HomeMy WebLinkAbout1391 • _ 9 _ ~
13. (a) After the happening of any de~sult hereunder, the
:~iortgagor shall upon demand of the Mortgagee aurrender posseseion
of the Mortgaged property to the Mortgagee, and the Mortgagee may .
eriter such property, and let the s~me and collect all the rents
therefrom which are due~or to become due, and apply the sa.me, after
payment of all charges and expenses, on account of the indebtednes~ ~
hereby secured, and all such rents and all leases existing at the
time of su~h default are hereby asaigned to the Mortgagee a9 fur-
r
ther security«for the payment of the indebtedness aecured hereby;
and the Mor~gagee may also dispos~ess, by the usual summary pro-
ceedings, any tenant defaulting in the payment of any rent to the
Mortgagae. •
(b) In the event that the Mortgagor occupies the mortgaged
propertiy or any part thereof the Mortgagor agrees to surrender
possession of such property to the Mortgagee immediately after any
such default hereunder, and if th~ ~ortgagor remains in possession
azter s~ach defau~t, such possession shall be as a tenant oY the
~ortgagee, and the ~ortgagor shatil ray in advance, upon demand by •
the ~or~gagee, as a reasonable monthly rental for the premises
occupied by the ~ortgagor, an a.mount at least equivalent to o~e-
twelfth o~ the aggregate of thE twelve monthly installments payable
in the current calendar year, plus the actual amount of the annual
.ground rent, if any, taxes, assessments, water rates, other govern-
`mental ~harges, and insurance premiums payable in connection with
the mortigaged property during such year, and upon the failure of
j the ~ortgagor to pay such monthly rental, the Mortgagor may also
~ be dis~ossessed by the usual summary proceedings applicable to
~
i tenants. This covenant shall become effective immediately upon
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~ the happening'of any such default, as determined in the sole dis-
~ cretiion of the Mortgagee, who shall give notice of such determin-
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~ ation Zo the Mortgagor; and in the case of foreclosure and the ap-
~ pointment of a receiver of the rents, the within covenant shall ~
inure to the benefit of such receiver. •
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14. The Mortgagee in any action to foreclose this Mortgage
shall be entitled to the appointment of a receiver without notice,
~ as a na~ter of right and without regard to the value of the mort-
~ gagen pronerty, or the solvency or insolvency of the Mortgagor or ,
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~ othe~~ party liablz for the payment of the Note and other indeb-
~ tedness secured by this Mortgage.
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'S. The ~~Sortgagor, within ten (10) days upon request in person
or o~i~'nin twenty (20) days upon request by mail, will furnish
~ promptly a written statement in form satisfactory to the Mortgagee,
~
signed ~y the ~Zortgagor and duly acknowledged, of the amount then
~ owing on t'ne Note and other indebtedneas secured by this Mortgage,
ar.d whether any offsets or defense~ exist against auch indebtednesa .
rr or any part thereof.
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~ 8001( PA9E~~ .
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