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<br /> c:! deb:s, obligations >nd Jiabilities incurrad by rnson of any action taken by thc Mortgagee, as provided ia this Paragraph, all
<br />-- � ^! ='!ser!: mm^cr.!a e^ paid E+y the M�rtgaaae; with interest thereon From thc datc of ear.h such payrnent, at the raie of thtee peccent
<br />�:� ( 3 % ) pot annum, shali be payable by thc Dfortga�or to the Aiortgagcr on demand and shal! be se:urcd by this Moctgage. � � � a
<br /> 4. No building or other structure or improvemrnt, fiXture �r personaf property moriga�,ed 'here5y shafi i.e rcmv�eti or � � �
<br /> '? r dcmolishtd u�;thout the prior written consent of tlm Mortgagee. The MortKagor wilt not make, yermit or suffar any ¢Iteration of � �
<br /> ( or addition ro any building or other structure or improvement � now or whi�h may bereafter be erected or installed upon We . .
<br /> � � �mortgaged propezty, or any part thereof, except the improvements requircd to be made pursuant to Paragraph 3 hereof, aar � � � � �
<br /> � � w•il! the 2�fortgagor use, or permit or suEfer the use of, any of the nmrt�afied prroperty (or any purpose other� than the putpose �
<br /> �, � � � � cr �.::rYce�s fc: �•hdeh the samr, is nuw intended to be used, without the prior writtcn consent of the Diortgagea The Mortgago� will � �. � . �
<br /> � . � mainbin the mmtgaged property in good condition and state of rcpair and will not suffer or permit my waste to any partthereof, and � � � � �
<br /> - . . will prompdy comply witti . al1 the � taquirements of Federal, statc and local governments, c�r of any departments, divisions or � � . . � � �
<br /> . � bureaus tF.ereoF, pertaining � to such prop�rty or any part thereof. � � � �
<br /> . 5. Thr Mortgagor wil[ not vo[untarify create, or permit or suf(cr tn hc <'rru :e.} c: .o rxis;, an ar against t6: rso:tn^�fi�� � � �
<br /> � proprrty, or any part thercof, any lirn suprrior to � he lirn o( this Mnr�Aax�•, rz<� lu .ive of the lien or litns. if any, � to which � � � � �
<br /> e � � this Mortgagc is � expressly suuj:ct:, as xet forth iri the Rranting dausr xb��vc, and a�i11 kcep and maintain the same (ree from � �
<br /> . the daims of ai! pax[:es supp:ying i� bor or . rnatzriafs which a-i❑ :ocer intn ihe construction ot instaliation of the Tmprovements. � �
<br /> �� � 6. (a ) The MortRagor will keop all buildings, other structures and improvements. indodi�g equipmcnt,. . now existing oc � � � �
<br /> � � which may hercafter be erected or instailed on the lan3 mortFagrd brrehy, Insured against loss by (ire and other hazards, � �
<br /> ' . casualties and contingrncies, in such amoynts and mannrr, and for such periuds, a1! u mey be requited from time to time by
<br />�°'� th: ?s!'or!^- �-e. YIr.!t�s ot�r:wi:e reGuired by the Mortgaqee, all such insurance �h:� ll he e(frcted by Standard Fire and Eztended � � �
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<br /> . CDYft�J�Q lnsurance �O� �CIfS, 1t1 ]fO0UOf5 pOt �C55 th�n ❑CCe539tY to C�I�n�� V ��'if�i I �1C COIOSIIfaOCQ C�� USG �CKG0�9$t Of �FiG V1�IIC � � �
<br /> � . •F7 "� £� f` ^. :c,..;c;. an.'. :::a:a :ter ef :hr pr. .n.� ty tn M �nv�.r�d All cu� h insurance shall be carried in tompanies approved �� .�
<br /> . � by the Diortsagee and al! polities thercfor shall be in such form nnd sha ❑ ha .�r attached thtrrro loss payable dauses in fovor o[ the � � �
<br /> 1lfortFagee ¢nd �ny other parties as shall be satisfactory tn the DfortRa�;cr. All ,iich poli�ic< and a � tachments thereto shall, he ddivercd . � � � �
<br /> :� prompqy to the AloctgaFee, unless lhey are required to be dclivercd tcr tLe he�lder of a licn uf a mortgaqc or simila[ instru- � �
<br /> ? � ment to which Rhis Mortgage is expressly subject, in which latter evrnt re•rNFicatrs there<��F, satis(actory tci the Mortgagee, shall be � � �
<br /> ' deliveted prompUy to the MortRa,¢ee. The MortFaFor will pas• prompHy x-hcn Ju�, as hercinafter provided, and any and all � � �
<br />�. premie�r.is or. �ucie insurencr , anri in erery casr in w�hich paymrnt thcreo,' i. net made from the depnsets therefer r«quired by thia
<br /> Mortgage, promptly submit to the Mortgager (or oxamination rccriptx nr ��thrr evidence o( such payment as sh�ll be satisfactot� � .
<br /> to the Morfgagee. Thc Mortgagee may obtain and pay the prcmium on ( hut aha ❑ be �� nJcr nn oFligation to do so) every kind Of � � .
<br /> ��. insurnn.e requlttd hercbq iE thr omount of such premium has not hrcn dcpusited as required by this Mortgage, in whicb event
<br /> `'��� the Mottgagor will pay to the Mc±rtgagee every pr�mium so paid by the Dinrtgafier, �
<br /> �� � (b) In tht event o( loss or damage to the mortFaRed proprrty thc MoxtFaFor wi❑ Rivr tn the Mortgagec imrnediate notitt �
<br /> thareof by mail, and thc Mortgaqte may make and file proof of loss if nnt mndc othcrwisc pmmptly by or on behalf of the � �
<br /> ��: Mortgagor. Earh insunnct company issuing any such poticy is hereby nuthorized and directed tn �nake payment hereunder for .
<br /> , such !:;�s directly in the Mort¢agte. instnd of tn the MortRaRor and the DfortRaR�� jointly, unless the amovnt of loss is pay- � �� �
<br />�'�� � anic iirsf iu ii�c noiue. a.` s :i:n un�er m martFxge oc similar instrumcnt to which this MortgaRe is expressly subject; aad the �
<br /> insurance proceads or any part thereof is receiv�d by the MortKaRee may br appiied by tfir Murt�ngce, . at its opteon, eithea � �
<br /> �� � in reduciion of the indebtedness hereby secured, or to the restoretion or repnir of the mortRaged propercy damaged. 2a . . � � �
<br /> i�� the rvent o( forcclosure of this MortRaRe, or of any tnnsfer of tiUr to thi� mnr�RaReJ pruperty in extinguishment of such inde6t- . �
<br /> � edne>a, a!1 riRht, tide and interest of the Mortgagor in and to every su�h insurance policy then in force, subject to the rights � �
<br /> . and intercst of the holder of any such prior lien, shnll pass to the R��ntec acquiriag tiNe to the mortgaged property together witb �
<br /> . such �policy and apptopriate assignmtnt oF such right, tiNe and interest whi<h shal� be made by the Mortgagor. �
<br /> , 7. (a ) In order morc fully to protect the secvrity of this MortgaRe, thr T1ortXnqor shall depoeit wilh [he Mortgagee to• �
<br /> . gether with, and in addition to, the prymene of principal ond interest rnnnthly on account of the Note secur�d hereby, uotil � �
<br /> the Note is paid in (u(1, an amount of money equal to the total amount of ( i ) ground rmts, if any , next becoming due, (ii ) the �
<br /> ' prcmiums nett becoming due on the policies of lire and il ( other hazard inwrancr req�ired by this Mortgage with respect to the �
<br /> �� mottgaged property, (iii) taxas, assessments, water rates and other gnvtramental charges nrxt becoming due on the � mortgagrd �
<br /> Y� property (all the fo[egoing xmounts as estimated by the Mortgagee and set forth in a written notice of such estimate by the
<br /> �f �� � MortFagre to the Mortga�or from time to time) , less a❑ amounts that may afrcady have becn paid thorefor, divided by the number � � � �
<br /> ' � � of calendar months fo elapsa before one ca�endar month prior to the Jste whrn such Rrnund rents, premiums, taxes, assesa- �
<br /> �` � mrnts, water rates and othcr governmc�hl chuges, respectively, will bemmc due and payable. It any amount refetred to io � �
<br /> �;;. � , � � clauus � (i ) thtough (iii) bereof is required to be deposited by the MortRaxor under a mnrt,qage ot aimilar instrument haring
<br /> . priority over the lien oE this b(ortgaRe, the Mortgagor shall make the deposits requireJ by this Paragraph 7 only in t6e event of the �
<br /> " � � termination of such obliRation under the prior martgage or similar instrumrnt. Thr bfortqagnr shall give prompt notice it� wrib
<br /> i��� � . inR to the Mortgagee of the occurrence of the lasbmentioned event. All su �h ��mnunts so deposited with the Mortgagee slull � be
<br /> •' � hcld 6y the Mqrtgagee, or my agrnt designated bg it, in tnist to be uud only fnr thr paymcnt of such ground rrnts, premiums, . � �
<br /> �:. . � tazes, assossments, water ntes and othrr governmental chargee. ho intrrest shall be payahle by the Mortgagee on any sum ao
<br /> . deposiccd.
<br /> , � . (b) All amounts tequired to br deposited within tBe MortgaRee monthly in ucordao<r with Paragraph 7 (a ) hertoF, tad the
<br /> {- . amaunt of principal aad interestto be paid each month on account of the Notr, sha11 be added together, and the aggregate amount �
<br /> . tiiereuf shail br paid by thc Mortgagor to the Mortgagee in a sinRle paymcnt to be applied by the Mortgagce on account of the �
<br /> . � indebtedness of the MortFagor pursuant to the Note and this Mortgage ( �o thc extent that monies are av�i�able from the
<br /> �. amount so deposited) , in the order, any provision of the Note to the contrary nutwithstandin,¢, as follows:
<br /> � FIRST, to the late charges, i( any, rcferred to in the Note; � �
<br /> . � . SECOND, to the amoun[ o( sach ground rents, i( any, fire and otber haxard insurance premiumf, tazes, assessmrnts, suatet � �
<br /> � ntes and othet govetnmmt�l chatges rcquired to be paid under the pro.�isioas of this Mortgaqe, in whatever sequente the �
<br /> � � Mortgagee may exclwioely determine;
<br /> � THIRD, to interest due on the Note; snd
<br /> � FOUrTTH, the remxindcr, to ihe principa! due on the AFote.
<br /> Anq deliciency in tF.e amount of any such aggrcgate mortthly paymmt shall, unlcss paid by the Mortgagor prior to the «.s•e date oF � �
<br /> . � che ne�cf such deposit payable, constitute an cvent of defauft under this Mort,qage. '
<br /> , . � � jc) Any . exteas funds thaL may be accumulated by reason of the dCF+OUfS required under Pnragraph 7 (e ) hereof, remaininq ^a�y� . ' • ":,..
<br /> _ atter paymmt o( the amo�nts describ�d in cl�uses {i) , (ii ) �and { iii ) thrreof, shall he crrdircd to subaequent respective monthly " "4 '# �
<br /> � � amoimts of the same. nature tequired to be paid ihereundar. IF any xuch amount shail rsceed the estimate thetefor, the Mottgngor � ,
<br /> '� shall forthwit}�. pay to the Mortgagee the amonnt o( svch de(icirncy upon written nntice by the Mortgagee of the amou�t tbereof. �
<br /> � Fai}ute to Jo �so beFore . the due date of such amount shall be an cvror of dcfault under this Mortgage. If the mortgaged prop• �"� :� �
<br /> , erty is so/d under foteclosute or is othera•:se acquited bp the MortR�ger, Hftrr dr(au�t by the Mortgagor, any remaining }+� ��+ ''" �
<br /> baiance of thc atcvmulations unaier Peragraph 7(a) hereof, shall be crrdired to the principal amount owing on the Note as of the
<br /> � . dato of 'commencemrnt ot forodosure proceedinga for the mottgaad property, or as of the date the mortgaged prnp.rto is �
<br /> othetwix so acquired. � � -. ..
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<br /> � . 8. The lmptovemente nnd all plane and specifications thetefor shall comply with all applicable municipal ordinancos, regu- • �
<br /> � Iatioas, and tules mnd� or promulgated by lawful authority, .�nd upoo t6cir e-ompletion shatl comply therewith.
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