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HomeMy WebLinkAbout2730 (o) Aay eYCess tunds td~t mwy bs accumul~ted by reasoa ot the deposits rsqufred under Puragrspd heceof, ce- R1R1111A aherpyr msat ot the amouat~ described la ol~u~es (1), (li) ~nd (iii) hsrsot, sh~ll bs credited to subesq usat re~psc~ve mont lh y amouuts W ths ~aane aaturs required b bs paid thereuader. It +?ay iuch unouat sh~U excesd ths esUm~ts the~etor. We Mort~gor sball torthwiW pny W We 1~tp~ We ~raount ot such deticienoy upoa v~rittep aotios by the Mo~ages ot t~~e amount Wereof. F~ilurs to do ~o .bs[b t~ s dw c11~t~ s ch amount shall bs ~n evsat of def~ult under Wts o~~gs U Ws mort~a~ed property b sold unddtilA~iolosutr at.~ WsrwlOe acquirsd by We Mort- gages attsr detault by tlie btortg~gor. aoy rsm~ining b~lnaoe ot We aocumulstioas ua s Pusgraph 7(~) hsreof, shall bs credited to We prlnofp~l amouat owipg oa the Nots as ot the date oi commeaoemeat ot tureclosure proceedings tor We mortg~ged propsrfy. or sa of Ws date We mostgsged proparty ia otherwise sa scquired. 8. The improvements and ~?11 plans and apeciticst[ons tharafor shaU oomply with wll ~?QplicaDle mupicipsl ordinancea regulaUoas aad rulea raade or pmmulgated by I~wtul auWority, sad upon tt?eu compleUon, Rball comply therewiW wad wiW We rules ot the Boud o! Firo Underwriters daving jurisdiction. 9. Upon aqy failure by the Mortgago r to oomply wtth or pertorm ~ny ot Ws terms, COVOII~~ Or QOQdI~lOIIB O~ W~S Mortgags requiriag We p~yment of any unount of moaey by We Mortgwgor, otder t6sn tha priacipsl amount of Ws loaa evideaced by tt~e Note, iatersst aad othar chug~es, as provided in WeTlots, the Mortgages me~y ~t its option make suoh payment Svery p~yment so msds by We Mortgagee (including reaeon~?ble attorney'e tees ibcurred thersby). with intorest Wereoa irom the date of such paym ea~ at ~hs nte ot three peroent (396)~per annum, azcept aay p~yment for which a ditfareat rsts of interest ia specified heraia shaU be payable by tha Mortgsgor to ths Mortgagse on demand und shall be seaured by Wis Mortgsge. This Mortgage wiW respect to say such amount and the interast thereon shall conatituta ~ lien on the mortgaged property prior to any oWer lien attaching or accruing subsequent to the lian of this Mortgags. 10. T6e Mortgagae, by any of itsage nts or representativee, ahsll Lsve the right to inspect the mortgaged pmperty from time to time at any raseonsble hour of the day. 8hould the mortgsged pmperty, or any psrt Wareof, atwqy time require inspection, repair, care or sttention of uny Icind or nsture not prov3ded by this Mortgage as determined by Wa Mortgagee in its sole discretion, We Mortgagee msy, atter notice to t6e Mortgegor, enter or cause entry to be made upon the mortgaged pmperty und inspect, repair, pmtect, care for or maintain such property, as the Mortgagee may in its sole discretion deem necessary, and may pay all amounts of money Werefor, as We Mortgagee may in its sole discre- 110D d@@IA [!@C@SSAiS/. 11. The principal amount owing on the Note together with interest thereon and all other charges. as tharein provided, and all oWer amounts of money owing by the Mortgsgor to the Mortgsgee pursuant to and ~cured by this Mortgsge shaU immedistely become due and psyable without notice or demaad upoa the appointmeat of s receiver or liquid~- tor, wheWer voluntary or involuntary. for the Mortgsgor or anq of the property of the Mortgagor, or upon the filfAg of s petition by or agsinst the Mortgagor under the prov~sions of sny State insolvency lsw, or under the pmviaions of the Bankruptc~? Act of 1898, as amended, or upon the making by the Mortgagor of sn assignmant tor the benefit o! the Mortgsgor s creditors. The Mortgagee is authorized to declare. st ite option, all or any part of such indebtedness im- medistely due and payable upon the happening oi any of the toliowing event~ (a) Failure to pay We smount ot any installment of princip~l and interest, or other charges payable on the Note. which shall hsve become due, prior to the due date of the next such installment. . ! << ; (b) Nonpedormance by the Mortgagor oi any oovensnt, agreemqNbR~ tetm or oondition of t6is Mortgage. or ot the Note (e:cept as otherwise provided in subdivision (a) hereof~ or of any other agreement heretofore, herewit6 or hereafter made by the Mortgagor with the Mortgsgee in connection with such 1ndADtddness, after the Mortgagor has been givea due aotice by the Mortgagee of such nonperformance; (c) Failure oi the Mortgagor to perform any covenant, agreement, term or oonditioa in any instrument cresting a lien upon the mortgaged property, or any part thereof, which shall have priority over the lien of t6is Mortgage: (d) The Mortgagee's disoovery of the Mortgagor s failure in any application of the Mortgagor to the Mortgagee to disclose any fact deemed by the Mortgagee to be material, or of the making therein, or in any of the agreements entered into by the Mortgagor with the Mortga gee (including, but not limited to, the Note and this Mortgage) of any misrepresentation by, on behalf of, or for ~he benetit of the 1Vlortgagor. (e) The sale, lease or other transfer of any kind or nature ot the mortgaged property, or any part thereof, without the prior writtsn consent of the Mortgagee: The Mortgagee's failure to eaercise any of its rights hereunder shall not constitute s waiver thereot. All the events in this Paragraph enumerated upon the happening of any of which the No.te shall become, or may be declared to be. immediately due and payable are in this Mortgage called "events of default " 12. The Mortgagee may trom time to time cure each default _under sny covenant or agreemgnt in a~q inatrument creating a lien upon tt?e mortgaged property, or any part t6ereof, whicd ahall have priority cwer the lien d this Mort- gage, to such eztent as the Mortgagee may eaclusively determine, and each amount paid, lt any. by the MQrtgsgee to cure any such defeult shall be paid by the Mortgagor to the Mortgagee, and the Mortgagee shall slso becongQ subro- . gated to whatever rights the holder of the prior lien might have under such instrument. h~i4i~i • ~ 13_ (a) Atter the hapening of any default hereunder, the Mortgagor shall, upon demand of ths Mortgagee, surreader possession of the mortgaged property to the Mortgagee. and the Mortgagee may enter such property, and let the same . and collect all the rents therefrom which are due or to become due, and apply the same..aiter payment of all charges and expeases, on account of the indebtedness hereby secured, and all such rents and all 1Qases ezistmg at t6e time of such default are hereby assigned to the Mortgagee as further security for the payment di the indebtedness secured hereby: and the Mortgagee may also dispossess, by the usual summary proceedings, any tenant defaulting in the pay- ment of any rent to the Mortgagee. (b) In the event that tde Mortgagor occupies t6e mortgaged property or any part thereof, the Mortgagor agrees to surrender possession of such pmperty to the Mortgagee immediately after any such default hereunder, and if the Mort- gagor remains in possession after such default, 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 reasonable montdly rental for the premises occupied by the Mortgagor, an amount at least equivalent to one-twelfth ot We aggregate of the twelve monthly installments payable in the current calendar year, plus the actual amount of the annual ground rent, i[ any, tazes, assessments, water rates. other governmental charges, sud insurance premiums payable in connection with the mortgagecl property during sucL year, and upon the failure o[ We Mortgagor to pay such monthly rental. Lhe Mortgagor may also be dis- possessed by the usual summary proceedings applicable to tenants. This covenant shall become effective immediately upon the happening of any such default, as determined in the sole discretion of the Mortgagee, who shall give notice of suc6 determination to tt~e Mortgagor, and in the case of foreclosure and the appointment of n receiver ot the rents, the within covenant shall inure to the benetit of suc6 receiver. ~ IS. T6e Mortgagee in any action to foreclose this Mortgage shall be entitled to the appointment of a receiver with- out notice. as a matter o[ right and without regard to the value of the mortgaged property, or the eolvency or insolvency of t6e Mortgagor or other party liable for the payment ot t6e Note and other indebtedness secured by t6ia Mortgag~e. 15. The Mortgagor. within ten (10) days upon request in person or within twenty (20) days upon request by mail, will turnish promptly a written statement in torm satisfactory to the Mortgagee, signed by the Mortgagor and duly acknow- s~ ledged, of the amount then owing on the Note and other indebtedness secured by this Mortgage, and whet6er any ofi- sets or defenses exist against such indebtedness or any part thereof. 1B. The Morigagor will give immediate notice by registered or certitied mail to the Mortgagee of any fire, damage or other casualty atfecting the mortgaged property. or o( any conveyance, transfer or change in ownership ot suc6 pro- ~ perty, or any part thereof_ ~ 17. Notice and demand or request may be made in writing and may be served in persob or by mail. 18_ In case ot a toreclosure sale ot lhe mortgaged property. it may be sold in one parcel. 19. The Mortgagor will not assign the rents. it any, in whole or in part. from the morigaged property, or any psrt thereof. without the prior written consent of the Mortgagee. 20. The Mortgaqor ia lawtully seized ot the mortgaged property and has good right, full power and lawful suthonty to sell and convey the same ~n the manner above provided, and will warrant and defend the same to the Mortgagee for- ever against the lawful cia~ms and demands ot any and all parUes whalsoever. aoaK ~12 ~ 2731 _ - - _~-~K:3 - ~ *-~-.~k - ~ - . Y~~_