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<br /> aIl debts, obligations aad ]iabilities incurred . by reasoa of any action takea by the Mortgageq as provided in this Paragraph, ali � � � � � � .
<br /> � of wSich amounts so �paid by the Mortgagee, wi.th interest thereqn from the date of each such paymenc, at the rate of three. percent . � .
<br /> � . (3 %a ) , per aanum,, shall be payable by the . Mottgagor to the Mortgagee on demand and shalt be secured by this 2vIortgaga � , �
<br /> . 4. � No building or � � other � sttucture � or improvemeni, � fixture or personal property mortgaged hereby shall be removed or � � �
<br /> demolished witf�out the priot written consent of the. Mortgagem. . The Mortgagor � will not make, permit or suffer any alteration oF . . . . . �
<br /> � ar� addition Yp any building � or . othec strudure oc 'imptovement . now or wh.ich may � hereafter be erected or installed � upon the � � �
<br /> mortgaged . ptopetty, �� or -any : part . theteof,� except '� the: improvqments � required � �to be made � pursuant to � Paragraph 3 � hereoE,. nor �
<br /> will the�� Mottgagor �use, or. permit �qr � sufFer the � use of; any of� the mortgaged. property for any �purpose other . than the . purpose
<br /> � oe purposes �for which lhq� samc is now intended to be used,�.withou.Y the prior written consent of. the .Mortgagee. The Mortgagor.. wil! � . �
<br /> . � maintain the moKgaged property in�good coadition and stxte of repair and will not suffer or permit any wastc to� any part thereof, and � � . .
<br /> . .will �, prompkly �. comply with . a11. � .the � raquirements oE . Federal, state and Jocal governments, or of any departments,. divisions or � _ ;
<br /> � . � bureaus thereqf, pettaining . to such ptopSrty or any : part tf�ereof. . . . � � � � �
<br /> � . � ��5;� 1$e Mortgagor. will not voluntarily create, � ot permit or suffer to be created or to exist, on or against the mortgaged � �
<br /> property, . ot . any part: theteof, any lien �, superior to. the . lien of this Mortgage, exclusive of the lien or liens, if any, to . which ��� � � � � -
<br /> this Mortgage is �exptesslp subject, . as set forth in the granting clause above, and wi.11 . keep and maintain the same � ftce � ftom �. � �
<br /> � � the daims of all pariies . supplying laoor or materials which will enter into the coostruction ot installation of the Improvemrnts. � � . � . � : �
<br /> �� � . 6. �. (a) . "The Mortgagor will keep ali buildings, other structures and improvemcnts, including equipment, now existing or � . � � . � �
<br /> � which may hereafter be erected or installed on the land mortgaged hereby,� insured against loss .by Eire and � other hazards, � � .
<br /> . casualties aod mntingencirs, in sucfi amounts and manner, and for such periods, all as may . be required from time to time by � . �
<br /> the Mortgagee. L7nless otherwise required by the Mortgagee, all such insurance sha❑ be effected by Standard Fire and Extendod � . � �
<br /> Coveragd Insurance polities, in. amounts not less than� necessary to comply with the coinsurance dause percentage of the value � � � � � �
<br /> applieable to khe location � and character of the property to be covered. All such insurance shall be carried in companies approved . . . . .
<br /> by the� Martgagee and alt policiesthereEor shall be in such form and shall have attached thereto loss payable dauses in favor of the � �
<br /> � Mortgagee and any o[her parties as shall be satisfectory to the Mortgagee. All such policies and �ttachments [hereto sha11, be delivered � � � � � .
<br /> prompUy to � � [he . Mortgagee, unless they are . required to 6e delivered ro the holder of a lien of a mortgage or similar instru- � �
<br /> . ment to which this Mortgage is. expressly subject, in which Iatter event certificates thereof, satisfactory ro the Mortgagee,. shall be .
<br /> deliveted promptly to the Mortgagea The Mortgagor will pay promptty when due, as hereinafter provided, and any and all � � � �
<br /> ' premiums on such insurance, and in every case in which ryayment thereof is not made from the deposits therefor required by this � � . �
<br /> Mortgage, promptly submit to the Mortgagce for esamination receipts or other evidence of such payment as shall be satisfadory � � . �
<br /> � to the Mortgagee. The Mortgagee � may obtain and pay the premium on (but shall be under no obligation to do so} every kind of � .
<br /> � . � � insurance� required hereby if the amount of such ptemium has not been deposited as required by this Mortgage, in which event � � . . . � �
<br /> b � thrMortgagor will pay to the Mortgagee every premium so paid by the Mortgagee. � � � � .
<br /> � (b) In the event of loss or damage to the mortgaged property the DSortgagor wi❑ give to the Mortgagee immediate notice � � .
<br /> �� �- thereof by mail, and the Mortgagee� may make and file proof of loss if not made otherwise promptly by or on behalf of the � � .,,�
<br /> � Mortgagor. Each insurance company issuing any such policy is hereby authorized and directed to make payment hereunder for � � � � �
<br /> � such toss �directly ro tht� Mortgagee, instead of to the Mortgagor and the Mortgagee jointly, unless the amount of loss is pay- � . � . �
<br /> � able fitst to � the holdet of a lien under a mortgage ar similar instrument to which this MorigaRe is expressly snbject and the : . . . . �
<br /> � insurance prviceeds ot any part thereof is reaived by the Mortgagee may be applied by the Mortgagee, at its option, �eitl�a �
<br /> � in reduction of the indeAtedness hereby secured, or to the restoration or repair of the mortgaged property damaged. Tn � . . .
<br /> the rvent of foretlosure of this Mortgage, or of any transfer of title to the mortqaged property in extinguishment of such indebt- � � � .
<br /> . edness, all right, title and intertst of the Mortgagor in and to every such insutance policy then in force, subjed ro Yhe righu � � . . . �
<br /> � and interest of the holder of any such prior lien, shal( pass to the grantee acquiring title to the mortgaged property together with � . � � . � �
<br /> �i� . such policy and approptiate assignment of such riqht, title and intrrest which shall be made by the Mortgagoc � � . �
<br /> 7. (a) 7n order more fully to protec[ the security of this Mortgagr, the Mortgagor shall deposit wi[h the Mortgagee to- � � . �. � � .
<br /> gether mith, and in addition to, the payment of principal and interest monthly on accou�t of the Note secured hereby, until � �
<br /> the No[e is paid in full, an amount of money equal to the total amount of (i ) ground rents, if any, next becoming due, (ii) the � � ,
<br /> � � premiums next becoming due an the polities of fire and all othet hszard insurar.ce required by this Mortgage with respect to the � � � � . . .
<br /> � mor[gaged property, (iii ) taxes, assessments, water rates and othcr governmental d�arges nest becoming due on the mortgageti . � � .
<br /> property (all the foregoing amounts as estimated by the Mortgagee and set forth in n written notice of such estimate by the . . �
<br /> � Mortgagee to the Mortgagor from time to time), less all amounts that may already have been paid therefor, divided by ffie rmmber � � ��
<br /> � � oF calendar moaths to elapse before one calendar month prior to the date when such ground rents, premiums, taxes, assess- : � � �� .
<br /> �i� �� ments, water zates and other governmental charges, zespectively, wili become due and payabte. If any amount referred � to in . � � . � �
<br /> . clauses . (i) thtough (iii ) hereof is required to be deposited by the Mortgaqor under a mortgage or similar instrument having . . : . . .
<br /> .� priotity. over the lien of this Mortgage, the Mortgagor shall make the deposits reqaired by this Paragrzph 7 only in [he even[ of the . _ . �
<br /> � termination of such obligation under the prior mortgage or similar instrumenL The hfortgagor shail give prompt notice in writ- . . � � �
<br /> � - ing to the Mortgagee of the occurrenct of the last-mentioned event. All such amounts so deposited with the Mortgagee shall be , � � :
<br /> � held by the Mortgagee, or any agent designated by it, in trust to be used only for the payment of such ground rents, premiums, , . .
<br /> � . taxes, assessm¢nts, water rates and other governmental charges. No inrerest sha❑ be payabte by the Mortgagee on any sum so . � � � .
<br /> deposited.
<br /> � � . (b) All amounts zequired to be deposited within the Mortgagee monthly in accordancr with Paragraph 7 ( a) hereof, and the � � . � � � � �
<br /> � amount of principal and interest [o be paid each moath on accoun[ of the Note, shall be added together, aad the aggregate amount � ��
<br /> thereof shall be paid by the Mortgagor to the Mortgagee in a single payment to be applied by the Mortgagee on account of [he � � .
<br /> indebadness of the Mor[gagot pursuant to the Note and this Mortgage ( to the extent that monies are availabie from the . .
<br /> . amount so deposited), in the ordeq any . provision of the Notr to the contrary notwithstanding, as fotlows. � . � � � � . �
<br /> �. . �. FIRST, to tht late charges, if any, referred to in the Notr, � � � � .
<br /> , � SECOND, to the amount of suth ground rents, iF any, fire and other hazard insurance prtmiums, taxcs, assessments, wRater . � � � � .
<br /> � rates and other governmental charges required to be paid under the provisions of this Mortgage, in whatovet sequence the � �
<br /> � . Mottgagee may exdusively determine; � . � .
<br /> THIRD, to interest due on the Note; aad . � . �
<br /> POURTH, the remainder, to the principal due on the Note.
<br /> � Anq deficienry in the amount of any such aggregate monthlv payment shall. u�less paid by the Mnrtgaqor nrior to the dve dxte of �
<br /> � ffie aext snch�-�deposit payabfe, constitute an event oE drfault under this Mortgage. � . �
<br /> � . � " � (t) �� Any estess funds � that may be accumulated by reason of the deposits required under Paragraph� � 7 (a) hereof, remaining � . .
<br /> � after � payment of the amounts desctibed in dauses (i) , (ii) snd ( iii ) thercof, shati be credited to subsequent respectivr monthly
<br /> � amounts of the� seme nature zequired to be� paid thereunder. If any such amount shull exceed the estimate therefor, the Mortgagor ..,n,y, � . � �
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<br /> � ' � shall forthwith pay to the Mortgagee the amount of such deficiency upon � written notice by the Mortgagee of the amount thereof. � �::� � � � � � .. � . � ` � '
<br /> � Pailute to� do so before . the due date of such amount shall be an event of default under this biortgagc. If the mortgaged prop- ` y �� `' " .
<br /> . . � etty is sold � undet foreclosure or is otherwlse acquired by the Mortgagee, after default by the Mortgagor, any remaining . ��
<br /> ��, � � balance of the accumulations undet Paragraph 7(a) hereof, shall be ctedited to the princip�l amuunt owing on the Note as of the ,�„ '�,
<br /> ? date . of�� commeacemeat of.- foreclosure proceedings . for thE� mortgaged propertp, or as of the date the mortgaged property is
<br /> .. � � otherwise . w� acquired.:� : � . . . � . � �. . .
<br /> � � �� 9: The Improoements and all plaas and speciFicalions therefor sball comply with all applicable municipai ordinances, regu- � �
<br /> lations, �. aad� - rules msde or promulgated by lawful aufhority, aad upon their completion shall tomply therea•ith. . � "
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