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HomeMy WebLinkAbout0442 , (c) Auy excess tunds that may bs accumulawd by 1"Bi80p Ot ule d@POS1t8 required under Puag~?~h 7(a) hereof, rs- maining attarp~y meut ot tAe ssaounta described in cl~uses (i), (ii) and (iij) hereof, sh~ll ba cce~iited to subsequect r.~spacUve mouWly amounts ot We same nature requin+d to be paid thareunder. II +~ny sucd amcu~:t sh~l! exoaed ths estiiuate Weretor, We Mortgs gur shh~l! turthwith p~y to the M~rtgug~es the amouot ot sucA dnticienc.y upoa wr?tten aotice by the Mortgagus ot tAe amouut theraot. Failurs io do ap betom the due d~ta ot such ~unouat shall bs an aveat of deisu~t under Wis ~IortgeQs. It We mortgsged pm~ar~y is soW uOder torodlosu~ o~,1s uWerwise a~.r~uired b,~ Wa Mort- gages. a[ter dafault by tlye Mortgugor, anyr re;nutaing balance o[ Wa accumulatfoa under Paragraph herrof, shall bs credited to ttze principal unuuAt uwing op the Note as ot the date ot cammenoemept ot foreclosure proceedings ror We mortgegod property, or as of Wa de?te We mortgagod proparty is oth~+rwise so acyuired. 8. The Impmverueats aud atl plans snd specitications there[or shall oomply wiW alf a~plicable municipal ordinaaces. i^eRulaUoas and rules m~?da or promulgaled by !awlc t authority, aad upon thau compleuon, shsll comply therawith and with the rules ot the Board ot Fire Undenvriters having ju~isdiction. 9. Upon any failura by the Mortgsgo r W comply with or per(orm any ot the terms, covonaats or conditions oi this Mortg~ge roquiring the paymeat of aoy ainount ot money by the Mortga~or, o:her Waa the principal smount ot ttae loan evideaoad by the IJote, interest aad oWar cbarges. as provlded in the tJote, tha Mortgsgee me~y st its option make sucL Qsymeat Bvery paymeat so msde by the Mortgsgae (iacludiag reasouable wttoraey's fees incurivd thereby), wish interest Wereon irom the date of such payraeat at tha rata of threa perccnt (396) per annum, e:oept wQy ~ymeat tor whicD a di[terent rate of interest is specified herein, shall be psyable by the Mortge?gor to ~he Mo-tgsgee on demand end shall be secw+ed by Wis Mortgage. Tdis Mortgage wiW res~ect 6o any aucD amount and the interest thereon shell constitute w liea on the mortgaged pmperRy prior to any other lian attaching or accruing subsequent to the lien of this Mortgage. 10. The Mortgag~ee, by aay of its agents or represeatstives, ahall have the right to inspect We mortgaged property from time to ame s?t aqy reasonabte Lour of the day. Should the mortgaged property, or any part thereot, at any time require inspection, repsir, care or attentioA ot aay kind or nsture not provided by this Mortgage ss detarmined by Wa Adortgagee In its sole discretion, the Mortgagea msy, a[ter notice to t6a Mortgagor, enter or cause entry to be made upon the mortgageci propei~ty and inspect, ropair, protect, care for or maiataia such property, as the Mortgagee may in its sole discretioa deem neoessary, and may pay a!1 amounts of maney there[ur, as tha Aiortgagee may in its sole discro- tion deem accessary. 11. The principal amount owing on t6e Note together with interest thereon and all other charges, as therain provided, snd all other amoucts of money owing by the Mortgagor to the Mortgag~ee pursuant to and secured by this Moriqa~e, shsll immediately become due aad pa~•able wiWout notice or demsnd upou the appointment of receivar or liquida- tor, whether voluat~y or involuntsry, [or the Mortgsg~or or aay of t6e properiy oI We Mortgagor, or upon the filing of s petitioA by or agwiast the Morlgagor under the provisions of any State insolvenoy law, or under the provisiona of the Bankruptcy Aat of 1898, as amended, or upon the msking by the Mortgsgor ot an assignment for the beaefit oi the Mortgsgor s creditors. The Mortgagee is authorized to declar~ ~a~t its option, all or siny part of such indebtedness im- medistely due and psyable uQoa the happeniag ot any of tde fdIo~rin.g event~ (a) Fsilure to pay the amount ot any iastallment of principal and interest, or other charges payable on tLe Note. which shall have become due, prior to the due date o[ the next such installment (b) Nonpertormance by the Mortgagor oi any oovenant, ag:eement, term or oondition ot this Mortgage, or of the Note (except as otherwise provided in subdivision (a) hereon or of any other agreemeat heretofom, herewiW or hereatter made by the Mortgagor with the Mottgagee in connection with such indebtedness, after the Mortgagor has been given due noti~ by the Mortgagee ot such nonperform~?nce; (c) Failure of the Mortgagor to pedorm aay covenant, agreement, term or condition in any instrumeat creating a lien upon the mortgaged property, or any part thereof, which shall dave priority over t6e lien o! this Mortgag~e; (d) Tt:e Mortgagee's discovery ot the Mortgugor s tai:ure in any application of the Mortgagor W the Mortgagee to di~close any [sct deemed by the Mortgagee to be material, or of the making therein, or in any of the agneementc eatered into by the Mortgagor with the Mort~agee (including, but not limitcd to, the Note snd this Mortgage) of any misrepresentatiun b~, on behalt of, or for .he benefit of the Mortgagor. (e) The sale, lease or other transter of any kind or nature ot the m~rtgage~3 property, or any part thereot, without tbe prior written ronsent of the Mortgagee; The Mortgagee's [silure to eaercise any oi its rights hereunder shall not constitute a waiver thereot. All the events in t~is Paragraph enumergted upon the happeaing o[ any of w6ich the Note shaU become, or may be declareci to be, immediately due and payable are in this Mortgrtge called "events ot detault " ~ 12. The Mortgagee may from time to time cure each default under any oovenant or agreement in any instrument i creating a lien upon the mortgaged property, or any part t6ereof, whic6 shall have priority over the lien of this Mort- gage, to such eztent as the biortgagee may exclusively determine, and each amount padd, it any, byM~ ey[e~t~agee to ~ cure any such default shall be paid by the Mortgagor W the Mortgagee, and the Mortgagee ahal~~~.~ubro- gaied b whatever rigfits the hulder of the prior lien might have under suc6 instnament. M ~ 13. ;a) Atter the ha nin of an detault hereimder, the Mort a r shall, u ~ ~ P~ g Y g go pon demand of .he Mortgagee, surrender possession of the martgaged property to ihe Mortgagee, and the Mortgagee may enter such property, and let the same ~ and collect sll We ~ents therefrom w6ich are due or to t~eco:ne due, and apply the saine, after psyment of all charges and expenses, on c..ccouat of the indebtedness hereby secure,:, and all such rents and all leases existing at the time of ~ such default are hereby assigned to the Mortgagee as further secu,-ity for the payment ot the indebtedness secured hereby: and the Mortgagee may also dispossess, by the usual summary proceedings, any tenant detaulting in the pay- ~ ment of any rent to the Mortgagee. , (b) In t6e event that the Mortgagor occupies the mortgaged property or any -part thereot, the Mortgagor agrees to surrender possession of such pr~perty to the Mortgagee immediately after an~uc6 detault hereunder, and ii tbe Mort- gagor remains in possession atter such default, such possession shall be-8s a tenant of the Mortgagce, and the Mort- gagor shall pay in advapce, upon demand by the Mortgagee, as a reasonable monthly rental tor the premises occupied by the Mortgagor, an amount at least equivalent to one-twelfth of the aggregate of the twelve monthly installments payable in the current calendar year, plus the artual amount ot the annuel gronnd rent, it any, taxes, assessments, water rates, other gorernmental charges. and insurance premiums payable in connection with the mortgaged property during such year, and upon the fai2ure of the Mortgagor to pay such monthly rental, the Mortgagor may also be dis- possessed by the usual summary proceedings applicable to tenants. T6is covenant shall become effective immediately ~ upon the happening of any such detault, as determined in the sole discretion of the Mortgagee, who shall give notioe of such determination to the Mortgagor, and in the case of [oreclosure and the appointment of a receiver o[ the rents, the within covenant shall inure to the benefit of such receiver. ~ 14. The Mortgagpe in any action to [oreclose this Mortgage shall be entitled to the appointment of a receiver with- out notice, as a matter of right and without regard to the ~alue of the mortgaged property, or the solvency or inaolvency ~ o[ the Mortgagor or other party liable for the payment of the Nots and other indebtedness secured by this Mortgage. t5. The Morigagor, within ten (]Ol days upon request in person or within twenty (2D) days upon request by mail, will _ furnish promptly a written statement in torm satisfactory tc> the Mortgagee, signed by the Mortgagor and duly acknow- ledged, af the amount Lhen owing on the Note and other indebtedness secured by this Mortgage, and whether any ott- ~t sets or detenses eaist against such indebtedness or any part thereo!. ~ ~ 16. The Mortgagor will give immediate notice by registered or certified mail to the Mortgagee ot any fire, damage or ~ other casuaity affecting the mortgaged property. or of any conveyance, transfer er change in ownership ot such pro- perty, or any part thereot. ~ 17. Notice and demand or request may be made in writing and may be served in person or by mail. ~ I8. In case ot a[oreclosure sale of tt:~ mortgaged property, it may be sold in one parcel. ~ 19_ The Mortgagor ~rill not assign the rents. if any. in whole or in part, trom the mortgaged property, or r:ny part ~ thereof, wiN:out the prior written consent of the Mortgagee. ~ 20. The ~l~rt a or is lawfuliv seized ot the rnort a d pro K g g ge perty and has good right. full power and lswfui authority to sell and convey the same in the manner above provided, and will warrbnt and de:end the same to Lhe M~rtgagee for- ~ ever against the Iawful claims and demands of any and all parties ~vhatsoever. ~ boa~ 211 P~~E ~42 ~ - - - - _ ~ t' ' ' _ ' - - = ` ~ ~ ~ - , - ~ _ __c~., ...~a:. . _ . ,