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21. Remedies:
(a) Upon the happening of any Event of Default, this
conveyance shall become absolute and the entire unpaid balance of
the principal, the accrued interest and all other sums due
hereunder or under the Loan Documents and secured by this Mort-
gage shall become immediately due and payable, at the option of
Mortgagee, without notice or demand.
(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:
(i) Foreclosure: Mortgagee may institute an `
action to foreclose this Mortgage against the Mortgaged Property,
or take such other action at law or in equity for the enforcement
of this Mortgage and realization on the mortgage security or any
other security herein or elsewhere provided for, as the law may
allow, and may proceed therein to final judgment and execution
for the entire unpaid balance of the principal debt, with inter-
est at the rate stipulated in the Note to the date of default,
and thereafter at the Default Rate specified in the Note, to-
gPther with all other sums due by Mortgagor in accordance with
the provisions of the Note and this Mortgage, including all sums
which may have been loaned by Mortgagee to Mortgagor after the
date of this Mortgage, and all sums which may have been advanced
by Mortgagee for taxes, water or sewer rents, charges or claims,
payment~ on prior liens, completion of construction of improve-
ments, insurance or repairs to the Mortgaged Property, all costs '
of suit, together with interest at such Default Rate on any
judgment obtained by Mortgagee from and after the date of an_y
foreclosure sale until actual. payment is made as of the full
a~r~ount due Mortgagee, and reasonable attor-neys' fees for
collection, but not less than TWO THOUSAND FIVE HUhDRED DOLLARS
($2,500.00) , or Mortgagee may foreclose only as to the sum past
due with interest and costs as above provided, without injury to
this Mortgage or the displacement or impairment of the remainder
of the lien thereof, and at such foreclosure sale the Mortgaged
' Property shall be sold subject to all remaining items of -
~ indebtedness; and Mortgagee may again foreclose, in the same
I manner, as often as there may be any sum past due. In the event
j Mortgagee forecloses this Mortgage against the Mortgaged
; Property, Mortgagee may, at its option and in its sole and
f absolute discretion, assume all rights (but not the obligation
E unless consented to by Mortgagee) as owner of the Mortgaged
Property, and to assume all rights and privileges of Developer
~ thereunder; or
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~ (ii) Possession: Mortgagee~ may enter into
~ possession of the Mortgaged Property, with or without legal
a action, and by force if necessary; collect therefrom all rentals
E (which term shall also include sums payable for use and occupa-
~ tion) and, after deducting all costs of collection and adminis- ~
~ tration expenses, apply the net~rentals to any or all of the
~ following in such order and amounts as Mortgagee, in Mortgagee's
sole discretion, may elect: the payment of taxes, water and
~ sewer rents, charges and claims, insurance premiums and all other ,
~ carrying charges, the completion of construction of the buildings
and improvements of the Mortgaged Premises, and to the mainten-
~ ance, repair or restoration of the Mortgaged Property, and on
account and in reduction of the principal or interest, or both,
hereby secured; in and for that purpose Mortgagor hereby assigns
to Mortgagee all rentals due and to become due under any lease or
~ leases or rights to use and occupation of the Mortgaged Property
hereafter created, as well as all rights and remedies provided in
such lease or leases or at law or in equity for the collection of
the rentals. Mortgagee shall be entitled to the appointment of a
; receiver of all ~he rents, issues and profits, as a matter of
~ strict right, regardless of the value of the Mortgaged Property
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