HomeMy WebLinkAbout1153 • ~
~ -
- 24. Remedies. -
(a) Upon the happening of any Event of De-
fault, this conveyance shall become absolute and the entire
unpaid balance of the principal, the accrued interest and
all other sums secured by this Mortgage shall become immedi-
ately due and payable, at the option of Mortgagee, without
notice or demand except as provided in Paragraph 6 hereof.
(b) When -the entire indebtedness shall become
due and payable, either because of maturity or because of
the occurrence of any Event of Default, or otherwise, then
forthwith: - -
f
(i) Foreclosure. Mortgagee may in- -
stitute an action to foreclose this Mortgage, or take such
other action at law or in equity for the enforcement of this
Mortgage and the realization on the mortgage-security or any
other security herein or elsewhere provided for, as the
law may allow, or may sue on the Note or any guaranty with
or without instituting an action to foreclose this Mortgage,
and may proceed therein to final judgment and execution for
the entire unpaid balance of the principal debt, with
interest at the rate stipulated in the Note to the date of
default, and thereafter at a rate which shall be four
percent (4$) higher than the rate specified in the Note,-
together with all other sums payable by Mortgagor in accord-
ance with the provisions-of the Note and this Mortgage, and
all sums which may have been advanced by Mortgagee for
taxes, water or sewer rents, charges or claims, payments on
prior liens, insurance or repairs to the Mortgaged Property,
all cosh-o€ suit, together with interest at such rate on
any judgment obtained by Mortgagee from and after the date
of any foreclosure sale until actual payment is made to
! _ Mortgagee of the full amount due Mortgagee, and reasonable -
attorneys' fees through and including all-appellate levels;
l or Mortgagee may foreclose as to the sum past due with inter-
~ est and costs, as above provided, without the displacement
or impairment of the remainder of the lien of this Mortgage,
and at such foreclosure sale t_he Mortgaged Property shall be
sold subject to all remaining items of indebtedness; and
Mortgagee may again foreclose, in the same manner, as often
as there may be any sum past due; or
(-ii) Possession. Mortgagee may enter -
into possession of the Mortgaged Property, with or without -
legal action; collect therefrom-all rentals (which term shall
also include sums payable for use and occupation) and, after
deducting all costs of collection and administration expenses, -
apply the net rentals to any- or all of the following i-n such
order and amounts as Mortgagee, in Mortgagee's sole discre-
tion, may elect: the payment of taxes, water and sewer rents,
charges and claims, insurance premiums and all other carrying
charges, and to the maintenance, repair or restoration of
the Mortgaged Property, and on account and in reduction of
-17-
ao~i~ P~GE~~.3