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HomeMy WebLinkAbout1450 ~ . . ~ mortgao~d property, or an;~ part thereaf, which shall have ~ priori-ty over the lien of this rfortgage; (d) The Mortgagee's discovery of the Mortgagox's fa~ilure in any application of the ivtortgagor to the Mortgagee to disclose any fact dee~ed by the `~`ortgagee to be material, or of the making t::erein, or in any af -"?~e agreements entiered into by the Mort- gagor with thz Mortgagee (including, but not limited to, the Wote and this Martgage) of any misrepresentation by, on be- ha~f of, or ~or the benefit of, the Mortgagor; (e) The sale, lease or other transfer of any kind or nature of . ~ the mortgaged property, or any part thereof, without the prior written consent of the i~ortgagee; T'~e Aiortgagee's failure to exercise any of its rights hereunder sball not constitute a waiver thereof. ~11 the events ~n this Paragraph enum- ~rated upon the hap~e~aing of any of whicb the Note shall become, or may be declarea to be, immediately due and payable, are in tbis Martgage called "even~s of default". 12. The Mortgagee may from time to-tine cure each default under any covenant or agreement in_any instrument creating a lien upon-tbe mort- gaged property, or any,part thereof, which shall have priorii;y over the lien of this Mor~gage, to such exte~t as the Mortgagee may exclusively determine, and each a.mount paid ( if any) by tiae Aiortgagee to cure any such default shall be paid by the ~+Iortgagor to the Mortgagee; and the :yiortgages shall also become subragated to whatever rights the holder of the prior lien might have under such instrument. 3. (a) After the happening of any default hereunder, the I~iort- ~agor shall apon demand of the Mor~gagee surrender possession of the ' nartgaged property to the Mortgagee, and the Mortgagee ma.y enter such f ~ property, and let the same and collect all the rents therefrom v~hich f are due or to become due, arid apply the same, after payment of all charges ~ and ex enses on account o~ the indebtedness hereby secured, and all sucb ~ p ' ~ rents and all ieases existing at the time of such default are hereby ~ assigned to the Mortgagee as further security for the payment of the ~r.debtedness secured hereby; and the Mortgagee may also dispossess, by the usual summary proceedings, any tenant de~aulting in the payment of any rent to the Mortgagee. ' (b) In the event tba~ the Mortgagor occupies the mortgaged pro- Uerty or any pzrt ~hereof the Martgagor agrees to surrender possession ~i such property to the Mortgagee immediately after any such de~ault ~ ;ereunder, an3 i~ the i4or~gagor remains in possession after such default, suc:~ possession sball be as a tenan~ of the Mortgagee, and tY~e Mortgagor ~~:all pa~ in advance, upon demand by the Mortgagee, as a reasonable nonthly rental for the premises occupied by tbe Mortgagor, an amount at least eouivalent to one-twelfth of the aggregate of the twelve monthly instaZl- ~ents payable in the current ca~endar year, plus the actual amount of the ~ annual ground rer~t, if any, taxes, as~essments, water rates, other gov- ~ ernmental charges, anu insurance premiums payable in connection with the n~rtgaged property during such year, and upoti the ~ailure ~Y the Mort- ~agor to pay such monthly rentai, the Mortgagor may also be dispossessed by the usual.summary proceedings applicable to 'cenants. This covenaut e ox ~80 P,~~.447 ~ = _ ~4~.r~ - _ _ . _ _ ~ m, :