5.1. HRSR 05-02-2005 - Laserfiche WebLink

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any sums that Mortgagee may advance to pay mortgage insurance premiums, shall be added to the Indebtedness, and shall bear interest from the date of payment by Mortgagee at the rate of seven 7%, and shall be due and payable on demand. In case of termination of a contract of mortgage insurance, if any, by prepayment of the Indebtedness in full or otherwise (except as provided herein), accumulations under Section 7(a) hereof not required to meet payments due under the contract of mortgage insurance shall be credited to Mortgagor. If the Mortgaged Property is sold under foreclosure, or is otherwise acquired by Mortgagee after default, any remaining balance of the accumulations under Section 7(b) hereof shall be applied in reduction of the Indebtedness as of the date of the commencement of the foreclosure proceedings, or as of the date the property is otherwise acquired, as the case may be, and accumulations under Section 7(a) hereof shall be likewise applied in reduction of the Indebtedness, unless needed to pay sums due under the contract of mortgage insurance. 12. PROTECTION OF MORTGAGEE'S SECURITY. If Mortgagor fails to perform any of the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced that does or may adversely affect the Mortgaged Property or the interest of Mortgagor or Mortgagee therein, or the title of Mortgagor thereto, then Mortgagee, at its option, and without waiving other remedies, may perform such covenants and agreements, defend against and/or investigate such action or proceeding, and take such other action as it deems necessary to protect its interest. Mortgagor irrevocably authorizes and empowers Mortgagee to enter upon the Mortgaged Property as its agent, and in its name or otherwise, to perform any and all covenants and agreements to be performed by it as herein provided. The Mortgagee shall, at its option, be subrogated to any encumbrance, lien, claim, or demand, and to all the rights and securities for the payment thereof, paid or discharged with the principal sum secured hereby, or by it under the provisions hereof, and any such subrogation rights shall be additional and cumulative security for this Mortgage. Nothing contained in this Section 12 shall require Mortgagee to incur any expense or do any act hereunder, and Mortgagee shall not be liable to Mortgagor for any damages or claims arising out of action taken by it pursuant to this Section 12. Any amounts disbursed or incurred by Mortgagee pursuant to this Section 12, including but not limited to reasonable attorney's fees, with interest thereon at the rate provided in the Note, shall become additional Indebtedness of Mortgagor, payable upon demand, and shall be secured by this Mortgage. 13. CONDEMNATION. Mortgagor hereby irrevocably assigns to Mortgagee any award or payment that becomes payable by reason of any taking of the Mortgaged Property, or any part Development Name, City LMIR-Combination Mortgage, Security Agreement and Fixture Financing Statement Dev. # 9 Date