Loading...
HomeMy WebLinkAbout0423 r - T - E , . . , ~ mortgaged property, or any part thereoi, whioh=ehall have ~ priority over tbe liea oi thie Mortgage; (d) The Mortgagee'e dieoovery of the Mortgagor'e iailure in any applioation ot tbe Mortgagor to the Mortgagee to diealoee any tact deemed by the `~ortgagee to be material~ or of the meking therein, or in any or the agreementa entered into by ttie Mort- gagor with the Mortgagee (including, but uot limited to, tbe Note and thie MortgQge) ot any mierepreeentation by, on be- ~ halt of, or~~or the benetit o!, tbe Mortgagor; (e) The eale, leaee or ott~er tranefer of any kind or nature o! the mortgaged property, or any part_thereof, without tbe prior written coneent o! tbe Mortgagee; The Mortgagee'e failure to eaerciee any ot ite righte hereunder sball not conetitute a waiver tbereoY. .All the eve~te in thie Paragraph enum- erated upon tbe happening of any of wUich the Note ahsll beoome, or may be declared to be, immediately due and payable, are in thie Mortgage called ~~eventa of default". . 12. Tre Mortgagee may from time to time cure each default under auy covenant or agreement in any inetrument c7ceating a lien upon tbe ~ort- gaged property, or any part thereo~, whioh ehall bave priority over the lien of thie Mortgage, to eucb eatent ae the Mortgagee may egcluaively determine, and each amount paid (if any) by the Mortgagee to cure any such default shall be paid by the Mortgagor to the Mortgagee; an8 the Mortgagee ahell a18o become aubrogated to whatever righte the holder oY the prior lien migbt t~ave under such inatrument. - 13. (a) AYter the bappening of any default hereunder, the Mort- gagor shall upon demand of tbe Mortgagee eurrender poaeeseion oY the oortgaged property to the Mo~tgagee, and the Mortgagee may enter euch ~ property; and let the same and collect all tbe rente thereYrom whicb ~ are due or to become due, and apply the eame, after payment oY all chargee ~ ~ and•expensea, on account a! the indebtednees hereby aecured, and all aucb i ~ rents and all leasee eaiating at tbe time of aucb defsult.are hereby ~ ~ assigned to the Mortgagee ae furtber eecurity_Yor the payment of the ;ndebtedneae secured hereby; and tbe Mortgagee may aleo diepoaeesa, by the usual summary proceedinge, any tenant de~aulting in the payment oY. any rent to the Mortgagee. . ~ ~(b) In the eve~nt that the Mortgagor occupiee the mortgaged pro- ~erty or any part thereof tbe Mortgagor agreea to eurrender poase~sion ~ of such property to the Mortgagee immediately after an~i auch default ~ :.~re~~nder, and if the Mortgagor remaina in poeaeseion after auch default, such posseasion shall be ae a tena~t of the Mortgagee, and~ the Mortgagor ~hall pay in advance, upon demand by tbe Mortgagee, as a reaeonable monthly ! rental Yor tbe premises occupied by the Mortgagor, an amount at leaat equivalent to one-twelfth of the aggregate oY tbe twelve monthly inatall- Wents payable in the current caleAdar year, plue the actual amount of tbe annual ground rent, if any, taxee, aeeeaemente~ water ratee,~ other gov- i ernmental chargee, and ineurence premiume payable in connection with the ~ortgaged property during euch year, snd upoti tbe failure ot the Mort- gagor to pay sucb montbly reAtal~, the Mortgagor may sleo be diepoeeeeeed by the ueual eummary proceedinge applicable to ten t~. Tbie .Qo~vnent ~~~86~~ 4 ~ 2z