HomeMy WebLinkAbout1206 . -9-
~3, (a) After the happening of any default hereunder, the
Mortgagor shall upon demand of the Mortgagee surrender possession
of t:-e Mortgaged property to the Mortgagee, and~the Mortgagee may
enter such propert~, and let the aame and collect all tY.e rents
therefrom which are due or to become due, and apply the same, after
payment of all charges and expenses, on account of the i~debtedness
hereby secured, and all such renta and all leases existing at the
time of such default are hereby assigned to the Mortgagee as fur-
ther security for the payment of the indebtedness secured hereby;
and the Mortgagee may also dispossess, by the usual summary pro-
ceedings,.any tenant defaulting in the payment of an~ rent to the
Mortgagee.
(b) In the event that the Mortgagor occupies the mortgaged ~
property or any part thereof the Mortgagor agrees to surrender ,
possession of such property to the Mortgagee immediately aftEr any'
such default hereunder, and if the Mortgagor remains in possession
after such default, such possession shall be as a tenant of the
Mortgagee, and the Mortgagor shall pay in advance, upon demand by
the Mortgagee, as a reasonable monthly rental for the premises
occupied by ~he Mortgagor, an amount at least equivalent ~o one-
twelfth of the aggregate of the twelve monthly installmen~a payable
in the current calendar year, plus the actual amount of the annual
ground rent, if an~, taxes, assessments, water rates, other govern-
mental charges, and insurance premiums payable in connection with
~he mortgaged property during such year, and upon the failure of , •
the Mortgagor to pay such monthly rental, the Mortgagor may also
be dispossessed by the usual summary proceedings applicable to
tenants. This covenant shall become effective immediately upon
~
~ the happening of any such default, as determined in the sole dis- .
~
~ cretion of z~.a Mortgagee, who shall give notice of such determin-
~ ation to the Mortgagor; and in the case oi foreclosure and the ap-
pointment of a receiver of the rents, the within covenant shall
inure to the benefit of such receiver. .
14. The Mortgagee in any 4ction to foreclose this Mortgage
shall be entitled to the appointment of a reeeiver without notice,
as a matter of right and without regard to the value of the mort- ~
gaged property, or the solvency or insolvency of the Mortgagor or
other :arty liable for the payment of the Note and other indeb-
~ tednes~ secured by this Mortgage.
~
15.• The Mortgagor, within ten (1C) days upon request in person
~ or withiM twenty (20) days upon request by mail, will furnish
pronptly a~rritten statement in fo~n satisfactory to t~~~ :ortga6ze,
signed by the Mo~tgagor and duly acknowledged, of the amounL ther,
owi~~ tr,e :iote and other indebtedness secured by this Nortgage,
and whether any offsets or deYe~ses ex~s~ against such indebtedness
or :.ny part thereof .
~~~75
~~"'~°-`~~."~s~. F