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HomeMy WebLinkAbout0954 w do ao. MonQa~ee may make, execuce, reoo~d, r~e, te-recotd or refile any and ail such mortge~s. ~,a~umen~e. cenir~,~ea ~ and docWr+enta ~or end ~ the name a Mat9aqoF~ And MatflaQor t~ereby fr~evvc~cably eppointa +Nortgaqeo aqer~t und actomeyin•. ~ lect oi Matqa~ar to da so. ' . , ia. ~a,a a o.~wn . ~,y o~e a ~ne ~a~~ 8na~~ co~c~c~ce ~ e~e~? a dera~n: 11. (a) Failure by Mort~B~Ot to pay, as snd when due snd payabl9. any instalments oi principal ot intere3t due unde~ Ihe ~ Note, oi any deposiis for taxes and sssessme~ts ot insur~nCe {xemiums due hereunde~, or any other sums to be paid by Morigaflor hereunder, or under the l4an Agteement or any o~he~ lnsttwr~eM securing the Note. (b) Failure by Nlottgaflor`to duly keep, periorm and observe any Covenant, conditiori or agteerr~e~! in Ihe Note, the Loan Aqreeme~t. this Mortgage, or arty other instnxne~t securir~ ttie Note lor a period ol tert (10) days alter Mongaqee gives wtitten notiCe speCilyin~ the tailure. (c) N either Mortgapor or any pu~rantor or endorser oi the Note: (i) !'iles 8 vduntery petition i~ bankruptCy, or (ii) is ad- judicated as a bat~krupt or insotvent, or (iiij files eny petiti0n Ot snswer seekinp Ot BcqWesCin~ in a~y reorpanizBCbn, mane~e- ment, composition, reedjustment, liquidation. digsolutipn qr sirnilar relie( tOt itseH undet any 18w tetatinq to bankruptcy, insoNenCy or other relief lor debiors. or (iv) seeks, c,~r~se~ts to or acqWesces in the appointmeM of erry trustee, rec~ive~, maater or liquldata of itseH or of all or any part of the MoRgafled Properly~ ot (v) makes any general assignmertt lor the benefit d c~e- ditors. or (vi) mskes any admiss~on in writin~ 01 its inabitity to pay its debts qene~eny as they become que; or (vii) a court oi competent jurisdict~on enters an orde~, jutf~me~t or deCree approvin~ a petition tiled s~8ins1 it seeki+~g any reorpe~nization. ar~an~sment, compositior~. read~stment, liquidation, dissoludOn or similar reliel under any present or tutu~p tederal, state, ot other st8tute, law or regulaCwn relating to banlwptCy. insohrency or pther teliet tor debtors, whiCh order, judgment at deCtee remair~8 unvacated and unstayed tor an agflregate oi sixty (60) days whelher or nW consecutive trom the date o1 entry chereof; or (v~ii) any tnistee, receiver or liquidator ot it or of any paR ot the MartgaQed Property is sppointed without the prior written consent ot Mortgages, which appointment shaU rert;ajn urnracated and unstayed tor an aggregate ol sixty (60) days whether or not con- ~ secutive. ~ (d) My breach oi any warranty or material~untruth ot any representation ot Mortgagcx contained in the Note, the Loan Agreement, this Mongage or any other instrument seCUru~g the Note. (e) M eveni .oi de(ault under any existing or tuture notes. loans, advances, guaranties, or other indebtedness pwed to ~he MoRgagee by the Mortgagor, or arry ot either ot them, or under any instrument securing such indebtedness. • IV. R~dles Oi ~Aort~s~ee 12. Ac~Fsratton. H an event oI defauft shall have occurred, INortflagse rr~ay declaro the outstandi~g principal amount ot the Note and the i~tersst accrued thereon, and aN other sums secured hereby, to be due and payable irtunediatey. and upo~ such deClaration such principal and iMeres! and dhet sums shall immediat~ly become due and payable without demand, notiCe or presentment fw payment, unless otherwise provided in the Loan Agreement. 13. Ot1~ RtmedNs. It an event_ot detault shalt have occuned, Mortgagee may proceed by suit or suits at taw or i~ equi or by any Wher eppropriate proceeding or remedy: ~a~ co entorce payn,ent or me woce or ~r~e ~~amance a any ietm nereo or any other right; (b) to lorecbse this NbRgage and to sell, as an entirely or in separate lots or parcels, the Mortgaged Property under the judgment or decree ol a c~aM or courts o1 competent jurisdiction; (c) to collect all rents, issues, protits, revenues, ir~come, proceeds or other benefits irom the Mortgaged Ptoperry; (d) to seek appoin?ment ot a receiver to ente~ upon and take passession ot the N1oAgaged Property and to cottect a0 rents, issues, profits, revenues, income or other benetits thereot and ~ apply the same as the Court may direct and such reoeiver shall have alt rights and powers permitted under taw; and (e) to pursue any other ~emedy available to it, including, but not limited to taking possession.of the Nbrtgaged Property without notir.e ? cr hearing to Mortgagor. Mortgagee shall take action e'~ther by such procesdings or by the exercise o1 its power witt~ respect ' to entry or taking possession, or both as Mortgaqee may determine. 14. No. Walver. No de~ay or omission ot Mortgagee ~x oi any holder ot the Note and Mortgage to exe~cise any right, power or remedy accruing uport any event ot deis~lt st~ali exhaust or impair any such right, power or remedy or ~e construed as a waiver of any suCh event ot detault or cor?slitute acquiesCence therein. 15. Non~Excl~sivs Rem~dlas. No right, po~wer or remedy conterred upon or reserved to Mortgagee by the Note, the Loan Agreement, this Mortgage or any other instrument SeCUring the Note is exclusive ot any oiher right, power or ~emedy, but eact~_ and every such right, power and remedy shall be cumutative and concunent and sf~atl be in addition to any other right, power or remedy given he~eunder or under the Note, the Loan Agreement, or any other instrument securing the Note, or no~w or hereat- ter existing ai law, in equiry or by statute. V. Mtsceltansous 16• Succaatsars snd AssfQrts 8ound. Whenever one ot the parties hereto is named or reter~ed to herein, the heirs, persaial representatives, suCCessors and assigns of suCh parly 8h~11 be inCtuded and aN covenants and agre6mgnts Contair~ed in this Martgage, by or on behalf of Mo+~tgagor or Mortgages, shall bind and inure lo the bene(it ot their respective heirs, personal . representatives, successors and assigns. 17. Invs!!d or Una»forcqble. In the even! that any ai the covenants, agreements, tarms or provisior~s contained in the Note, this Mortgage or any other instrument sscuring the Note shall be invalid, i~eqal or unentorceabte in any ~espect, the validiry of the remaining covenants, aqreement, terms or provisions contained here+n and 'm the IYote and arry ather instroment securing the Note shatt be in no way aHected, pre~rdiced er disturt~ed thereby. - ' t!!. Futurs /ldvsnas. This Mortgaqe is given to secu~e not only existing indebtedness. but aiso such tuture advartces, I whether such advances are obligatory or ar@ to be made at the option oi MortQagee, or utherwise, as are mad8 witha~ fifteen years trom the date hereot, to the sarrEe exteM as it such future advances are made on tNe date at the execution of this ; • AAortgage_ The total amount oi indebtedness tfiat may be so secu~ed may decrease or increase !rom t~me to tinne, but the totat i unpaid batance so secured at one tane shaq not exc,sed twice the face amo~t ot ihe Note plus interest thereon, and sny dis- ! bursements made ta the payment a( texes, teviss or insurance on the AAortgaged Properry, with interest on such disbursements at the ~fauit Rate as hereinaiter defined. i 19. Ob!lyatlon o} ~lo~#Qs~or.l~Ao~tgagor shall pay the cost oi releasing or satisfying this Mortgage of record. I 20. D~ehult Rate. The Detault Rate shatl be interesi at ihe max~mum rate permitted t~y applicable law, whether now or hereat- ler in eNeCt. Z1. t~NQattw Amortisatlon. It periodic payrr~ents are fr~sufficieM to~ay current interesl, the Note provides that ~x~pald iMergst ~~~~~p t~~~c~~b~~~~ secured hereunder. The Note contains provisiona for chanqes 2~. Flranctat 3~1ur~sb. Owner will furnish to Lender stgned, ennual ststemer~ts ot his fmancial condition. inckrd'mp a profrt and bss statement. and will pennit LerWer through any mes~ deemed appropriato by Lenda~ to verify the correctrress ~ such statements. The annual ~tataments shall be detivered to Lender with~ 30 day8 efter the cbse ot Owner's fiscal year. e00~ ~ `O PACE . : . - _ _ _ _ ~ _s--•- -:'r~ ' - a .~T__ ~ . . .L...._~~___.___._..'-'.--~ -~---.._-.~.'.'--,~_._.,.._~..,...y~.. . . ~ . . 3 1 .