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~•ed rr~r~rty, or anyi ~ar ~ t~:erec~ ,:,rr ic:: sra~ ~'r.ave
pr~ority over th~ lien o~ t~is :iort~3~e;
~G~ i~",~ i'.Or~~3~@e ~ S ::1SCOVv'ry. O~ 'tf~@ i~Orto&~4r' S ~;;.i~ure =n any i
~ ;:.pplica~ion oi t~:~ :~ior~oa~or to the ~Iortg~gee d~sclose any
'~ct deemea by the ''ortgagee ~o be ~iater;al, a„ o~ the ~a~cing
i?:erein, or in any of the a~ree~ents enterzd ir. ~a by t;e ifort-
Q3~or wit?~ the Mortgagee (including, but not limited to, the
i~ote and this Mortgage) of any misrepresentation by, on be-
ha~i of, or for ~he benefit of, ~:~e l~ortg~,gor;
TY~,e sale, ~ease or other trans~er of any kinc~ or nature of
t'ne mortaaged pro~erty, or any part thereof, k~ithout the
prior written consent of t2~e Morzgagee;
~'.^.e ~:ort~a~~e' s zailure to exercise any of its rights 2~ereur.der shall
r.ct consti~tate a waiver thereof. All the events in this Paragraph enum-
~rated upon the r.appening of any of which the Note shall become, or may
ce declaren to be, i~edia;,ely due and payable, are in this iKortgage
called "events oi defa~;lt" .
12. lhe ~fortgagee may from ti::a to time cure each defµult under any
covenant or agreement in any instruraent creating a lien upon~tne morti-
caged pro~erty, or-any :Grti thereof, which shall have priority over the
~zen of this Norzgagc, to suc:~ extent as the Nortgagee may exclusively
~:etermine, and each a.mount paid (if any) 'ay ~he Mortgagee to c.ure any
such default shal~ oe paid by the Mortgagor to the Mortgagee; and the
::~rtgagee s~all also become subrogated to whatever rights the holder of
tne prior ?ien night nave under such instrumen~.
~3. (a) Afte~ zhe happening o~ any default hereunder, the ~iort-
~agor shal~ upon cz~and of the ~iortgagee surrender possession of the
t
~ortga~ed ~roperty to ti'ne Mortga~ee, and the Mortgagee may enter~such ~ ~
~oroperty, and ~et the same and coliect all the ren~s therefrom~which E
are due or ~o become due, znd apply tne same, aiter ?~aymeni of all charges
an3 expenses, on accoun~ of the indebte~ness hereby secured, an~ all such ;
~en~s and all leases ex~sting at the tir~e of such default are hereby ~
assigned ~o tc.e .~:origagee as furt~er security for the payment of the 4
;r.~e'otedness secured hereby; ana the i~ortgagee may also dispossess, by
; ~~e usual sum~ary proceed~ngs, any tenant defaulting in the payment of
t dry rent to the i~ortgaaee,
E
~
~ ~ (b; ?n ~c~e ever.~ t?~at ~he Mortgagor occupies the mortga;ed pro-
' -~:~erty or a:;~ :~a~t t'nereof the ~.ortgagor a~;rees to surrender possession
; _
~
suc?~ proper~;~ ;,o the i~:ortQa~ee immediately aiter any such default #
,
;erzunder, ar.c ii the :fortgagor re~ains in possession after such default, ~
t
~uch posses~~or~ sha21 be as a tenar,t of the Mortgagee, and ~he i~iortgagor =
~:a~~ ~a~ ~.r dcvance, u~,on denand by the Mortgagee, as a reasonable aonthly ~
' ~'~nta~ t ~e pre~iises accupied by the ?~.artgagor, an anoun ~ at least f
f ~cu;~~a~e:~t orle-tV~elit:~ of the aggrega~e oi the t~velve mcri ~aly insta~l- ;
` : ~s J~~r^ :_i~ ~n t~e current calendar r
~ year, plus the actual a:~ouc,t c~ the ~
~,".'i7'iL:~_ ~~~;.:Y,G '~27'~~~ ii ctT1~, ~2XE8, assessments, water rateS, other bOV- ~
~I v~r...~ ~ ~ q w, ~ • . . y, , ~
; eL ~a~ c:,a~oes, irsuranee preWiums ~ayable ~n connec ~ion ti?~ ~n tne i
! ~:~rt~a~e~ _:ro~;erL;~ durino such year, and upon the failure o~ t'r.e ~iort-
~ ~G~~r ; ay ~~cii ~~n 4r.ly rental, the ~or ~gagor may also be dis ~ossessed
the u:.;:al suW...~~ar;~ ~roceedings zppl~c~ble to tenan~s. mhis covenant
gooK 185 PAGE 232
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