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HomeMy WebLinkAbout1838 (o) Auy axcess tunds that may be sccumulsted by reason of the deposita required under Yaragrsph ~(a) heroof, re- mainin~ after ment of the smouats described in cl~uaea (i). (ii) and (fii) hereot, ehall bs credited to subsequent respective month y amouata ot the same natura required to be paid Wereunder. lt any sucd amount shall esceed tha estun~te Warotor, We Mortg~?gos ehaU torthwit6 pa?y to We Mortgagee We amount ot such daticieacy upo~ writlen notice by We Mor1gagee of ths amount tdereot. F~ilure to do so bafora the due date of sucd smount shull be wn avent of det~ult undsr Wia Mortgage. It the mortgvgod property is eold uades forsolosure or is otherwise ecquirod by the Mort- gagss, atter dst~Wt by We Mortgagor. ~ay remafning b~l~nae of We accumul~?tions undes P+?rsgrapL 7(a) hereot. shall be oredited to the principal e t•owiag on tt~q ~Tote sa of Ws dste ot commencemeat of torecloaurs proceedings tor We mortgaged properfy, or ~~he'dats thp ~o gad properiy is othorwise so acquired. 8. The Improvements and all plsas and speciti~ons theretor shall oomply with all applicuble muaicipal ordine?nces. regulwtions and rules made or pmmulgated by le?wful authority, aad upon Weir completion, shall comply Werawith and with the rules ot We Board of Fire Underwriters having juriediction. 9. Upon any tailure by ths Mortgago r to comply wiW or partorm any of the tarms, coven~?nts or condiUoas ot Wis Mortgage requiriig the paymant of any umount of money by tde Mortgagor, othar thaa tha prinoi~ amount ot the low evidenoed by the IVote, interest and other chuges, ws pmvidad ia the NoLe. We Mortgagee me~y w ita option mwke such paym ent Svery paymeat so made by the Mortgsgee (iacluding reasoaabla sttoraey's fees incurred thereby), with interest Wereon trom the d~te of euch p~ym enR at tha rsta of throe peraent (396) per anaum, ezoept ~qy p~ya~eat tor which w ditterent rste of interest is specitied heroiA, sh~?U be payable by Wa Mortgagor to the Mortgages on damsnd and shall bo secured by thts Mortgage. This Mortgage with respect W aa~r such amount ~nd tha inisrest Woreon shwll constitute ~ liea oa the mortgaged proparty prior to any oWer llen sttaching or accruing subsequent to tha lien ot Wis Mortgage. 10. The Mortgagee, by sqy oi its sgents or representatives, shsll h~ve the rig6t to inspect We mortgaged pr~perty [rom time to time at aay reasonable hour of the day. Should the mortgaged property. or any psrt thereof, at sny time require inspectioa, repair, care or attentioa ot aay kind or nature not provided by Wis Mortgsg~e Rs determiaed by We Mortgagee in its sole discretion, the Mortgagee may, aher notice to the Mortgagor, enter or cause eniry to be mada upon t6e mortgaged property and inspact, repair, protect, care tor or maintain such property, as the Mortgagee may in its sole discretion deem aecessary, and mey pay all amounts oi money therefor, as the Mortgagee may in its sole discre- tion deem aecessary. ~ 11. The principsl aiuount owing on tha Note together with interest thereon and all other chsrges, ss therein provided, and all other amounts of money owing by the Mortgagor to the Mortgsg~ea pursuant to and aecured by thia MortBag~e shall immediately bec,~ome due and payable without notice or demand upon the appo intment ot s receiver or liquida- tor, whethar voluatarq or involuntasy, tor the Mortgwgor or any ot We proparty ot the Mortgagor, or upon the filiag of s petition by or sgainst the Mortgagor under the provisions of any State insolvency law, or uader the provisions of tLe Bankruptc~r Act of 1888, as amended, or upon the making by the Mortgagor oi an sssignment tor t6e benefit of the Mortgagor s creditora The Mortgagee is suthoriaed W declars. at its option. all or any part ot auch iadebtedneas im- mediately due and payable upon the happening of any of the following event~ (a) Failure to pay the amount of any installment of principal and interest, or other charges payable on the Note. whic6 ahall have beoome due, prior to the due date of the next such installment. (b) Noaperformance by the Mortgagor of any covenant, agreement, term or oondition of this Mortgage, or of the Note (e:cept. as otherwise provided in subdivisio (1~ 6~teof)' br aay ~tTier agreement heretofore, herewith or hereafter made by the Mortgagor with the Mortga~ee in connection`with-such ~ndebtedness, aiter the Mortgsgor has been given due aotice by We Mortgagee ot such nonper[ormance;. M~ (c) Failure of the Mortgagor to per[orm any covenant, ag~ement, term or condition in any instrument cresting a lien upon the mortgaged property, or any part thereof, which shall.have priority over the lien of this Mortgage; ~ . (d) The Mortgagee's discovery of the Mortgagor s tailu~+e in aay spplicstiqn of the Mortgagor to the Mortgsgee to disclose any fact deemed by the Mortgagee to be material, or of the making fherein, or in any of the agreements entered into by the Mortgagor with the Mortga gee (including, but not limited to, the Note and this Mortgage) of any misrepresentation by, on behalt ot, or for the benefit of the Mortgagor. (e) The sale, lease or other transter ot any kind or nature of the mortgaged property, or any part thereof, without We prior written consent of the Mortgagee: The Mortgagee's tailure to e:ercise any of its rights hereunder shall not constitute a waiver thereof. All the events in this Paragraph enumerated upon the 6appening of any of whic6 the Note shall become, or may be declsred to be. immediately due and pay able are in this Mortgage called "events of default " 12 The Mortgagee may from time to time cure each default under any covenant or agreement in any instrument creating a lien upon the mortgaged property, or any part tdereot, which shall have priority over the lien of this Mort- I gage, to sucd eatent as the Mortgagee msy exclusively deter[nine, and each amount paid, if any, by the Mortgagee to ~ cure sny suc6 default shalt be paid by the Mortgagor to the Mortgagee, and the Mortgagee shaA also beoome subro- ; gated to whatever rig6ts the holder ot the prior lien might have under such instrument. i 13. (s) Atter the hapening ot any detault hereunder, the Mortgagor shall, upon demand ot the Mortgagee, surrender ~ possession of t6e mortgaged property to the Mortgagee, and the Mortgagee may enter such property, and let the same and oollect all the rents theretmm which are due or to become due, and apply the same, after payment of sll charges € and eapeases, on acoount ot the indebtedness hereby secured, and all such rents and all leases eaisting at the time oi ~ suc6 default are hereby assigned to the Mortgagee as further security for the payment of the indebtedaess secured ~ hereby: and t6e Mortgagee may also dispossess, by the usual summary proceedings, any tenant de[aulting in the pay- ment of any rent to the Mortgagee. (b) In the event that the Mortgagor occupies We mortgaged property or any part thereof, the Mortgagor agrees to surrender possession of such property to the Mortgagee immediately after any such default hereunder, and if the Mort- gagor remains in possession after such detaul~ 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 t6e Mortgagor, an amount at least equivalent to one-tweifth of We aggregate of the twelve monthly inatallments payable ia the current calendar year, plus the actual amount of the annual ground rent, if any, taaes, assessments. water rates, other governmental charges, and insurance premiums payable in connection with the mortgaged pmperty during such year, and upon the failure of the Mortgagor Lo pay such monthly rental. We Mortgagor may also be dis- possessed by the usual summary proceedings applicable to tenants. This covenant shall become efiective immediately upon the happening of any snch defaul~ as determined in the sole discretion ot 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 rents, the ~ within covenant shall inure to the benefit of such receiver. 1~. 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 or insolvency ot t6e Mortgagor or other party liable for the payment of~ the Note and ot6er indebtedness secured by this Mortgage. t5. 1'he Mortgagor, within ten (10) days upon request in person or within twenty (20) days upon request by mail, will ~ turnish prompUy a written statement in form satisfactory to the Mortgagee, signed by the Mortgagor and duly acknow- ~ ledged, of the amount then owing on the Note and other indebtedness secured by this Mortgage, and whether any off- sets or defenses ezist against such indebtedness or any part thereof_ ~ 16. The Mortgagor will give immediate notice by registered or certi[ied mail to the Mortgagee of any fire, damage or other casualty aftecting the mortgaged property, or o[ any conveyance, transfer or change in ownership of such pro- ~ perty. or any part thereof. t 17. Notice and demand or reqnest may be made in writing and may be served in person or by mail. ~ 18. In case of a foreciosure 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 part ! thereof, without the prior written consent of the Mortgagee. ! ~ 20. The Mort a or is lawtull seized of the mort a ed ro rt and has ood ri ht. tull wer and lawful suthorit ~ 8 g Y g g P Pe Y 6 g Po Y to sell and convey the same in the manner above provided, and will wanant and defend the same to the Mortgagee for- ever against the law[ul claims and demands ot any and all parties whatsoever. ~ 600K217' o~E~830 ~ t ~ >SVa' - ~ ~ ~~i' g ~ x ~ +f ~ ~.~"rs.pv ~`h j'.' Y,r _ ~`,g~y ~«Y'" e.. ..ei~PF~[*J~.~'~".`i'.T .-r.P'+[Ya°~s~'~~ . _ ~Kia'd~K~/ii ~~Y .