|
2� 15�82�2
<br /> against Mar�gagor under any�ankruptcy or insolvency�aws or t�place the Prom�ses
<br /> or any part here�f in the custody or cnntral of any court through its receiver ar other
<br /> officer, which proceedings are not set aside, dismissed �r revoked with�n �hirty �3��
<br /> days; if Mortgagor is dissolved or farfei�s its �imited liabil�ty status or corp�rate
<br /> status, makes any ass�gnmen� for the benefit of cre�i��ors or is declared a bankrupt; or
<br /> if, either�y, with the consent of, or at the insisten�e of the M�rtgagor,proceedings to
<br /> �x�end the time nf th� indeb�edness ar any obligation secured hereby or to change
<br /> the terms thereof or flf this Mor�gage be institut�d under any bankrup�cy or
<br /> ins��vency �aw; or �f the Premises or any par� �hereof are placed in the cus�ady ar
<br /> contral of any R�ceiver or ather offic�r af a caurt; Mor�gagee may, at �ts opt�an and
<br /> without natice, declare �he whole af the prixacipa� remain�ng unpaid and accrued
<br /> interest immediat�ly due and payable; and Mor�gagee may, at �ts opt�on, institute
<br /> proceedings for the co�lectinn at lavv or in equity of all �ndeb�edness • due under the
<br /> pravisions of said H�ME L�AN 1 TRUST FUND L�AN and this Martgage. Upan
<br /> any such defau��, Martgagee may immediately �ause this Mor�gage �o be forecl�sed
<br /> in the mann�r prescribed �y law; and upon the comrnencement of foreclosure
<br /> proceed�ngs, shall b�enti��ed to ha�e a Recei�er appointed, whether�he 1'remises are
<br /> horn�s��ad or na� and without proof of any other graunds for his app�intment �ther
<br /> than said defauit, to take possession and charge of the. Premises during the pendency
<br /> of said fnr�closure proceedings and during the redemption perifld and ta r�nt the
<br /> same and recei�e and collect the rents, issues and prafi�s thereof under direc�ian of
<br /> the Court; and any amounts so col�ected sha11 be appl�ed under cour� direct�on upon
<br /> the cos�s and expenses of rece�vership, expens� �f insurance on �he improvements,
<br /> expenses of managem�nt, repairs and maintenance, �axes, assessments, and any
<br /> remaixung amoun�ta be appli�d on the Mor�gage indebtedness. The Premises may be
<br /> sold�in one parce� as an ent�rety or in such parcels, manner or order as M�r�gagee, in
<br /> �ts sole discretion, may elec�; and Mar�gage� shall have the right and op�ion�to bid at
<br /> ar�y fareclosure sale, and if it is the su�cessful b�dder and acquires�he Premises, such
<br /> bid shall be credited agains�the entire ciaim of Mortgagee. If perm�tted by applicab�e
<br /> state�aw,Mor�gagor hereby expressly and abso�utely confers upon Mortgagee, in lieu
<br /> of the type of forec�osur�h�reinabove described,the power and righ��o for�clase this
<br /> MorCgage by adv�r��s�ment and to sel� th� Premises a�pu���c auctian and convey�he
<br /> same to the purchaser in fee simple in a��ordance with the statut��n such. case made
<br /> and provxded; and, out af the maneys aris�ng from su�h sale, �a re�ain the principal of
<br /> �he sum secured hereby v�ith interest, ad�ances, and all legal costs and charges of
<br /> such forec�osure, inc�uding reasonab�e attorneys" fees, which costs, charges and fees
<br /> Martgagor hereby express�y agrees �a pay. Mortgagor voluntarily, intelligently and
<br /> knowingly hereby wa�ves notice of such foreclosure proceedings and a heari.ng far
<br /> same prior to �he foreclosure sale af the Premises, Mortgagee shall have the righ� �o
<br /> bid a�any foreclosur� sa�e and to obtain a judgment in respect�o any deficiency, The
<br /> �erm "defau��," as used herein, sha11 mean any failure �o make, perfarm or camply
<br /> wi�h any of�he payments, ��rms, cond�tians, obl�gations, covenants, agreements, or
<br /> requirements contained in this Mortgage or the H�ME L�AN 1 TRUST FTJN�I�
<br /> L�AN se�ured h�reby. Mortgagar �ereby agrees, in the event of farec�asure, to pay
<br /> such reasonable attorneys' f�es as are authorized hy law, toge�her wi�h the costs of
<br /> ext�nd�ng the abstract, tiitle repor�and all cour�c�sts.
<br />
|