Loading...
HomeMy WebLinkAbout1450 . , • ~_7j , morLO;~ed ~roperty, ~r any part t?~ereof, which shall have priority over the lien of this ~Iort~;age; (c~ Tne ::orti~a~ee's discovery of the ;tortgaoor's failure in any app~ication of t?~e ;~iortoagor to th~ rlort€~gee to disci ose any fact dezmed by the '~iortgagee to be material, or of the making tY~erein, or in any of the agreements entered inzo by the Mort- ~agor ~ti~itb the i~ior~gagee (including, but not l~mited to, the iVote and tY;is ~ortgage) o~ any nisrepresentation by, on be- hal~ of, or for the benefit of, the Mortgago?^; (e) lhe saie, lease or ather transfer of any kind or nature of ~ the m~rtgaoed proper~y, or any part there without the prior orritten consent of ~he Mortgagee; The i~ortgaaee's ~aiiure to exercise any of its rights t;ereur,der snall not constitute a waiver tY~ereof. All the events in this Paragraph enum- erated upor~ the happening of an~ of which the i3ote shall bec~me, or may be declarec. to be, im.cnediately due an~ gayable= are in this ~Iortgage caiied ~~evenis oi deiauiti~~ . - 12. i.'he i~iortga~ee may from time to time cure each default under any : covenan-t or abreement in any instrument creating a lzen upon~the mort- gaged property, or ar,y part thereof, which shall have priority over the lien of t:~is ~Iortgage, to such extent as the yfortgagee nay exclusively ' determine, and each anoun~ paid (if any) by the Mortgagee to cure any . _ . - - - - such defau~t s'nalZ be paid by ~he Mortgagor to the Mortgagee; and the Mortgagee sY~all aiso become subr~gated to whatever rights the holder of the prior iien night have ur,der such instrunent. '!3. ~a) After ~he happening o~ any default hereunder, ~he Mort- gagor shall upor, denand of the RZortgagee surrender possession of the mortgaged property ~.o ~'ne Nortgagee, and the Mortgagee may enter such property, and let ~he same and coliect all the rents therefrom which i are due cr to bzcome due, and appl~ the sa..me, after pa~nent of all charges ~ ~ and expenses, on accoant of the indebtedness hereby secured, and all sucb rents and G11 leases existing at ~he time of such aefault are hereby assigned to the ~:ortgagee ~.s farther security for the payinent of the indeb~edness secured hereby; and the ~ortgagee may also dispossess, by the _ usual _ sum.mary_ ~ro_ceedings,_ any_ tenant defaulting__in the ._pay_ment of any rent to tY;e Mor~gagee. (b) in the event that the Mortgagor occupies the mortgaged pro- perty or a::y rar~ thereof ;.:~e r~ortgagor agrees ~o surrender possession oi such pro~erty to the ~ortgagee iamediately after any such defaul~ 'nereunaer, ar.c if t:~e T~i~rtgagor remains in posse~sion after sucY-, defaul such ~os~essio~ s'.^,~.li be as a tenant of the Mortgagee, and -the Iror ~gagor s'n2I1 ~aJ ~-r. advance, upon demar.d 'ay the Mortgagee, as a reasonable raont'nly ren-'tal f~r ~:~e premises occupied by the ~iortgagor, an amount at least equivz~.e.~ to one-t~~elfth of the.agoregate of the twelve mcnthly install- oen~~ :afa~le in the current calendar yezr, plus the actual anour.t of the annual ground renL, if any, taxes, assess~nents, water rates, other gov- ern~.en ~GI char,,es, an3 insurance ~ remiur~s payable in connec ~ion witn the a~ortga~ec :~ropert;~ ~uri c~ sucr year, ard upon the failure o~ the ;~io~t- gag~r t~ ~ay sucn ~ant~ly rental, the ~Iortgagor may also be dispossessed by ~he usta~l s~n~:ary proceed3ngs ap licable to en~nts. This covenant ~oflK183 FACE1~4~ .u_ ~ ~ ~ _ . - . - , ~