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HomeMy WebLinkAbout0972 23274333 connected with the use and en~oyment of these premises, this mortgage shall be deemed the Security Agreement as defined in said Uniforw Commercial Code and the remedies for any violation of the covenants, terms and conditions of the agreements herein contained shall be (i) as prescribed herein, or {ii) by gen~ral law, or (iii) as to such part of the security which is also reflected in ~aid financing stetement by the specific statutory consequences now or hereafter enacted and specified in the Uniform Commercial Codes all at Mort- gagee's sole election. Mortgagor and Mortgagee agree that the filing of such , financing statement in the xecords normally having to do with personal proper- ty shall never be construed as in anywise derogating from or impairing this declaration and hereby stated intention of the parties hereto, that everything - used in connection with the production of income from the mortgaged property (furniture only excepted) and/or adapted for use therein and/or which is described or reflected in this Mortgage is, and at gll times and £or all purposes and in all praceedings both legal or equitable shall be, regarded as part of the real estate irrespective of whether (i) any such item is physical- ly attached to the improvements, (11) serial numbers are used for the better identification of c~rtain equipment items capable of being thus identified in a recital contained herein or in any list filed ~ith Che Mortgagee, or (iii) any such time is referred to or reflected in any such financing statement so filed at any time. Similarly, the.mention in any such f~nancing statement of (i} the rights in or the proceeds of any fire and/or hazard insurance policy, or (2) any award in eminent domain proceedings for a taking or for loss of. value, or (3) the debtor's interest as lessor in any present or future lease or rights to income growing out of the use and/or occupancy of the property mortgaged hereby, whether pursuant to lease or otherwise, shall never be construed as in anywise altering any of the rights of Mortgagee as determined by this instrument or impugning the priority of the Mortgagee's lien granted ; hereby or by any other recorded documents, but such mention in the financing statement is declared to be for the protection of the Mortgagee in the event ~ any court or ~udge shall at any time hold with respect to (1), (2) and (3) ~ that notice of Mortsagee's priority of interest to be effective against a ~ particular class of persons, including, but not limited to, the Federal ~ Government and any subdivisions or entity of the Federal Government, must be filed in the Commercial Code Records. ~ ~ 14. If foreclosure proceedings of any senior or ~unior mortgage or ~ lien of any kind should be instituted upon the property then encumbered by this Mortgage or any part thereof, or if a pet~tion in bankruptcy is filed by ' - or against the Mortgagor, the Mortgagee may, at its option, immediately or ~ ~ thereafter declare this Mortgage and the indebtedness secured hereby due and ~ payable, provided said proceedings are not dismissed within fifteen (15) days ~ after they are instituted. 15. That, in the event that at the beginning of or at any time pending any suit upon this Mortgage, or to foreclose it, or to reform it or to enforce payment of any claims hereunder, said Mortgagee shall apply to the court having furisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint a Receiver of said mortgaged property all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such Receiver shall have all the broad and effective functions and powers in anywise entrustea by a court to a Receiver, and such appointment sha21 be made by such court as an admitted equity and a matter of abso2ute right to said Mortgagee, and without reference to any adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of the Mortgagor, and such rents, profits, incomes, issues and revenues ~hall be applied by such Receiver according to the lien or ~ equity of said Mortgagee and the practice of such court, and such appointment ~ of Receiver shall be without notice to any obligor hereunder. ~ 16. If all or any material part (excluding sales of nnits in any ~ ordinary course of business as contemplated by Mortgagor and Mortgagee) of the mortgaged premises or any interest therein is sold or transferred by Mortgagor (or any subsequent owner of the premises) to any person, firm or corparation, i ~ 4 i ~ BQQK t5~8 PkGE 9~ _ _ . _ -.t-- . . ~ - - ~ ..--~-.y ._-~:.L__ . _