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HomeMy WebLinkAbout0996 ~.~.~.....~..~...~.,.W ~ , _ 4..~,..... 9- AddRional Documents. A! all times this Mortgage is in eNect, upon Mortgagee's request, Mortgagor shal! mak~ ~cecute and deliver or cause to be made, executed and delivered to Mortgagee and, where appropriate, shall cause to be recortled or filed and thereatter to be re-recorded w refiled at such time and in such places as sha11 be deemed d~airable by Ma~tgagee any and ~II such further mortgages, instruments o( (urther assurance, certificates and oiher documents as Mortgagee may consider necessary or desirable in Qrder to eftectuate, complete, enlarg~ periect, or to continue and preserve the obl~gations d Mortgaga under the Agreement and this Mortgaga and all other instruments securing the Agreement, and the kan af this Mortgage as a first and prior lien upon all the Mortgaged Property. Upon any (ailure by Mortgagor to do so, Mortgagee m~y maka, execute~ record, tile~ re-record, or ~efile an~r and all such mortgages, instruments, certif~cates and documents for and in the name d Mortgagor. Mortgagor hereby irrev~ocably appoints Mo~tgagee agent and attorn~~•in-fact ot Mortgagor to do all things necessary to effectuate or assure compliance with this paragraph. 10. Event of Detault. Any one of the fotlowing shall constitute an event of detault: (a) Failure by Mortgagor to pay, as and when due any payable, any installments of principal or interest due under the ' Agreement, or any deposits for taxes and assessments or insurance premiums due hereunder, or any other sums to be paid by Mortgagor hereunder or under any other instrument securing the Agreement. (b) Faiture by Mortgagor to duly keep, perform and observe arry other covenant, condition or agreement in the Agreement, this Mortgage, any other instrument securing the Agreement or arry other instrument collateral to the Agreement or executed in connection with the sums secured he~eby for a period ot 10 days after Mortgagee gives written notice specifying the breach. (c) II either Mortgagor or arry guarantor or endorser ot ihe Agreement: (i) files a ~~oluntary petition in bankruptcy, (i) is adjudicated a banlwpt or insdvent; or (i) files arry petition or ansnrer seeking or acquiescing in any reorganiration, management, composition, readjustment, liquidation, dissolution or similar reiiei tor itself under any law ~elating to bankruptcy, insolvency or other relief for debtors, or (v) seeks or consents to or acquiesces in the appointment of arry trustee, receiver, master or liquidator ot itseli or d all or arry substantial part of the Mortgaged Property or of any or all o( the rents, revenues, issues, earnings, profits or incane thereot, or (v) makes any general assignment tor the benefit of creditors, or (vi) makes any admission in writin~ of its inat~lity to pay its debts generally as the~~ become due; or (vi) a court ot competent jurisdiction enters an order. judgment or decree a~5proving a petition filed against Mortgagor or arry guarantor or endorser of the Agreement, seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or tuture federal, state, or other statute, law or regulaGon relating to banfwptcy, insolvency or other relief (or debtors, which order, judgmeM or decree remains urnacated and unstayed tor an aggregate oi sixty (60) days whether or not consecutive from the date of entry thereoi; or (vii) any trustee, receiver or liquidator cf Mortgagor of all or any substantial part oi the Mortgaged Property or of arry or all of the rents, revenues, issues, earnings, profits or income thereot, is appointed without the prior written consent of Mortgagee, which appointment shall remain unvacated and unstayed tor an aggregate oi sixty (60) days whether or not consecutive. (d) Arry breach oi arry warranty or material untruth of any representation of Mortgagor contained in the Agreement, this Mortgage or any other instrument securing the Agreement. (e) The occurrence d any default under the terms oi any mortgage or other security instrument which creates a lien or f other security interest on or in the Mortgaged Property. ~ 11. Acceleratlon. If an event of detault shall have bccurred, Mortgagee may ciectare the outstanding principal amount ot the Agreement and the interest accrued thereon, and aA 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 without demand or notice. 12. Remedtea atter Default. Upon an event of default, Mortgagee may proceed by suit or suits at law or in equity or by any other appropriate proceeding or remedy to: (a) entorce payment oi the Agreement or the performance ot any term hereof or ariy other right; (b) foreclose this Mortgage and to sell, as an entirety or in separate lots or parceis, the Mortgaged Properiy under the judgment or decree of a court or courts of competent jurisdiction; (c) collect all rents, issues, profits, revenue, income and other benef~ts from the Mortgaged Property; appoint a receiver to enter upon and take possession of th9 Mortgaged Property and to collect all rents, issues, profits, revenue, income, and oiher benefits thereof and apply the same as a court may direct and such receiver shall have all rights and powers permitted under law; and (e) pursue arry other remedy available ta it including, but not limited to taking possession d the Mortgaged Property without notice or hearing to Mortgagor. Mortgagee shall take action either by such proceedings or by the exercise of its pawer with respect to entry or taking possesion, or both, as Mortgagee may determine. 13. No Wafver. No delay or omiss+on of Mortgagee or d any hotder d the Agreement to exercise any right, power or remedy accruing upon arry event of default shall exhaust or impair any such right, power or remedy or sha~l be construed - to waive arry event of detauft or to constitute acquiesence therein. - 14. Non-Excluslve Remedlsa. No right, power or remedy conierred upon or reserved to Mortgagee by the Agreement, this Mortgage or any other instrument securing the Agreement is exctu~ive of arry other right, power or remedy, but each and every such right, power and remedy shall be cumulative and concurrent and shall be in addition to arry other right, power and remedy given hereunder or under the Agreement or any other instrument securing the Agreement, now or hereafter existing at law, in equity or by statute. 15. .riucceasors and Asslgns Bound. When~;ver one of the parties hereto is named or referred to herein, the heirs, successors and assigns of such party shall be ir.cluded and all covenants and agreements contained in this Mortgage, by or on behalf of Mortgagor or Mortgagee, shal! bind and inure to the benefits ot their respective heirs, successors and assigns. wheiher or not so sx ressed. P 16. NAlscellaneous. In the event that arry of the covenants, agreements, terms or pravisions contained in the Agreement, this Martgage or any other instrument securing the Agreement shall be invalid, il!egal or unenforceable in arry respect, the validity of the remaining covenants, agreements, terms or provisions contained herein and in the Agreement and arry other instrument securing the Agreement shall be in rr~ way afiected, prejudiced or disturbed thereby. ' 17. Attorney'a Fees. The term "attorne~y's fees" as used in this Mortgage includes arry and all legal fees of whatever ~I nature including, but not limited to, tees resulting from any appeal o( arry interlocutory order or final judgment or arry other appellat~ proceeding arising out of arry litigation. Aa pre~ous eat~ons a~e oASde!e tt022t Rev Nw 86 (094~ ~ I ~4~27 P~0994 - --_.~T ~ - . ~3~, _ - _ _ _