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• ~.or ~~aV~ed pr~~ ~rty, o~ ar.y :.art ~Y?e?^20Z , w~ ~~a~ 1 Y~ave
__~iority over ~:;e i:.en of this i~iorfi~age;
~Cl,' ~ r't:~ :':Or ~<<"-,.,3~2E' S G~ ~:.C~V2Z'~ OI ~he T~tOr t'',ac^:o0~ ~ S fc;.._~ L2i@ ? tZ ~tYl f
a~piicati~n of ~he i•:ort ;a~o~^ to t:~e ;~iortga~ee disc? ose any
fac ~ deexed by ~h~ 'aortQagae ~o be ~aterial, c~ of the ma~~.ng
z ~cr~in. or ~r. any aorze~en~s enter~d ir:~o bf ~he I~lort-
~u~or ~i~ the r.ort~a~~e ( includin6, ~u ~ r.ot Ii~~~ted to, the
' i,Iote and this l~:or~;age) o~ any misrepresentation by, on be-
'r.ali of, or zor the b~neiit az, t:~e ~Zortoa~or;
(e) mhe s~'e, lease or a~her trar_sier of any kind or nature of
ti:e ~orti~aged progerty, or any part thereof, witho~;t the
prior ~vrii. ~en consen ~ of the Mortgagee;
i::e Aiortca~ee' s faiiure to exercise any o:~ its rights hereurder sha21
~:~t cor,sii-cuta a waivzr Lhereaf. A~:~ ~ne events in tihis Paragraph enura- • •
~ra~ed upon t:a hapn~ning of any of w'nich the Note shall become, ar may
;e declare3 be, i~ediately due and payable, are in this ~:ortgage
~:alle~ "even ~s o~ aefa~;it" .
~2. ~l~e ifoyt~~gee ~a~ z~oa tine to time cure each defauit under any
~over,ant or agreeWer.t in any ins4ru~ent creating a lien upor.~the mort-
~;aCed propzrty, or ary part Lhere~~, which shall have prior~ty over the
~~ien oz this l~iortga~e, to sucY~ eazent as ~he tiIortgagee may exclusively ;
,:e~ermine, an~ eacn ~oani ~~id (ii 3ny) oy the i~ortgagee to cure any '
~ ucn default s~all be ~aid 'oy t'r.e Mor ~gagor to the l~iortgagee; and the
:=~rtgagee s:~all also beco~e subrogated ~o whatever rights t~e h~Ider of
~:ie prior ~.ien nighz ~ave under such instruraent.
13. (a} After the ha~uening of any defau~t hereunder, zhe ~:ort-
~
~a;or sh2,l? upon a2W~.n~ of t~ie
~1~'~or agee °s~~`gYT'Q~r`~~ ~ '
=_~rtgaged ~~operty to tihe m~rt~agee, and the ~Iortgaoee nay enter svch
~~~periy, and let zhe sa.me ar_d coilec~ all the rents therezro~ which +
~.=e due or to beccwe due, and ap~ly t'ne sane, a~ter payr~ent of all charges
~:~3 exper~ses, o:~ accour ~ oi the ir.debtedness hereby secured, and all sucb
~ enzs and all :~ease.: exis ~ir.~ at the t~ ne of such default a ~e hereby
~ssigned ~o t'r.e ~ror~gagce as further security for tihe payment of the
1
;ndebtedness aecured '.^.ereoy; and the i~~ortgagee may also dispossess, by
~:~e u~ual ~u~a_y ~roceedings, ary tenant defaulting in the pay~enL of
' ::~y re .t t:. t'r,e :~iortba~;ee.
~
(b; t'.:z ever•~t t~a~ ~he i~or~gagor occup~es the ~~rtgaged pro-
_er~y ~~r~ ;,rc~~~f ~:~e r:ort~4gor agrees to surrender ~osse~sion ~
; suc': ~~~~~er;,~ ta ~'r,e :~ortgage2 :~m~cediately af~er any such defauZt s
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:ere~~:aer, ar~~ 1_ .le 1•..iL ~ ~ ~ ai~s--~:.-~~,.~,~ „r T+ar ~~_-de.faclt-~--- ;
~:~c: po~~essi~n sha~ ~ be as a tenar ~ oi tYte ifortgagee, and ~:~e :~ortgag4r '
t
s~a~~ pa;~ ~-r. a~v~,nce, up~n cie~anc by ~'ne P~TOr~gagee, as a re~sonaole Wonthly `
Nen;.al ~or L'r.e ~re~~ses occupied by zhe Mortbagor, ar, a~iour;, at leasz
~:;uiva~e::~ tc c::e-~c•relith of the a~~regate o~ tt:e tkT2~ve nc~thly instal3- '
~~r.ts ~a;; a~~e ~^e current calenoar year, plus ~thz ac ~~a~ am~ur. v of t:~e i
~,^rt~a~ gr~::nd ~ if uny, ~axes, assess:aenzs, water rates, ozher gov-
~
~~r: ~ec:~al c~-,ar_;:s, an~ insurance premiu:~s :,;~~able in connec~~on w~t'n t~,e ~
~:~r ~~a~e:: :~ro ;e~ CurinQ such year, a::c upor. the =ailure c~ ~he ~•_ort- #
~_aoor to ,~~y ~~c': :~~~n~~ ly rental, the r:ortaagor ~ay also b~ dis~ossessed ~
. ~
t'r,e as~al su~.:tay;~ ~roceza;n~s a B~.i ~b'e to tenan~s. This covenant
OOK ~ ~ PAGE 6~6
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