HomeMy WebLinkAbout1902 . -9-
13.'(a) After the ~appening oY any default hereunder, the
Mortgagor ehall upon demand of the Mortgagee eurr~nder poee8eeion
of the Mortgaged property to the Mortgagee, and ~be Mortgagee may
enter auch prop~rty, and let the eame and aolleat all the rente
therefrom which are due or to become due, and apply the eame, a~ter ~
payment of all chargee and e~cpeneee, on account of the indebtedneee
hereby secured, and all euch rente and all leaeee eaieting at the
time of euch de~ault are hereby aeeigned to tbe Mortgagee ae f'ar-
ther eecurity for the payment oY the indebtedneee secured hereby;
and the Mortgagee ma~y aleo diepoeeeee, b~r the ueual eummary p~o-
ceedinge, any tenant defaulting in the payment o~ a~r rent to the
Mortgagee. •
(b) In the event that the Mortgagor occupies the mortgaged -
property or any part thereof the Mortgagor agrees to eurrender
poeseesion of euch property to tbe Mortgagee immediately after a~}t
such default hereunder, and if the Mortgagor remaine in poeeeeeion
after auch default, euch poeaeseion ehall be ae a tenant ot the
Mortgagee, and the Mortgagor ehall pay in advance, upon demand by -
the Mortgagee, ae a reasonable monthly rental for the premieee .
occupied by the Mortgagor, an amount at leaet equivalent to one-
twelYth of the~aggregate of the twelve monthly installmente payable
~ in the current calendar year, plue the actual amount of the annual
.ground rent, if any, taaes, asseaemente, water rates, other govern- ~
mental charges, and insurance premi~ame payable in connection with ;
the mortgaged property during euch year, and upon the failure of ~ i
the Mortgagor to pay such monthly rental, the Mortgagor may aleo ~
be diepoeseeeed by the usual eummary proceedinge applicable to ~ ~
i tenante. Thie covenant ehall become effective immediately upon ~
4 i
~ the happening'of any euch default, ae determined in the sole die- ~
~
cretion of the Mortgagee, who shall give notice of euch determin- `
ation to the Mortgagor; and in the caee o~ Yoracloeure and the ap-
pointment of a receiver of the rente, the within covenant ehall •
inure to the benefit of such receiver. .
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14. The Mortgagee in any action to foreclose thie Mortgage
ehall 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 eolvency or insolvency ot the Mortgagor or .
other party liable for the payment ot the l~ote and other indeb- .
tedneas secured by thie Mortgage. ~ ' ~
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~ , 15. The Mortgagor, within ten (10) days upon requeat in pereon
~ ~ or within twenty (20) daye upon requeet by mail, will furaieh
~ promptly a written etatement in torm satiafactory to the Mortgagee,
eigaed by the Mortgagor and duly acknowledged, ot the amount then ~
owing on the Note and other indebtedneee eecured by thie Mortgage,
and whetber any o~feete or dePeneee eaiet againet euch indebtedneee
or any part thereo~.
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