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HomeMy WebLinkAbout0931 principal on the Secured Indebtedness, and any amount so paiu sna.ll bear interest from the date when paid as in the Promissory Note provided and be added to and become a part of tne Secured Indebtedness and be immediately due and payable to the Mortgagee; or (ii) to proceed in a court of competent jurisdiction to foreclose this Mortgage Deed, and shall be entitled to tne appointment of a receiver to collect the rents, issues, and profits of the Property pending such sale. 13. Subordination of Mortgage Deed. This purchase money Second Mortgage Deed shall be subject and subordinate to the lien, charge, effect and operation of the Prior Mortgage and to all modifications, amendments, extensions and renewals thereof. (i) Grantor shall not, without the written consent and approval of Mortgagee, modify, alter or chanye any of the terms of the Prior Mortgage, or any instrument pertaining thereto, so long as Mortgagee's interest shall be sutrordinated to the Prior Mortgage. Grantor agrees that it will r~~ake all payments of principal and interest payable under or secured by the Prior Mortgage as anci when they become due, and perform an~ comply witri a11 the other terms, covenants and conditians of the Prior Mortgage. Grantor shall notify Mortgagee in writing by certified or registered mail of any fail~re by the Grantor to make any payment under the Prior Mortgage or of any other event of default by the Grantor under the Prior ~dortgage. {ii) In the event of a failure by Grantor to make any payment due under the Prior t+lortgage, or in the event of any other event of default by the Grantor under the terms of the Prior Mortgage, Mortgag~e may, at its option, make any such payment or cure any s~ch default, whereupon, upon the demand of Mortgagee, Grantor shall promptly reimburse all sums expended by Mortgagee, together with interest at the highest rate permitted by applicable law, and Mortgagee may, at its option, treat the amounts so paid by it as additionai principal anc! interest due with respect to Grantor's interest in the regime, payable with respect to this Mortgage DeeG, ancl the Note secured hereby, on the date provided for the next ensuing monthly payment of principal and interest, and Mortgagee shall have the rights and remedies for failure to pay the same at the time as it shall have far failure to pay such principal and interest under the terms of the Note ana this Mortgage ~eec1 as provided herein. Notwithstanding anything herein to the contrary, Mortgagee acknowledges that its right to receive insurance proceeds or condemnation awards hereunder is subject to and subordinate to the rights of the holder of the Prior Mortgage. 15. Retenti.on of Possession and Ownership, It is a condition of this conveyance that the Grantor shall retain possession of the Property hereby conveyed until there is a default ~ under this Mortgage Deed, or the Pror,~issory Note and an election by the Mortgagee to take possession of the Property and/or collect the rents, issues, and profits therefrom. 16. Binding Agreement. The cov~nants herein contained ,I shall bind, and the benefits and advantages shall inure to, the respecti~~e heirs, executors, administrators, successors and assigns of the parties hereto. Wt~enever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicabZe to all genders. ~ - 6 - i~ 0415d/OU24d ~0525 ~~093!