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things neCessary to efleCtuate or assure complience w~th t~is paragraph. ~ ~
t0. Ewnt of D~fault. Arty One of the follOwinq Shall COnstitute an event of default: . ~
(a) Failure by Mortgagor to pay. as and when due and payabte. any ~nstailments of pnncapal or ~nterest due under cne Note. ~
or any deposits for taxes and assessments or insurance premiums due heraundef. or any other sums to be paid by Mortgaqor ;
hereunder or urWer any other ~nsirument securing the Note.
(b) Fa~~ure by Mortgagor to duiy keep, perform and observe any other cove~ant, condit~on or agreement m the Note. tn~s '
MoRgage. any other ~nStrument secunng the Note or any other ~nstrument coi~ateral to the Note or gxecuted ~n Connec:~On .v~th ?
the sums secureo ~ereby ~or a penad ot ~0 days atter Mortgagee gwes wntten nouce scec,fy~ng ;ne ~reacn
_ (C) If 8dh@f Mortgagor Ot any guaran!or or endorser ot tne tvote: t~ies a voluntary petRwn u1 Dd~lktupiCy. In) i5 ~
ad~udicated a bankrupZ a insolvent: or (iii) files any petition ar answer seeking or acqu~esc~ng ~n any reorgarnlalion.
management. compos~t~en, readjustment, iiqu~dation. dissdution or similar rel~ef fo: itself under any ~aw r~laUng to
bankruptcy, msofvency a other rel~ef for debtors. or (iv) seeks or Consents to or aCqu~e5Ce5 ~n the appo~ntment of any
trustee. rece~ver, master or iiquidator of ~tself or of all or any su~tanhat par, of the Mortgaged Properry or of any or au
of the rents. revenues. issues. earninqs, profits or income thereof, or (vj makes any general ass~gnment for the benefit
of creditors, or (vi) makes any adm~ss~on in writing of its inab~liry to pay i~s deots generalty as they become due: or (v~~)
a court of competent ju~isdict~on enters an order, judgment or decree app~ov~ng a petition fited against Mortgagor or any
guarantor or endorser of the Nate, seelcing any reorgenizatiorL arrengement. CompoSitiorL read~ustment. I~quidatbn.
dissolution or similar relief under eny present or tuture tederal, state. or other statute. taw or regulati0n relatmg to
bankruptcy, insolven~y or ather relief for debtors, whiCh order. ~udgment ar decree rema,ns unvacated and u~utayed for
an aggregate of sixty (60) days whether or not consecutive from the date of entry thereot or (v~ii1 any trustee. rece~ver
or iiqu~dator af Mortgagor of alt or arr~ substantial part of the Mortgaged Property or of any or al1 of the rents. revenues.
~ssues. earnin ofits or income thereof, is nted without the pnor written consent of Mort ~
9s. Pr aPR~ 9a9ee. wh~cn
appantment shau remain unvacated and unstayed Ior an aggregate ot sixry {60) days wnether or nct consecutrve. !
t
(dl Any breach of any warranry or material untruth of any representation of Mortgagor concamed m the Note. !h~s Mortgage
or any other instrument securing the Note.
' (el The occurrence of any default under the terms of any mortgaGe or other secu~~ry nstrur^2n~ .vn~cn ~reaces a:er or
other secunty ~nterest on or ~n the Mortgaged Property
1 t AceslKation. If an event of defau?t shafl have occurred. Nlortgag~e may deciare the outstand~ng pr~nc~Ral amount of
the Note and the interest accrued thereon. and all other sums secured hereDy. !o be due and payabie ~mmed~ate~y Upon sucn ~
declaration such princioal and interest and other sGms shall immediatey be due and payable w~tnout demand or not~ce.
t 2. Rsmedies aftsr D~isult. Upon an event of default, Mortgagee may procee0 by swt or swts at ~aw or m e~u+ry cr by
ar~y other appropriate procesding or remedy to: (a) enforce payment of the Note or the performance of any term nereof or any
other right; (b) foreclose th~s Mortgage and to sell. as an entirety or m separate iots or parceis. ~he ~tartgaged Prcperty under
the j~~dgment or decree of a court or courts of competent junsdiciion: {cy colled alt rents. ~ssues. arofi?s. ~evenue. ~nCOme an~
other benef~ts ~rom the Mortgaged PropeRy: (d) appoint a rece~ver to snter upon and ta?ce ~ossessre^ o! !ne ~tcrtgaged
Property and to coftect all rents, issues. profits. revenue. ~ncome. and other benef~ts tr.ereof and aca~y tne same as a court may
direct and such receiver shall have aU ngnts and powers perm~[ted under faw: and ; e1 purs~e any othe~ remedy avauao+e ce a
including, but not limited to taking possesSion of the Mortgaged Property w~thout notiCe o~ heanng tC 1AOrtgagor ~AOrtSagee
s~tiall take act~on e~ther by such proceedings or by the exerc~se of ~ts power w~th respect to entry or tak~r,g possess~on. or oeth.
as Mortgagee may determine.
13. No Waivar. No delay o? omiss~on of 1Aortgagee or of any noider of the Note to exerc~se any nght. oo•.ver cr remedy ~
accru~ng upon any event of default shall exhausi or impa~r any such r~ght. power or remedy or sha~l ~e ;.crscr;,ee?a ~.va~ve ar.y
event of default or to constitute acqu~esence there~n.
" ~ a. Non-Exclusivs Rsmedies. No right. po~v2r or rernedy Confeired upon ~r r~grvetl ?o Mcrtgagse oy ~re ~cte. ~n~s
~ uortgage or any other ~nstrument secunng the Note ~s exc~us~ve ef any e;ner nght. power or remedy. ~u: eac~ ane eve^~ suc^
; nght. power and remeciy shau be cumu~a;i•re and concur?ent and shau ~e ~n addit~on to any other r,ght. ~cwer and reTecy g~ven
nereunder or ~nder the Note or arry other insirumeni secunng the Note. now or hereafterex~st~ng at iaw. ,n equ~ty cr by stacute.
15. Succasson and Assi~ns Bound. Wher~ever one of the part~es hereto is named or referred to here+n. ~he r,~rS.
successors and ass~gns of such party shall be incfuded and aIl covenants and agreements conta~ned ~n th~s Mortgagz. oy or
on behalf of Mortgagor or Mortgagee. shali bind and inure to the b~netits of the+r respect~ve ne~rs. successors anC ass~gns
xhether Or nOt 50 BxOre5S2d-
16. Miscsllaneous. In the event that any of the covenants. agreements. terms or prov~SionS Contained in the Note. th~s ~
Mortgage or any other instrument securing the Note sha?I be ~nvaiid. ~llegal or unenforcea~le ~n any respect. the vahC~ty of the ~
~ remainmg covenants. agreements, terms cx.provisions contained here~n and m the Note and any other instrument secunng the ;
Note shall be in no way affected. pre~udiced or disturbed thereby.
17 Attorn~y's Fe~s. The term °atiorney's fees" as used in this Mortgage mciudes any and all legal fees of whatever ?
nature inGuding, but not Iimited to. fees resulting from any appeal of any ;nterlocutory order or final ~udgment or any othe~
appe~late proceeding ans~ng out of any iitiqation.
~ 8. Futurs Advsncas. Th~s Mortgage ~s given to secure not onry existing ;ndebtedness. bu~ aiso such future aCvances.
whether such advances are obligatory or are to be made at ihe option of Mortgagee. or otherw~se. as are matie w~th~n fifteen ;
~ years from the date hereof. to the same extent as ~f such future advances were made on the date of the execut~on of ?h~s
~ MoRgage. The total amount of indeDtedness that may be so secured may decrease or mcrease from timeto t~me. oui the total
~ unpaid batance so secured at;qi~ fime sh~ll not excesd twice the tace amount o( the Note. plus mterest iheteCn. and any ,
d+sbursements made tor the payment of taxes. levies or ~nsurance on the Mortgaged Property. w~th ~nterest ~n such ~
disbursements at the Defauit Rate, as herea~ter defined: ' '
t 9. Obli~stion of Mort~a9or.. ~loRgagor sha~l pay the cos? of re~eas~ng or satisymg this MortSage of recora _
20 No Transf~. ~t ~s ur~d~rstood and,agreed by Mortgagor that as part of the inducement ta Mortgagee to makethe loan
evidenced by the Note. Mortgagee has considered and retied on the credit worthiness ar.d re?iabil~ty of Mortgagor. Mortgagor
covenanis and agrees not to seH. convey. transfer. ~ease or further encumber arry ~nterest ~n or any oart of the Mortgagsd
Property w~thout the pr~or wr~tten consent af Mertgagee. and any such sale. conveyance. !ransfer ~ease or encumorarcE
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BOOK ~e70 PAGf ~7~
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