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HomeMy WebLinkAbout2481 9 Additional ~ocuments. At au ames th,s Mortgage ~s ~n etfect. upon Mortgayees request Mortgagor shau make. execute and aenver o? cause te be rr~ade executeci anci dei~vered to Mortgagee and, where appropnate, shaii ;,ause to be ~ecorded or h~ed and therearter to be re-recorded or retned at such bme and m such places as shall be deemed des+iable by Mortgagee any and ali su~h fw,rer mortgages ~nstruments of turtner assuranc:e. ceruhcates and other documents as Mortgagee may cons~der necessary or des~rable ~n order to etfectuate, camplete, enlarge, perfect. or to conUnue and preserve the obl~gabons of Mo~gagor uncier the Note and th~s Mortgage and alf other ~nstrumerts secunng the Note. and the hen of th~s Mortgage as a hrst ard pnor i~en upon au the Mortgaged Property Upon any 1a~lure by Mortgagor to do so, Mortgagee may make. execute, recard. f~le, re-record. or refde any and all such mortgages, ~nstruments cert:hcates and documents for and ~n the narr~e of Mortgago~ Mortyagor hereby ~raevocably appo~nts Mortgagee ager~t and attomey~n-fact oi Mortgagor to do au th~ngs nec~ssary to etfectuate or assure comphance w~th ih~s paragraph t~ Event of Default. Ary ene of the follow~ng shall const~tute an eveni of detault (a) Fadure by Mortgagor ro pay. as and when due and payable, any mstallments of pnnc~pal or ~nterest due u~der the No;e, or any depos,?s for taxes a^d assassmsn!s or msurance prem~ums due hereunder, or any other s~,ms to be pa~d by Mortgagor hereunder or unc]er any o;her ~nsirument secunng the Note (b) Fa~lure by Mortgaga to duly keep. perform and observe any other covenant, condit~on or a4reement in the Note, th~s Mortgage. any other ~nstrument secur~ng the Note or ar~y other ~nstrument coltateral to the Note or executed ~n connect~on w~th the sums secwed hereby for a penod of t0 ~ays after Mongagee g~ves wntten not~ce specrty~ng ?he breach (c} ff e~ther Mortgagor or any guarantor or endorser of the Note p) f~les a voluntary pet:t~on ~n bankruptcy. ~s ad~ud~cated a bankrupt or msolvent. or (~u) f;!es any peUUOn or ansnrer seekin~ or acquiescing in any reorgarnzaGon, management, compos+Uon. read~ustment. t~qwdat~on. d~ssoiut~on or s~m~tar rel~ef for ~tself under any law relat~ng to bankruptcy, ~nsolver~cy or other rel~ef > 'o+ debtors, or (~v) seeks or consents to or acqu~esces m the appomtment of any irustee, recewer, master or hqu~dator of ~tseif ~ or of all or any substant~al part of the Mortgaged Property or ot any or ali ~f the rents, revenues. ~ssues, earnings, prof~ts or ~ncome thereof. or (v) makes any general ass~gnment for the benef~t of creditors, or (w) makes any adm~ss~on ~n wnt~ng of ~ ~!s ~nab~hty to pay ,ts debts generaliy as they become due: or (vu) a court ot competent ~unsd~cUon enters an order, ~~dgment ~ or decree approv~ng a peUt~on f~ted aga~nst Mortgagor or any guarantor or endorser of the Note, see4ong any reorgan~za?~on, ~ a~rangement. compos~t~on, read~ustmenl, I~qwdat~on. d~ssolut~on or s~m~lar rehef under any present or future federal. state, or ~ othe~ statute. iaw or regulaLon relaUng to bankruptcy. ~nsolvency or other re!~et for debtors, wh~ch order, ~udgment or decree rema~ns un~acated and unstayed !or an aggregate of s~xry (60) days whether or not consecutwe from ihe date of entry thereot: ~ or (v~n} any trustee, rece~ver or i~qwdator of Mortgagor o( alt or any substanUai part of the Mortgaged Property or of any or ~ al; of the rents, r~~enues. ~ssues. eam~ngs. prof~ts o~ ~ncome thereof, is appo~nted without the pr~or wntten consent of hlortgagee. r~h c~ appo~ntment snall ~ema~n unvacated and unstayed for an aggregate ot s~xty (60) days whether or not consecutwe ; (d) Any breach of any warranty or matenal untruth of any representabon of Mortgagor contained m the Note. th~s Mo~tgage } or any other ~nstrume~t secunng the Note (e) The occwrence of any defau~t u^der the terms of any morigaye or other secunty +nstrumen? wh.ch creates a i~en er o?her secunty ~n?eres! on or ~n the Mortgaged Property 11 Acceleration. If an event of default shail have oc:curred. Mortgagee may deciare the outstand~ng prmc~~ai amount o` tha No,e and the ~nterest accrued thereon, and all other sums secured hereby, to t,e due and payable ~mmed~ateiy Upon such declaraUOn such pnnc~pai and ~nterest and other sums shall ~mmed~ately be due and payable without demand or not~ce ?2 Remedies after Detault. UFon an event of defauit, Mortgagee may pro;,eed by suit or su~ts at law or ~n equ~ty or by any other appropnate proceed~ng Qr remedy to: (a) enforce payment of the No?e or the per~ormance ot any term hereot or any other right: (b) foreclose th~s Mortgage and to seil, as an ent~rety or ~n separate lots or parcels, the Mortgaged Property ' under the ~udgment ar decree of a court or courts oi competent ~ur.sd~ct~on; (c) coliect all rents. ~ssues, profits, revenue, ~r,come ~ and other ~nef~ts from the Mortgaged Property: (d) appo~rt a rece~ver to enter upon and take possess~on of the Mortgaged ; Property and to collect aif rents, issues, prof~ts. revenue. ~ncome. and other benef~ts thereof and apply the same as a court may duect and such rece~ver shall have al r~ghts ard powers perm~tted under faw; and (e) pursue any oiher remedy ava~lable E to ,n~l~dmg. but noi I~m~ted to tak~ng possess~on of the Mortgaged Property w~thout natice or hearng to Mortgagor. MoRgagee ~ shail fake act~on e.ther by such proceed~ngs o! by the exerc~se of ~2s power w~th respect to entry or tak~ng posses~on, or both, . ; as Mortgagee may determme. - ~ 13 No Waiver. No delay or om~ss~on o! Mortgagee or of any holder of the No!e to exerase any nght, power or remedy ~ accru~ng upon any ev2nt of default shaC exhaust or ~rnpa~r any such rght. power ar remeay or shalt be construed te wa~ve ar~y event of default or to const~tute acqwesence there~n. ~ gr 14 Non-Exclusfve Remedies. No ngh,, power or remedy conterred upon or reserved to Mortgagee by the Ncte. th~s ~ Mortgage o~ any other ~nstrument secur~rg the Note ~s exclus~ve of any other nght, power or rernedy. but each and every ~ such right. power and remedy shail be cumuiat~ve and concurrent a~d sha~l be ~n add~t~en to any other nght, pawer and remedy ~ g~ven hereunder or under the Note or any o:her ~nstr~ment se~unng the Nate, now or hereafter ex~st~ng at law. ~n equ~ty or by s.atute. ~ 15 Suceesaors and Assigns Bound. Whenever one of the part~es hereto ~s named or referred to herein, the re~rs. ~ successors and ass~gn; d such party shall be ~ncluded and afl covenants and agreements contamed m,h~s Mortgage, by of on bet~alt of Mortgager or Mortgagee, shal! bmd and inure ,o the benef~ts of the~r respecUve he~rs, successors and ass~gns. ; ~ whether or no; so expressed. ~ 16 ~Aisce!lareeous. In the event that any of the covenants, agreements, terrns or p~ov~sions conta~ned ~n the Note th~s ~ Mortgage or any other ~nstrument secunng the Note shall be invahd. ~Ilegat or unenfcrceable ~n any respect, the val~d~ty of tne rema~rnng covenants, agreements. terms or provis~ors conta~ned here:n and ~n the Note a~d any other ;nstrument secur~ng ;he Note shalt be ~n no way affected, prejud~ced or d~sturbed thereby. - 17. Attomey's Fees. The term 'attorney's (ees' as used ~n th~s Mortgage ~ncludes any and ail legai f2es of whatever narure inciud~ng, but not ~imded to, fees resutUn~ fr~m any appeal of any mterlocutory order ar f~nal ~udgment or any other ~ appe!late proceed~ng ans~ng oui of arn litigat~on. ~ 18. Futuro Advances. Th~s MaRgage ~s given ro secure not only exisUng indebtedness, but afso such future advances, ~ whether such advances are obl~gatory or are to be made at the opt~on d t~Aortgagee. or otherw~se, as are made wdhm f~ftsen ~ years from the date hereof, to the sarne extent as if s~ch futu!e advances were made on the date of the execut~an d ih~s ~ Mortyage. The total amour.t d indebtedness that may be so secured may decrease or ~ncrease from time to t~me, but the ~ total unpa~d balance so secured at one t~me shali not exceed twice the lace amount ot the Note, plus ~nterest thereon, and ~ arry d~sbursements made for the payment d taxes. lev~es or msurance on the Mortgaged Property, w~th interest on such ~ d~sburser+z2nts at the Delault Rate, as hereafter det~ned. ~ 19. Obl bn of Mort Mcrt a or shall the cosi of releas!n or saU~f ~n th~s Mort a e of record. ~ ~ 9 9 PaY 9 Y 9 9 9 ~ ~ # BooKfil5 Pac~2481 ~ ~ - _~~s ~_:_~~w.__~~ .__e.,__.