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<br /> all debts, obligatinne and liabilities incurred bq reason of any • ction takcn by �lic Mortgagee, as provided in this Paragraph, all
<br /> oE whicb amounis so paid by the Mortgagee, with intecest thereon from the datr uf each such paymenf, � at the xate of thtee perernt � . � �
<br /> � ( 3 % ) per annum, shall be payable by the Mortgagor to tho Murtgagce on demand and shail be setured by this Mottgaga � . � � _
<br /> 4. No builJing or other structure ot improvement, fi :ture or personal property mnrtgagcd bereby shaU Le removed or . � � � � .
<br /> . demolished w� ithout the prior writtcn consent of the Mortgagee . Thr MortRaqor will not make, permit or suffer any altention of � � � � �
<br /> '�� � or addition to any building or othu structure or improvement now or +Nbich may hereafter be erected or installed upon ihe .
<br /> � morigaged property, or any part tbereaf, except thr improvements requircd to be made pursuant � to Pangraph 3 bereof, nor
<br /> wili the . Mortgpgot use, ot permit or suffer fhe use of, any o( the moctqaged property for any purpose other than the purpose�
<br /> ' � � � � ot purposes for whicA the same is now intended to be ustd, without � tLe prior ivritten consrnt af the Afortgagea The Mprtgagor wili � � � . � � � � � �
<br /> . . � � maintain the mottgaged proporty in good condition and state of rrpair and will not suffer or permit any waste to. any part thereof, aad . . � . . . . .
<br /> . . wili pcomptly eomply witk� all the rqquirements of Fedenl , stnte and. local governrt�e� ts, or of any departments, . divisions or . , �. � . . �
<br /> . � � . burdus Iherrof, pertaining to suth . prop�cty. or any part thereof. . � . � � � �
<br /> S . Th� ASortgagor will not voluntarily create, or permit or suf(ec to be rreated or to exist, on or against � the mortgtged � � . � � .
<br /> . property, . or any part thereo(, any lien superiar m � he lien of this M.� r ��c:� Rc , cx� lu . ive of the lirn ur liens ,� iE any, !o whic6 . � - . � . �
<br /> � . - this Mortgage is expressly subject, as set (orth in the granting dause above, and will keep and mnintaid the same free from . � � � � �
<br /> �. � the clnims of alt parties supplying labor or materisls which wil ! en �er into thr construction or installation of the fmprovemmts_ � � � �. . � . . �
<br /> . � . 6. (a ) The MortR¢gor will keep all 6uildings, other structures and improvemrnts, induding eqnipment, now exis[ing or � � . �
<br /> � � . which may hereafter be ereded or instalied on the land mortgaged hetehy, insured against loss 6y fire and other hazards, � � � .�
<br /> �. casua�tias and contingenties, in such amounte and manner, and for sucfi pe 'riods, ali as may be required (rom time to time by � � � . . � � , �
<br /> �. the Mortgagee. iTniess otherwise rrquired by the R{nrtgagee, ail such insurance shat ! he effected by Standard Fire and Esttnded � . � �
<br /> Coverage Insunnce policies, in amoonts not Icss than necessary to cnmply .�• ith thc coin <urance dnuse percentage of the value . � � .
<br /> � appiicable to tbe location and character of the prnprrty to be covercd . All su� h insnrance shall be carried in companies epproved � � , . . . .
<br /> . by tho Tiortgagee and ali pnliciesthercfor shali be in such form and shall ha .� r attarhed therrto IOSS payable dauses in favor of the � � � � � � �
<br /> Mortgagee and rny other parties as shall be satis(actory to thr MurtRagee. All + uch pnlicies and attachments thereto shnll, be deliveted � . � � �
<br /> promptly to the ASortgagee, unless they are requircd to be delivcrcd ro Ihe holder of a lien of a mortgage or similar instrw � � . � � �
<br /> � ment to which this Mortgage is exprossly subject, in which latter event crrtificatrs tlureof, satixfacloty to the Mnrtgageq shall be � �. � � - � �
<br /> ddivereJ pramptly to the MorlRagea The MortqaRor will pry promptly whr. n Jur, as herrinafter provided, and any and ail � � � � - �
<br /> prcmiums on sueh insurance, and in every case in a�hic�h paymrnt thermf i . not maJe from thr deposits therefor nquired by this � . . . � � .
<br /> Mortgage, prompfly submi[ to the Mortgagee for examinution receipts or � + � her rvidence uf sveh paymant as shall be s�tisfactorp . � � � .
<br /> � to the Mortgagee: The Mortgagee may obtain and pay the premium on ( bart shall bc undcr nn obliRation to do so ) every Icind Of � � . � . � �
<br /> insurance requited hereby if the amount of s�ch premium has not hcen dep�� sited as required by th [a , Mortgage, in which event � � . - � � . � �
<br /> the Mortgagor will pxy to the Mortgagee every premium so paid by the Mnrtg� gee . � � � . � � . � � �
<br /> � (b) In the cvent of loss or damage to the mortgagcd property the MortFagor will Rive to the Mortgagee immediate notim . � . .
<br /> � thcreo! by mail , and the MortRaRee may make aad file proof of lo �s if m� c m� dr otberwisc prnmptly by or on beba�f � of the . � � .
<br /> � Mortgaqor. Each insunnct co �iipany issuing any such pnlicy is her�by aurhorized and directed tn make paymrnt hereunder for � . . � �. ..�
<br /> sucb lose directly to thr Diortgagee, inxtud of to the MortRaRor and � he �ior [Ra ,qre jointly, unless the amount of loss is � pay- � �. . . �
<br /> . able first to the holder of a lien under a mortgage or similar instrument to which this AfortgaQe is ezpressly subjat; and the � ; � � � � �
<br /> insur� nce proceeds or anq paet thereof is received hy the Morfgagee m+ y be applied by the MortRagee, at its option, tither �
<br /> in redurtion of the indebtedness hercby secured, or to the res� oration � or rcpair of the mortgaged property d�maged. In . . � . . . � �
<br /> the evcnt of forcclosure of this Mortgaqq or of any tnnsfcr of title to thc mu� tRagrd property in extinguishment of such indebt- � � � �� . �
<br /> edness, all riRht, tiNe and interest of the Mortgagor in and to every such insurance poli �y then in force, subject to the tights � � � . ' � . . � � . .
<br /> � . a�d interest of thr holder of any such prior lien, shnll pass m the Euantee acquiring title tn the mortgaged propetty togethet witb � � � � � � � . � -
<br /> � such polity aod appropriate assignment of such right , tide and intercst which shall be made by the Mortgagot. � � � � . � � � �
<br /> � 7. ( a ) !n order more fully to protect the security o( this binrtgaKr, the Mortgagur shall deposit with the Mortgagee to- � � � � �
<br /> �� Rother with, and in additio� to, the paymrnt of printipal and interest monthly on account of the Note secured htreby, until � � � ' �
<br /> the Note is paid in full , aa amount of money equal to tho total xmount nf ( i ) ground rents, if any , next becoming due, , ( ii ) the � � � � . . . . �
<br /> . � premiums �cxt becomiog due on the policies of firo and �II other hnzard insura�<e requirrd by this Mortgaqe with respect to the � . . ,
<br /> morigaged property, ( iii ) tazes, assessmtnts, water rates and nther govcrnmental charges next becoming due on the mortgaged � � � � � . .
<br /> property ( all the foregoing amounts as estimated by the Mortqagee and set forth in a writim notice of such ettimate by tl�e � � . �
<br /> � Mortqagee to the Mortqagor from time to time) , less all amounte that may alrcady have bern paid therefor, divided by the number , �� .
<br /> of calendar months to elapse before one calendar month prior to the date when such ground rcnts, prcmiums, taxes, assesa- . � . � �
<br /> ' ments, water rates and other governmrntal charges, respectively, will become d ��e and payable. If any amount referred to in � � �� � � �
<br /> ir � ` dauses ( i ) through ( iii ) hereof is required to be deposited bq the MortgaKor under a rnort ¢age or similac instr� mmt having � . � . . � . �
<br /> '`� . priority over the lien of thi � Mortgage, the Mortgagor shall make the dcposits required by this ParaXraph 7 only in the event of the � . �
<br /> �^�� . termination of such obligation under the prior mortgage ot � similar instrument. Thr Mwtqagor shall give prompt notice in wrib � .
<br /> - � ing to the Mortgagee of the occ�rrence of the lasbmentioned event. AU surh amounts so deposited with the Mortgagee shall be . . �
<br /> � � held by the Ivfortgaget, oc any agent designated bq it, in trust to be used only for the payment of such ground rents, ptemiums. M . � .
<br /> � � taxes, assossments, water rates and other govemmenta ! cl�arges. No interest shatl be pxyable by the Mortgagee on any � sum to � .
<br /> . deposited . � �. � .
<br /> ( 6 ) All amounts required to be deposited within the Mortgagee monthly in accordante with Paragraph 7 (a ) hereoF, and the � . . .
<br /> amount of principal and intecest to be paid each month on account of the Notc, xha � I be added to�ether, and the aggregate amonnt � � . � .
<br /> � � . . thereof ahall be paid by the Mortgagor to the Mortgagee in a sinqle paymrnt ro be applied 6y the Mortgagee oa occount of the .
<br /> ��` � i�debtedness of the Mortgagor pursuant ro the Note and this Afortgagr ( to the cxtcnt that monies are available from the �.
<br /> � amount so depositod ) , in the order, any provision of the Note to the contrary notwithstanding, as followr. . � .
<br /> � FIRST, to the l�te charges, if any, referred to in the Note ; � � . �
<br /> - SECOND, to the amount of such ground rents, iE any, fire ond othcr haa.ard insurance premiuma, taxes, issessmrnts, w�ster . � �
<br /> : rates and other governmeatal charges zequired to be paid under the provisions of this Mortgage, in whatevor uqurnce the � �
<br /> _ Mortgagee may exclusivdy determine ; ��
<br /> � THIRD, to intecest due on the Notr, and �
<br /> . FOURTH, the remainder, co the principal due on the Nota � �
<br /> Any de(icirncy in the amount of any such aggregate monthly payment shall , unless paid by the Mortgagor priot ro the due d�te of � �
<br /> � the ne:t mch deposit payable, constitute an cvent of default under this Mortg�ge. � . . � .
<br /> � (c ) Any ezcess funds that may be accumulated by rnson of the fIfF1051�i CfqUllfCl under Paragtaph 7 (a) hereof, remaining �
<br /> � � after paymmt of the amounts described in clauses (i ) . ( ii ) and ( iii ) there�f, shall be cri-dited to subsequent respective monthly � �
<br /> � . amounts � of thc samt natutt required to be paid therrunder. � If ary xurh amount sha11 exmed the estimato therefor, tht Morigagor °":�� � '�
<br /> � sha(I fprtSwith pay to the Mottaagee the amount oE wch de(icicncy upon written nntiie by thr MortRagce �f the amouet thereof. � � ', � ;; �
<br /> � Failure to do so before the due date of s�th amount shall be a� evrnt of default under th(s Mortgage. If the mortgaged prop- f � ,,
<br /> � . erty is wld � under foredosure or is otherw;se uquirtd by the DfortRagee, after drfauit by the Mortgagor, any remaining
<br /> � balaace of the aceumulatioas under Paragnph 7 (�) Aereof, shall be acdieed to the principal amount owing on the P:ote as of t2ie
<br /> � � . date of commeneement . of foreclosure procerdiogs for tbe mortgaged property, or as of the date the mortgaged property is � �w. :.
<br />�y otheswise so acquired. �,
<br />�. � � � - � 8. The Imarovem�nts and all plaos nnai spedficetions th�r�fox �hil � mm �ly mith nll arrlt�, hi � mor. irirel ordinnnces, rrgu- •
<br /> � � lations, tnd tules aude or ptomulgated by laaful authority, and upon thoir compktion shall comply tberewith. .. . . . �
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