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HomeMy WebLinkAbout0303 (e) q~y excess tunds that may be accumulated by reason o[ tha deposus requirtld undor i'arag~ap h 7(e) hereof, re- maining atter payment ot the amounts described in clauses (i), (ii) and (iii) he~eot, shall be cred~ted w eubsequent respective montiily amounts ot the same natura required to be paid thereuadar, 11 any such amount shall exceed the estimete therefor, lhe Mortgagor shall [orihwith pay to lhe wlorigagee tlfe arinount ot such deficiency upon written ~otice by the Morigagea ot the amount thereot. Fwilure to do so before the due date ot such amount ahall be an event of detault under this Morigage. It the mortgageci property is sold under foreclosure or is otherwise acquired by the Mort- gagee, atter default by the Mortgagor, any remaining ba?lance oi the accumulatione under Paragraph 7(s) hereot. shsll be credited to the principal amount owing on the Note a$ ot the date ot commencement of foreclosure proceeci~ngs tor the inottgaged property, or as ot the dato the mortp~aged proparty is otherwise so acquired. _ 6. The Iniprovemcnts and all plans and spc+citications there[or shall comply with all applicable municipal ordinances, regulations and rules ~nade or promulRated by lawtul authority, and upon their completion. shall comply thQrewilh and with the rules of the E3oard of Fire Undorwriters having jurisdiction. 9. Upon any failure by the Mort~agor to comply with or per[orm any of the terms, covenante or conditions of thie Mortgage requiring the payment o[ any amount of muaey by the Mortgagor, other than the principal amount ot the loan evidenced by the IVote, intereat and othar charges, as provided in the Note, the Mortgagee may st its optioa make such payment Every payment so made by 1he Mortgagee (including reasonable attorney's feea incurrad Wareby), with interest thereon trom the date ot such payment, at the rate ot three parcent (39F) per annum, except sny payment for which s difterent rate ot interest is specified herein, sdall be payable by the Mortgagor to the Mortgagee on demand and shall be secured by thia Morigage. This Mortgage? with respect Lo any such amount and the interest thereon shall constitute a lien on the mortgaged property prior to any other lien attaching or accruing subsequent to the lien of this Morlgage. 10. The Mortgagee, by any o[ its agents or representaUves, shall have the right to inspect tha mortgaged property trom time to time at any reasonable hour ot the day. Should the mortgaged property, or any part thereot, at any time require inspection, repair, care or attention of any kind or nature not provided by this Mortgage as determined by the Mortgagee in its sole discretion, the Mortgagee may, aiter notice to the Mortgagor, enter or cause entry to be made upon the mortgaged property and inspect, repair, protect, care for or maintain such property, as the Mortgagee ma in its sole discretion deem necessary, and may pay aii amounts ot money there[or, as the Mortgagee may in its sole discre- tion deem necessary_ ! 1. Tha principal anlount owing an the Nute together with interest thereon and all other charges, as therein provided. and all other amouats ot money owing by the Mortgagor fo the Mortgagee pursuant to and secured by this Mortgage. shall immediately become due and payable without notice or demand upon Lhe appo intment of a receiver or liquida- tor, whether voluntary or involuntary, for the Mortgagor or any ot tha property of the Mortgagor, or upon the filing oi a petition by or against tlte Mortgagor under the provisions of any State insolvency law, or under the prnvisions of We Bankruptcy Act ot 1896. as amended, or upon the making by the Mortgagor of an assignment for the benefit of the Mortgagor s creditors. The Mortgagee is authorized to declare, at its option, ali or any part of such indebtedness im- mediately due and payable upon the happenfng of any of the following events: (a) E'ailure to pay the amount of any instatiment of principal and interest, or other charges payable on the Note. which shall have become due, prior to the due date of the next such installment. (b) Nonperformance by the Mortgagor of any covenant, agteement, term or condition ot this Mortgage, or of the Note (except as otherwise provided in subdivision (a) hereon or of any other agreemenl heretofore, herewith or hereafter made by the Mortgagor with the Mortgagee in connection with such indebtedness, after the Mortgagor has been given due notice by the Mortgagee of such nonperformance; (c) Failure of the Mortgagor to perfortn any covenant, agreement, term or condition in any instrument creating a lien upon the mortgaged property, or any pari thereof, which shall have priority over the tien of this Mortgage; (d) The Mortgagee's discovery of the Mortgagor s failure in any application of the Mortgagor to the Mortgagee to disclose any tact 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 Mortgagee (including, but not limited to, the Note and this Mortgage) of any misrepresentation by, on behalt ot, or for the benetit oi the Mortgagor. (e) The sale, lease or pther tra~r o[ any kind or nature ot the mortgaged property, or any part thereof, without the ptlo# w~lten"COnse[it tif;, e Mortgagee; The ~Iortgagee's tailure to e~isa.a+ny of its rights hereunder shail not constitute a waiver thereot. All the events in this Paragrpph enUmerated ugon the happening ot any of which the Note shall become, or may be declared to be, immediately due and payable att in this Mortgage called "events of default." ~ 12. The Mortgagee msy ~from ~ime to time cure each default under any covenant or agreement in any instrument creating a lieII aportlhe mottgageci property, oc any part thereof, whieh shall have priority o+rer the ]ien ot ibis Mort- gage, to such extent as the I~iortgagee may exclusively determine, and each amount paid, if any, by Wo Mortgagee to cure any such default shal! be paid by the Mortgagor to the Mortgagee, and the Mortgage~ shall also beoomt subro- gated to whatever rights the holder of the prior lien might have under such instrument. , 13. (a) After the hapening of any default hereunder, the Mortgagor shall, upon demand of the vlortgagee, surrender possession ui the mortgaged property to the Mortgagee, and the Mortgagee may enter suoh property, and let the same and collect all the rents thereirom which are due or to become due, and apply the same, after payment of all charges and expenses, on account of the indebtedness hereby secured, and all such rents and all leases existing at the time of ~ such default are hereby assigned to the Mortgagee as further security tor the payment of the indebtedness secured ~ hereby: and the Mor[gagee may also dispossess, by the usual summary proceedings, any tenant defwlting in the pay- ment of any rent to the Mortgagee. ~ (b) In the event that the Mortgagor occupies the mortgaged property or any part thereot, the Mortgagor agrees to ; surrender possession of such property to the Mortgagee immediately after any such default hereunder, and it the Mort- ~ gagor remains in possession after such default, such possession shall be as a tenant of the Mortgagee, and the Mort- E gagor shall pay in advance, upon demand by the Mortgagee. as a reasonable monthly rental tor the premises occupied by the Mortgagor, an amount at teast equivalent to one-tweltth o! the aggregate of the twelve monthly installments ~ payable in the current calendar year, plus the actual amount ot the annual gmund rent, if any, taxes, assessments, ; water rates, other governmental charges, and insurance premiums payable in connection with the mortgaged property F dureng such year, and upon the failure of the Mortgagor to pay such monthly rental, the Mortgagor may also be dis- ; possessed by the usual summary proceedings applicable to tenants. This covenant shall become effective immediately upon the happen~ng of any such defau2~ as determined in the sole discretion of the Morigagee, who shall give notice 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 benefit of such receiver_ 19. The Mortgagee in any action to foreclose this Mortgage shall be entitled to the appointment of a receiver with- ° out notice, as e n~atter ot right and withoui regard to Lhe value of the mortgaged property, or the solvency or insolvency ~ of the Mortgagor or other part,y liable tor the payment of the Note and other indebtedness secured by Wis Mortgage. ~ I5. The ~tortga~or. ~aithin ten (10) days upon request in person or within twenty (20) days upon request by mail, will - (urn~sh prc~mplly a wntten statement in form satisfactory to the Mort~agee, siKned by the Mortgagor and duly acknow- iedged, ot the amount then owing on the Note ar.d other indebtedness secured by this Mortgage, and whether any off- - sets or defenses exist aKainst such indebtedness or any part thereof. 16. The htortgagor will give immediate notice by registered or certified mail to the Mortgagee of any fire, damage or other casualty aftect~ng the mortgaged property. or of any conveyance, transfer or change in_ ownership of such pro- perty, or any part thereof. ~ ~ 17. Notice and demand or request may be made in writing and may be served in person or by mail. ' 18. In case of a fomclosure sale of the mortgaged property, it may be sold in one parcel. ~ _ 19. The Mortgagor will not assign the rents, if any. in tvhole or i:~ part. trom the mortgaged property, or any part thereof, without the prior written consent of the Mortga~ee. 3 _ 20. The ~1ort~agor is lawfutly setzed of the mortKaged propertt' and has gond right. fnil power and ]awful authority ~ to seli and convey the same ~n the manner above provided, and will warrant and defend the same to the Mortgagee for- ~ ever aKainst the lawtul claims and demands of any and all parties whatscever. ~ 21~ A ~ ~ ' ' ~ ~ V ~ 3 ~ ~ ~ : ~ ~ - - ~ ~ _ ~ < ~'~-~~,,~~:?=';.s'.. ~ ~ . ~s`,~'~`~.~~~.s