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HomeMy WebLinkAbout0467 _ _ ~ ' ? mor~gaged property, or any part ~hereof, which shall have priority over the lien of thia Mortgage; (d) The Mortgagee's d.iacovery of the Mertgagor'e failure ir~ any application of the Mortgagor to the Mortgagee to diaclose a~iy ~act deemed by the `~lortgagee to be material, ar of t~e making therein, or in any of the agreementa.entered into by the Mort- gagor with the Mortgagee (i~cluding, but not limited to, tbe Note and this Mortgage) of any misrepreaer~tation by, on be- balf of, or for the bene~it oY, tbe Mortgagor; (e) The.sale, lease or other tra~sfer of any kind or nature of~ the mortgaged property, or any part thereof, witbout the . prior written consent of the Mortgagee; The Mortgagee's failure to exerciae any of i.ts righta hereunder aball not constitute a waiver tbereof. A~l the event~ in this Paragrapb.enum- erated upon the happenir~g of any o~ whicb the Note ahall become, or may be declared to be, immediately due and payable, are in this Mortg~ge called "events of default". 12. Tbe Mortgagee ma~ ~rom time to time cure each default under any - covenant or agreement in any instrument creating a lien upon-tbe mort- . gaged property, or any part thereof, which sball bave priority over the ' lien oY tbis Mor+gage, to auch extent as the Mortgagee may exclusively determine, and eacb amount paid (i~ any) by_tbe Mortgage~ to cure any such defaul~ shall be paid by tbe i+sortgagor to the Mortgagee; and tbe ~fortgagee sball also become aubrogated to whatever ri.ghta the holder of the prior lien might have.under such instrument. '13. (a) After the happening o~ any default bereun~der, tbe Mort- gagor shall upon demand ot the Mortgaoee surrender posaeasion of tbe mortgaged property to tbe~Mortgagee, a.nd the Mortgagee may enter sucb property, a~d let the same and collect aIl tbe renta tberefrom whicb are due or to become due, and apply t~e same, after payment of all cbargee ~ and-expense9, on account of tbe indebtedness hereb~r aecured, and all aucb ~ rents and all leases egisting a~ the time o~ sucb default are hereby F assignzd to tbs Mortgagee as further security for the payment oP the ~ ~ndebtedness secured hereby; and tbe Nlortgagee may alao diaposse9a, by ; the usual summary procee3inga, any,tenant defaulting i~ tbe payment of ~ any rent to the~Mortgagee. - " ~ ~ ~ (b) In tibe~event that tbe Mortgagor occupiea tbe mortgaged pro-~ ' ~erty or any part thereof the Mortgagor agrees tt~ surrender poesession of such p.roperty to the Mortgagee immediately a~ter any auch defaUlt ~ ?~ereunder,,~nd if the Mortgagor remains in possession a~ter such detault, such possession sh~ll be as~a tebant of tbe-Mortgagee, ancl tbe Mortgagor shall pay in aavance, upon dema.nd by the Mortgagee, as a reasonable montbly rental for the premises occupied bq tbe Mortgagor, an amourit at least equivalent tc~one-twelfth of tbe aggregate of tbe twelve montbly install- ments payable in.tbe current calendar year, plus tbe actual am~unt of the annual ground rent, i~ any, taxes, assessments, water rates, otber gov- ernmental charges, and inaur~n~e premiume payable in connection with the mortgaged property duritig such year, and upon the failure oY tbe Mort- . gagor to pay sueh monthly rental, tbe Mortgagor may also be disposseesed ~ ; by the usual summary prt~ceedings applic$b~e tenants. Tbie covenant ~ - aoac~~ n~ 465 z.~..~.~~-~ - ~ ~ : _ ~