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HomeMy WebLinkAbout0726 (c) Aay excess tunds that may be accumulated by reason o! the deposits required under Pwragraph heraof, ra- mwiaing s[ter payment of the amounts described in cltusea (i). (ii) and (iii) hereo[, sh~li be credited to subsequent respective monthly amounts ot the same nature requiced to be paid thereunder. It any such amouat shall exceed the estimate theretor, the Mortgagor sh~?Il torihwith pay to the Mortgsgea the wmount ot such detic~ency upon written notice by the Mortgagee ot the amount thereot. Failure to do so before the due date of such amount ahall be an aveAt ot default under tLis Mortgage. It tha mortgaged proQerty is aold under toseclosura or is oWerwise acquired by tha Mort- Regee. ~Iter~of~ult by the Nosfg~?gos, aay remuin~ng bi?l~nce ot the accumul~tiuas under Parsgraph 7(a) hereot, shsll be crediied ths~principsl.amwnt owing on We Note as ot Wa date ot commencement ot tc~reclosure pnx.~eed~ngs for the mortgsged property, or :?s ot the date We mortgwged property is otherwise so scquired. B. The lmptovements and all plans and spec iticalions theretor shall comply with all applicable municipai ordinances. cegulalions and rules msda or promulgated by lawtul authority, and upon their completion, shall comply therewilh and with the rules ot the Board ot Fire Unden~rriters having jurisdiction. 9. Upon any tailure by the Mo gor to oomply wiW or perfor~u any ot We terme, coven~nts or coaditions of Wis n Mortgage requiring Wa payment o eny amount ot money by We Mortgagor, other thaa the principal amount of the loan avidenced by the IVote, Interest and oWer chargea ws pmvided in We Note, Wa Mortgagee may ~?t its option malca such Payment Every payment so made by the Mortgag~ee (including reasonable attorney's feea incurred Wereby;, with ~aterest Wereoa trom tha date ot auch psymen~ st We rsta ot three percent (396) per u?aum, exoept any payment tor which a dit[erent rate ot interest is specitied hereia, shsll be payable by Ws Mortgagor W tds Morigagee on demand ~ snd shsll be secured by this Mortgage. This Mortgage wiW respect to any such amouat aad We interest thereoa sh~ll coasUtute w lien oa the mortgaged pmperty prior to aay othar lien attachiag or accruing subsequent to tAe lien ot Wis Mortgage. 10. The Mortgagee, by any ot its agents or representatives, sAsll dwve the right to inspect We mortgaged pmperty trora time to time at any reasonable hour of the day. Should the mortgsged property, or any part thereof, at say tima require inspection, repuir, care or attention o( any kind or nsture not provided by thie Mortgage as detarmined by the Mortgsgee in its sole discretion, the Mortgagee may, after notice to the Morigagor, enter or cauee entry to be made upon the mortgaged property aad inspect, repair, protect, care tor or maintain such property, as the Mortgagee mey in its sole discretion deem necessary, and may pay all amounts oi money therefoc, as the Mortgagee may in its sole discre- tion deem necessary. 11. The principal amouat owing on the Note together wiW interest thereon and all other chwrgea, ss therein provided, and all other amounts of moaey owing by the Mortgagor to the Mortgag~ae pursuant to and secured by this Mortgage shalt immediately become due t~nd payable without aotiae or demand upoa t6e appo intment ot a receiver or liqui~a- tor, whether voluntary or involuntary, for the Mortgagor or any of We properly of We Mortgagor, or upoa We tiling of a petition by or against We Mortgagor under the provisions of any State insolvency law, or under the provisions of t6e Bankruptcy Act of 1896, as araeaded, or npon the making by the Mortgagor ot an assignment tor the benefit of the Mortgagor s creditors. The Mortgagee is authorized to declare, at its option, aU or aay part ot such indebtedness im- mediately due and payable upon the happening ot any ot the tollowiag eveat~ (a) Failure to pay the amount of any instaliment of principal and interest, or other charges payable on the Note, which shall have become due, prior to the due di~te oi the next such installmenl. (b) Nonperformance by the Mortgagor of any covenant, agreement, term or oondition oi this Mortgage, or of the Note (e:cept as otherwise provided in subdivision (a) hereon or oi any other agrEemeal heretofore, herewith or hereatter made by the Mortgag~or with the Mortgagee in conaectioa with such indebtedness, after t6e Mortgagor has been given due notice by the Mortgagee o[ such nonperlormaace: (c) Failure of the Mortgagor to perform any covenaut, agreement, term or condition in any iustrument creating s lien upon the mortgaged property, or any part thereot, which shall have priority over the lien ot this Mortgage: (d) The Mortgagee's disoovery of the Mortgagor s failure in any application of the Mortgagor to the Mortgagee to disclose any [act deemed by the Mortgagee to be material, or of the making therein, or ia any of the agreements entered into by the Mortgagor with the Mortga gee (includiag, but not limited to. the Note aad t6is Morigage) of any misrepresentation by, on behalt of, or for the benetit of the Mortgagor. (e) The sale, lease or other transfer of any kind or nature o[ the mortgaged property, or aay part thereof, without the prior written consent of the Mortgagee; The Mortgagee's failure to exercise any of its rights hereunder shall not constitute a waiver thereof. All the events in this Paragraph enumerated upon the happening ot any of which the Note shall become, or may be declued to be. immediately due and payable are ia this Mortgage called "events oi default." 12. The Moctgagee may from time to time cure each deisult under any covenant or agreement in any instrumeat creating a lien upon the mortgaged property, or any part thereof, which shall have priority over the lien ot this Mort- ~i gage, to such eatent as the Mortgagee may exclusively determine, and each amount paid, it any, by tlte ~Iottgsgee to . ` cure any such de[ault shall be paid by the Mortgagor to the Mortgagee, and the Mortgages st~all aLso beoome subro- i gated to whatever rights the holder of the prior lien might have under such iastrument. ~ 13_ (a) After the hapening of any default hereunder, the Mortgagor shall, upon demand of the Mortgagee, surrender ~ possession of the mortgaged property to the Mortgagee, and the Mortgagee may enter such property, and let the same and ootlect all the rents therefrom which are due or to become due, and apply the same, siter psymeat of all cLarges t and expenses, on account of the indebtedness hereby sec~red, and atl such rents and all leases 8xisting at t6e time ot ~ such detaull are hereby assigned to the Mortgagee as further security for the payment o[ the indebtedness secured hereby: and the Mortgagee may also dispossess, by the usual summary proceedings, any tensnt detaulting ia the pay- ment of any rent to the Morigagee. (b) Tn the evenR that the Mortgagor cecupies the mortgaged property or aay part thereof, the Mortgs?g~or agrees to surrender possession of such property W the Mortgagee immediately after any suc6 default dereunder, and it the Mort- gagor remains in possession after such defaul~ sucd possession s6a11 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 oocupied by the Mortgagor, an amount at least equivalent to one-twelfth of the aggregate of the twelve monthly insLallments ~ payable in the current calendar year, plus the actual amount of t6e annual ground rent, if any, taxes, assessments. ~vater rates, other governmental chazges, and insurance premiums payable in connection with the mortgaged property during such year, and upon the tailure of the Mortgagor to p~y such monthly rental, the Mortgagor may also be dis- possessed by the ususl summary procEedings applicable to tenants. This covenant shall become effective immedistely upon the hapgening ot any such default, as deLermined ia the sole discretion of the Mortgagee. who shall give notice of such determination to the Mortgagor, and in the case ot foreclosure and the appointment of a receiver of t6e rents, the ~ within covenant shall inure to the benefit of such receiver. . ~ 14. The Mortgagee in any action to foreclose this Mortgage shall be entitled to the appointment of a receiver with- ~ out notice, as a matter of right and without regard to the value of the mortgaged property. or the solvency ot insolvency ~y of the Mortgagor or other party liable for the payment of the 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 furnish promptly a written statement in (orm satistactory to the Mortgagee. si~ned by the Mortgagor and duly acknow- ledgcd, of the amount then owing on the 1\ote and other indebtedness secured by this Mortgage, and whether any oit- ~ sets or defenses exist against such indebtedness or any part thereof. S4 ~ 16. The Mortgagor will give immediate notice by registered or certified mail to the Mortgagee ot any [ire, damage or ~ other casualty atfecting the mortgaged property, or of any conveyance. trans[er 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 of a toreclosure sale ot the mortgaged properiy. 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 properiy, or any part ~ thereof, without the pnor written consent ot the Mortgagee. ~u ~t 20. The Mort~agor is lawtully seized o[ the mori~a~ed property and has good right. tull power and lawtul authority to sell and con~e,y the same ~n the manner above provided. and will warrant and defend the same to the Mortgagee for- ever against the lawtul cla~ms and demands of any and all parties whatsoever. ~ UR g~QK 216 726 ~ ~ ~ : - : _ ~ ~ ~y ~ ~ ~ ~ ~