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HomeMy WebLinkAbout0722 (c) Any excess [unds that may be accumulated by reason ot the deposits required under Paragraph ~(a) hercwt, re- mai~ing atter payment ot the amou~ts described in clsusea (i), (li) and (iii) hereot, shell be crodited to subseq uent ~spectiva monthly amounts ot the same nature required to be paid thereunder. I[ any auch amount shall excced the - estimate theretor, the Mortgagor shs?ll torthwlth pay to the Mortgsgee the amount ot such deticiancy upon written notice by the Mortgagea of the amount thereot. Failure to do so before tha dua date of such nmount shall be an event o[ datault under this Mortgaga. It lhe mortge?ged propariy ~s sold under forectosure or is otherwise acquired by the Mori- gagea, after detault by the Mortg~gor, any remsining balwnce ot the wccumulationa under Psragraph 7(w) hereof, sh,ll ba credited to the princ~pal amount owiag on the Note as ot tha dste of commencemant ot toreclosure proceodings tor the mortgaged property, or as o[ the date the mortgaged property is otherwise so acquired. 8. The lmprovements and all plans and spec itications theretor shall oomply with ~?11 • plicable municipal ordinances. regulations and rules made or promulgated by lawtul authority, and upoe their cornplp~~on, shall comply therewith and with the rules ot the Board ot Fire Underwriters having jurisdiction: 9. Upon any tailure by the Mori agor to comp~}r wiW or pertorm any ot We terma, covanants or conditions of thia Mortgage requiriag the paymeat o~any amount ot money by tha Mortgsgor, oWor than the principul emount ot We loan evideacad by tha IJote, intereat aad other chsrgea as provided in the ZVote, the Mortgagee may at its option maka auch paymenl Every payment so made by the Mortgagee (including reasona~le attorney's feea incurred thereby). wiW intarest thereon trom the date o[ such p~}?ment, at the rate ot Wree perceAl (396) per annum, e:oept aay paymeat tor ' which a dit[ereat rate ot interest is specitied herein, shsll be payable by the Mortgagor Lo the Mortgagee on demand and ahsll be secured by this Mortgage. This Mortgsge wiW respecst w any such amount aad the interest thereoa shsll constiWte w lien oa the mortgaged property prior to any other lien attaching or accruing subsequeat to the lien o! this Mortgage. 10. The Mortgagee, by any o[ its agents or.representatives, shall have the right ta iaspeCt the mortgaged ptopertY trom time to time at any reasoaabla hour oi 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 Mortgag~a as determined by We Mortgagee in its sole discretion, the Mortgagee may, atter notice to We Mortgagor, enter or cause entry to be made upon the mortgaged property and inspect, repair, protect, care tor or maintain such pmperty, as the Mortgagee may in its sote discretion deem necessary, and may pay all amounts ot money therefor, as the Mortgagee may in its sole discre- tion deem necessary_ 11. Tde principal amount owiag on the Note togather with interest thereon and all other charges, as therein pmvided. and all other amounts ot mouey owing by the Mortgagor to the Mortgagee pursuant to and secured by this Mortgage. shsll immediately become due and payable without aotice or demaad upon the appo intment of a receiver or liquida- tor, whether voluatary or involuntary, tor the Mortgagor or aay ot the property of the Mortgagor, or upon the tiling of a petition by or against the Mortgagor under the provisions of any State iasolvency law, or under the proviaions of the Bankruptcy Act ot 1898, as amended, or upon the making by the Mortgagor of an assignment for t6e benefit of the Mortgagor s creditors. The Motlgagee is authorized to daclare, at its optton, all or any part ot such indebtedness im- mediately due and payable upon the happening ot any ot the following events: (a) Failure to pay the amount ot any installment of principal and interest, or other charges payable on the Note, which snall have bec.~ome due, prior to the due date ot the next such installment. (b) Nonperformance by the Mortgagor p~ pny,covenatlt. agree~nent, term or condition ot this Mortgage, or of the Note (except as otherwise provided id• subdivision (a) hereon or of any other agrcement heretotore, herewith or hereatter made by the Mortgagor with the Mortgagee in coanection with such indebtedness, after t6e Mortgagor has been given due notice by the Mortgagee of such nonperformance: (c) Failure ot the Mortgagor to pertorm any covenant, agreement, term or condition in any instrument creating a lien upon the mongaged property, or any part thereof, which shall 6ave priority over the lien ot this Mortgage: (d) The Mortgagee's discovery oi the Mortgagor s isilure in any application of the Mortgagor to the Morigagee to disclose any fact deemed by the Mortgagee to be materiai, or ot the making therein, or in any ot 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 behalf of, or for the benefit of the Mortgagor_ (e) The sale, lease or other transfer of any kind or nature of the mortgaged property, or any part thereof, without t6e prior written consent of the Mortgagee: The Mortgagee's failurE to exercise any of its rights hereunder shall not constitute a waiver thereot. All the eveuts in this Paragraph enumerated upon the happening oi any of which the Note shall become, or may be declared to be, immediately 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 agteement in any instrument creating a lien upon the mortgaged property, or any part thereof, which shall heve priority over the~llen of this Mort- j gage, to such extent as the Mortgagee may exciusively determine, and each amount paid, d~?ny. by the Mortgagee to ; cure any such default shall be paid by the Mortgagor to the Mortgagee, and the Mortgagee sha21 elso beoorne subro- gated to whatever rights the holder of the prior lien might have under such instrument. ; 13. (a) After the hapening of any de[ault hereunder, the Mortgagor shall, upon demand of the Mortgagee, surrender ~ possession o[ the mortgaged ptoperty to the Mortgagee, and the Mortgagee may enter such property, and let the same ~ and collect all the rents theretmm which are due or to become due, and apply the same, after paymeni of all charges ~ and expenses, on account ot the indebtedness hereby secured, and all such rents and alt leases existiag at the time of ~ such default are hereby assigned to the Mortgagee as further security [or the payment ot the indebtedness secured hereby: and the Mortgagee may atso dispossess, by the usual summary proceedings, any teqant detaulting in the pay- ment of any rent to the Mortgagee. 8 (b) In the event that the Mortgagor occupies the mortgaged property or any part thereof, the Mortgagor agrees to ~ surrender possession of such property to the Mongagee immediately after any such detault hereunder, and i[ the Mort- gagor remains in possession after such default, such possession shall be as a tenant of the Mortgagee, and the Mort- gagor shali pay in advance, upoa demand by the Mortgagee, as a reasonable monthly rental for the premises oecupied by the Mortgagor, an amount at least equivalent to one-twelfth of the aggreqate of the twelve monthly installments payable in the current calendar year, plus the actual amount ot the annual ground rent, if any, taxes, assessments, water rates. other governmental chazges, and insurance premiums payable in connection with the mortgaged property during such year, and upon the failure of the Mortgagor to pay such monthly rental, the Mortgagor may also be d~s- possessed by the usual summary proceedings applicable to tenants. This covenant shall become effective ~mmediately upon the happeoing of any such default, as determined in the sole discretion of the Mortgagee. who shall give notice of such determination to the Mortgagor, and in the case of foreclosure and the appointment of a receiver of the renLs, the ~ within covenant shall inure to the benetit of such receiver. ~ 14. The Mortgagee in any action to foreclose this Mortgage shall be entitled to the appointment 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 ~ of the Mortgagor or other party liable [or the payment of the Note and other indebtedness secured by this Mortgage. as % 15. The Mortgagor. with~n ten (f0) days upon request in person or within twenty (20) days upon request by mail, will furnish promptly a written statement in form satisfactory to the MortKagee, signed oy the Mortgagor and duly acknow- :s ledged, of the amount then owing on the Note and other indebtedness secured by this Mortgage, and whether any off- sets or detenses exist against such indebtedness or any part thereof. ,=3 k 16. The Mortgagor will give immediate notice by reqistered or certified mail to the Mortgagee ot any [ire, damage or - other casualty a[(ecting the mortgaged property, or o[ any conveyance, transter or change in ownership ot such pro- - perty, or any part thereoi. ~ 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 foreclosure sale of the mortbaged property, it may be sold in one parcel. ~ ~:=L 19. The Mortgagor will not assign the rents. if any, in whole or in part, trom the mortgaged property, or any part r~ thereof. without the prior written consent ot the Mortgagee_ ~ 'L0. The Wtort~agor is lawtullv seized of the mortKa~ed property and has good right. tull poWrer and lawful authority to sell and convey the same in the manner above provided, and will warrant and defend the same to the Mortgagee [or- ever aKa~nst the lawful cla~ms and demands of any and all parties whatsoever. i:? ~ ~ ~'ecK 216 PACE 722 - ~ ~ ' , ~ ~ ~ ~ K ~ ~ ~ ~ ~ ~i ~ 2 e'^` ~i 5,± v..:L e.~. _ _."L . s ~~£"Y~L'~W,?'e_, ~,C'~