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HomeMy WebLinkAbout0142 ti ~ 20. That if the total of the paymenb made by the Mortgagor uncier puagraph 19 preoeding shaA esceed the amount of payments actually made by the Mortgagee. for tues and assessmeats and insuraace premiums, as the case may be. such e:cess :t?all be c,ed;ced by che ~io~cgagee, at its optlon. oa tubsequent payments to be made by the ktortgagor. If. however, the monthly payments made by the Mortgagor tu?derp~ ragraph 19 preoeding shaU be insufficient topa y taxes and asses.smenb and insur- ance premiums, as the c~se may be. when the same shall become due and paynble. then the Mortgagor shall pay to the Mortgagee any amount necessary to make up such deficie~cy, on or before the date when payment of such taxes, assessments, or insurance premiums shall be due. If there shall be a defsult under a~y oE the provtstons of this mortgage resulting in a public sak of the premises covered hereby or if the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply, at the time of the commencement oE such proceedin$s or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under paragraph 19 ~ preceding as a credit against the amount then remai~ing unpaid under said note. 21. That in the event that this mortgage is g~ven to sccure a coTUtructioa loan, failure on thepa rt of the Mo~tgagor or the Mor[gagor s contractor to comply with the terms oE the Construction Loan Agreement oE even date herewith. which is by refer- ence incorporated henin. shall, at the option of the Mo~tgagee, constitute a default hereunder. 22. That the 1?lodgagor has total and complete possession of the mortgaged property and that there are no leases, rights of possession, options or agreements oE any other nature outstanding with respect to the use, possession or ownenhip of the mortgaged preinises except as may appear in the public iecords of the county in which the mortgaged premises are situated as of the date hereof. _ 23. 'fhe Modgagor does hereby pledge uato the Mortgagee, as additional collateral for the payment of the debt hereby secured. all of the rents, issues and profits of the mottgaged property, and does herebv authorize the Mortgagee, upon the occasion of any default hereunder, to ~oh~y all tenants or subtenants of the mo~tgaged~ property or any part thereof to pay to the tiiortgagee all rentals thereafter falling due to be applied by the Mortgagee to the indebtedness hereby secured. 24. That if at any time while this mortgage is in default the moctgaged property shaU be abandoned, vacated or left unattended the Mortgagee, iE in its discretion such steps are necessary for the protection of the property, shall have the right, power and authority at its option to enter upon the prope~aud to serure same by changing locks thereon; to paint and repair ruch premises, and to place sigas thereoa notifying that it taken possession of the premises and it may also place sigas thereon offering to seU the premises subject to its acquisition of title thereto by foreclosure proceedings or otherwise; and any such action by the Mortgagee as described above shaU not be deemed to be a trespass or trespasses or unlawful detainer upon such premises. Ail sums paid or advanced by the Modgagee in the protection of the mortgaged premises as herein provided shall be charged into the moctgage account and become an integral part thereof, subject in a11 respects to the terms, conditions and covenants af the a[oresaid pmmiss~ry note, and this mortgage, as fully and to the same extent az though a part of the original indebtedness evidenced by said note and secured by this moctgage, excepting. however, that said sums shall be repaid to the ltortgagee forthwith upon its demand ac~d be in addition to the regular monthly instaWnents provided by the promissory note. 25. The Mortgagee shalt have the dght to modifv or eutend ihe indebtedness hereby secured, and such extension or modi- fication shaU not operate as a release of the makers of i~e promissory note hereby secured, said makers hereby e~cprasly waiving notice of or rnnsent to any such eztension or modification. Partial releases of portions ~ the mortgaged property from the lien of this mortgage may likewise be granted by the Mortgagee without such pardal releases of mortgage operating as a release of the liability of any of the makers of the promissory note sec~ued hercby. or other persons liable for the payment of said promiuory note by operation of law or othen~vise. 28. In the event the jurisdietion of ihe U. S. District Court shall be invoked by or against the Mortgagor under any of the provisioas of the Federal Bankruptcy Act, sach action, whether voluntary or iavoluntary on the part of the Mortgagor, shall auto- matically, without c?otice, accelerate the maturity of all sums of money herein described and secured, and the same shaU there- upon become due and payable forthwith as fuUy as if the said aggngate sums of money were originally stipulated to be paid on such date. 27. In the event of dcfault by the Mortgagor under the tem~s and cc~nditions of this mortgage or the promissory note secured hereby, and the Mortgagor shall have either prior or subsequent to said default removed or caused to be removed all or I substantially all of the Mortgagor s personal property from the mortgaged property, then such default and removal of personal ~ property shall constitute an abandonment of the mortgaged premises by the Mortgagor. Upon acquisition of title to the mort- ! gaged property by the Mortgagee by foreclosure sale or otherwise, the Mortgagee shall have the~ right to remove from the mortgaged property any and all personal property iherein contained and no liability shall attach to the Mortgagee to account ~ for said personal property or for damages occasioned by the loss. theft or removal of such personal property. ~ 28. In the event this modgage encumbers a cooperative or condominium unit, a default by the Mortgagor in performance 4 of his obligation under the Declaration of Condominium. By-Iaws. House Rules, or other like documents, shall constitute a ~ default hereunder. ~ 29. A default by the Mortgagor by non-compliance with any of the provisions hereof or of the promissory note secured hereby shall entitle the Mortgagee, at its opNon, to accelerate the maturity of the note hereby sec:ured uid demand all swms ~ due aad payable forthwith. ~ ~ ~ ~ ~ . ~ ~ a r ~=s ~L ;~5 " ~ j/X <; P ~ k 292 1~ ~ ~ z~ ~ ~ r x. ~ > _ - . _ . - ~ ~ . ~ ~ ~ r ~~~~~ri r ~ j ..3+~-0 _ ,y~ ~ ~ . , _ .Ti;y sc ~ -xY- +~-..::.K."", x~'fi~ ~ ~s''~~x~''~"'`~~w~,ah~K+~~ ' ~ u `~',C ~ . ``~$'.n