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HomeMy WebLinkAbout2115 1 (o) Any ssoeu tunds W~t may bs wcumulated by reasoa ot ths dspositareq ulred uader P~r~gnpA 9(s) hsreot, re- ; maAiat ~[tes ~msat ot We amounq desoribed in cl~u~sa (i), (it) ~nd (1ti~ haebQl. shwll b~ crsdtied to ~ub~squsat e~s~ps~tive moa .mouaa ot u?e saaae na~ure requi,tid a os paid wus«p~sr~ it any f~clj~u ount shall ssceed tDe i sstfm'ts tharstor. ths Mor~a~or s4a11 brtbwiW p~y to Ws Mort~es th~ unouat o!'stiai ll6ticieaoq upoa writtsA ~ aoUw by Ws ldort~a~ of tlie amouat thsreof. FaUurs to do so belors ths due d~te of such unouat ah~ll bs an event of ~ dsi~?ult undsr Wis I~[Ortgaga U the mort~a~ed propsrty 1~ ~old undsr forsolosur~ or is oWerwiss ~oqWrsd by We Mort- ' g~ges atter d~f~Wt by tLe Mortgagor. anq rsm~inia~ b~l~nos of Ws accumulations undsr Parsgraph ~(w) hereot. shall ~ be Oredited ta We princip~l uaount owing oa ths Nots as ot Ws date of oommeaoement of forsolosurs procaediags tor ! tbe mortgagsd propsrty. os ~s of We dats ths mortgagsd prnpsrty b oWerwise so ~cquired. 8. The ImprovemeaLs aad all plans and spec[IicwUoas therafor sh~ll oomply with all spplicable mualoipal ordiasaces. ~ regulstions snd rules made or promulguted by lawtul ~uWority, aad upon Weir oomplatioa, ahalt comply therewith sad with We rules of We Bosrd ot Fira Uaderarriters hwving Jurisdiatioa. 9. Opon aay tdlurs by ths Mortgsgo r to comply with or psrtorm ~ny oi Ws terms. covenaats or ooaditions of this Mortgags rsquir1ng the p~yment ot ~n-y uuouat ot money by the Mortg agor. oWsr thsn ths priaoipal umount oi the losn evidsnoed by ths Note. Interest awd other ch~rg~es, as pmvided in the Nots, the Mortgsges m~}? ~t its optioa make sucb = paymeni Evary p~ymaut so m~?de by Ws Mortgagee (includiag reason~ble attornay's teas inaurred theseby). wit6 ~ intsreat Wereoa irom the daLs oi euoh p~?ymenR, st the rate of ttiree perosnt (396) per annum. ezoept wo,y p~yment tor ; which s diitetent rste ot interest is apaoified hersin. ahwL bs pay~Ws by the Mortgsgor to We Mortgag~ss on demaad } ~ud shwil be secured by this Mortgage. Thia Mortgsg~e witb res to ~ny auch wmount wnd tha interert thereoa sh~ll ~ u oonstitute a lien on the mortg~gad properiy prior to wny other ea attachiag or accruing subsequeat to Ws liea of thie Mortgsg~e. 10. Tha Mortgagee, by aqy ot its ageats or representstives, shall have the right to inepect ths mortgsged prnparty from tima to qme st any ressonable hour of tha d~y. Should the mortg~god property. or uiy psrt Weraoi, stany time require iaspection, repair. care or sttentioa oi any Icind or nature aot providdi by this Mortgsge as determined by the ~ Mortg;gee in ita sola diacretion, the Mortgagee msy, wRer notioe to tha Mortgsgor, enter or esuse entry to ba made ~ upoa We mortRaKed property and inspect, repair, protect, care for or msintain such property, as the Mortgsgae may in its sole discretlon deem necessary, and may psy all amounts of money Weretor, as the Mortgagee may in its sole discre- tion deem neoessary. 11. The priacipal amount owing on the Note together with iatereat Wereon and f?11 other charges. ae therain provided. snd all ot6er amowats of moaey owing by the Mortgsgor to We Mortgs g~ee pursuant to and secured by this Mort~taqe shall immediate~y become due and p~?yable without notice or demand upon the appointment of s rec:eiver or liqu ids- wr, whether voluntary or involuntaly, ior tLe Mortgago r or sny of tha property of the Mortgsgor, or upon the filing of s petition by or agsinst the Mortgsgor under the prov~sions of e?ny Ststa insolvency law, or under We provisions of the Bankruptc~r Act oi 1896, as amended, or upon the msking by the Mortgsgor ot an sssignment tor the benefit of the Mortgsgor s creditors. The Mortgagee is aut6oriaed to declsre. st its option. all or any part of such indebtedness im- mediately due and psy~bl~ uRon tj~e ~sppeniag of any of the following event~ ~ ' (a) Fsilure to psy We amounL of any ~st~l~nent of principsl and interest, or other charges psyable on the Note, which shall have beoome due, prior to the due date of We next such installmen~ . (b) Noaperformance by the Mortgago r of any covenant, agreement, term or oondition of tbis Mortgag~e, or of the l~iote (ezoept as otherwise providad in subdivision (a) hereon or of any other agreement heretofore, herewith or hereatter made by the Mortgagor with the Mortgagee in connection with such indebteduess. aiter the Mortgagor has been given due notice by the Mo~tgagee of such nonperformance; (c) Fsilure of t6e Mortgagor to perform any covenant, agreement, term or ooadition in any instrument creating s lien upon the mortgaged property. or any part thereof, which shall have priority over the lien oi this Mortge~ge: (d) The Mortgagee's discovery of the Mortgagor s failure in any application of the Mortgagor to the Mortgsgee to diaclose any fact deemed by the Mo agee to be material, or of the maldng therein, or in uny of the agreemeats entered into by the Mortgagor with thrt e Mort~sgee (including, but not limited to. We Note snd this Mortgage) of any misrepresentatioa by, on behalt ot, or for fhe benefit ot the Mortgagor. (e) The sale, lease or other transfer of any kind or aature of the mortgaged property, or any part thereof, wtthout the prior written con~ent ot the Mortgagee: The Mortgagee's failure to e:ercise any of its rights hereunder shall not ooastitute a waiver thereof. All the avents in Wis Paragraph enumerated upon the happening of any of which the Note shall become, or msy be declared to be. immediately due and payable are in ttus Mortgage called "events of defaul~." ~ 12. The Mortgagee may from time to time cure each default under any oovenant or agre~e,ment in eny, ipatrument craating a lien upon the mortgaged property, or any part thereof, which shall have priority'ower the liea of this Mort- gage, to such eatent as the Mortgag~ee may eaclusively determine, and each amount paid, 3[ any, by the Mo1~Cgagee to ¢ cure any such default shall be paid by the Mortgagor to the Mortgagee, and the Mortga~e shall also bepn~~ubro- gated to whatever rights the holder of the prior lien mig6t have under suoh instrument. " ~ y r 13. (a) Aiter the hapening of any detault hereunder, the Mortgagor shall, upoa demand of the Mortgagee, surrender possession of the mortgaged property to the Mortgegee, and the Mortgag~ee may enter siwb'' property, and 1et the same and coAect all the rents therefrom which are due or to become due, and apply the same, atfer payment oi all chsrges ~ and expenses, on acoount of the indebtedness hereby secured, and all such rents and all leases ezisUng at the time of suc6 default are hereby assigned to the Mortgagee as furt6er security for the payment of the indebtedness secured hereby; arid the Mortgagee may also dispossess, by the usual summary proceedings, any tenaiit~detnulting in the pay- ment of any rent to the Mortgagee. ! (b) In the event that the Mortgagor occupies the mortgaged property or any part thereof, the Mortgagor agrees to surrender posaession ot such property to the Mortgagee immediately a[ter any snch default Lereunder. and if the Mort- ; gagor remains in poasession after such default, such possessioa shall be as a tenant of the Mortgagee. and the Mort- ~ gagor shall pay in advance, upon demand by the Mortgagee, as a reasonable monthly rental for the premises occupied by the Mortgagor, an amount st least equivalent to one•twelfth of the aggregate of the twelve montbly instsllments payable in the current calendar year, plus the actual amount of t6e annual ground rent, if any, tazes, asaessments, water rates, other governmental charges. and insurance premiums payable in connection with the mortgaged property during such year, aad upon the failure of the Mortgagor to pay such monthly rental, the Mortgagor msy slso be dis- possessed by the usual summary proceedings applicable to tenants. This covenant shall become .eHective immedistelq upon the happening ot any such default, as determined in the sole discretion of the Mortgagee, who shail give notioe of such determination to the Mortgagor, and in the case of foreclosure and the appointment of a receiver of the rents, the within covenant shall inure to the benetit of such receiver. 14. The Mortgagee in any action to toreclose tdis Mortgage shall be entitled to the appointment of a receiver with- 3 out notice, as a matter of right and without regard to the vatue of the mortgaged prnperty, or tLe solvency or iasolvency ~ of the Mortgagor or other party liable for the payment of t6e Note and other indebtedness secured by this Mortgage. 15. The Mortgagor, within ten (10) days upon request in person or within twenty (20) days upon request by mail, will i furnish promptly a written statement in form satisfactory to the Mortgagee, signed by the Mortgagor and duly acknow- ~ ledged, ot the amount then owing on the Note and other indebtedness secured by this Mortgage, and whether any ofi- • sets or defenses e:ist against suc6 indebtedness or any part thereof. ; 16_ The Mortgagor will give immediate notice by registered or certified mail to the Mortgagee of any fire, damage or other casualty atfecting the mortgaged property, or of any conveyaace, transier or change in ownerahip of suc6 pro- perty, or any part t6ereof. 17. Notice and demand or request may be made in writing and may be served in peraon or by msil. ~ i 18. In case ot a toreclosure sale of the mortgaged property, it may be sold in one parcel. ~ , 19. The Mortgagor will not assign the rents. if any, in whole or in part, irom the mortgaged property, or any psrt j thereot, without the prior written consent of the Mortgagee. 1 t 20. The Mortgagor is lawfully seized oi the mortgaged property and has good right, tull power and lawful authority ~ to sell and convey the same in the manner above provided, and will warrant and defend the same to We Mortgagee tor- ever against the law[ul claims and demands ot any and all parties arhatsoever. ~~oK 2~Z P~~ 21~5 ~ ; _ . J'S