HomeMy WebLinkAbout0181 such default are hereby assigned to the Mortg~ges ss further security for the ~
payaent of the iadebtedneea secured hereby; and the Martgagee m~y ~lso dlspoasess. ;
by the usval su~eary proceedings. any tsnant defaulting in the paya~ant of any ~
xant to the liortgagee. ;
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(b) In the eveat thet thc Martgagor occupiea the mortgaged property or ~
any part thereof, Che Nbrtgagor agre~a to surrender posaession of auch pXOperty ~
~o the I~bctgagee c~eaiace~y after any euch default hereunder, and if the ~
Mortgagor remain~ in_posseaeion after suc1~ default, such possession ahall be ~
as a tenan~ of the Hottgagee~ and the Mortgagor ahall pay in advaace, upon
demand by the Mortgagee, as a reasonable monthly rental for the premisea occu- ~ ;
pied by the Mortgagor, an amount at least equivalent to one-twelfth of the ~
aggregate of the t~relve aanthly installments payable in the curreat calendar
year, plus the actual amount of the annual grouad rent, if any, taxes, assess-
ments, vater ratea, other goverc~ental charges, aad insurance premiums payable
in conn~ction vith the marCgaged property during such year, and upon the failure
of the Mortgagor to pay such monthly rental; the l~iortgagor may also be dispos-
sessed by the usual sutmnary proceedings applicable to tenante. This covenant
shall become effective i~iediately upon the happening of any such default, as
dete~ined in the eole discretion of the Mortgagee, Who ahall give notice of
such determfnation to the Mortgagor; and in the case of foreclosure and the •
appofntmeat of a receiver of the r~nts, the aithin covenant-ahall inure to the
benefit of such receiver.
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14. Tl~e Mortgagee in ~ny act~~n to foreclose this Mortgege shall be entit2ed
to the appointment of a recefver without natice, as a matter of right and without
regard to tlie value of the mortgaged pronerty, or the solvency or insolve~cq of
the Mortgagor or ot:~er part;~ liable for the payment of the Note std other in-
debtednesa secureo by this M~orC~age.
15. The Mor[gagor, with~n te~ (1C) days upon request in person or Within
twenty (20) days upon reyuest by c~ail, will furnish promptly a vritten stateraent
in form satisfactory to the Mart~agee, signed by the Hortgagor ard duly acknow-
ledged, of thc amount then oWing o~~ the Note and other indebtedness secured bq "
this Mortgage, and wt~ether any offsets or defenses exist against such indebtedaess ~a
or any part thereof. _
16. ltie l3ortgagor will gfve immedi•1te notice by registered or certified mail to ~
the Mortga~ee oi any fire, da::.a~;e or other casuAlty affecting the mortgaged
' property, or of any canveyance, tr~nsfer or change in ownership of such property,
i or any part thereof.
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f 17. hotice and der,~an~i c r : ec1:~Ls[ m:+y be made in Nriting and may be served in
~ petaon or by mail.
18. I» case of a for~~cl~su~^ sate of the ir.ortganed pr~~crry, tr- may t.e sol•~
in one par^el.
19. Tiie Mort~agor will not assi~n thc rents, i~ any, ir. ~,~~1~~1r~ or in f~ACt~ from
the cnortpa~ec.1 ~ro~erty, or any part thereof, withouC th~ ~?r~or written consen~
of the Mc~rtgagee. _
2Q. Tt~e `!~brt~a.r.~r i s LaF-f i ly seized of the mor ,;,F~l E•z•~pPr~ • an~~ • F..~ a
right, full~~.{~ower and l~y~ful a«thority to se!1 aml ~.•r,~,e.- tl~~ sa~~ ~n ;l~r a•,=•nr
above provi~ied, ancl will warzant and defend the same ~'o t~~~• t+~r~ f~aQ~~ forc~•~~r ~
against thc~_1a~rful ct<i.ms ar~t ~emands of any and Al~ parriA~ s:i,~~~A@VPY. ~
21. The Fior_tgagor her:shy waives thc benefit of A11 }~~,mesCead eYF~r.~p~ io~~s as to '
~ , the. debt s~ecured by ~tl?is Mo: t~;age an~l as to any ~xpendicure for insurances,
~ •t+~xes, levies, assessme;~ts, dues or charges incurred by the Mortgagee pursuant
~ Lo ~hy`provision af this Mort~age. ' ,
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~ 22. This Mortgege fliid all the covenants, agreemenCs, terms and conditions
herein contained shalt be binding upon and inure to the benefit of the Mortgagor
and the heirs, legal representatives and assigns of the H~rt~gqr and, to the
extent permitted by law, every subsequent osiner of the mortgaged'~~opQrC~;and
shall be bfndfng upon and inure to the benefit of the Mortgagee and its assigns.
If the l~brtgagor, as defined ;ierein,mnsiats of tWO or mor~~parties, this
Kortgage shall conatitur.e a grant and mortgage by all of the.m jb~.nt3y and
severally, and they shall be obligated jointly snd severally under all the pro-
visiona hereof and under the I~ote. The word "Mortgagee" shall include any
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