HomeMy WebLinkAbout0990 ~ (c) If eitiier Mortgagor or any guarantar or endorser of the Note: (i) files a volunt3ry petitio~ in bank-
ruptcy, (i~) is adjudicated a bankrupt or insolvent: or (iii) files any petition or answer seeking or acquiescing
in any reorganizat~on, management, composit~on, readjustment, tiquidation, dissolution or similar relief for
itself under any law ~elating to bankruptcy, insolvency or other relief for debtors, or (iv) seeks or consents to
or acquiesces in the appointment of any trusiee, receiver, master or tiquidator of itself or of ail or any
substantial part of the Mortgaged Property or of any or all of the ~ents, revenues. issues, earnings, profits or
income thereof, or (v) makes any general assignment for the benefit of cre.~iitors, or (vi) makes any admis-
sion in writing ot its inability to pay its debts generally as they become due; or (vii) a court of competent
jurisdiction enters an order, judgment or decree approv+ng a petition filed against Mortgagor or any guar-
antor or endorser of the Note, seeking any reorganization, arrangement, composition, readjustment, liqui-
dation, dissolution or similar relief unde~ any present or future federal, state, or other statute, law or regu-
latian relating to bankruptcy, ~nsolvency or other relief for debtors, which order, judgment or decree remains
unvacated and unstayed for an aggregate of sixty (60) days whether or not consecuiive from the date of
entry thereof; or (viii) any trustee, receive~ or liquidator ot Mortgagor of all or any substantial part of the
Mortgaged Property or of any or all of the rents, revenues, issues, ear~ings, profits or income thereof, is
appointed without the prior written c~sent of Mortgagee, which appointment shall remain unvacated and
unstayed for an aggregate of sixty (60) days whether or not consecutive.
(d) Any breach of any warranty or material untruth of any representation of Mortgagor contained in the
Note, this Mortgage or any other instrument securing the Note.
(e) The occurrence of any defautt under the terms of any mortgage or other security instrument which
creates a lien or other securi!y interest on or in the Mortgaged Property.
11. /leeeleratlon. If an event of default shall have occurred. Mortgagee may declare the outstanding
principal amount of the Note and the Interest accrued thereon, and all other sums secured hereby, to be due
and payable immed~ately. Upon such declaration such principal and interest and other sums shall im-
mediately be due and payable without demand or notice.
12. Remedies atter Default. Upon an event of default, Mortgagee may proceed by suit or suits at law
or in equiry or by any other appropriate proceeding or remedy to: (a) enforce payment of the Note or the
performance of any term hereof or any other right; (b) foreclose this Mortgage and to sell, as an entirety or in
separate lots or parcels, the Martgaged Property under the ~udgment or decree of a court or courts of
competent jurisdiction; (c) collect all rents, issues, profits, revenue. income and other benefits from the
Mortgaged Property: (d) appoint a receiver to enter upon and take possession of the Mortgaged Property
and to col!ect all rents, issues, profits, revenue, income, and other benefits thereof and apply the same as a
court may direct and such receiver shall have ali nghts and powers permitted under law; and (e) pursue any
other remedy available to it including, but not limited to taicing possession of the Mortgaged Property without
notice or hearing to Mortgagor. Mortgagee shall take action either by such proceedings or by the exercise of
its power with respect to entry or taking possession, or both. as Mortgagee may determine.
13. No Waive~. No delay or om~ssion of Mortgagee or of any holder of the Note to exercise any right. ~
power or remedy accruing upon any- event of default shall exhaust or impair any such right. power or remedy ,
or shall be construed to waive any event of default or to constitute acquiesence therein. ~
14. Non-Exctusivs Remedks. No right. power or remedy conferred upon or reserved to Mortgagee by ;
the Note. this Mortgage or any other instrument securing the Note is exclus~ve of any other right, pawer or j
remedy, but each and every such right. power and remedy shaU be cumusative and concurrent and shall be
in addition to any other right. Fower and remedy given hereunder or under the Note or any other instrument
securing the Note. now or hereafter existing at iaw, in equity or by statute.
i 15 Successors and Assigns Bound. Whenever one of the parties hereto is named or referred to
~ herein the heirs. s~ccessors and assigns of such party shall be included and all covenants and agreements
contained in this l/lortgage. by or on behalf of Mortgagor or Mortgagee. shali bind and inure to the benefits
of their respective heirs. successors and assigns. whether or not so expressed.
16 Miscellaneous. ~n the event that any of the covenants. agreements. terms or provisions contained
in the vote. this Mortgage or 2ny o~her ~nstrument securing the Note shall be invalid. illegal or unenforceable
~n any respect the validity o! the remaining covenants. agreemenis. terms or provisions contained herein
and ~n the t~lote ard any other instrument securing the Note shall be ~n no way affected, prejudiced or
- disturbed thereby
17 Attorney's Fees. The term ~~attorney s fees" as used in this Mortgage incl~des any and al! legal
fees ei whatever nature including. but not limited to. tees re~ulting from any appeal of an interlocutory order
or f,nal ~udgment or any other appel{aie proceeding ans~ng out of any litigation.
18 Future Advances. This Mortgage is given to secure not only existing indebtedness, but also such
future advances. whether such advances are obligatory ar are to be made at the option of Mortgagee, or
otherwise as are made within fifteen years from the date hereo! to the same extent as if such future
advances were made on the date of the e~cecution of this Mortgage. The tatal amount of indebtedness that
may be sc secured may decrease or ~ncr~ase frorn time to time. but the to;al unpaid balance so secured at
one !ime shail not exceed tw~ce the face amounr of the Note. plus interes! thereon. and any disbursements
made fer the payment of taxes ievies or insurance on the Mortgaged Property. with interest on such
~ disbu.?sements at the Default Rate. as hereafter defined
19 Obligation of Mortgagor. Mortgagor shall pay the cost of releasing or satisfying this Mortgage of
~ record
~ 20 No Transfer. ~t is understood and agreed by Mortgagor ihai as part of the inducement to Mort-
~ gagee to make the ioan ev~denced by the Note Mortgagee has considered and relied on the credit
~ worthiness and ref!abiiity of Mo~!gagor Mortgagor covenants and agrees not to s211. convey. transfer, lease
~ or further encumber any ~nterest ir or any part of the Mortgaged Property without the prior written consent of
~ Mortgagee and any such sale. conveyance. transfer lease or enc!.imbrance made without Mortgagee's
~ prior wntten ~onsen' shall be vo~d if any person should obtain an mterest in all or any part of the Mortgaged
~ Prop2rty pursuant to the execut~on or enforcement of any lien. secunty interest or other right, whether
~ superior. equaf or subordinate to this Mortgage or the lie~ hereof. such event shall be deemed to be a
!ransfer by P,~ortgagor and an event of default hereunder
~
~ 21 Default Rate. The Default Rate sha;~ be the highest rate permitted by applicable law.
~ 22 Changes to Mortgage. All cha~ges. alterations. deletions or add~t~ons to the substance of any
~ paragraph in this Mortgage wh~ch have been agreed to between MorEgagor and Mortgagee have been
~ initialed by Mortgagor as addihonal proof of Mortgagor's conssnt.
'23 Additional Paragraphs. In the event Mortgagor and Mortgagee agree to further covenants ~n this
Mortgage requirins add~tional paragraph or paragraphs. such paragraph or paragraphs shall be at-
~ taci~~ihis Mort~a e under the headmg af '~R~der" and shall be part of this Mor,gage as if set o~t in full
~ here+h" ~
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