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HomeMy WebLinkAbout0550 (c) Any axceas tuads td~?t may be sccumulated by re+?sop ot the depositareq ui~ed under Par~?grsph 7(s) hereot, rs- I11~IR1AQ aher ment ot the amouata described iu cl~ueea (f), (ii) and (iii) heroof, eh~l! be crodited to subsequent respective mon~jr amounts ot tha sama nature required to bs paid Werouadar. lt wqy such amouat shall axceea Ws astim~ts tharetos, the Mortgsgor shall torthwith psy to Ws Mortgages We uuount ot sucD deticteaay upon writtea aotice by We Mortgsgee of tbe wmouat thereot. Fwilure to do eo Oelors ths due date of such ~mouut shwll be i?n avent ~t detault uader this 1~lortgaga. If We mostgsged property is sold uader foreolosure or is oWerwise woquired by We Mort- gagae, dter datwult by tl~e Mortg~gor. aqy t+emsining balaace of We accumulations undsr P~?r+?graph 7(s) hareof, shwU be credited to the principsl emount owing on ths Note e?s oi tde date of commencemeat of torecloaure proceedings tor Wa inortg~ged pmparty, or a?s ot the dste the mortgaged proparty is otherwise so ucquired. 8. The Improvements and all plsns iWd~ apeoiticwtiQne.~heretor shwll oomply wiW sll a~plicable municipal ordinances, regulatioas aad rules made or promhlgaited by lavKu?-ldthority, sad upon their oompleuon, shall comply therewith and with the rules ot the Boa?rd of Fire Underwriters haviag Juriadictlon. 9. Upon any tnilure by We Mortgsgor to oomply with or pertorm sny of Wa terms. ~ovenants or condiUons of Wia Mortgsga requiiiag We petiymeat of wqy amount ot money by the Mortg~?gor, othar than the prinoipsl amount of the loaa evideaced by tha rrote, intereat and oWer charges, as provided in theTlota, the Mortgagee mey st ite option msks such ~aymeat Svery payment so made by the Mortgagee (including ressonable sttorney's [ees incurred tDereby), with iaterest Wereon trom the date ot such paym enR at tha rste'oi three percent (396) per annum, ezoept aqy payment for whiah ~ ditfareat nta of interest is apecUied herein, shall be payable by the Mortgagor to the Morigsgee on demand •nd shall be secured by tbis Mortgage. This Mortgsge wiW respect to euiy such amount and the interest thereon shall constitute a lien on the mortgaged property prior to e?qy oWer lien attachipg or accruing subsequeat Lo the lien oi Lhie Mortgage. ~ 10. The Mortgagee, by any of its agents or ropreseatstives. shall have the right to inepect the mortgaged pmperty ' tmm time W time st wnJ reasonable hour of We day. Should Wa mortgaged pmperty, or sny psrt thareof, at aay time ' require inspection, repair, care or attention of any kind or nsture not piovided by this Mortgsge sa determinad by the ~ Mortgagee in its sole discretion, the Mortgagee may, sfter notice to the Mortgagor, enter or causo entry to be made ; upon the mortgaged property and inspect, repair, protect, care tor or maintaia such property, as the Mortgagee msy iw ~ its sole discretion deem necessary, and may pay all amounts ot money therefor, as the Mortgagee may in its sole discre- k tion deem necassary. i . 11. The principal amount owing on the Note together with interest thereon and ali other charges, ss therein pmvided, ; and all other amounts ot money owing by the Mortgagor to the Mortgagee pursuant to and secured by this Mort~aqe ~ shall immediately become due and payable witLout notice or demand upon the appointment of s receiver or liquida- tor, wLether voluntsry or iavoluntary, for the Mortg~gor or aay of the pmperty of tLe Mortgagor, or upoa the filing of a petition by or against the Mortgagor under the provlsions of sny State iasolvency law, or under We proviaions of t6e Bankruptc~y AcL of 1898, as amended, or upon the making by We Mortgagor of an assignment for the benefit of the Mortgagor s creditors. Tbe Mortgagee is suthoriaed to declare, at its option, all or any part of such indebtedness im- ~ mediately due and payable upon We happening oi any of the following events: (a) Failure to pay the amount of any installment of principal and iaterest, or other cbarges payable on We Note, ~ which shall have become due, prior to the due date ot the next such installment. (b) Nonpertormauce by the Mortgagor of any covenant, agreement, term or condition of t6is Mortgsge, or of the ~ Note (ezcept es ot6erwise provided in subdivision (a) 6ereon or of any other agreement heretofore. herewith or herea[ter made by the Mortgagor with the Mortgagee in ooanection with such indebtedness, after the Mortgagor has been given due notioe by ~~Mqdaag~ pt s~c1} aQ~edormance: t ~ ~i ~ p- (c) Failure of .the Mortgagor to p~rfora~ any covenant, ement, term or condition in any instr~ment creating s lien upon We mortgaged property, or any part tt~e~go~which shall have priority over the liea of this Mortgage: (d) The Mortgagee's disouvery of the Mortgagor s tailure ia any application of the Mortgsgor to the Mortgagee to disclose any fact deemed by the Mortgag~ee to be material, or of the making therein, or in any of the agreements entered into by the Mortgagor with the Mor~e (including, but not limited to, the Note and this Mortgage) of y any misrepresentation by, on beh~!! 6fr er for ~he benetit of the Mortgagor. (e) The sale, lease or other transfer of any ldnd or nature of the mortgaged property, or any part thereof, wit6out the prior written consent of the Mortgagee: T6e Mortgagee's tailure to exercise any of its rights hereunder shsll not constitute a waiver thereof. All the events in ~ t6is Paragraph enumerated upon the happening of any ot which the Note shall become, or may be declared to be, unmediately due and payable are in this Mortgage called "events of default" 12. The Mortgagee may from time to time cure each default under any covenant or agreement in Any instrument ~ creating a lien upon the mortgaged property, or any part thereof, which shall have priority over .the lien of this Mort- gage, to such eztent as the Mortgagee may exclusively determine, and eac6 amount paid, if any, by the lkoltgsgee to cure any such defanlt shall be paid by the Mortgagor W the Mortgagee, and the Mortgegee shsil also beooD[o subro- ~ gated to whatever nghts the holder ot the prior lien might have under such instrument. I _ , . v f I 13. (a) After We hapening of any default hereunder, the Mortgsgor shall, upon demand. c~f the Mortgagee, surrender ~ possession of the mortgaged property to the Mortgag~ee, and the Mortgagee may enter suctz properiy, and let the same ~ and ooUect all the rents Werefrom which are due or to become due, and ap~ly the s$me, after payment of all chug~es ` and expenses, on account of the indebtedness hereby secured, and all such rents and all leases existmg at the time of ~ such deEsult are hereby assigaed to the Mortgagee as further security for the payment Qf the indebtedness secured hereby- and the Mortgagee may also dispossess, by the usual summary proceedings, any tenant defaulting in the pay- g ment of any rent to the Mortgagee. (b) In the event that the Mortgagor occupies the mortgaged property or any part thereof, the Mortgagor agrees to ; surrender possession ot such proparty to t6e Mortgagee immediately after any such default hereunder, and it the Mort^ ; gagor remains in possession after such defaulk such possession shall be as a tenant of the Mortgagee, and the.Mort- gagor shall p$y in advance, upon demand by the Mortgagee, as s reasonable monthly rental for the premises occupied by the Mortgagor, an amount at least equivalent W one-twelfth of the aggregate of the twelve monttily installments payable in the current caleadar year, plus the actual amount of the annual ground rent, if any, taxes, assessments. water rates, other governmental charges, and insurance premiums payable in connectioa with the mortgaged property during such year, aad upoa the failure of the Mortgagor to pay such monthly rental, the Mortgagor may also be dis- possessed by the usual summary proc~edings applicable to tenants. This covenant shall become egective immediately upon the happening of any such default, as deLermined in the sole discretion of the Mortgagee, who shall give notice of such determination to the Mortgagc?r, and in the case of foreclosure and the appointment of a receiver of the rents, the within covenant shall isure to the benefit of such receiver. ~ 14. The Mortgagee in any action to foreclose this Mortgage shall be entitled to the eppointment ot a receiver with- out notice, as a matter of right and without regard to the value of the mortgaged property, or the solvency or insolvency ot the Mortgagor or other party liable tor t6e payment of the Note and other indebtedness secured by this Mortgage. I5. 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 form satisfactory to the Mortgagee, signed by the Mortgagor and duly acknow- ~ ledged, of the amoun! then owing on the Note and other indebtedness secured by this Mortgage, and whether any off- sets or defenses exist against such indebtedness or any part thereof. ~ ~ 16. The Mortgagor will give immediate notice by rPgistered or certified mail to t6e Mortgagee ot any fire, damage or ~ other casualty attecting the mortgaged property, or ot any conveyance, transfer or change in ownership of 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. ~ 18. In case ot a foreclosure 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, from the mortgaged property, or any part thereot. without the prior written consent of the Mortgagee. 20. The Mortgagor is lawtully seized of the mortgaged property and has good right, full power and lawful authority to sell and convey the same in the manner abave provided, and will warrant and detend the same to the Mortgagee for- ever against the law[ul claims and demands of any and all parties whatsoever. ~ - ~ooK214 ~ti~ 55~ ~~.y ~ ; - - ~ ~.b