HomeMy WebLinkAbout0180 11). The :k?rC,;a ;ec. by an~• ul it.r: :n~,~~i~t~ or repreaent.atives, shull have the
ri~~l~t t.~~ inspc~t thr a~rt~;e~;~xl ~?~u~~rr~~• lrcim timc to ttmc al nnv rrasonablr
haur ut 11~~• ~lay. Should tl~e ~?N,r~ ~;:~•..yl ~•r.ipi•rty~ c~r .~ny ~~irt t1~c~r~~oC~ nt nn~
~ ir~c• rr.quir.• ius~,~ctio~~, rc~~~:~ic~ ~nr~• ~~r :~ttrulinn ai env ki~~~l or ni~t~~~•r ~~ot
~,r~?vi~lr.i l~y tl~is ~brl};as;~~ r~t; ~I~•~~•rn~inc.l by th~~ rk~r[,;a;:ee in iCS sol~• diy.•?-.•-
~ l i~~n, th~: :~turls;ai;ee ~»y, nfCer :i~t tc~~• tu rh~ MorC~:a~or, c:~t~•r ur cauae entc~• ~
to hc ~s~.1dc• uron ti~e mort~;ay;ed propert~• a?xt insp~ct, repair~ protect, car~~ for
or ~oainca in such property, as tl~c t+br~~a~ee ~nay in its sole diacretion dcem
. n~cessar~•, and may pay all amounts of maney therefor, as thC t~brtgagee may in
its sole discretton deem ne~essary.
11. The .princigal a~nau~it o~;in;; on the ?lote together with ictterest thereon
~nd all other charges, as therein prov:ded, and.all other amounts of money
~,rin~; by the Mortga~;or to the t~rtFagee pursuant to and sccured by this .
Mort~a;;e, shall imc~edia~ely become due and payable withouC notice or demand
upon the appointment of a receiver or liquidator, Whether voluntary or in-
voluntary, for the Mort~agor or any of the property of the Mortgagor, or upon
the filing, of a petition by or again~t the ;tortY,a;;or unc~er the provisions o£
any 5tate insolvency 2aw, or un~ler the provisions o: th~ 3ankruptcy Act of .
1S9S, as arx:nde~l, or upon the r.~akin~; by the Mortca~;or of an assi~n:nen[ for the
hc•nefit u~ the Mortga~o:'s ~redi.Cors. The Mort~aF~e iG authorizect to <leclare,
at its o~~tion, All or ~ny part of su~h inc?ebtedness i~~.?:ediatel} due ancl payable
~~l~an s itc ~~appenin~ of any of tl~e fol lowin; events:
(a) !'a:2~ize to pe~• c',.+ +~~:nn,~t .~t any ins~allcaaat ot' principal and
intcre~st, or othc~r_ ci.a~;;es payabte on tt~e Note, which shall have
hi~come dua ~ pr t or to r.i?Fr due da te of the next sv~~~ i nstallment ;
(b} h~ni?rrforr.ian~e oy thc t~:vrtg~gor any covenant, at:eement, term
or conditinn ci t}?is Mort;;age, or of ttie Note (except a~ othervise
-provider 3.i ~ubdi_visi~n (a) he~ecf) or of any orhei a~reement heretofore,
l~erewi th rereafter r:~a~e by che Mortgagor wi.~h t'r~c :~ortgagee in con-
nectio~ with such indebtedne~s, after the Mortgagor zas been given due
notice by the Mortgagee of sv~h nonpetforn:ance;
' (c) Failure of tiie Mortga~~or to ~erfoim ~n.~ covena~zi:, abreemeat, term
o. ::onc! i~n in an_y insr_rtunent creati:~g a lien upon th~• roortgaged pro-
i~rr:.y, or any part illi'LE'OL , ui~icl~ shall have prioril'y over the lieo of
!'?is Mort~;4;
i
~ (d) T2:e Moi-t~;.3_;t_~'s ci~~.r_~~:~ry c~i `he Mortgao~~r's failure in any appli-
i C.2 r ion of the rfr~ ~ ci;.•;;c~r ~.1+: ~lortka ;ee [o d isclose nry fact ~+e~ed by
~ ti~.: ?iort~;~g~e r~, be ~.u~t+~ri.~., c~r of the making therein, ~~r in ~ny of the
~ a-;rcnments enter:•~! :ntn by c!~~: i•tort~;a~~r ~ri[!: ttie Mortgagee (incluJing,
hut n~t 3imitec'. co, tl+e N~tr. aetd this Mort~a~;e) oi any misrc~:~~se~~tation
b•• ,~-~n ~,ehal F . or for tl~t• ~~c~r.ef i t of the Merf~a;,or;
71.e ~al~, iease or oti~er transter of any ~:=nd or nature of the
,~~r~„aged propFrty, or ~inv rart the;eaf, vithout the prior written consent
o~ ?.i~e Mortga~;ee; _
Ti~e ;~fort~:aKee's £a;.~~~re to e~:ercise ~ny ~~f its ri~hts hereuueier ~.:~all not r.on-
stitute a~.aiti~~•r thereoF. A11 ~1~e c•v~ nts in this ParagraF•h enum~~ratecl upon the
ha~+; eni.~Z; of 2ny of ~:r~~r, thc ho:.~• shalt t:ecome, or may be declareJ to be,
immedia~~ly due and ~a;~able are in this Moct~;age called "ev2nts of ~lefault."
?2, :.;c,rt~a~e.~ Ray from tir.« r~, ti~T~e cure each delault ur?der any covenant
a~;rc:~~:ent in any ir.s~rtunent creating a lien upon the mort~aged property, or .
~ ~~~y ~~::rt tt:creof, whic~i snal) i~ave ~riorit}• over the lien of this Mortga~e, te
~4
~ suc.~ e:~.~nc .zs ciie ~tort~agec •:±ay eYCl~~sively determine, and each amount paid,
i; an~: . b,~ tt,e ~OL ::aa;ee ~o cure any such defa:~lt 4ha11 be paid by the Mor[gagor
ti~e "tort~a~;ee, ar~d thcc Mortga~;ee sh.~ll ~lso become s~jbrof;ated to Hhatever
ri~:;:ts ~:iit i~alc!et of tf.e orior lit•:~ :*~~.g:~t have under such inst-zument.
R.
_ (a; :~fter rhe ha~~,~~~ni~Y of ar?y ~lefault hereu:tde:, tlic :lortgag~r shall,
~iron ~'o~.ana cif ~he Mort_;a~ree, sur~enc>>~r p~~ssessiun of the :~ort; age~i property
_ tn t?ie :?c~rt^_~cee, an~i t}?c Murt;a~;ec r~a} enter suc:, propertv, anci let the sane
~n~l c•,ll~~_~ ~11 t};e r~~n~s c~,erefrom whici:-are c~!~~ or :o becor~e due, and ai~ply
t:ic• •.a~:•., ~=tc-r pavr:~ei:t nf all ct~ar~;es an~l expenses, on acco~mt of ti~e indebtc~~-
n~'~S i:~~ j' SECU:'E'(~ ~ Fl.lr'• ?~1 S!~('~t i'!':1l S~ft:' :i21 1C'AC~•. „•Z~;C_1tl ~ at tf1E: i.l[ilG O~
_ t.• t 1 ; ~`l~~~+ • ~ ; - - - ~ R PACE
~ 600K
_ _ - - - - -
~
~ ~ _ _`4 ~ . ~ ~ ~ n .
~a~bA~.~ti.a~~e3i~' ~~F f.w. " _ . T~~~ r~..