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Home My WebLink About0548 . ' ' ' . . . i + ~ ~ ~y • A M ' - 1. 80. 't'hat if tbe total of tbe pay~oeab made by tbe Matgagor w~de~ ParagraPh 19 preoediag s~wll e:ceed d~e amaunt of ~ PaYment~,sy~tually made by the Mortgagee, far ta~ aad as~esuneab and Insuraace p~emiums, u the case auy be~ tuch e:oa~ sbaA be c~edited, by the Matg~ee. at ib optioa, on subsequent p+~ymeab to be a~ade by the Mortgagor. lf,lwwever, the moathly P4Y~ati cnade by die Martgagor under p4ragraph 19 preoeding dwD be insufficient topa y~ces aad a~smesb and iasur- ~ anoe ptemiua~s, a~ d~e case may be, when tbe :sme shall becouse due aad payabb, thcn the I?~tortgagor shall psy to the Mortgagee ~ any uaouat aeoexary to make up such defidency, an ~~efare the date whe,m payment of such taxas, as~nenb, or insuranoe preb~um.+ atu~il be dw~. If there ahall be s defauh urxier aay of tbe pr+nvLsioas of thi: mortgage nxultlng in a public sab oE tbe p~~ ~~~Y a~~~~8a8~ ~'9+~ ~ P~~' ~~TM'~ default, tDe Mortgagee shatl appty, at the time of the commeaoemeat of sucb proceadIng~ or at the tiiae the Properh' is otherwise acqulced. tbe balance then rrmaining ; in the funds s?oc+unulated w~der parag,~aph 19 preceding w a cndit against the amount then remaiaing unpaicl uader said aote. ; 81. That in the ev~ent tt?at thi: mortgage is g~iven to ~ecure a construction loan, failwe oo thepart oE the Mcxtgagor or the ~ Moitgagors ooutractor to com ly with tbe tecros of t6e C~str~ion Loan Agt+ament aE evet~ dabe~f~erewi'th, which is by refer- ; w ence ineo~pOrated herein, at the ~ af the Martgagee, coastitute a default hereunder. ~ 2St. That the Moitgagor Las total, and compbte possessioa of ihe mortgaged property and thst ther8 are no leases. dghts of poasesston.~ opHons or agrremanb of any other nature outstanding with respect to the use, possession or owaership of the mortgaged premises exeept as may appear in the publie records oE the oouaty ia which the mortgaged prennises are situated aa of the date hereof. - 23. The Moztgagor does hereby pledge unto the Mort gee, as additioaal collateral for the payment oF the debt heneby ; serured, all oE tbe nr?ts, issua and profits of tbe mortgag~propertv, and does hecebv authorize the Mortgagee, upon tbe a OCC8S10A OE itRy dCf8lllt Ilei'E11I1dCr. to~fy aII tenants or subteaaats of the mortgaged~ prope~ty or any part there~ to pay to the Mortgagee all rentab t}~enaker Ealling dae to be applied by the Mortgagee to the indebtedness hereby secund. 24. That if at any time whik this mortgage is ia ~ defadt the mort8a8~ P~~Y shaD be ab~ndoned, vacated or left ; unattended the Mortgagce, if ia ih dLx~on such steps are ~ecessary for the protection of theproperty, shall have the right, ~ power and authority at its option to enter upon the property and to secure same by changing Iocks t~iereon, to paint and repatr ~ such premises, and to place signs d~erean notifying iZat it has taken padsession of the premis~s and it may also place sigat i thereon offering to sell the premjsat subject to its aoquisipon of title thereto by forecloaure proccedtngs or otherwise; and any ' such action by the Mortgagce as descxibed abave atwll not be deemed to be a trespass or trespasses or ualawful detainer upon ; su..h premises, All sums paid ~ advanoed by the Mortgagee in the protxtion of the mortgaged premises as herein pnavlded ~ shall be charged into the mortgage aooount and become an integral pact thereaf, subject in all rrspects to the terms, condiHons ; and oov~ens~nts of the aforaaid p rynote, and this mortgage, as fuUy and to the same extent as though ~ part of the original indebtedness evidenoed by said not~and secvred by this mortgage, e~cepting, however, that said sums shall be repaid to the ~iortgagee forthwith upon its dennand aixi_ be ia addition to the regular montlily instal6nents provided by the pranissary note. 25. The Mottgagee st~all have the dght to modify or extend the indebtedness hereby secured, and s~ch eztension or modi- fication shall ~t openh as a release oE the makers of ibe promissory note hereby secured, said maktrs hereby ezpressly waiving ~ notice oE or consent to aay such eztension or modlfication. Partial rekasea of portfons of the mort8'a8~ P~~Y froan the lien ~ of this mortgage may likewise be granted by tbe Mortgagee without such partial releases of moitgage operating as a release of the ; liability of any ~ the malcen of tbe pmmissory twte securod hereby. or other pe~sons liable for the payment of said pro~niuory i note by operation of law or otherwise. . ` 28. Ia the event the juri:diction ~ the U. S. Districc Coure shall be invoked by or against tbe Mortgagor nnder any oE the ~ provisions of the Federal Bankruptcy Act, such action, whether volunmry or involuntary on the part af the Mortgagor, shall suto- matically, without notioc, accelerate the mahuity of al] sua~s o~ nwney henin described and secured, and the same shall therc- upon become due and payable forthwith as fiilly as if . the said aggregate sums of monej? were originaUy stipulated to be paid on succh date. 27. In the event of ddault by the Mortgagor under the terms and oonditions of this mortgage or the promiss~ry note ~ secured hereby, and the Mortgagor shall have eitl~er prior or subsoquent to said default removed or caused to be removed all or ~ subatantially sli of the Mortgagor s Personal P1°P~h' froRn the mortgaged pmperty, then sach default and nmoval of personal Froperty shall oonstitute an ab~ndonment of the mortgaged ptemises by the Mortgagor. Upon acquisition af tide to the mort- gaged property by the Mortgagee by foreclosure sals or otherw;se, the Mortgagce shall have the right to remove from the - mortgaged Propercy anY and all personal property therein contained aad no liability shall attach to tl~e Modgagee to aooouat for said personal property or for damages oocasioned by the loas, theft or removal af such personal property. 28. In the event this mortgage encumbers a coaperat[ve or condominium unit, a default by the Mortppgor in perfoananoe . ; of his obtigation under the DeclaraHon ~ Condomiaium, By-Iaws. House Rules, or other like documents, shall cotutitute a ' default hereunder. 29. A default by the Mortgagor by non-c~omplianoe with any of the provisions hereof or of the promissory note secured hereby shall entitk the Mortgagee, at its option, to aacelerate the maturity of the note hereby secured and. demand aU sums due aad payabk forthwith. ~ ~ : , . . ~ - i ~ ; 3 ~ ~ . , ~ i i )y . 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