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Home My WebLink About0937 ~ + ~ . , . i~ _ things necassary to effectuate or assure compliance with inis paragraph. t0. Event cit;Def ~ ~q y,~ o ihe following shalt constit~te an event ot default: ~ ~~l ~ . (a) Failure by hlortgagor to pay, as and when due and payable, any inslallments ot principal or inlerest due under lhe No1a. or any deposils tor taxes and assessments or insurance_premiums due hereunder, or any other sums to be paid by Mortgagor hereunder or under any other instrument securing ihe Note. (b) Failure by Morigagor to duly keep, pe~form and observe any olher covenant, condition or agreemen! in Ihe Note, this Morigage,anyotherinst~411~r1~~~~lr'lr~giheNoleoranyotherinsl~umentcollateraltotheNoteorexeculedinconnectionwilh . the sums secured hereb (or ~~~i~i~~f 10 days a(ter Mortgagee givos writien notice speci(ying ihe breach. (c) If either Mortgagor or any guarantor or endorser oi the Nole: (i) files a voluntary petition in bankruptcy, (ii) is , adjudicated a bankrupt or insolvent; or (iii) tiles any petition or answer seeking or acquiescing in any reorganization, ti management, composition, readjustment, liquidation, dissolution or similar relief for itsel( under any taw relating to bankruptcy, insolvency or other reliel for debtors. or (iv) seeks or consents to or acq~iesces in the appointment oi any trustee, receiver, master or liquidator ot itself or oi alI or any substantial part oi the Morigaged Property or of any or all o~ ihe rents, revenues, issues, earnings, profits or income thereoi, or (v) makes any general assignment tor ihe benetit of creditors, or (vi) makes any admission in writing oi its inability to pay i1s debts gerierally as they become due; or (vii) a court o( competent jurisdiction enters an order, judgmenl or decree approving a. petilion:filed againsl ~Ao~igagor or any guarantor or endorser of ihe Note, seeking any reorganization, arrangement,. composition, readjuslment, liquidation. dissolution or similar relie! under any pr,esent or tuture (ederal, state, or other statuie, law or regutation re~ating ta banlcruptcy, insolvency or other relief tor debtws, which order, judgmenl or decree remains unvacated and unstayed (or an aggregate of sixty (60) days whelher or not c~nsecutive from the date ot entry ihereoi; or (viii) any trustee. receiver or liquidator of Mortgagor ot all or any ~ubstantial pari of the Mortgaged Property or of any a all o( lhe rents, revenues. issues, earnings, profits or income. thereoi, is appoinled withcut the prior written consent ot Morlgag~e. which appoiniment shal! remain unvacated and unsiayed tor an aggregate oi sixly (60) days whether or not consecutive. (d) Any breach oi 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 detault under the terms ot any mortgage or olher security instrumenl which creates a lien or other security interest on or in the Mortgaged Property. - ' 1 t. Aaceleration. If an event of detault shall have occurred, Morigagee may declare the outstanding principal amount oi - I~ ihe Note and the interest accrued thereon, and all othef sums secured hereby, lo be due and payable immediately. Upon such declaration such principal and interest and other sums shall immediately be due and payable without demand or notice. 12. Remedies af4er Default. Upon an event ot de(auli, Mortgages may proceed by suit or suits at la~v or ir~ equity or by any other appropriate proceeding or remedy to: (a) entorce payment o( the Nate or the performance oi any term hereot or any other right; (b) foreclose this Morigage and to sell, as an entireiy or in separate lots or parcels, the Morigaged Property under _ the judgment or decree ot a court or courts of competeM jurisdiction; (c) colle~t ali rents, issues, profits, revenue, income and other benefits fram Ihe Mortgaged Property; (d) appoint a receiver to enter upon and take possession of the Mortgaged Property and io collecl aIl rents, issues, profits, revenue, income, and other benefits thereof and appy the same as a co~rt may direct and such receiver shall have all rights and powers permilted under law: and (e) pursue any other remeaty available to it inctuding, but not iimited to taking possession oi the Mortgaged Property without notice or hearing to Mortgagor. Mortgagee _ shall take action either by such proceeding~ or by ttie exercise oi ils power with respeG to eniry or taking possession, or boih. as Mortgagee may determine. . = 13. No Weiver. No delay or amission of Mortgagee or of any twlder of the f~ote 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 ; avent of detauli or to constitute acquiesence iherein. 14. Non•Exclusive Remedies. No right, power or remedy conferred upon or reserved to Mortgagee by the Note, this Mortgage or any other instrumeni securing the Note is exclusive of any other ~ight, power or remedy, but each and every such ~ rigM, power and remedy shall be cumulative and concurrent and shall be in additiontoany other rigM, power and remedy given hereunder or under ihe N~te or any other instrument securing ihe Note, now or hereafter existing at law, in equity or by slatute. ~ 15. Su~cesaors and Asaigns Bound. Whenever one of ihe parties hereto is named or referred to herein, the heirs. successors and assigns of such party shall be included and all covenants and agreements contai~ed in this Mortgage. by or on behalt ot Mortgagor or Mortgagee, shaA bind and inure to the benefits of their respective heirs, successors and assigns, - whether or not so expressed. _ 16. Miscellsneous. In the event Ihat any of ihe covenants, agreements, terms ar provisions contained in the Note, this - Morlgage or any other instrument securing the Note shall be invalid, illegal or unentorceable in ar~y respect, ihe validity of the ; remaining covenants. agreements, terms or provisions contained herein and in ihe Note and any other instrument securingihe No1e shaH be in no way a(tected, prejudiced or disiurbed thereby. 17. Attorney's Fees. The term "attorney's fees" as used in this Mortgage includes any and all legal fees ot whatever _ nature including, but not limited to, fees resutting trom any appeal of any interlocutory order or final judgment or any oiher appellate proceeding arising out of any litigation. ' 18. Future Advences. This Mortgage is given to secure not on{y existing indebtedness, but~also such (uture advances. . whether such advances are o~ligatory or are to be made at ihs option of MortgageP, or otherwise, as are made within fifteen <Y~ yesrs from the date hereof, to the same extent as iI such futurs advances were made on the date of the execut;on of ihis =4 Mortgage. The tota! amount of indebtedness that may be so secured m~y decrease cr increase trom timelolime, but the total unpaid balance so secured at one fime 5hall not exceed twice the face amount af the Nnle. pius interest ihereon, and any disbursemenis made for fhe paymeN ai taxes, levies or insurance on tne Mortgaged PropeRy, with inieresl on such disbursements at the Default Rate, as hereafter defined 19. Ob{igetion of Moirtgegor. Mortgagor shafl pay the cost of releasing or satis(ying this Mortgage of record. 20. No Tranater. It is understood and agreed by Mortgagor that as part oi the inducement to Morigagee to rr~ake the loan evidenced by the Note, Mortgagee has considered and relied on the credit worihiness and reliability of Mortgagor. Mortgagor covenants and agrees not to sefl, convey, transier, lease or further encumber any interesl in or any part of the Morigaged Properiy wilhout Ihe prior written conseN af Mortgagee; and any such sale, conveyance. trans(er, tease or encumbrance =r;~ Piev;ous EG;on of Feb 84 ma/ be used. - I 10221 Aup 86 (0947) :'4= ~ i`-'_ e~0 ~ I~ Pd~EO 9 3 ~ f:~~ . . . ~ . ' . - . ~ . . . . ~ ' ~ . . ~ i:i~