|
M;
<br /> �- �:.
<br /> ��� � ' .� ,
<br /> l� ,
<br /> i ,. �:� `
<br />��� . _ . ?
<br />� .. �
<br /> �
<br /> �� � U04339 � .
<br /> all dobts, obligations and liabilities incwred by reason of any action takcn by the Ivfortgagee, as providod in this Paragraph, all � . . � . � � .
<br /> � of which amounts so paid by the Mortgageq wi.th interest thereon from the date of each such payment, at the rate of thrce percmt � � � � � �
<br /> . �� (3 %a )� per annum, � sha❑ be payable by � the Mortgagot to the Mortgagec on dcmand and shall be secured by this Mortgage. � � � � � � � . �
<br /> . �� � 4. No building or other structure ut improvemmt, � Eixturc or personal � property mortgaged hereby shall be removed or � . _ �
<br /> ' � demolishcd without � the prior �wtitten consent oE the Mortgageo The Mortgagor will not make, permit ot suffer any alteration� of �� � � � � � � �
<br /> ' � or addition to any .building or .: other structure os improvement now or which may hereaEtet be erected or in:talled . upon the � ;
<br /> mortgaged ptopetty, . or any part tBereof, except the improvements required to be madt pursuant to Paragraph � 3 hereof, � nor
<br /> . will the. � Mortgagor �usq. �or. permit or suffer � the use of, any of the mortgaged : prupezty �(or any purpose � othet than �the purpose .
<br /> � : or purposes� fot which the same is rtow intended to be used, without � the ptior writtrn mnsent of the 'Mortgagee. The'� Mortgagot� wiA �
<br /> ' � � . �� maintainthe �aortgaged�property in good conditiodand state�� of rrpair��and will �not suffer or permit any waste to any� patt thereof, � and � ' � �
<br /> � �� � • . � wilt promptly��� comply� �..with � all the . requircmcnts of � Federal, � state and local govetnments, or of any depactmmts, divisions or . � � � . �
<br /> . . . . bureaus thercof; � per[aining to suth propqrty �or any part �� [hereoEr . . - � � � � � .� � � � � � . . � � � �
<br /> � � � � 5. Thc Mottgagot will not volantarily ereate, or ryermit or suffer to be created or to exist, on or against the mortgaged � � ��.
<br /> " � �� � � property, or any pazt thereof, any �lien superior to the lien of this Mor;RaRe, exdusive of the Iien or liens, if any, to which � . . � ��- �
<br /> � �this Mattgage is � exp{essly - subject, . as set . forth �� in the granting clause above, and will keep and maintain the same free from � . � . ` . �
<br /> � � � the claims of all patties . supplying labor or materials which will enter inro the constructinn or installation of the Improvemeats. � � � � � � � � . �.
<br /> � � � 6. (a) The� Mortgagor will keep all buildings, other structures and improvements, � induding equipment, now existing or ; � � ��
<br /> . whicl� �may� hercafter be crected or installed on the land mortgaged hereby, insured against loss by fire and other hazatds, � .� � �
<br /> � �casualties and � contingencies, - in �such amounts and manner, and for such periods, all as may be required from time to time by � . . � � �
<br /> � � � � the bfortgagen Unless atherwise required by the Mortgagee, all such insur�nce shall be eEfected by Standard Fire and Extended � � � � � � �
<br /> � . Coverage (nsurance policies, in amounts not less than necessary to compty with the coinsurance dause percentage of �the value . �� � � .
<br /> � �� . . epplicuble to � the location and chnracter of tl�e property to be covered . All such inxurance shall be carried in companies apptoved � � . . � . . .
<br /> � � . . . by the Mortgagee and all policies therefor shall be in such form and shait have attached thertto loss payable dauses in favor of the �� . � � � � � �
<br /> . . Mortgagee and any other partios as shall be sa[isfattory to the Mortgakee. All euch po�icies and attachments thereto shall, be � delivered . � � � � �
<br /> � � . . promptly � to the Mottgageq unless they are required to be dclivcred to the holder of a lien oE a mortgage or similar instru- r . . � � , �
<br /> � ment to which this Mortgage is expressly subjett, in w•hich latter evrnt ccrtificates thercof, satisfactory to the Mortgagee, shal( be �- . � � �.� � '�
<br /> delivurd promptly [o the Mortgagec. The Mortgagor wiil pay promptly whrn duc, as hereinafter provided, and any and all � � �� . � �
<br /> � � � . premiums on such insurance, and in every case in �vhich payment thereof is not made from the deposits therefor required by this � � . . � �� �
<br /> � � Monqage, promptly submit to the Mortgagee for examination rereipts or other evidence of such paymrnt as shall be satisfactory � � . � ..
<br /> � to the Mortgagec. The Mortgagee may obtain and pay the premium on (but shall be under no obligation to do so) every kind qf � � � . �
<br /> . � � insurancc requited hereby iF thc amoun[ of sech premium has not becn deposited as rcquircd by this Moatgage, in which event �. � � � :
<br /> � � � � lhe Mortgagor will pay to tht D�fortgagee every premium so paid by the Diortgagee. � � � � � � � � � . -
<br /> � � � � (b) In the rvent of loss or damage to the mortgaged property the Mortgagor wi ❑ gi.�e to the Mortgaqee immcdiate notiee � � � �
<br /> � thereof by mail, and the Murtgagee may make and file proof of� loxs if not madc otherwise prompNy by or on behalf of the � � � � -
<br /> � MortFagor. Each insunnce company � issuing any such policy is hereby authorizrd and directed to make payment hereundet for � � � . � .
<br /> � � such lose direcdy to the Mortgagee, instead of to the Mottgagot and the bloctgaRee jointly, unless the amount of loss is pay �
<br /> . � � eble first to the holdu � of a lien under n mortgage or sirnilar instrument to which this Tfort�;aFe is expcessly subject; and the '
<br /> � insurance proceeds or any patt thereof is received by the MortFagee may be xpplied by the Mortgagee, at i[s option, eifhez � � � �
<br /> ,+ � � � in reduction of the indebtedness hneby secured, or to the restoration or cepair nf the mortqaged property damaged. in � � � � �� �� .
<br /> . the event nf foreclosure of this DfortgaFe, or oE any transfer of titic to thc mortgaged property in axtinguishment of such indebt- � � . � � . �
<br /> : . edness, a❑ . .right, title and interest of the Mortgagor in and to every such insurance poliry then in force, subject to the rights . � . . � � . � .
<br /> � . . � and interest of the hol�er of any such prior lien, shall pass to the Rrantee acquiring title to . the mortgaqed property togethet with � . � � � �
<br /> such policy . and appropriate assignment of such right, title and interest whirh shall be madr by the Mortgagor. � , � . � � �. �� �
<br /> , . � 7. (a) In ordet more fufly to protect the security oF this Tfortgagr, the MortFagor shall deposit with the Mortgagee to- � � � � .� � �
<br /> � gether .with, and in addition to, the payment of principal and interest monthly on account of the Note secured hereby, until � � � � �
<br /> � the Note is paid in full, an amount of money equal to the tota� amount of (i ) ground rents, if any, nezt becoming due, (ii) the - . � . � � �. � � �
<br /> �� � � premiums next hecoming due on the policies of fire aad all other hazard insuranre required by this Mottga�e with respect to the � � � � � . . � � �
<br /> � mortgaRed proprrty, (iii) � taxes, assessments, water rates and othv governmental charges next becoming due on the mortgaged ' � . . � � � . � .
<br /> �. propecty (all the foregoing amounts as estimated by the Mortgagee and set forth in a written notice of such estimate by the � � � �
<br /> � � Morigagre to tfie Mortgagor from time to timc) , Itss all amounts that may already have been paid thereFor, divided by the number � . � ' �
<br /> � � oF calendar months to elapse before one calendac month prior to the date when su�h ground rents, premivms, taxes, assess- � . . � � �
<br /> . . � ments, water rates and other governmentai charges, rcspectively, �vill become due and payable. If any amount referred to in I . � � . . ,
<br /> � clauses ( i) thtough (iii ) � hereof is required to bc deposited by the Mortgagor under a mortgage or similar instrument haviag . . � � .
<br /> ; priority over the licn of this Mortgagq the Afortgagor shall .make the deposits required by this Paragraph 7 only in the event of the � � . . . � �
<br /> � . termination of such obligation . unJer the prior mortgage or similar instrummt. The Mortgagor shall give ptompt notice in wrib � � � . �
<br /> � � � iafi tq � the Mortgagee oi the occurrence of the last-mentioned event. All such amount. so deposited with the Mortgagee shall be � �� � � � �
<br /> � � � � he�d �by the Mortgagee, � or �any agent designated by it, in trust to be used only for the pnyment of such �rou�d rents, premiums, „ � � �
<br /> . . taxes, assessments, water rates and other governmental charges. No interest shall be payuble by the Mortgagee on any. sum so � � � .
<br /> . . . � � dcposited. . . . . . � . � . � . .� .
<br /> � � � �� � (h) � All amounts required to be deposited a�ithin the � Mottgagee monthly in accordancr with Paragraph 7(a ) hereof, and the �. � � � � .
<br /> � amount of principat and interest to Uc paid each month on account of the Note, shall be added tnFether, and the aggregate amount � � � . � �
<br /> . . . . thrru�if shall br, paid by the Mortgagor to the D4ortFagee ia a sinFle paymrnt tn be applied by the Diortgagee on account oE the � .
<br /> ''� � � indebtcdness of the Mortgagor � pursuant to the Note and this T4ortqnge ( to the extent that monies are available ftom tfic � � �
<br /> � � � � � amoun[ so deposited ) , in. the order, any provision of the Note to the convary notwithstanding, as followr. � �
<br /> � � FIRST, to the late charges, if any, referred to in the Note, �
<br /> . � � SECOND, to the amount oE such gcound rents, if any, fire and other har,ard insurance premiums, taxes, assessmmts, wmter � ' � �
<br /> rates and other govcrnmrntal charges rryuired �tu be paid under tht provisions of this Mortgnfie, in whatever sequence the . � �
<br /> - � Mortgagee may � exdusively determinr, . . � �
<br /> � � � , � � � THIRD, to interest due on the Note; and � . �
<br /> � , FOURTH, the romainder, to the principal due � on the Note.
<br /> � � � � Any deficien.y in [he amount of uny such aggregate montiiiy paymtnt shxll, unlrss paid 'oy the Mortgagor priot ro the due date of �
<br /> � � � � the . next� such deposit payable, � constitute an event of de£auft under this Mortgage. . . � �
<br /> � . � . . . � (c) Any � excess Eunds that . may be accumulated by � reason of the deposits required under Paragraph , 7 (a) hereoF, remaining � . � � .
<br /> ' . af[u � paymmt . of the amounts described � in� clauses (i), ( ii) and (iii ) thrrebf, shnll be creJited to subsequent respcctive monthly � � .
<br /> � � amounts of the same nature reqvired to be psid thermnder. If any such amount shaU excoed the estimate therefor, the Tfortgagot � , . .
<br /> . . . shall�. forthwiYh pay� to tfie Mortgagee� the amount of ��such de(iciency upon written notice by the Mortgagee of the amount thereof. -- .- � .� . . ' � � " ' �
<br /> � � Failure to do so beFore the due � date of such amount shall be an evr^�i c,f default undtr this Mortgage. If the mortgaged prop- �V� � °:�a ' ' ���
<br /> . etty is sold under foretlosure or. is � otherwise � �acquired by the Mortgagee, aFtcr defxult by the Afortgagor, any remaining ' q� `� � '
<br /> � � � balance uf the .accumuJa[ions under Paragraph 7(a) hereof.-� shall � be credited to the principal amount owing on the Note as of the ^�� � � �
<br /> : date . of commrncement � of �� foreclosure proceedings for the � mortgaged property, or �� as of the dnte thr mort�aged property is �
<br /> � � � . � .otherwise `so � acquited. �� �.. � . . . . � � . �� . . .
<br /> � � � � 8. � The Impiovcments � and al1 plans� �and � specifications . @zere[or shait comply with aif appiicabSr municipat ordinances, regu- . .�
<br /> � � � lations, and � rules � madv or promvlgated by lave•fu! �cuthoritp, � �nd ppan thci: completion shall compIy thcren�ith. .� �
<br />'� � , .. . .. . . � . . . . . . . . . . . �� - � �
<br />�<. . . . � . . J
<br /> iYp :
<br /> �i
<br />
|