HomeMy WebLinkAbout2538 MTG-1-A-4/23/73
(c) Mortgagor shall pay to Mortgagee, upon demand,
all costs and expenses of obtaining such judgment or decree and
reasonable compensation to Mortgagee, its attorneys and agents,
and all such costs, expenses and compensation shall, until paid,
be secured by the lien of this Mortgage.
(d) Upon every such entering upon or taking of
possession, Mortgagee may hold, store, use, operate, manage
and control the Mortgaged Property and conduct the business
thereof, and, from time to time:
(i) make all nec~ssary and proper maintenance,
repairs, renewals, replacements, additions, betterments
and improvements thereto and thereon and purchase
or'otherwise acquire additional fixtures, personalty
and other property;
(ii) insure or keep the Mortgaged Property insured;
(iii) manage and operate the Mortgaged Property and
exercise all the rights and powers of Mortgagor in its
name or otherwise, with respect to the same;
(iv) enter into agreements with others to exercise
the powers herein granted Mortgagee;
all as Mortgagee from time to time may determine; and Mortgagee
may collect and receive all the income, revenues, rents, issues
and profits of the same, including those past due as well as
those accruing thereafter; and shall apply the monies so received
by Mortgagee in such priority as Mortgagee may determine to
(1) the payment of accrued interest on the Note, (2) the deposits ~
for taxes and assessments and insurance premiums due, (3) to the
payment of overdue installments of principal, and (4) to the cost
of insurance, taxes, assessments and other proper charges upon
the Mortgaged Property or any part thereof; and (5) the reasonable ;
compensation, expenses and disbursements of the agents, attorneys
and other representatives of Mortgagee.
Mortgagee shall surrender possession of the Mortgaged ~
! Property to Mortgagor only wheri all that is due upon such
I interest, tax and insurance deposits and principal installments, +
~ and under any of the terms of this Mortgage, shall have been ;
; paid and all defaults made good. The same right of taking ~
~ possession, however, shall exist if any subsequent Event of '
g Default shall occur and be continuing, ;
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~ 2.05 Leases. Mortgagee, at its option, is authorized
to foreclose this Mortgage subject to the rights of any tenants
of the Mortgaged Property, and the failure to make any such
tenants parties d~fendant to any such foreclosure proceedings
and to foreclose their rights will not be, nor be asserted by
Mortgagor to be, a defense to any proceedings instituted by Mort-
gagee to collect the sums secured hereby or to collect any
deficiency remaining unpaid after the foreclosure sale of the
Mortgaged Property.
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~ 2.06 Principal and Interest and Other Sums Become
Due. Upon commencement of suit or foreclosure of this Mortgage, t
the unpaid principal of the Note, if not previously declared ~
~ due, and the interest accrued thereon, and all other sums secured
~ hereby, shall at once become and be immediately due and payable.
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~ 2.07 Purchase b Mort a ee. Upon any such fore-
~ closure sale, Mortgagee may bid for and purchase the Mortgaged
~ Property and, upon compliance with the terms of sale, may hold,
~ retain and ossess and dis ose of such
P p property in its own
~ absolute right without further accountability.
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