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HomeMy WebLinkAbout2858 • E • ~ 7 - ~ . t mortgaged property, or any part thersot~ which shall have priority over the lien o! thia Mortgage; i . , ; (d) Tbe Mortgagee's diacovery ot the Mortgagor's failure in any f . application o! the Mortgagor to the Mortgagee to dieclose aAy ; fact.deemed by the `'`ortgagee to be material, or o~ the makiAg ? th.erein. or in any of the agreements entered into by the Mort- gagor with the Mortgagee (inaluding, but not limited to, tbe E Note and this Mortgage) o~ any misrepresentation by, on be- ~ . , half of, or ior tY~e benefit of,~~tbe Mortgagor; (e) The sale, lease or othe~ transfer of any kind or nature of the mortgaged property, or any pgrt thereof,~without the prior written consent of the Mortgagee; ~ ' ~ The Mortgagee's failure to~exerciae any of its rights hereunder shall not constitute a waiver thereof. All the eventa in tbis Paragrapb enum= erated upon the happening of any o~ which the Note sball become, or may be declared to be, immediately due and payable, are in tbis Mortgage called events of default" . ~ "12. The Mortgagee may from time to time cure eacb default under any covenant or agreement in any instrument creating a lien upon_the mort- gaged property, ar any part thereof, which sball have priority over the lien of this Mortgage, to such extent as the Mortgagee may exclusively determine, and each amount paid (i~~ any) by the Mortgagee to~~cure any _ such defaalt shall be paid by the Mortgagor to the Mortgagee; and the ~iortgagee shall alao become eubrogated to whatever righta tbe bolder of the prior lien might have under sucb instrument. - 13. (a) A~ter~the happening of any default hereunder, the Mort- gagor sha11 upon demand of tbe Mortgagee surr-ender possessio~ of the ~ortgaged property to the Mortgagee, and the Mortgagee may enter sucb - property, and let the same and collect all tbe rents therefrom wbich ; are due or to become due, and apply tbe same, a~ter payment of all charges t and expenses, on account of the indebtedness hereby secured, and all aucb rents and all leases existing at.the time of auch default are hereby assigned to the Mortgagee as Yurther security for the payment of the ~ndebtedness secured hereby; and tbe Mortgagee may alao dispossesa, by the usual summary proceedings, any tenant defaulting in the payiment of any rent to tbe Mortgagee. . (b) In the event that the Mortgagor occupies the mortgaged pro- perty or any part tbereoY tbe Mortgagor agrees to surrender posaession ~f such property to tbe Mortgagee immediately after any such default aereunder, and if the Mortgagor.remains'in possession after~sucb default, such possession shall be as a tenant of tbe Mortgagee, and the Mortgagor - shall pay in advance, upon demand by the Mortgagee, as a reasonable monthly rental for the premises occupied by the Mortgagor, an amount at least equivalent to one-twelYth of the aggregate of the twelve monthl~y install- nents payable in the current calendar year, plua the aetual a,mount of the annual ground rent, if any, taxes, assessments, water ratea, other gov- ernmental charges, and insurance premiums payable in connection with t~e nortgaged property during such year, and upon the failure oY the Mort- gagor to pay such monthly rental, the Mortgagor may also be disposseaeed by the uaual summary proceedinga appl~iRable to tenants. 2hie eovenant aoax ~86 ~~s~~~51 = - . _ _ _ - - ~ ~ ~ _