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HomeMy WebLinkAbout1426 : - 7 - mortgaged property, or any part thereoY, which ehall have priority over the lien of this Mortgage; ~ (d) The Mortgagee'e diecovery of the Mortgagor's Yailure in any application of the Mortgagor to tbe Mortgagee to diecloae a~y fact deemed by the ''lortgagee to be material, or of the making therein, or in any of the agreemente entered into by the Mort- gagor with the Mortgagee (including, but not limited to, tbe Note and this Mor~gage) of any miarepreaentation by, on be- ~ ; half oY, or for tbe benefit of, tbe Mortgagor; ~ (e) The sale, lease or other tranafer of any kind or nature oY the mortgaged property, or.any part thereof, witbout the prior written conaent of the Mortgagee; The Mortgagee's failure to exercise any o~ ita righta hereunder aball not constitute a waiver thereof. All the eventa in this Paragrapb enum- erated upon the happening of any oY whicb the Note sball become, or may be declared to be, immediately due and payable, sre in thia Mortgage called "eventa of default". ~ . 12. The Mortgagee may from time to time cure each default under any covenant or agreement in any instrument creating a lien upon.the mort- gaged property, or any part thereof, which ahall have priority over the lien of this Mor.tgage, to euch extent aa the Mortgagee may excluaively determine, and each amount paid (if any) by the Mortgagee to cure any such default shall be paid by the Mor~gagor to the Mortgagee; and the ~iortgagee aball also become subrogated to wbatever rigbta the holder of the prior lien might have under auch insicrument. . 13. (a) After tbe happening of any default hereunder, the Mort- - gagor shall~upon demand of the Mortgagee aurrender posse9sion of the ~ ' nortgaged property to the Mortgagee, and the Mortgagee may enter auch , ~ property, and let the aame and collect all the rent~ thereYrom which ~ are due or to become due, and apply tbe same, after payment of all charges ~ and expenses, on account o~ the indebtedneas hereby secured, and all aucb rents and all leases exiating at the time of aucb deYault are bereby assigned to the Mortgagee as furtber security tor the payment oY tbe indebtednesa secured~bereby; and tbe Mortgagee may also diapoaseee, by - ~he usual summary proceedinga, any tena~t defaulting in tbe payment oY ~ any rent to tbe Mortgagee. ~ , • ~.(b) In the event that the Mortgagor occupies the mortgaged pro- ~ ~aert or an~ art thereof the Mort a or a reea to surrender osaesaion ~ . Y Y P g g g . P ; of auch property to the Mortgagee immediately after any auch default + ~ ~ ~ereunder, and if the Mortgagor remai~a in posae~eion aYter auch default, ~ such posseasion shall be as a tenant ot the Mortgagee, and the Mortgagor ~ shali pay in advance, upon demand by tbe Mortgagee, as a reaeonable monthly rental for the premises occupied by the Mortgagor, an amount at least ~ eeuivalent to one-twelfth of the aggregate oY the twelve montbly install- ~ ments payable in the curreAt calendar year, plue the actual amount of the ar,nual ground rent, it any, taxee, sesessmente, water ratee, other gov- ernmental charges, and insurance premiuma payable in connection with the mortgaged property during euch year, and upon the failure of the Mort- gagor to pay-sucb montbly rental, the Mortgagor may a18o be dieposseesed by the uaual eummary proceedinge applicable to tenants•. is covenant . - ~ R OV PAI~~~~ ~o~K 1 _ - - ~ :AF. _ T_ _