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HomeMy WebLinkAbout1721 . . ~ . (c) Any e:cess [unds +ihat msy` be sccumulate~ by reason of the deposits requirad under Paragraph 7(a~) hareof, re- maining atter payment ot the ttmounts described !n clwus@s (i), (ii) and (iii) hereot, shall be credited to subsequent respectjve monthly amounts ot the same aatute cequired to bri paid thereunder. It any such amount she?11 asceed the estimate tharetor, the Mortg~gor sh~tl forthwith psy to the Mortgagee the amount o! such deliciency upon vvrittea notioa by the Mortg~gee ot tha e?mouat thereot. Fe?ilure to do so before tha due dale ot auch amou~t ahall De an event ot detsult under thia Mortgage. It the mortgagad property ia sold under toreolosure or is otherwise acquired by 1he Mort- gagee, dter detault by the Morigsgor. Rqy remeu~ing balance ot the accumulstioas under Paragrwph 7(a) hereot, shall be credited to We principal amount owiag on the Note as of the date of commencement of foreclosure proceedings to~ the mortgaged property, or as ot the date LAe mortgaged property is otherwise so acquired. 8. The Imp~ovements and all plans and spec itications therofor shall comply with all applicaDle municipal ordinancea. regulations and rules made or promulgated by lawful authorily, and upon their complation, shall compiy lherewith and with the rules of the Board ot Fire Undecwrite~s having jarisdiction. 9. Upon aay isilure by the Mortgagor to oomply witb or perforni any ot the terms, covenants or conditions of thia Mortgsge requirinng the paymeat ot any amount o[ monay by the Mortgagor, other thwn tha principa?1 amount of the lo~?n evideaced by the Note, interest and ott~er chargas, as provided in the IVote, the Morigagee may e?t its option mske such payment Every payment so made by the Mortgagee (i~cluding reasonable attorney's toes iacurred ttieraby), aiW iaterest thereon fmm the date of such payment, st the rate of three percent (3Rb) per anpum, except aay pttyment for which s ditterent rate of interest ie specified hereia, shall be payable by the Mortgagor W the Mortgagee oa demsnd and shall be aecured by this Mortgage. This Mortgage with res~ect to any such amount end the inLerest thee~eon shall constitute a lien oa the mortgaged property psior to any oWer lien attaching or accruing subsequent to the lien.ot thie Mortgage. - 10. The Mortgagee, by any of its agents or representatives, shall have the right to ir.spect the mortgsged property trom time to time at any reasonable hour of the day. Should the mortgaged property, or any part thereoi, at any time require inspection, repair, care or attentiou of any kind or nature not provided by this Mortgage as determined by the Mortgagee ia its sole discretiou, the Mortgagee may, after 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 may in its aole discretion deem necessary, and may pay all amounts of money there[or, as the Mortgagee may in its sole discre- tion deem necessary. 11. The principal amount owiag on the Note together with interest thereon and all oWer charges, as therein provided, and all other amounts oi money owing by the Mortgagor to the Mortgag~ee pursuant to and secured by Wis Mortgage, shall 'unmediately become due and payable without notice or demand upon the appointmeat of a reoeiver or liquida- tor, whether voluntary or involuAtary, for We Mortga~or or any of the property of the Mortgagor, or upon tbe tiling of a petitioa by or agsinst the Mortgagor under the prov~sions of any State insolveacy law, or under the provisions of the Bankruptcy Act of 1888, as amended, OT UpOQ t6e making by the Mortgagor ot an assignment for the bene[it oi t6e Mortgagor s creditors. The Mortgagee is authorized to declare, at its optioa, all or any part ot suc6 indebtedness im- mediately due aad payable upon the happening of any ot the following events: " (a) Failure to pay the amount of any installment 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) Nonpertor~nance by the Mortgagor of any covenant, agreement, term or condition of this Mortgage, or ot the Note (eYCept as othenvise provided in subdivision (a) hereoQ or ot any other agreement heretofore, herewith or herea[ter 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 ot the Mortgagor to pertorm a~y covenant, agreament, term or condition in any instrument creating tt lien upan ihe ;nortgaged property, or aay part thereof, which shall have priority over the lien of this Mortgage; ~ r . (d) The Mortgagee's discovery-ot the Mortgag+or s failure in any application of the Mortgagor to We 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 Mortgagee (including, but not limited to, the Note and this Mortgage) of any misrepresentation by, on behalf of. or for the benefit o[ the Mortgagor. (e) The sale, lease or other transfer of any kind or nature ot the mortgaged property, or any 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 happeaing oi any of which the Note shall become, or may be declared to be. immediately due and payable sre in this Mortgage called "events of default " 12. The Mortgagee may from time to time care each default under any covenant or agreernent iu ar$r instrument creating a lien upon the mortgaged property, or any part thereof, which shall have priority over the lien ot ttiis Mort- gage, to such eatent as the Mortgagee may exclusivety determine, and each amount paid if ~ay. by the Moltgngee to cure any such default shall be paid by the Mortgagor to the Mortgagee, and the Mortgagee shall also becwme aubro- 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 ot the Mortgagee, surrender possession of the mortgaged pmperty to the Mortgag~ee, and the Mortgagee may enter such property, and let the sa~ne and collect all the rents therefrom w6ich 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 a11 leases existing at the time of such default are hereby assigned to the Mortgagee as further security for the payment of the indebtedness secured hereby; and the Mortgagee may also dispossess, by the usual summary proceedings, any tenant detaulting in the pay- ment of any rent to the btortgagee. - (b) In the event that the Mortgagor occupies the mortgaged property or any part thereof, the Mortgagor agre~es to surrender possession of such property to the Mortgagee immediately after any such detault 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- gagor shall pay in advance, upon demand by the Mortgagee, as a reasonable monthly rental for the premises occupied by the Mortgagor, an amount at least equivalent to one•tweltth of the aggregate of the twelve monthly installments payable in the current calendar year, plus the actuai amount of the snnual ground rent, if any, taxes, essessments, water rates, other governmental charges, and insurance premiums payable in connection with the mortgaged property during such year, and upon the failure ot the Mortgagor to pay such monthly rental, the Mortgagor may also be dis- ' possessed by the vsual summary proceedings applicable to tenants. This covenant shall become effective immediately E upon the happening of any such default, as determined in the sole discretion of the Mortgagee, who shall give notice of such determination to t6e Mortgagor, and in the case of foreclosure and the appointment of a receiver of the rents, the within covenant shall inure to Rhe 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 ot right and without regard to the value of the mortgaged property, or the solvency or insolvency ~ of the Mortgagor or other party liable for the payme~t of the Note and other indebtedness secured by t6is Mortgage. ~ I5. The Mortgagor, w~thin ten (10) days upon request in person or within twenty (20) days apon request by mail, will furnish promptly a written statement in form satisfactory to the Mortgagee, signed by the Mortgagor and duly acknow- ledged, oi the amount then owing on the Note and other indebtedness secured by this Mortgage, and whether any off- sets or detenses exist againsi such indebiedness or any part thereof. ` 16. The Mortgagor will give immediate notice by registercd or certified mail to the Mortgagee of any fire, damage or ~ other casualty aftecting the mortgaged property, or ot 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 o[ a[oreclosure 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 parE thereof. without the prior written consent of the Morigagee. 20. The Mortgagor is lawfully seized ot the mortgaged property and has good right, full power and lawful authority ~ to sell and convey the same in the manner above provided. and will warrant and defend the same to the Mortgagee tor- ever against the lawful claims and demands of any and all parties whatsoever. f ~ z~eK216 t,~~~ ~.722 ~ ~ , . ~ ~'~S ~.~'a ~ ~ s . .`_'.?sY'' ~ 'A..t ~ ~ ~ ~ K ~ - ~ ~ ~ ~ ~ ~ h-~, a~