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HomeMy WebLinkAbout0986 ~ a S ' 9. Addltional Documenb. At all times this Mortgage is in eftect, upon Mortgagee's request, Mortgagor shall make, execute and deliver or cause to be mad~ executed and delivered to Mohgagee and, where appropriate, shall cause to be recorded : or tiled and thereafter to be re-recorded or refiteci at such time and in such places as shall be deemeri desirable by Mortgagee ~ any and all such turther mortgages, instruments d turther assurance, certificates and other documents as Matgagee may ~ consider necessary or desirable in order to eftectuat~ complete, enlarg~ pe~tecL or to continue and preserve the obligations ~ d Mortgagor under the Agreement and this Mortgage and all other instruments securing the Agreement, and the lien oi this Mortgage as a tirst and prior lien upon all the Mortgaged P~operty. Upon any tailure by Mortgagor to do so, Mortgagee may t make, execute, record, fife, rerecord, or refile any and all such mortgages, instruments, certificates and documents tor and in the name d Mortgagor. Mortgagor hereby irrevocably appoints Mortgagee agent and attorney-in•tact ot Mortgagor to do all things necessary to efiectuate or assure compliance with this paragraph. 10. Event of Default. Any one d the fdlowing shall constitute an event d detault: } (a) Faiture by Mortgagor to pay, as and when due arry payable. any installments of principal or interest due under the Agreement, or any deposits (or taxes and assessments or insurance premiums due hereunde~, or any other sums to be paid by Mortgagor hereunder or under any other instrument securing the Agreement. - (b) Failure by Mortgagor to duly keep, pe?fo~m and observe arry other covenant, condition or agreement in the Agreement, this Mortgage, ary other instrument securing tha Agreement or arry other instrument collateral to the Agreement or executed in connection with the sums secured hereby for a period d 10 days after Mortgagee gives w~itten notice specifying the breach. ~c) I1 eithe~ Mortgagor or any guarantor or endorser ot the Agreement: (i) files a vduntary petition in bankruptcy. (ii) is adjudicated a bankrupt or insolv~ent; a(u) files arry pe6tion a answer seeking or aoquiescing in any reorganization, managemeM, _ composition, readjustment, liquidation, dissolution or similar reliet for itself under any law relating to bankruptcy, insolvency - or other reliet tor debtors, o~ (iv) seeks or consents to or acquiesces in the appointment ot any trustee, receiver, master or liquidator of itseli or d all or arry substantial part d the Mortgaged Property or o( arry or all ot the ~ents, revenues, issues, earnings, profits or income thereof, or (v) makes any general assignment (or the benetit of c~editors, or (vi) mak~es any admission in writing ot its inability to pay its debts generally as they become due: or (vii) a court d competent jurisdiction enters an order, judgment or decree approving a petition filed against Mortgagor or any guarantor or endorser of the Agreement, seeking ~ any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future tederal, state, or other statut~ law or regulation relating to bankruptcy, insolvency or other relief for debtors, which order, judgment or decree remains unvacated and unstayed for an aggregate of sixty (60) days whether or not consecutive irom the date oi entry thereot; or (viii) arry tiustee, receiver or liquidator d Mortgagor oi all or any substantial part ot the Mortgaged Property or of arry or alt d the rents, revenues, issues, earnings, profits or income thereof, is appointed without the prior written consent _ ot Mortgagee, which appointment shall remain unvacated and unstayed (or an aggregate of sixty (60) days whether or nol consecutive. Any breach of arry warranty or material untruth ot any representation ot Mortgagor contained in the Agreement, this Mortgage ar any other instrument securing the Agreement. (e) The occurrence oi arry detautt uncfer the terms ot any mortgage or other security instrument which creates a lien or other security interest on or in the Mortgaged Property. 4 ~ 11. Acceleratlon. If an event of defaull shall have occurred, Mortgagee may declare the outstanding pnncipal amount of the Agreement and the interest accrued thereon, and all other sums secured hereby. to be due and payable immediately. . Upon such declaratian such principal and interest and otlier sums shall immediatety be due and payable without demand ; or notice. ' 12. Remedles atter DeMuR. Upon an event of deiault. Mortgagee may proceed by suit or suits at law or in equity or - ~ by any other appropriate proceedirsg or remedy to: (a) en(orce payment of the Agreement or the pe~formance of any term , hereot or any other right; (b) foreclose this Mortgage and to setl. as an entirety or in separate lots or parcets, the Mortgaged i Property under the judgment or clecree of a court or courts o( competent jurisdiction: (c) cdlect atl rents, issues, ~xofits, revenue. income and other benefits trom the Mortgaged PropeRy; (d) appant a receiver to enter upon and take possession of the Mortgaged Property and to cdlect all rents, issues, prdits, revenue, incorne, and other benef~ts 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 any other remedy ` avaitable to it including, but not limited to taking possession oi the MoRgaged Property without notice or hearing to Mortgagoc ' Mortgagee shall take action either by such proceedings or by the exercise ot its power with respect to entry or taking possesion, or both, as Mo~tgagee may determine. 13. No Walver. No delay or omission of Mortgagee or o( aM holder ot the Agreement to exercise ary right, power or ~ remedy accruing upon any event of default shall exha~st or impair any such right, power or remedy or shall be construed ~ to waive arry event ot default or to constitute acquiesence therein. ~ , 14. Nan-Excluslve Remedles. No right, power or remedy conferred upon or reserved to Mortgagee by the Agreement, ~ this Mo~tgage or any other instrument securing lhe Agreement is exclusive oi any other right, power or remedy, but each and every such right, po~arer and remedy shall be cumulative and concurrent and shall be in addition to any other right, power and remedy give~ hereunde~ or under the Agreement or any other instrument securing the Agreement, now or hereafter existing ; at law, in equity or by slatute. _ ~ 15. Successora and Asslgns Bound. Whenever one of the parties hereto is named or re(erred to herein, the heirs, ~ successors and assigns of such party shaft be included and all covenants and agreements contained in this Mortgage, b'y ~ or on behalf of I~Aortgagor or Mortgagee, shall bind and inure to the benefits ot their respective heirs, successors and assigns. ~ whether or not so expressed. ~ 16. ~Alscella?teous. In the event that arry of the covenants, agreements, terms or provisions contained in the Agreement, this Mortgage or arnf other instrument securing the Agreement shall be irnalid, illegal or unentorceable in arry respect, the validity of the remaining covenants, agreements, terms or provisions contained herein and in the Agreement and any other ' , instrument securing the Agreement shall be in no way afiected, prejudiced or d~sturbed thereby. - 17. Attomey's Fees. The term "attorney's tees" as used in this Mortgage includes any and all legaf fees d whatever nature including, but not limited to, fees resulting from any appeal d arry interlocutory order or (inal judgment or arry other appellate proceeding arising out of arnr litigation. Ae prenws e6ta~u are obsdMe 1t02~t Rev Nw 86 (0917i • ~ ~ooK 54~ ~~f 986 ''~'~S~ ~ r . " : _ : , :1~~s . M- . _ _ .