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HomeMy WebLinkAbout2784 interest, or both, or of part performance of any covenant or delay for any period of time in exercising the option to mature the entire debt, shall not operate as a waiver of the right to execute such option or act on such default, partial acceptance or any subsequent default. 10. Until default in the performance of the covenants and agreements of this mortgage, the Mortgagor shall be entitled to collect the rents, issues, and profits from the premises hereinbefore described, but in case of a default in any of the terms of this Mortgage, or the filing of a bill to foreclose this or any other mortgage encumbering the within described property, the Mortgagee shall immediately and without notice be entitled, as a matter of right, and without regard to the value of the premises, or solvency or insolvency of the parties, to the appointment of a Receiver of the mortgaged property both real and personal, and of the rents, issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be continued in possession of the said property until the time of the sale thereof, under such foreclosure, and until the confirmation of such sale by the Court. 11. If foreclosure proceedings should be instituted on any mortgage inferior to this mortgage or if any foreclosure proceeding is instituted on any lien of any kind, the Mortgagee • may at its option immediately or thereafter declare this mortgage and the i.ndebtedness secured hereby, due and payable. If there is any mortgage superior to this mortgage, then failure to pay said mortgage when due and in accordance with its terms or fai.lure to abide by the terms of said mortgage shall be deemed a breach of this mortgage and the Mortgagee at its option may immediately or thereafter declare this mortgage and the indebtedness hereby secured due and payable. Any modification of any mortgage superior to this mortgage or waiver of any principal or interest payments on any note or mortgage superior to this mortgage shall be deemed a breach of the terms and covenants of this mortgage and the Mortgagee hereof may at its option declare this mortgage and the indebtedness secured hereby due and payable. i E p 12. That the mailing of a written notice of demand, ~ addressed to the owner of record of the mortgaged premises, E directed to the said owner at the last address actually ~ furnished to the Mortgagee, or directed to the said owner at ~ said mort4aged premises, and mailed by the United States mails, ~ shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. 13. That in the event the Mortgagor should assign the rents of the mortgaged premises or any part thereof without the consent of the Mortgagee, then the entire principal sum secured hereby shall, at the option of the Mortgagee, become immediately due and payable. ~ 14. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby, the Mortgagee is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage, lien or other encumbrance on the land described ~ herein which is paid and/or satisfied, in whole or in part, out of the proceeds of the loan described herein or secured hereby, and the respective liens of said mortgages, liens, or other encumbrances, shall be and the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee herein = as security for the indebtedness in the Mortgagee herein i described or hereby secured, to the same eatent that it would ~ have been preserved and would have been passed to and been held ~ by the Mortgagee had it been duly and regularly assigned, ~ transferred, set over and delivered unto the Mortgagee by ~ ~ ~ ~ ~ -4-. t ~ f BOOK67~ PAGE~~C)~ ~ - ~ ~ - - f-~ ;„~~:°L~,S~~~~~'~ ~ ~ ~ _