himself not to erect or permit to be erected any new buildings on the premises herein mortRaRed ~ or,to add to or~permit to be added to any of the existing improvements thereon or make any changes or alterations in said improvements which materiaily change the same or the use thereof, without the aritcen consent of the MortRaRee, and in the event ~ of any violation or attempt to violate this stipulation, this MortRaRe and all sums secured hereby shall immediately become due and ~ coliectible at the option of the MorcRaRee. 13. It is specifically agreed that time is of the essence of this biortgaRe and that no waiver of any obiiRation hereunder or of the obliRation secured hereby shall at any cime be held to be a aaiver of the terms hereof or of the instrument secured hereby. 14. If foreclosu~e proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted che MortRaRee may, at its option, immediately or thereafter declare this MortgaRe and the indebtedness secured hereby due and Y payable forthwith, and may at ics opcion proceed to foredose this mortgage. ~ 1 S. To tht extent of the indebtedness of the MortRagor to the I?iortRagee described herein or secured hereby the MortRaRee is hereby subroRated to the lien or liens and to the righcs of the owners and holders thereof of each and every mortRaRe lien or other ~ encumbrance on the land described herein which is paid and/or utisfied in whole or in part out of the proceeds-0f the loan des tribed herein or secured hereby and the respective liens of said Mortgages, liens or other encumbrances shall be and the same and ach ofthem hereby is preserved and shaU pass to and be held by the Mortgagee herein as securiry• for the indebtedness to che ~ MorcRagee herein dexribed or hereby sec~red, to the same extent that it would have been preserved and would have been passed ; ~ to and been held by the Mortgagee had it been duly and regularly assigned, transferred, set over and delivered unto the MortRaRee ~ by separate deed of assignment notw~ithstandinR the facc t}ut the same may be satisfied and canceUed of record, it beinR the ~ intention of the parties hereto that the same will be satisFied and cancelled of record by the holders thereof at or about the time of the recordinR of this MortRage. ~ E ~ 3UOK 455 PA?;E ~ . ~ ~ m.. _ , ~ ~ _