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HomeMy WebLinkAbout1390 ~ - 8 - (a) Failure to pay t~E amount of a~y instiallment of prin- cipal and i~terest, or o~her ch~rges payable on the ~ Note, which shall have become due, prior to the due date of the next such installment; (b) Nonperforma~ce by ;,he Mortgagor of any covenant, agree- . men-c, term or condition of this Mortgage, or of the ' Note (except as otherwise provided in subdivision (a) he'reof) or of any other agreement heretofore, herewith f or hereafter made by the Mortgagor with the Mortgagee in co::~ection with such indebtedneas, after the Mort- ~ gagor has been given due notice by the Mprtgagee of ~such nonperformance; (c) Failure of the ~Iortoagor to perform any covenant, agreement, tierm or condition in any instrument creating ~ a lien upon the mortgaged property, or any part thereof, . which snall have priority over the lien of this Mortgage; (d) The Mortgagee's discovery of the Mortgagor's failure ~ in any application o~ the Mortgagor to the Mortgagee ~ t~ disclose any fact deened by ~'ne Mortgagee to be material, or oi the making tr.erein, or in any of the _ agree~e~ts entered into by the iiortgagor with the I~Iortgagee (including, but not limited to, the Note and ' this Mortgage) of any misrepresentation by, on behalf o~, or for the benefit of, the Mortgagor; ~ , (e) lhe sa~e, lease or other transfer of any kind or nature ~ ~ of the mortgaged property, or any part therof, without I ` the prior written consent of the Mortgagee; ~ . i . ~ ~ T:~e i~Tortgagee's ~ailure to exercise any of its rights hereunder snall not constitute a waiver thereo~. All the events in thie . Paragraph enumerated upon the happening of any of which the Note shall become, or nay be declared to be, immediately due and payable, are in this Mortgage called '~events of default". ~ ~ 12. The Niortgagee r~ay from time t0 time cure each default ~ ~ under ar.y covenant or agreement in any instrument creating a lien upon t'ne mortgaged property, or any part thereof, which shall have ~ ~riority over the lien of this Mortgage, to such extent as the ~ :iortgagee nay exclusively determine, and each a.mount paid (if any) ~ by the :~iortgagee to cure any such default shall be paid by the ~ ~ M~rtgagor to the Niortgagee; and the iiortgagee ehall also become ~ subrogated to whatever righta the holder o~ the prior lien might . ~ have under such instrument. ~ ~ ~ r ~ : . ~ . ~ ~ _ - _ _ -_e . : .Y~~