HomeMy WebLinkAbout1642 . _ ~7. _ .
~c_~~;;~a~ec ~~roperty, or any part t::ereo~, ti•r'r,:c:, sy,a~i t~ave
priori±y over the iien oi ~.~is :iortoa~e;
tG~ 1:~~ ?:OY' ~:_;~.J2c' S GiS~OV@?";J OI tne I~lOrt~a~or' S ~~:1~ U'l8 ~Tl BYlf ~
~.ppZic~T.iOri oi t~i2 i~.0?"t~'~?.oor ~o ~he tiiort:o~oee C~~: CZo: e ar,y t
i
~ iac~ deeWed ',^,y t~!e "ortoaoze to be ~ateri~l, cr o~ ~hz ma:~ing
t?~ere{n, or in any of t?~e a~reemen~s e:~tered itlto oy t!~e r~ort-
Qagor co~t.z the ~:ortgagee (including, but not l;~ized to, the
1To~z ana this ~:ortgage) oi a?~y misrepresentati~n by, on be-
a~.l~ o~, or ior ~he benefit of, the rlortgagor;
(e; ~:~a saie, le4se or other transfer of any kind or nature of
~he nort~:~~~a proper~y, or anJ part thereo~, without the
prior written co::sent of the ;;ortgagee;
'~'~e ~iort~~~ee's iailure to exercise any of its rights hereunder shall
:,~t cons ~u ~e a waiver thereof . All the events in this Paragrap'n enum- • •
erated u~on the happen~ng of any ~f wnich the I~ote shall beco~e, or nay
~e declaren ~o c~e, i~ediately due ana payable, are in this ~ortgage
callen "even;.s o~ defaul .
12 . ihe ~i~rtg~gee ~~.y fron ti~e to time cure each defa;al ~ undzr any
c~venarsti or agree~en~ in a:~y instrunenL creating a l~en u~on~the ~~rt-
~aged ~roperty, or any part ~'nereof, ~~'nich shall have prior~.ty over zhe
~.ien ~f t:~is ~~ortgaQe, to suc.~ extenti as t?~.e ~Zortgagee nay exclusively ~
~:atiernine, ana eacY: amount pzid (ii zny) by t~e Mortgagee to cure any ~
~~ach deiau~t s'~.all oe paid by t:~e Nlortoaoor to the I+NOrtgagee; and the ~
F
:~:~rtgagae shall also ozcome subrogaied to wnatever rights the holder of #
f _ _ , , ~ ~
f ~:~e prior lien raight nave under suc,~ instrumen
~
k 1j, (a) :_=ter ~he ~appening oi any aefauli, hereunder, tihe Yort-
j ~z;or s'~~.1~ upon -cemand oi the 3~ior~gaQee surrender possession of trz
~ r~ort~z;ed ~ropzr~;~ to ~c'ne i~i~rzga~ee, and ihe Mortgagee may enter such
~ ~roperty, ar.n ~et the s~e and collect all the rents therefrom which
6 are due or to becone due, and app13~ the sa.me, after pa3Tment of all c~~rges
~ an~ ex~enses, on acc~un~ oi tt~e indebtedness hereby secure~, an3 all such ;
rents and all ieases existing at ~cne ~ime of such default are hereby ;
assigned t~ t'r,e i{:,,r-~gagee as furtner security for the payment of the
;ndebtedness secured hereby; and the Morigagee may also dispossess, by
~:~e usual summar;~ proceedings, any tenant defau?ting in the payment of
any rent .to t'ae ~iortgagee .
~
~ (b) ~n i.7e event ~hat zhe YQrtgagar occupies the mortgaged pro-
~ _ er ~y or ~y ?~az' ~-~'r,ereoi tY~e i~:ortgagor agrees to surrender possession ~
~ .,f suc'^ ~^rc~ar~y ~o t'ne :~Iort~agee ~~mediately after any such deiault
~ ::ere~ancer, and i~ ~he i~:ortba~or remains i~ possession after such deiault,
~
~ ~;~c:~ ~o~~e~si~r sha~l be as a tenant oi the Mortgagee, and ~ne i~lor~ga~or
~ ~::~.1= r~.;~ ~r. ~.cvance, upon de~a-r.d by the I~or~gagee, as a re: s~nable ~onthly
~ er. ~a? ic:n ~ae ~rec~ises ~ccup? ed by the i~iortgagor, an amoun ~ at least
~ ~c U:vz~e:~ ~ ~o or,e- ~welf ~h of t:~e aggrzgate of the twelve raonthly install-
~ payao~e ~~n ~he cu~ren~ e~.le: car year, plus the actual a.moun-t o~ the
~ 'y
~
~ :L:2 ~ ~rGLiTiG '•_'ECl t1'. ~ li anJ, 't~XeS ~ a,~Sess~ents , water rates , O ~her ~OV-
~
~ :rr.:~ent~~ c~a^~es, ar~d insura:~ce premiums payable in connection with the
~
~t ~:::;r ~~aoed -:,ro _.er v~ curing sucr year, ar.d uYon the failure o~ t'ne i~:ort-
~a~or ~o ;.a~ ~uch y~ntcl~y ren ~al, ~he P~ortgagor may also be dispQSSessed
Y: :,y tne us~.al su::~ary p-oceedjngs appiicable too Renants. Th~s covenant ~
: a~184 ~1639