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HomeMy WebLinkAbout0446 (e) Any excess tuadrt tinat msy be accumulated by reason o~ the deposits required under Parag~aph 9(al hereof, re- wsiaing aRerp+?yment ot tAe wmouats described in cl~ua~s (i). (ii) and (ifi) hereot, ahall bs c~edited tu subssquent respectivo u~oAWly ~inounts ot the same nature roquirod W bc• pald thessundet. II sqy such wmount shsll oxceed 4'.e estimate theratc~r, the Morigaaar ehsl! torihwith pay to the Mortgagea tti~wmount of suah deficiency upon KCII~CA ROl1Ca b~l t~1e 11tOrtgagee ot tbe amount thereot. Fsiture to do so be[ore tha due date ot such amo~nt ahstl bs ~u? evant ot detault uader this Ibortguere. I[ We raortga~ed property i:+ sold uadar forcclosure or ls ott~wrwise acquired by the Mori- g~?gee, afWr deta~:lt b~ tLa Mortgwgor, aay remsining bwlu~ce o! W~ uccwnulations undor Puagraph 9(s) Aareot, ahall be credited to tha priacipal e?mount owi~g on the Note as ot We date of commancoment of toi~closure proceedings for the ~ostgwgod properiy, or as ~f the dote the mortgageci pmpariy is otherwise so eu.qu~red. 8. The lmprovemtlnts wid all plans and speci[icAtions theretor sbal! oomp)y with all applicable municipal otdinances. regulations wad rulos ~r.wde or promulgntaa by lawtul a~~thority, and upoa their complet~on, shall comply therewith snd with the rulas o[ the Board ut Fire Underwriters having jurisdictioa. 9. UpoA a~y fuilure by the Mortgagor W oomply with or perform e?ny ot We tarms, covensacs or conditioos o! this Mortgage rcquiring the psyment o[ aqy amouat of money b,~ tha Mort~agor, oWer than the principal uaount ot the lowa evidenced by the Note, interest aad oWer cAarges, ss provlded ia the Note, the Mottgagee may at iis optioa m~ke sueh payment Every payment so made by the Mortgsgee (including reasonable attorney's tees incurred thereby), with iaterest Wereoa trom the date of such psymeAt at the rate of three percent (3~f6) per annum, except sqy ps3~nent tor which a ditterent nte ot interest ia specitied uerein, shall be psywble by tLe Mortgagor to We Mortgsgea oa demand snd shall be secured by tAis Mertgage. This Mortgsge with respect to any such amount sad We intere?st thereon shaU constitute s liea on the mortgag~d property prior to aay other lien aY.achiag or sccruing subsequent to the lien ot this Mortgaga. 10. The Morigagee, by anyr of its agents or represeatatives, shaA hgve the right to inspect the mortgaged property [rom time to time at any reasonable hour of the day. Should the mortgagod property, or aay part W~reof, wtany time require inspection, repair, cure or atteation of any kind or nature not provided bp this Mortgage as determined by the Moctgagee in its sole discretion. We Mortgagee moy. after notice to the Mortgagor, enter or cause entry W be made upon the mortgaged property and inspect, repair, pro:ect, care [or or mainiain such property, as the Mortgagee may iu its sule discretion deem necessary, and may pAy all amounts o[ money theretor, as the Mortgagee may in its so2e discre- tion deem neoessary. 11. The principal amount owing on the Note together wit6 interest thereon snd all oWer charges, as thereia provided, ami all ather amounts ot money owing by the Mortgagor to the Mortgagee pursuant to and secured by this Mortgag~e shall 'uamediately become due and psyable without notice or demand upon the appointment of a receiver or liquida- tor, vvdether voliu~tsry or involuntary, for the Mortgagor or aay ot the property of the Mortgagar, or upon tl,e filing of a petition by or against the Mortgagor under the pmvisioas ot any State insolvency law, or under the pmvisions of the Bankruptcy Act ot 1898, as ainended, or upon We making by the Mortgegor of an assignment tcr the benetit of the Mortgsgor's creditors. The Mortgagee is authorized to dec'.are, at its option, all or any part oi s~ch indebtedaess im- mediately due and payable upon We happening of any of the following event~ (a) Failure to p~y the amount ot any installment ot principal aad interest, or other charges payable on t`~9 Note, which shall have hecome due, prior to the due ~iate ~f the next such installment. (b) Nonperformance by t6e Mortgagor ot any coveaant, agreemea~_term or' oondition oi this Mortgage, or of t6e Note (except as otherwise provided in subdivision (s} hat'8on or of any other agreement heretofore, herewith or hareafter made by the Mortgagor with the Mortgagee in conaectiun with such iadebtedness, att9r the Mortgagor has been given due notice by the Mortgagee ot such nonpertormanoe; - (c) Failure of the Mortgagor to per[orm any covenant, a~rsement. term or condition in any instrument creating s lien upon the mortgaged property, or any ~art thereof, which shall 6ave priority over the lien ot Wis Mortgage: • (d) The Mortgagee's disoovery oi the Mortgagor s failure in aey application of the Mortgagor to the Mortgagee to disclose any tact deemed by the Mortgagee to be material, or of Rhe making therein, or m any of the agreements entered iaw by the Mortgagor with the Mortgagee (including, but not limited W, the Note and this Mortgage) of any misrepresentation by, on behalfi of. or tor the benetit of the Mortgagor. (e} The sale, lease or other transfer of any kind or nat~re of the mortgaged pr~perty, or any part thereof, wiWout the prior written consent of the Martgagee: , The Mortgagee's failure to exercise any of its rights hereunder shall not constitute a waiver thereo[. All t6e events in this Paragraph enumerated upon We happening o[ any of which the Note shall beoome, or may be declared to be, immediately due and payable are in this Mortgage called "events of default~" ' 12 The Mo.?tgagee may from time to time cure each detault under any covenant or agreement in any instrument crEatiag a lisn upon the mortgaged property, or any part thereof, which shall have prior.ty over the lien ot *.his Mort- f gage. W such e:tent as the Mortgagee may exclusively determine, and each amount paid, if any. by the Mortgsgee to f cure any such default shall be paid by ihe Mortgagor Lo the Mortgagee. and ffie Mortgagee shall alsc~ became subro- ~ gated to whatever rights the holder of the prior lien might have under such instrument. 13. (a) After ihe 6apening of any defaulf hereunder, the Mortgagor shall, upon demand of the Mortgsgee, snirender possession of the mortgaged property to t6s Mortgagee, and the Mortgsgee may enter such pn~perty, aud let the samc and collect all the rens there[rom which are due or to become due, and apply the same, after payment of aD chargesr ~ and expenses. on account ot the indebtedness hereby secured, and all such rents and all leases exist~ng at thr time ot such default are hereby assigned to the Mortgagee as further security for the pavment of the indebtednesx secured hereby: and the Mort~agee may also dispossess, by the usual summary proceedings, any tenant defauiting in the psy- ment of ang rent to tiie Mortgagee_ (b) In the event t6at the Mortgagor occupies the mortgaged prope:ty or any part thereof, the Mortgagos agrees to surrender possessioi• of such property to t6e Mortgagee immediately after any such default hereunder, and if the Mort- gagor remains in pos5ession after such detaul~ such possession shall be as a tenant of the Mortgagee, and the Mort- gagor shall pay in advance, upon demand by the Mortgagee, as a reasanable monthly n3ntal for the premises occupied by the M~rtgagor, an amount at least equivalent to one-tweltth of the aggregate of the twelve cnonthly installments payable in the curi~ent calendar year, plus t6e actual amount of tde annual ground rent, ii any, taaes, assessments. water rates, other governmental charges, and insurance premiums payable in connection wit6 the mortgaged property during such year, and upon the failure of the Mortgagor to pay such monthly re~tal, the Mortgagtu ^~°y also be dis- possessed by the usual summary pra.^eedings anplicable W tenants. This covenant shall become eftectiva immediately z upon the happening of ~ay such defaul~ as determmed in the sole discretion ot t6e Mortgagee, who shall give notice of ~ such determinatioi~ to tne Mortgagor, and in the ca.se ot toreclosure and the appointment ot a receiver of the rents, the ~ within covenant shall inure to the benefit of such receiver_ ~i 14. The Morigagee in any action to foreclose this Mortgage shall be entiLled to the appointment of a receiver with- ~ ou: notice, as a matter of right and without regard to the value of the mortgaged property. or the solvency ar insolvency of the Mortgagor or other party liable for the payment of the Note and other indebtedness secured by this MortgEge. 15. The 1liortgagor. within ten (1~) days upon request in person or within twenty (20) days upomrequest by mail, v~ill ~ furnish pmmptly a written statement in form satisfactcry to the Mortgagee, signed by the Mortgagor and duly acknow- ~ ledged, of the amount then owing on the Note and other indebtedness secured by this Mortgage, and whether any oti- sets or defeuses exist against such indebtedness or any part thereof. ~ 16. The Mortgagor will give immediate notice by registered or certifi~d mail to the Mortgagee of any fire, damage or ~ other casualty affecting the mortgaged property, or of an3 conveyance, transfer or change in ownership ot such pm- ~ perty, or any part thereof. ~ ~ 1?_ Notice and demand or reqaest may be made in writing and may be served in person or by mail. ~ 18. !r. case o[ a foreclosure sale nf the mongaged property. it may be sold in one parcel. s:; ~ !9. The Mortgagor vrill not assign the rents, if any. in whole or in part, trom the mortgaged pn?perty. or any part ~ thereot, without ti~e prior written consent ot the Mortgagee. ~ 20 The Mortgagor is tawtullv seized ot the mortgaged property and has good right. tull power and law[ul authority ~ to sell and con~ey the same in the manner above pro~ided. and will warrant an~i defend the same to the Mortgagee for- ~ ev~r aKainst the lawful claims and demands ot anv and all parties whatsoever. ~ ~ a~~K 211 ~~F 4~ ~ • _ - ~ - - - _ - - _ - "y.,~-,Y~ § ,_F _ ~ i ~ - .....4_. ti.z. . . - F- _ -