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HomeMy WebLinkAbout0925 ~ ' ' ~ ~ ~ z ~ things necessary to effecluate or assure compliance with this paragraph • 10. Evsnt of Q~twk.. Any one ot the following sha11 constitule an event ol default: (a) Failu~e by Mortgagor to pay, as and when due and payable, any insta~lments ol principal or interesl due under the Note. } or any deposits for faxes and assessments or insurance premiums due hereunde~, or any olher sums to be pa+ci by Mortgagor f hereunder or under any other instrument securing the Note. (b) Failure by Matgagor fo duly keep, pertorm and observe any other oovenanl, condilion a agreemen! in the Nole. lhis Mortgage, any other inst~umeM securing !he Note a any other inslrument collateral to the Note or executed in connedion wit h the sums secured hereby for a period of 10 days alter Morigagee gives written notice specifying the Ixeach. (c) It eilher Mortgagor or any gua~antor or endorser of the Note: (i) tiles a voluntary petilion in bankruptcy. (ii) is adjudicated a bankrupt or insdvent; or (i~i) files any petition or answer seeking or acquiescing in any reorganization, management, composition, read~ustment, iiquidaiion, dissaul~on c~? ~~?~i~iat i~ie~ ior its~f ur~; a;, i~w r~;aii:iy iv - bankrupicy. insolvency a other retief for debtors, or (iv) seeks or oonsents to or acquiesces in !he appointmeni ol any , trustee, receiver, master or liquidator oi ilself or ot all or any substantial part ot the Mortgaged Property or o! any o~ all of the rents, revenues, issues, earnings, profits or income thereot, or (v) makes any general assignment for the benefit of cred+tors. or (vi) makes any admission in writing of its inability to pay its debts generally as they beCOme due: or (vii) a cou?1 of competent jurisdiciion enters an order, judgment or decree approving a petition fited against Mortgagor or any guarantor or endorser ot the Note, seeking any reorganization, arrangement, composition, ~eadjustmeM, liquidation. - dissotution or similar reliet under any present or luture federal, state, or other statute, law or regulation relating to hankruptcy, insotvency or other reliet tor debtcxs, which order, judgment or decree remains unvacated and unstayed for an aggregate ot sixry (60) days whether or not consecutive from Ihe date of entry ihereof: or (viii) any trustee, receiver or liquidata ot Mortgagor oi all o~ any substantial part ot the Mortgaged Property or oi any or atl of the rents. revenues. issues, earnings. pro(its or income thereof, is a~pointed without the prior written consent ot Morlgagee. which appointment shalt remain ~nvacated and unstayed tor an aggregate ot s~xty (60) days whether or not consecutive. (d) Any breach ol any warranty or materiat untruth of any represenlat~on of Mortgagor contained in the Note. this Mortgage or any olher inslrument securing the Note. (e) The occurrence ot any detault under the terms ot any mortgage or other security instrument which creates a lien or other secur~ty mterest on or in the MoRgaged Property. 1 t. Acceleration. II an event of defautt shall have occurred. Mortgagee may declare the outstanding principal amount of the Note and ihe interest accrued thereon. and all other sums secured hereby. to be due and payable immediatefy. Upon such declaration such principal and interesl and other sums shall immediately be due and payable without demand or notice. . 12 Remedies after Default. Upon an event oi defautt. Mortgagee may proceed by suit or suits at law or in equity or by any other appropriate proceeding or remedy t~: (a) entorce payrnent of !he Note or the performance of any term hereoi or any other right; (b) toreclose th;s Mortgage and to se11. as an entirety or m separate tots or parcels. lhe Mongaged Property under the judgment or decree of a court or courts of competent jurisdiction: (c) collect all rents. issues. profits, revenue. inoome and other benefits from the Morlgaged Property: (d) appoint a receiver to enter upon and take p~ssession ot the Mortgaged Property and to collect all rents. issues. pro(its, revenue. income, and other bene(its thereof and apply the same as a court may direct and such receiver sha?i have atI rights and powers pe~mitted under law; and ~e) pursue any other remedy availabte to it inctuding, but noi limited to taking possession oi Ihe Mortgaged Property without ndice ~r hearing to Mortgagor. Mortgagee shall take action either by such proceedings or by the exercise of its pov~er with respect fo entry or taking possession. or both, as Mortgagee may determine. 13 No Waiver. No delay or omission of i~/lortgagee or of any holder of the Note to exercise any right. power or remed~~ accruing upon any event o1 default shall exhaust or impair any such right. power or remecfy or shatl be construed to waive ar.y event of de(autt or to constitute acquiesence therein. , 14. Non•Exctusive Remedies. No right. power or remedy conierred upon or reserved to Mortgagee by the Note. lhis Mortgage or any other instrument secur+ng the Note is exc~usive of any other right, power or remedy. but each and every such right. power and remedy shall be cumulative and concurrent and shal~ be in addition toany other right, power and remedy given ~ hereunder or under the Note or any other in5trument securing the Note. now or hereaiter existing at law. in equity a by statute. 15. Succauors and Assipns Bound. Whenever one of the parties hereto is named or referred to here+n, the heirs, successas and assigns of such party shall be included and all covenants and agreements contained in this Mortgage, by or on behalf oi Martgagor or Morlgagee. shatl bind and inure to the benefits ot their respective heirs. successas and assigns, whether or not so expressed. 16 Miscellaneous. In the even! that any o( !he covenants. agreements. terms or provisions contained in the Note, this Mohgage or any other instrument securing th~ Note shall be invaiid. illegal or unenforceable in any respect, the vatidity ef the remaining covenants. agreements, terms or prov~sions contamed here+n and in the Note and any oiher inslrument securingthe Note shall be in no way affected. prejudiced or disturbed thereby. 17 Attor~ay's Feas. The term ~'attorn~'s fees" as used in this Mortgaqe includes any and all legal tees of whatever nature mcluding, but not Iimited to. fees resuliing trom any appeal of any interlocutory order or fdnaf judgment or any other appetiate proceed~ng arising out of any fitigation. 18. Futuro Advances. This M4rtgage is given to secure not only existing indebtedness. but atso such luture advancgs. whether such advances a~e obligatory or are lo be made at the option of Mortgagee. or Wherwise. as are made within fifteen years from the date hereof, to the same extent as rf such future advances were made on the date of the execution of this Mortgage. The total amount ot indebtedness that may be so secured may decrease or increase from time to time. but the total unpaid balance so secured at one time shall not exceed twice the face amouni of the Note, plus interest thereon. and any d~sbursements made for the payment of taxes, levies a insurance on the Mortgaged Propedy. with interest on such disbursements at the Default Rate, as hereatter defined. 19. Obllpatlon of Mort@apor. Mortgagor shall pay the cost ot reteasing or salistying this MoRgage oI record. 20. No Transfe?. It is understood and agreed by Mortgagor Ihat as part o( the inducement to Morigagee to makethe loan evidenced by the Note, Morigagee has considered and retied on the credit worthiness and reliability of Mortgagor. Mcrtgagor - covenants and agrees not to sell. convey, transier. lease or furiher encumber any interest in or any part oi the Mortgaged - Property wilhout the priar written consent of Mongagee. and any such sale, conveyance. Iransfer. 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