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Home My WebLink About0941 ~ , . .y , i~~.; r things necessary to etfectuate or assuro cor~pliance with ihis paragraph. 10. Evant ot Defeuh. Any ona of the tollowing shall constitute an event ot defauit: ; s~; (a) FailurQ by Morigagor to pay, as and when due and payable, any ins!atlments of principal or interest due ~de7SFi~~pt~~~ or any deposits tor taxes and assessments or insu?ance premiums due he~eunder, or any other sums to be pait~'by Mortgagor hereunder or under any othor inslrument securing the Note. . (b) Faiture by Mortgagor to duty keep, perform and observe any other covenant, condition or agreemenl in the Note, this Morigage, any other inslrumenl securing the Note or any other insirument collateral to the Nole or executed in connection with the sums secured hereby fo~ a period oi 10 days after Mortgagee gives writlen notice specilying the brQach. (c) If eiihe~ Mortgagor or any guarantor or endorser oi the Note: (i) files a voluntary petition in bankruptcy, (ii) is adjudicaled a bankrupt or insolvent; or (iii) (iles any pelition or answer seeking or acquiescing in any reorganization, management, composition, readjustmeni, liquidation, dissolulion or similar reliet for itself under any law relating to bankrupicy, insolvency or other reliet lor debtors, or (iv) seeks or oonsents to or acquiesces in the appointmenl of any Irustee, receiver, master or liquidalor ot itselt or of all or any substantial part oi 1he hiorigaged Propecly or o1 any or all ' 01 the rents, revenues, issues, earnings, pro(its or income thereof, or (v) makes any general assi~nment for the benetit _ of creditors, or (vi) makes any admission in writing o( its inability to pay its debts generafly as lhey become due; or (vii) a couri o! competenl jurisdiction enters an order, judgment or decree approvinfl a petition tiled against Mohgagor or any guarantor or endorser oi the Note, seeking any reorganization, arrangement, composition. readjustment. I~quidation. dissolution or similar retief under any presenl or (uture (ederal, state, or olher statute, law or regulalion relating to banKruptcy, insolvency or other relief tor' debtors, which order, judgmenl or decree remains unvacated and unstayed tor an aggregate oi sixty (60) days whether or not conseculive from Ihe date of entry thereo(; or (viii) any truslee, receiver ~ or Iiquidalor of Mortgagor oi all or any substantial part of the Mortgaged Prope~ty or of any or all ot the rents, revenues. issues, earnings, profits or income lhereoi, is appointed without the prior wriiten consent oi Mortgagee. which ~ appointment shall remain unvacated and unstayed tor an aggregate of sixty (60) days whelher or not conseculive. (d} Any breach oi any warranty or material untruth of any representation oi Mortgagor contained in the Note, this Mortgage or any olher instrumenl securing the Note. _ (e) The occwrence of any Betauii under the terms oi any mortgage or otrier security instrume-nt wh'sch creates a tien or alher security interest on or in ihe Morlgaged Property. 11. Acceteration. It an evenl of detault shall have occurred, Morfgagee may declare the outstanding principal amount of the Note and ihe interest accrued ihereon, and all other sums secured hereby, to be due and payable immediately. Upon such declaration such principal and interest and other sums shall immediately be due and payable wilhoui demand or notice. 12. Remedies after Default. Upon an event of default, Mortgagee may proceed by suit or suits at taw or in equily or by ~ any other appropriate proceeding or remedy to: (a) enforce payment oi ihe Note or the performance ot any term hereot or any other righl; (b) forectose this Mortgage and to sell, as an entirety or in separate lots or parcels, the Mortgaged Property under the judgment or decree of a couri or courts oi competent jurisdiction; (c) collect all rents, issues: protits, revenue, income and olher benefits trom ihe Mortgaged Property; (d) appoint a receiver to enter upon and take possession of the Mortgaged Properly and to collecl all rents, issues, pro(its, revenue, income, and other benefits thereof and appty the same as a court may direct and such receiver shal! have all rights and powers permitte~ under law: and (e) pursue any olher remedy available to it ~ inctuding, but not limited to taking possession of the Mortgaged Property without notice or hearing to Mortgagor. Mortgagee ~ shall take action either by such proceed~n~s or by.the exercise of its poy~er with respect to enlry or taking possession, or both, as Mortgagee may determine. _ 13. No Weiver. fVo delay or omission of Mortgagee or ot any holder o( lhe Not~ to exercise any right, powsr or remedy accruing upon any event of default shall exhaust or impair any such right, power or remedy or shall be construed to waiv2 any event of default or to constitute acquiesence therein. 14. Non-Exclusive Remediaa. No right, power or remedy conferre~ upon or reserved to Mortgagee by the Note. this Mortgage or any other instrument securing the Nate is exclusive of any other right, power or remedy. bul each and every such right, power and remedy shall be cumulative and concurrent and shall be in addition to any other right, power and remedy given hereunder or under 1he N~[e or any other instrument securing the Note, now or hereaiter existing at law, in equity or by statute. 15. Succe~sora and Assigns 9ound. Whenever one of the parties hereto is named or referred to herein, the heirs. successo~s and assigns of such party shall be included and al! covenants and agreements contained in this Mortgage, by or on behall of Mlortgagor or Mortc~agee, shall bind and inure to lhe benefits of their respective heirs, successors and assigns. whether or not.so expressed. 16. Miscellaneoua. In the evenf that any of the covEnants, agreements, terms or provisions contained in ths Note. ihis _ Mortgage nr any other instrument securing the Note shal! be invalid, illegal or unenforceable in any respecl, the validity oi fhe remaining covenants, agreements, terms or provisions contained herein and in the Note and any oiher instrument securing the Note shall be in no way affected, prejudiced or disturbed thereby. 17. Attorney's Fees. The term "attorney's tees" as used in this Mortgage includes any and a11 legal (ees of whatever ~ nature including, but not limited to, tees resulting from any appeal oi any interlocutory order or finat judgment or any other appellate proceeding arising out of any litigation. 18. Future Advances. This Mortgage is given to secure not onty exisling indebtedness, but also such future advances. whether such advances are obligatory or are to be made ai ihe option ~if Mortgagee, or atherwise, as are made within fifteen years from the date hereof, to the same extent as if such future advances were made on the dale ol the execution of this Morigage. The total amount of indebtedness that may be so secured may decrease or increase fr~m timeio time, bui the Iotal = unpaid balance so secured at one time shall not exceed iwice the Iace amount of the Nate, ptus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on ihe Mortgaged Property, v~ith interest on such disbursemenls at the Detault Rate, as herea(ter deiined. 19. Abligation of Moirtgagor. Mortgagor shall pay the cost ot releasing or saiistying this Morlgage ~f record. - • 20. No Tranafer. It is understood and agreed by Mortgagor that as part of ihe inducement to Mortgagee to makethe loan evidenced by the Note, Morigagee has cons'sdered and relied on the cred~t worlhiness and retiabitity ot Mortgagor. Mortgagor covenants and agrees not to sell, convey, transfer. lease or further encumber any interest in or ~ny part of the Mortgaged - Property without the prior written consent oi Mo;tgagee, and any such sale, conveyance, transter. lease ar encumbrance P~eviws ed~tm d Feb 84 ma/ be used 110221 Auq &o (094~ f~ ,~:<r g~~5 f 9 P~6E093~ ~ ::t . _ r. ~ • ' . i-