HomeMy WebLinkAbout1304 . + 9
~
13. (a) After the happening o! any Se~sult hereunder, the {
Mortgagor ehal'1 upon demand of tbe Mortgagee eurrender poeeeeeioa ~
o~ the Mortgaged property to the Mortgagee, and the Mortgagee asy
enter etioh property, and let tbe eame aad oolleot all tbe rente
therefrom which are due or to beoome due, and apply the eame, aiter
payment o~ all ohargee and eapeneee, on aoaount ot the indebtedneee '
hereby eeaured, and all euoh rente and all leaeee eaieti~g at the
time of euoh default are bereby aeeigned to the Mortgagee ae ttiir- ~
tber eecurity ~or the payment ot the indebtedneea eeaured hereby; .
and tbe Mortgagee mey aleo diepoeeeee, by the ueu~l eummary pro-
oeedinge, any tenant defaulting in the pQyment o~ any rent to the
Mortgagee. • ~
(b) In tbe event that the Mortgagor occupiee the mortgaged -
property or any part thereof the Mortgagor agreea to eurrender
poeeeesion of auah property.to the Mortgagee immediately a~ter at~y
such default herewrider, and it the Mortgagor remaine in poeeeeeion ~
after euah default, euch poeeeaeion eha11 be ae a tenant oY the
Mortgagee, and the Mortgagor ehall pay in advance, upon demand by
the Mortgagee, ae a reaeonable monthly rental for tbe premieee _
occupied by the Mortgagor, an amount at leaet equivalent to one- ~
twelfth o~ the~aggregate o~ the twelve monthl~r inetallmente pa,yable~
in the current calendar q~ear, plue the actual amount of the annual
.ground rent, if' any, tazee, seeesementa, wa,ter ratea, other govern-
~mental cbarges, and ineurance premiume payable in connection with
the mortgaged property during such year, and upon the failure o= ~ .
the Mortgagor to pay euch montbly rental, the Mortgagor may aleo ~
_ be diepoeeeeeed by the ueual eummary proeeedinge applicable to ~
~tenants. Thie covenant ehall become e~feative immediately upon
the happening'of an~ euch default, ae determined in the eole die- ~
cretion of the Mortgagee, who ehall give notice oP such determin- . -
ation to the Mortgagor~ and in the case ot ~ore~cloeure and the ap- .
pointment o~ a receiver of the rente, the within aovenant ehall • -
. ~ .
inure to the benefit oY euch receiver.
- . ~ .
14. .The Mortgagee in any action to forecloee thie Mortgage -
eball 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 eolvenc~r or ineolvency oS the Mortgagor or
other part~ liable for the payment of the Note and other inde'b-
tedneee eecured by thie Mortgage. ~
, 15. The Mortgagor, within ten (10) daye upon requeet.in pereon
or within twenty (20) days upon requeet by mail, will f`urnieh ~
: promptly a written etatement in ~orm eatiefactory to the Mortgagee,
eigned by tbe Mortgagor and duly ackn.owle8ged, ot the amount then
owing on the Note and other indebtedneee eecured by thie Mortgage,
~ and wbether any ofYeete or defeneee'eziet ag+~inet eucb indebtedneee
, ~ _ or -any_part thereoY. ~ ~
M • .1'lM~~~~+ ,
. 1~ ,
~ .~~w o;-•,,~-~-~ ~ : - x -
s a'"'~-* r"~',~-`'s~_`-:' -
- ~
'°=r:a~ -
~ _