Loading...
HomeMy WebLinkAbout2726 ' i arrangement pursuant to the Federal Bankruptcy Act, or any similar F'ederal or stat~ statute, shall be filed by or against Mortgagor or any Guarantor or if any proceeding for the dissolution or liquidation of Mortgagor or any Gnara~tor shall be instituted and, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Mortgagor .or such Guarantor upon the same not being discharged, stayed or dismissed; (j) if Mortgagor shall be in default under the Note or under any other mortgage, instrument or document evidencing, securing or guaranteeing payment of the Debt, in whole or in part, or otherwise executed and delivered in connection wi th the Note, this Mortgage or the loan ev idenced and secured thereby; - (k) if Mortgagor shall be in default under any of the other terms,. covenants or conditions of this Mortgage; (1) if Mortgagor shall be in default under any mortgage or ~ deed of trust covering any part of the Mortgaged Property which is' superior in lien to this.Mortgage; or (m) if the Mortgaged Property shall become subject •(i) to any tax lien, other than a lien for local real estate taxes and assessments not due and payable, or (ii) to any mechanic's, materialman's or other lien. ~22. Ri ht to Cure Defaults. If default in the performance of any o the covenants of Mortgagor herein occurs, Mortgagee may, at its discretion, remedy the same and for such purpose shall have the right to enter upon the Mortgaged Property or any portion thereof without thereby becoming liable to Mortgagor or any person in possession thereof holding under Mortgagor. It Mortgagee shall remedy such a default or appear in, defend, or bring any action or proceeding to protect its ~ interest in the Mortgaged Property or to foreclose this j Mortgage or collect the Debt, the costs and expenses thereof ~ (including reasonably attorneys' fees to the extent Permitted ~ by law), with interest as provided in this paragraph, shall be ~ paid by Mortgagor to Mortgagee upon demand. All such costs and ~ expenses incurred by Mortgagee in remedying such default or in ~ appearing in, defending, or bringing any such action or proceeding shall be paid by Mortgagor to Mortgagee upon demand, with interest at 15$ per annum, or at the maximum interest rate ~ which Mortgagor may by law pay, whichever is lower, for the per iod after notice from Mortgagee that such costs or expenses were incurred to the tlate of payment to Mortgagee. All such costs and expenses incurred by Mortgagee pursuant to the terms of this Mortgage, with interest, shall be secured by this Mortgage. ~ 23. Late Pa ment Char e. If any portion of the Debt ~ is not paid wit in i teen (15) ays after the date on which it # is due, Mortgagor shall pay to Mortgagee upon demand an amount ~ equal to 4$ of such unpaid portion of the Debt as a late ~ payment charge, and such amoun t shall be secured by this ~ Mortgage. ~ i i ~ ~ ~ I ~ $~~~3~.2 P~~~2722 ~ f ~ ~ ~