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<br /> : a11 debts, obligations �nd liabilities incurred by rtason of any action takcn by U�c DSortgagee, as provided in this Paragraph, il! � . �
<br /> � of which amounts so paid by the Mortgagee, wi�h intuut tbcreon from the date of each such payment, at the rate of thne percent � � �
<br /> � . (3 % ) per annum, shall be payable by the Mortgagor to ihc Mortgagee on demaad and shal! be sc<ured by this Mo�tgaga � . � � �.
<br /> �. 4. No building or othet. sttucture ot. imptovcment, fixture or petsonal property mnrtgaged hcrcby shail br removed or . � . � . �
<br /> demolished without the prior written conscot oF the Mortgagee. T'he MortKagor will not make, pormit or suEfer any ¢lttra[ion of � . . . �
<br /> � � or addition to any building or otbcr structure or improvemcnt now or whi�h may hereafter be erected or instalfed upon the � �
<br /> . � � . � mortgagcd property, or any p�rt thercof, except the. improvemcnts reyuircd .to be made pursuant to Par:graph 3 hereof, not � . � � �. �
<br /> . -'will. the � Mortgagor usq os permit or suffer the use of, any of the mort},aged property for any purpost other than the purpose . � �
<br /> � . � . . �� otputposes (or whichthe same � is now intended to be uscd, without thc prior � writtrn� mnsentnf the Mortgagee. ThcMortgagor � wili - � . � .
<br /> . � � � maintaia the mortgagcd property in. good tondition. and state of repair and will not suffrr or permit any waste to any part theteol, and � � � �� � � �
<br /> � � � wilt prompHy � comply � with � all . the � raquirommis of Fodera}, state and local governmants, or of any departments, divisions or � � . � . � .
<br /> . � � � � bureaus thereof, pertaining � to such prop�rty or any part thereof. � . . . . . . . �. � . . . �
<br /> - S. The Mortgagot will noL voluntarily � create, or permit or suf(cr to be crrated or to exist, on or � against the mortgaged � � � � � .
<br /> . � � property, nr any part thereof, any lim superior m the lien of this DfortFaRe•, ex� lu.i�•c of the lien or lirns. if any, to which . � � � . � �
<br /> � . . _ ., , . .. this � Mortgage is expressiy subject, as set forth in the Rrenting dause abovc, and wi11 krep and � mafntain the same free (rom � � � � .
<br /> � � . the claims of all parties. supplyinq Iabor or materiale which wiil enter imo tl�c cunshu�tion or installation of the Improvemeats. �� � � �
<br /> . . � � 6. (a) The MortRagor � w•iil keep ali buildings, nther structures and improvements, � inrluding equipment, now existing or �. . . �
<br /> , � which may hereafter be trected or installed on the land mortqa�rd hercby, insured xqainst loss by fite and othu hazards, � � .
<br /> � . nsualties and contingrncies,.� in such amounts and manner, and for such peri��ds, all as may he required from time to time by �. - � � �
<br /> - � the Mottgagee, i.fnitss otherwise tequir�<1 by the Mortgagee, ail surh insi.ir�nce xhali b� effecfed by Standard Fire and Extended � � � �
<br /> f_nveraRr Insurance policies, in amourtts not !<�ss thart nec�ssary m cnrupfy tvirh the minsurance dause percentage of the vaiue � � � .
<br /> � applicable [o the location and tharacter of the prnperty to be covercJ . All such insuranct shall be carried in companies approved � � �
<br /> � . � by the Murtgagee nnd all policies therefor shall be in such form and shall ha .�e attached tt�ercto Ioss payable clausrs in favor oE the � . � � � �
<br /> � � Mortgagee and any other ryartits as sha �l be satisfactory to the Mortga�ce. wll � such pnlicies and attarhments thneto shall , he delivered � �
<br /> � � promptly to the Mortgagce, unless they are rcyuired to be drlivcred tu thc hnider of a licn of a mort,eage or similar instru- �
<br /> mrni ro which lhis Mortgage is expressly subject, in u�hiah latter event � �crtificates Iherenf, satisfactory tn the Mortgagee, shall be � . .�
<br /> +;� ` � � delivt�ed prompUy lo the Mort,¢aRce. The Morfga�Cor will pay prnmptly whcn dur, as hcrrinaf�er proviJed, and any and alI � � . .
<br /> ; premiums on such insuranre, and in every C85C in w� hich paymrnt thrreof is not made from the d�posits therefor required 6y this � � � � .
<br /> � � Mortgage, promptly submit to the Mortgagee for cxamination rcmipts or �ahr•r rvidrna of su< h payment as shall be satisEactory � � � � � � . �
<br /> .. to the Mortgagee. The Mortgagee may obtain and pay Ihc premium on ( but shal ! be undfr no nbiiKation to do so) rvery kind Of �. � � . . .
<br /> � insurante tequited hereby if the amount of such premium 6as not hecn drpnsitcd ac required by this Mortgagt, in whith event � . � . � �
<br /> �, � � the Mortgagor wi11 pay to tht Mnrtgagee every pren+ iam so paid by the T7nrlFaqee. , � � . . � .
<br /> . � (6) In the event of loss or damage to tbe mortgaged propvty d�e Mnre¢aFor wilt givc to the Mortqagee immediate notice . , � �
<br /> a� . thereof by mail , and the MortgaFee may make and file proof of lo<s if nor m.de otherwisc prnmptty by or on behalf of the � , . �
<br /> � � � Mortgagor. Each insuranct company issuing any such policy is hereby aurhorized and directed to make paymmt hereunder for �. � .�' �� �
<br /> . such loss direc[ly to t6e MortgnXee, instead of to the MortRaRor �ind the MortRaqtr joi-ntly, unitss the amount of loss is pa�- � � .
<br /> � able first to tht holder of a lien under a mortRage or similar instrumrnt to whicb this Diortga/te is exptessly subject; and the ��
<br /> � � insunnce proceeds or any part therrnf is rereived fiy the TtortRaRee may bc xpplicJ by the MortRigeq ■ t its nption, eithet � �� � � .
<br /> � ' . � in � reduction of the indtbtedness hereby secured, or to tfie resroration nr rcpair of �the � �mortqaged � property damaged. In � . � � �
<br /> � , the event of fotedosure of this Mortgage, or of >ny trnnsfrr of tiilc to the mur[RagrJ property in extinguishmeM oE such indebt- � � �
<br /> ; � edneas, a❑ right, title and interest of the Mort�agoz in and to every surh insurance policy then in force, subject to the righta � � � � � � . ���
<br /> � and interest of the holder of any such priot (ien, shall pass to the gnnte� acquiring title tn the mortgaged property together �vith �. � � � � .
<br /> � . . such policy and appropriate assignmrnt of such right, tide and interest whidi shall be made by the Mortgagor. " � � �
<br /> � � 7. (a ) In ordtr - more fully to protect the security of this Mnrtgaiqr, the Mortftagor. shall deposit with the Mortgagee to- � �
<br /> t. , � Rethe� with, and in a3dition to, the payment of principal •nd interest monthly on account o( the Note secured hereby, until � � � �
<br /> � � the Note is paid in fufl, an amount of money equal to the total amount of (i ) ground rmts, if any , nrxt becoming due, (ii) the � . � � �
<br /> � � premiums nut becoming due on the policies oE fire nnd all other hazard insurance rcQuicrd by this Mortgage with resped to the � �� � �
<br /> � ' � mortgaged property, (iii) taxes, assessments, watu rates and othrr govrrnmental charges next becoming due on tht mortg�gtd � � �
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<br /> property (a❑ the foregoing amounts as estimatec! by the Moctgagee and set forth in a writren notice of sach rstimate by ttu � � �
<br /> �,�� � � MortRagee to the Mort�Cagor From time to time) , less all amounts that may alrcady have been paid therefor, divided by the numbet �
<br /> t+; � � � . . . o( calendar months fo dapse before one calendar month prior ro the alate when surh ground rcnts, premiums, taxes, assesa- � ��
<br /> ��� . ments, water ntes and other governmental charges, respectively, will hecome due and paysble. If any amount reEerred to in � � �
<br /> `" � � � . clauses (i ) thtough (iii ) hereof is rcquired to be deposited by the MortRaKor ❑nder a mortRage or similar instrument having � � �
<br /> ,i �� , priority over the litn � of [his hSortgaRq the Mortgagor shall make the deposits required by this PareRreph 7 only in the event of the � � �
<br /> , � � ttrmination of such obliRation under tht prior mortgage or similar instrument Thr MortRagor shall give prompt notice in writ• �
<br /> � � ing ta the Mortgagee of the oecutrmce of the last-mentioned evrnt. All such amounts so deposited with the Mortgagee shall be �
<br /> k� � . held by the Mortgageq or any agent designated by it, in trust to be used only for the paqment of such ground rents, premiums, .. �
<br /> � taxes, assessments, water rates and other governmental d�urges. No int�rcst shal ! be payahle by the � Mortgagee on any sum so �
<br /> � deposited. � �
<br /> � � (b) Atl amouMs required to be deposited within the Mortqagee monthly in �ccordvncr with Paragraph 7 (� ) hereof, and the
<br /> ; � amount o[ ptincipal and intetest to be paid each month on account of the Note, shall be added together, and the aggregate �mounf
<br /> : thereof shall be paid by the Mortgagor to the Mortgagee in a single paymrnt to be applied by the Morfgagee on �ccount of tht
<br /> . �. � indebtedness of the Mortgagot pursuant to the Note and thic Mortgage ( to the extrnt that monies am avaifabte (rom t�t � �
<br /> , � amount so deposited) , ia tht order, any provision of the Note to the tontrary notwit6standinR, as foflows :
<br /> . FIRST, to the late charges, i( any, tefcrrrd ro in the Notr, �
<br /> � � � � SECOND, to the nmount of such grovnd rtnts, iF any, fire and other hxzard insurancc premiums, ta:ee, usessments, water �
<br /> � � rates and other govemmental charges required to fx paid under the provisions of this Mortgaqt, in whacever uqueoce the
<br /> � � Mortgagec miy tzclusivd� determine; . �
<br /> � � � � � THIRD, to interest due on t3ie Notc; and � � �
<br /> FOi1RTH, the remainder, to the principal due on the Note.
<br /> � � Any deliciency in the amouM o( any such lj�`fJtf6'1![ rnor.!hly papment sha !!, unless paid bg• ,he bfo.rtga�or pri�r to tLc uur datt of
<br /> �� . the aext such deposit payable, to�stitute an cvent of default u�der this MM�$IIgf.
<br /> � . � � . (c) Any . excess funds that may � be accumulated bp «ason of the depoxits required under Pxngnph 7(i ) hereof, remtining
<br /> � � �fter paymmt of the amounts dascri6td in dauses. ( i), ( ii) and ( iii ) ch �rrnf, zhrll he crcdited to subseyucnt respective monthly �
<br /> �. � � � .� amountr �oE � the same nature required to be paid thereundoc Tf any xuch amount shall excerd the es�imate therrEor, the Mortgegor -^��;� • � ?' "�`
<br /> � � � . � .shall . fotthwith pay to the Mottgagee the amonnt of such deFiciency upon written nntice by the Murtgagee of the amount theteof. � � """ �� �
<br /> � � Failure to do so before the due Jatc of such amount shall be � an rvrr. � of default u�dcz this Mortgage. 3f the mortg�ged pro¢ �+ � �
<br /> � . � � crty is sold " undet. foreclosure . ot is otherwise acquited by the MortRaRee, after de(ault by the Mortgagor, any remaining , �
<br /> balanct of the aaumulations undet. Paragraph 7 (a) heteof, shall be ctedited to the principal amount owing on the Note te of the ,�";
<br /> � � � date of: commencemeat of foredosure proctediags fot the mortgaged property, or as of the date the mortgaged property ia �5,;;:
<br /> :.. othe[wiu so a[quired. � � � � � � � ..
<br /> � . . . � � 8: T'ht� Improvemeats �nd atl ptane zad � specifications :hcrefo: ;hait comp'.y with ai: applicaU7e muui.ipal ordinances, regu- . . . .
<br /> . . . . � latioas, � aod rules made or promulgsted by lawfu! ■utfiority, oncl uron tl�rir rcmj�l�tien s?�al1 compty tF.eran•iih. ,, ,
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