Loading...
HomeMy WebLinkAbout0501 ~ ~ -7- mortga~e3 nrouerty, or ar.y part thereof, which shall have ; priority over tre lien of t~:is ?~lortgage; ? (d) The r~ortgadee's discovery of the i~ortgagor's failure in any application of the Martgagor to the Mortgagee to disclose any iact deemed by the `~lortgagee to be material, cr of the making therei:~, or in any of tY~e agreements entered into oy the Ncort- gagor ~~rith the i~:ortgagee ( including, but not li~ited io, the RTote and t'nis riortgage) of any misrepresentation by, on be- half of, or ior the benefit of, the ~Iortgagor; (e) The sale, lease or other transfer of any kind or nature of the nortgaged property, or any part thereof, w?tt~out the prior ~vri~cten consent of the Nortgagee; ~ae I~:or~gagee's fail~re to exercise any of its rights hereunder shall not constii;.ute a waiver thereof. A1~ tihe events ~n this Paragraph enum- er _ _ _ - - - - '~e declared to be, immediately due and payable, are in this Mortgage called "events of default". 12. The tior~gagee may fro~ ti~ae to ti~e cure each default under any ccvenant or agreenen-~ in any instrument creating a lien upo:~~the mort- ~~ged propQrty, or any part thereof, which shall have priority over the ~ien of t:~is vlor~gage, to such extent as the Mortgagee may exclusively uetermine, and each amount paid (ii any) by the Mortgagee to cure any ~ach defauit shall be paid by the ~Iortgagor to the Mortgagee; and the :ortgagee shall also becone subrogated to w'natever rights the holder of the prior lien might have under such instrument. ~3- (a) A~ter the happening o~ any cieiault hereunder, the Mort- yagor shall upon demand oi the I~~ortgagee surrender possessian of the .uortgaged property to t'ne P'tortgagee, and the Mortgagee may enter such f ~roperty, aud let the sane and collect all the rer,ts t'aerefrom which E are due or to beco~e due, and apply the same, after payment of all charges 4 j a;~d expenses, on account of the indebtedness hereby secured, and all such [ rents and all leases existing at zhe time of such default are hereby ~ assigned to the Mortga~ee as further security for the payment of the ~ ;ndebtedness secured hereby; and the i:ortgagee may also dispossess, by ~ ~~e usual sum.mary proceedings, any tenant d~faulting in the payment of ~.ry rent to the i~ortgagee. ~ (b) ~n t~e event that t'ne ~Iortgagor occupies the mortgaged pro- ~ ~erty or aYy par~ ~hereof t'ne r:ortgagor agrees to surrender possession ~ such ~roperty to the Mortgagee imnediately after any sucY, default ~ ~ • ° :creuncer, a::a i~ the :+Iortgagor remains in possession after sucn default, ~ ~uch ~ossession shal~ be as a ter.ant oi t:~e Mortgagee, and ~he :~iortgagor F ~ ~:all pa~ in advance, upon demand by the I~ortgagee, as a rezsonable monthly ~ ~ental ~or t:~e pre~ises occupied ~y the riortgagor, an amount at lsast z. ~ ~cui~~alent to ane-twelftY: of t'ne aggregate of the twelve monthly install- ~ ~ ~eri;.s ~a;~able in the current calendar year, plus the actual amount of the ~ ~ a~rlnua~' ~rour.d rent, if ar,y, taxes, assessments, water rates, other ;ov- ~ ~rr.mental charges, Gr,d i::surance preniums payab~e in connection wit:. t'ne _ ~ ~_ortgaged ~,ro~erty c~uring such year, and upon the failure of t'ne i~icrt- ~ ~agor to j,ay suc'n ncnthly ren~al, the IYlortgagor nay also be dispossessed ~ cJ the usual sunnary proceedings applicable to tenat~t~. This covenant ~ BOOK18~. PAGE 499 z; ; - - ~ _ - _ _ ~ _ .