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HomeMy WebLinkAbout0961 t _ 3~ p 3- A 6 ..r . . . ~ ~ , . _ of any pest, present, or future defeult on the part of Borrower; and the procurement of insurance or the payment of texes or other liens, debts, or charges by Lender shall not be taken or construed es e wai~er of its right to declare the maturity of any indebtedness hereby secured by reason of feilure of Borrower to procure such insurance or to pey such taxes, debts, liens or charges. The lien of this instrument shaU remain in full force and effect during any postponement or extension of time of payment of any part or all of any indebtedness secured hereby and during the tetm of any iuture edvances made hereunder. 15. Exemptions. Borrower agrees not to set up_or claim the benelit of curtesy or dower laws, or any exemption or insolvency laws aRainst any claim ot Lender, for ae.y~urtt a~m~ney vOhic~1 may become due and payable to it, under the covenants and agreements of the Credit Agreement. or of this Mortgege, or against the securing of execution of any judgment sought thereon. all of said rights and e:emptions being hereby expressly waived. 16. Default. The happening of any of the following events shall constitute a default hereunder: (s) a default shall occur under the Credit Agreement; (b) failure of Borrower to perf~rm any agreement in this Mortgage or the First Mortgage; (c) any Obligor (which term shatl mean and include the Borrower, each borrower, endorser, surety, guarentor. and all others who may become liable for all or any part of the obligations secured hereby, as well as anyone that owns, from time to time, all or any portion of the Property or any interest therein) becomes involved in bankruptcy or insolvency proceedings; (d) further encumbering all or any part of the Property, except in favor of Lender, without Lender's prior written consent; (e) any warranty, representation, certi~cate or statement of any Obligor (whether contained in this Mortgage, the Credit Agreement, or othPr instruments executed in connection with the revolving line-of-credit secured hereby) is not true; (f) taking of possession of all or any substantial part of the Property encumbered by thes Mnrtgage at the instance of any governmental authority; (g) a default shall occur under or any proceedings are instilnt~ fet tge ~re`clo "~r~or collection of any mortgage, judgment or lien prior or subordinate to the lien of this Mortgage affecting the Property. The enumeration of events of defauit under this paragraph 16 shall not exclude such other events of default under this Mortgage which are set forth in other paragraphs. 17. Acceleration. If a default shall occur hereunder, then, without notice, any and all outstanding sums secured by this Mortgage, together w;th all accrued interest, shall become immediately due and payable at the option of the Lender as fully and completely as if said aggregate sum were originally stigulated to be paid at such time. That is to say, upon the breach of any of the terms or covenants herein to be performed by Borrower, Lender or holder shall have the right to accelerate the maturity ~ of this Mortgage as though it were due and payable a~such time and to demand payment in full of any and all outstandir,g sums secured by this Mortgage, and to exercise all the cights and remedies herein or by law reserved to Lender the same as in any event of default hereunder, anything in the Credit Agreement secured hereby or herein to the contrary notwithstanding. ~ 18. Costs and Attorneys' Fees. Borrower shall pay and reimburse Lender for all costs, charges and expenses, including reasonable attorneys' fees (including those oD a~eol)~ci}red kp I~nder in enforcing its rights under the Credit Agreement or this 144ortgage. ~ , 19. Transfer of Property. If all or any part of the Pmperty or any interest therein is sotd or transferred by Bormwer wit hout Lender's prior written consent, Lender may, at Lender's option, and without notice tv Borrower, declare any and aU I outstanding sums secured by this Mortgage to be immediateiy due and payable. 20. Proceeds of Claims, Awards, and Sales. Atl monies, other than proceeds of foreclosure sale or other transfer of title to the Property in extinguishment of any outst~nding sums secured by this Mortgage, which are paid to, collected or ; received by Lender in connection with or as the proceeds of insurance loss claims, condemnation awards, or sales as provided ` under the terms of this Mortgage, shall be applied by Lender as follows: first, to payment of Lender's costs and expenses, real estate commissions and attorneys' fees incurred therewith; second, to payment to Lender of interest, at the highest legal rate F permitted by 18w to be charged by Lender, on said costs from the da:e of such expenditures; and third, at option of Lender to [ {a) restoration or repair of the Property, if applicable, or~b) ~y~ee~ otir~r~t due on any autstanding sums secured by ~ this Mortgage, and the remainder, if any, to any such outs~nding sums. ~ ~ 21. Proceeds of Foreclosure Sale. If this Mortgage is foreclosed by a proper.suit and the Property is sold to satisfy a E decree of foreclosure, the proceeds of such sale shall be applied as folbws: first, ta the expenses and costs incurred hereunder, ~ including reas~nable attorneys' fees for such services as may be necessary in the collection of any outstanding sums and the i ~ foreclosure of this Mortgage; second, to the payment of whatever sum or sums the Lender may have paid or become liable to ? pay in carrying out the terms and stipulations of this Mortgage, together with interest thereon; and finally, ta the payment and ' satisfaction of any outstanding sums advanced in accordance wi!h the Credit Agreement. The balance, if any, shell, unless the i Court decrees otherwise, be paid into the registry of the Court having jurisdiction of said foreclosure suit, to abide the further ~ order of said C~urt. 22. Notice. Any written notice, demand or request that is required to be made hereunder or under the Credit Agreement shall be served in person or by mail, addressed to the party to be sepved at its address set forth in the Credit Agreement or any other address ihe sender may have bee,n ir~stsuc~d'3o ases~ 6 23. Severability. Wherever possible, each provision of this Mortgage shali be interpreted in such manner as to be effective and valid under applicable law, but if any provision hereof shall be prohibited or invalid under applicable law, such provision shall be ineffective te the extent of such prohibition or invalidity only, witbout invalidating the remainder of such provisions or of the remaining provisions of this Mortgage. ~ 4_93 n E 959 Y _ ~ - - ` Q~3 z ' fF. r. , ~ ~ a=t~ . . ' -a_. . ~ _ _ . _ . . ° ~ _ _ ~ - 5,~. ~ ~'cY ~ x^~ x ~.~,,.tt r •:~+~-,~.x~ 'u'~ ~.~~'~~~s~~"~~~ `a