HomeMy WebLinkAbout0972 ~-9-
~ 13. (a) After the happening oY any default hereunder, the
Mortgagor ehall upon demand of the Mortgagee eurrender poeseaeion
of the Mortgaged property to the Mortgagee, and tbe Mortgagee may
enter euch property, and let the same and collect all the renta {
therefrom which are due or to become due, and apply the same, after
payment of all charges and expenses, on account o~ the indebtedneas
hereby secured, and all auch renta and all lease~ ezieting at the .
time of such default are hereby aeeigaed to the Mortgagee as fur-
ther security for the payment of the indebtednese secured hereby;
and the Mortga~ee may also diapoaeess, by the ueual aummar~ pro-
ceedinga, any tenant defaulting in tbe payment of any rent to the
Mortgagee.
(b) In the event that the Mortgagor occupies the mortgaged
property or any part thereof the Mortgagor agrees to aurrender
pos9esaion oY euch property to the Mortgagee immediately after an~r
such default hereunder, and if the Mortgagor remains in pos~easion ~
after such default, such posaession ehall be as a tenant of the ~
Mortgagee, and the Mortgagor shall pay in advance, upon demand by
the Mortgagee, ae a reasonable monthly rental for the premisee
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occupied by the Mortgagor, an amount at leaat equivalent to one- [
twelfth of the aggregate of the twelve monthly installmenta payable
in the current calendar year, plus the actual amount of the annual
ground rent, if any, tages, aaeeasmenta, water ratea, other govern- I
mental chargea, and inaurance premiuma payable in connection with ~
the mortgaged property during such year, and upon the failure-of
the Mortgagor to pay 9uch monthly rental, the Mortgagor may also
be diapossessed by the uaual aummary proceedinga applicable to
i tenanta. This covenant ahall become effective immediately upon
~ the happening of any such de~ault, as determined in the sole dis-
cretion of the Mortgagee, who shall give notice of auch determin-
ation to the Mortgagor; and in the case of foreclosure and the ap-
pointment of a receiver o~ the rents, the within covenant shall '
inure to the benefit of such receiver.
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14. The Mortgagee in any action to Yorecloae this Mortgage ~
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shall be entitled to the appointment of a receiver without notice, ~
ae a matter of right and without regard to the value of the mort- ~
gaged property, or the aolvency or insolvency of the Mortgagor or
other party liable for the payment of the Note and other indeb-
~ tedneee eecured by thie Mortgage. `
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15. The Mortgagor, within ten (10) days upon request in person
or within twenty (20) daye upon requeet by mail, will furniah
promptly a written statement in Porm eatiefactory to the Mortgagee,
signed by the Mortgagor and duly acknowledged, of the amount then
- . owing on the Note and other indebteclneee eecured by thie Mortgage,
and whether any offsets or def,enaea exiet against auch indebtedness
or any part thereof. .
~oo~ 115 ~E 969 ~
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