HomeMy WebLinkAbout1436 ~ . ' - 8 -
~ (a) Failure to pay the amount of any installment of prin-
cipal and interest, or other charges payable on the ~
Note, which shall~have become due, prior to the due
date of the next such inatallment;
(b) Nonperformance by the Mortgagor of a~}y covenant, agree-.
...ant, term or co~dition of this Mortgage, or of the
' Yote (except as otherwise provided in subdivision (a)
hereof) or of any other agreement heretofore, herewith
or hereafter made b;; the ~ Iriortgagor with the Mo-rtgagee
in connection with such indebtedness, after the Mort-
gagor has been given due notice by the Mortgagee of
such nonperformance;
(c) Failure of the Mortgagor to perform any covenant, ,
agreement, term or condition in any instrument creating
a lien upon the mortgaged property, or any part thereof,
which shall have priority over the lien of this Mortgage;
(d} T'ne Mortgagee's discovery of the Mortgagor's failure
in any applicat~on of the Mortgagor to the Mortgagee
to disclose any f3ct deemed by the Mortgagee to be
naterial, or of the making therein, or in any of the
agreements entered into by the Mortgagor with the
tiiortgagee (including, but not limited to, the Note and
this Mortgage) of any misrepresentation by, on behalf •
of, or for the benefit of, the Mortgagor;
(e) The sale, lease or other transfer of any kind or nature ;
of the mortgaged property, or any part therof, without , ~
the prior written consent of the Mortgagee; ~
~
t
f The Mortga~ee's failure to exercise any of its rights hereunder s
i .
shall not consti~ute a waiver thereof. All the events in this .
?2.=°f'"='^:1 i:, 0~ ~ ~'1V k'~~C : ~~:2 :1TJ
-
a...»__ , J== ~ ::CC~ ~0 ~ ~:.~.c~:~c.~E~.j ~I;.c ~ ~~~~.o~e,
~
are in z:1is ~Iortgage called "-~vents of default" .
12. The !Kortgagee may from time to time cure each default
under sny covenant or a~reement in any instrument creating a lien
upon the mortgaged property, or any part thereof, which shall have
priority over the lien of tnis Mortgage, to such extent as the
Mortgagee may exclusively determine, ana each amount paid (-f any) .
by the Mortgagee to cure any such default shall be paid by the
Mortgagor to the Mortgagee; and ~::e Mortgagee shall also beco~e
subrogated to whatever rights the holder of the prior lien might
have u:~der sucr instrument.
;
?
t
~
~ 1~~ ~
_ ~