|
<br />83- t~GOE-
<br />charges shall be a Bart of the Secured Indebtedness. It is
<br />agreed, however, that the risk of accidental loss or damage
<br />to the Mortgaged Property is on Grantor, and Holder shall
<br />have no liability whatever for decline in value of the Mort-
<br />gaged Property, or for failure to obtain or maintain insur-
<br />ance, or for failure to determine whether any insurance ever
<br />in force is adequate as to amount or as to the risks in-
<br />sured.
<br />3.9 In case the liens or security interests hereof shall
<br />be foreclosed by judicial action, the purchaser at any such
<br />sale shall receive, as an incident to his ownership, immed-
<br />iate possession of the property purchased, and if Grantor or
<br />Grantor's successors shall hold possession of said property,
<br />or any part thereof, subsequent to foreclosure, Grantor and
<br />Grantor's successors shall he considered as tenants at suf-
<br />ferance of the purchaser at foreclosure sale, and anyone
<br />occupying the property after demand made for possession
<br />thereof shall be guilty of forcible detainer and shall be
<br />subject to eviction and removal, forcible or otherwise, with
<br />or without process of law, and all damages by reason thereof
<br />are hereby expressly waived.
<br />3.10 The proceeds from any sale, lease or other disposi-
<br />tion made pursuart to this P_rticle III or the proceeds from
<br />surrendering cry insurance policies pursuant to Subsection -
<br />3.3(ej hereof, or ar.}= Rental collected by Holder pursuant to
<br />Article IV hereof, or the reserves required by Sec*_ion 5.8
<br />hereof, or sums received pursuant to Section 5,6 hereof, or
<br />proceeds from insurance which Holder elects to apply to the
<br />Secured Indebtedness pursuant to Section ~.7 hereof, shall be
<br />applied by Holder as fol_ews: First, to the payment of all
<br />expenses of advertising, selling and conveying the Mortgaged
<br />Property, or part thereof, including reasonable attorney's
<br />fees; second, tc accrued interest on the Secured Indebted-
<br />ness; third, to principal on the matured portion of the
<br />Secured indebtedness; fourth, to prepayment of the unmatured
<br />portion, if cry, of the Secured Irdebtedness applied to
<br />installments of principal in inverse order of maturity;
<br />fifth, to the payment of any indebtedness secured by a lien
<br />on the Mortgaged Property junior to the lien hereof; and
<br />sixth, the balance, if any, remaining after the full and
<br />final payment and performance of the Secured Indebtedness, to
<br />Grantor or Grantor's assigns.
<br />Article IV--Leases and Assignment of F.ental
<br />4.1 As used ir. this Mortgage: (a) "Lease" means any
<br />lease, sublease or other agreement under the terms of which
<br />any person ether thar. Grantor has or acquires any right to
<br />occupy or use the Mortgayed Property, or any part thereof, or
<br />interest therein; (b) "Lessee" means the lessee, sublessee,
<br />tenant or other person having the right to occupy or use a
<br />part of the Mortgaged Property under a Lease; and (c) "Ren-
<br />tal" means the rents, royalties and other consideration
<br />payable to Grantor by the Lessee under the terms of a
<br />Lease.
<br />4.2 Grantor hereby assigns to ;folder all Rental payable
<br />under each Lease now or at any time hereafter existing, such
<br />assignment being upon the following terms: {a} until receipt
<br />from Holder of notice of the occurrence of a default, each
<br />Lessee may gay Rental directly to Grantor, but Grantor cove-
<br />nants to hold all Rental so paid in trust for the use and
<br />benefit o£ Holdezs (b) upon receipt from Holder of notice
<br />that a default exists, each Lessee is hereby authorized and
<br />directed to gay directly to Holder all Renta3 thereafter
<br />-g_
<br />
|