HomeMy WebLinkAbout0920 things necessary to effecluate or assure comptiance wilh this paragraph.
t0. Evsnt of Dsfeult. Any one of the tollowing shall constitute an evenl of default:
(a) Failure by Mortgagor to pay, as and when due and payable. any installmenis of principal or interest due under the Note.
or any deposits for taxes and assessments or insurance premiums due hereunder, or any olher sums to be paid by Mortgagor
hereunder or under any other instrument securing the Nole.
(b) Failure by Morlgagor to duly keep. per(orm and observe any other covenant, condition or agreeme~t in the Note, this
Mortgage. any other instrument securingthe Noteor any other instrume~t collateraltolheNoteor executed in connectionwitFi
the sums secured hereby to~ a period of t0 days after Mortgagee gives written nolice specitying the breach.
(c) It either Morigagor or any guarantor or endorser of the Nole: (i) files a volunlary petition i~ bankruptcy. (ii) is
adjudicated a bankrupt or insolvent; or (iii) files any pel+'lion or answer seeking or aoquiescing in any reorganizalion.
management, composition, readjustm2nl, liquidation. dissolution or similar reliei tor itselt under any law relating to
bankruptcy, insolvency or other reliet for deWas. or (iv) seeks a consents to or acquiesces in Ihe appanlment oi any
trustee. receiver, master or liquidator of itseli or ot a11 or any substantial part oi the Mortgaged Prope?ty or of any or all
of the rents. revenues. issues. earnings, prof~ts or income thereot. or (v) makes any general assignment for the bene(it
of creditors. or (vi) makes any admission in wnting ot its inabitity to pay its debts generally as they become due: or (vii)
a court of competent jurisdiction enters an order, judgmenl or decree approving a petition filed againsl Mortgagor a any
guarantor or endorser of ihe Note, seeking any reorganization, arrangemenl, composition, readjustment, liquidation,
dissolution or similar relief under any present or (uture (ederal, state, a other slatute. law or regulation retating to
bankruptcy, insolvency or other reliei for debtors, which order. judgment or deCree remains unv~r.ated and unstayed (or
an aggregate ot sixry (60) days whether or not consecutive from the date of entry thereol: or (viii) any trustee, receiver
or liquidator of Mortgagor ot alt or any substantial part of the Mortgaged Property or o'. ~ny a all of the rents, revenues.
issues. earnings. protits or income thereof, is appointed w~thout Ihe prior written consent of Mortgagee. wh;ch
appoiniment shall remain unvacaled and unstayed for an aggregate of sixty (60) days whether or not consecutive
(d) Any breach ot any warranty or mater~ai unlruth of any representat:on ot Mortgagor coniained in the Nole, this Mortgage
or any other instrument securing the Note.
(e) The occu!rence ot any detault under the terms of any mortgage or other secunty instrument which creates a lienor
other secunty ~nterest on or in ihe Mortgaged Properry.
t t. Accels?ation. If an evenl of detautt shall have occurred. Mortgagee may declare the outstanding principal amount ol
the Note and the interest accrued thereon. and all ofher sums secured hereby. to be due and payabte immediately. Upon such
declaration such pnncipal and interest and other sums shall immed~atety be due and payabte without demand or notice.
12. Remsdies after Default. Upon an event of default. Morigagee may proceed by su~t or suits at law or in equity a by
any other appropriate proceedirsg or remedy to: (a) enforce payment oi the Note or the periormance of any term hereof or any
olher right; (b) foreciose this Mortgage and to sell, as an entirety or in separate lots or parcels, the Mortgaged Property under
the judgment or decree of a court or courts of competent jurisdiction: (c) colled all renis. issues. profits, revenue. income and
other benetits trom the Mortgaged Propeny; (d) appoint a receiver to enter upon and take possession ot the Mortgaged
Property and to collect atl rents. issues. profifs. revenue, income. and other benetits thereoi and appy the same as a court may
direct and such receiver shall have all rights and powers permilted under law: and (e) pursue any other remedy available to it
inctuding, but not Iimited to taking possession of the Mortgaged Property without notice or hearing to Mortgagor. Mortgagee
shall take action either by such proceedings or by ihe exercise oi its power with respect to entry or taking possession. or both.
as Morigagee may determine
I 13 No Waiver. No delay or omission of Mortgagee or ot any holder of the Note ro exercise any right. power or remedy
f accruing upon any event of default shall exhaust or impa~r any such right. power or remedy or shall be construedtowaiveany
` event of ~default or to constitute acquiesence therein.
~ 14 Non-Exclusive Remedies. No r?ght. power or remedy conterred upon or reserved to Mortgagee by ihe Note. th~s
~ Morigage or any other instrument securing the Note is excl~sive ot any other right. power or remedy. but each and every such
r~ght. power and remedy shall be cumulative and concurrent and shall be in addition toany other right, power and remedy given
' hereunder or under the Note or any other instrument securing the Note. now or hereafler existing at law. in equity or by statute.
15. Successors and Assigns Bound. Whenever one of ihe parlies hereto is named or referred to herein, the heirs,
successors and assigns of such party shall be includeri and all covenants and agreements contamed in this Mortgage. by or
on behalf oi Martgagor or Mortgagee. shall bind and inure to the benefits of their respective heirs, successas and assigns.
whelher or not so expressed.
16. Miscellaneous. tn the event that any ot the covenants. agreements, terms or provisions contained in ihe Note, this
Mortgage or any other instrument securing ths Note shall be invalid. iilegal or unenforceable in any respect. the validity ot 1 he
remaining covenants. agreements. terms w provisions contained herein and in the Note and any other inslrument secunngt he
Note shall be in no way atfected. prejudiced or d~sturbed thereby
17 Attorney's Fees. The term "attorney's tees" as used in th~s Mortgage includes any and au ~ega1 tees of whatever
nature including. but not limited to. fees resutting from any appeal ot any mterlocutory order or final judgment or any other
appellate proceeding arising out of any litigation.
18. Future Advsncss. This Mortgage is g~ven to secure not only existing indebtedness. but also such future advances.
whether such advances are obligatory or are to be made at the option of Mortgagee, or otherwise. as are made within f~fteen
years (rom the date hereof. to the same exient as if such future advances were made on the date of the execution oi t his
Mortgage. The tolal amount ot indebtedness that may be so secured may decrease or increase trom timetotime. but thelotal
unpaid balance so secured at one time shall not exceed twice Ihe tace amount of the Note, ptus interest thereon. and any
disbursements made for the payment of taxes, levies a insurance on the Morigaged Propeny. with interesi on such
d~sbursements at the Detault Rate, as hereatter defined. .
19. Obllpttion of Mort~spor. Mortgagor shat! pay the cost of releasing or satisying this Mongage o( record. ~
20. No Tnnsfsr. It is understood and agreed by Mortgagor that as part of the inducement to Mortgageeto maketheloan ,
evidenced by the Note. Mortgagee has considered and relied on Ihe credit worthiness and reliab+lity oi Mortgagor. Mortgagor
covenarns and agrees not to sell, convey. transler, Iease or funhes encumber any interest in or any part oi the Mortgaged
Prope?ty without the prior wntten consent of Mortgagee. and any such sale. conveyance. transfer, lease or encumbrance
P,e~a,s ea+o~ a veo s~ ~ oe ~seo asse9i ~?roY a~ 602~
. . . ao~ 539 ~a~E 918