|
_ — n �
<br /> all debts, oblisations and lisbilitiea incurred by rea�on of an� action taken by ti.c Moreg.gee, •s provided in this P�r�gcaph, �11
<br /> of which amounq fo paid b� the Mortgagee, with interes[ thermn from the Jate uf each such payment, �t the rate of three perceat
<br /> � (3 % ) per annum, s6a11 be pyyable by the Mortgagor to lhe Mortgagee on demand anJ shall be secured by this Mortgage.
<br /> � Q� 4. No building or othet structure or improvement, fizture or pertonal prop�rty mnrtgaRed hercby shall be removed ot �
<br /> � demolished without the prior written coroent o( t6e Mortgsgee. Thc MortRagor wi❑ not make, permit or suffer any alteration oE �
<br /> d or addition to an� building or other structure or improvemmt now or whi�h may herc�fter be erccted or instilled upon t6e �
<br />� � mortsaged propert�, or anr part thereof, except the imprwvemcnts requircd to be made pursuant to Paragraph 3 hereof, nor
<br /> � w�ill the Mortgagor use, or permi[ or suffu the use of, any of the mortRaRed properry for any purpose othet than tbe purpox � �
<br /> r� . o� putposee For �rdich tAe same is nov intmded to bt used, without the prior written tonsent nf thc Tfortgagee. 1'he Mortgagot aill �
<br /> � maintain the mortaaged property in good condition and shte of «pair and w�ill not suffer or permit any warte to an� part ehereof, aod �
<br /> NO� vill prompti� compl� wit6 a11 the raquirements of Fedenl, state and local governments, or of a�y departments, divisiom or
<br /> i bureaus thereof, pertaining to sucb propqrty or an� part thereof. , , .�
<br /> 3. The MottgaRor wili not voluntarity treate, er permit nr suf(cr tn he created or to exist, on or altainst the mortgaged
<br /> property, or any part thereof. ■ny lim superinr to the lien of this rlortR:�Ro, ex.lmive of the lien or lims. if any, to vhich
<br /> � this Mortga6e is express�� subjecp as set forth in the �qnnting ciause aAove, and wiil keep and maintain the same (tee ftom
<br /> the claims of atl partim suppl�in� labor or materials w�hieh .vill mter into the construrtion or inftallation of the ImptoveroenU. �
<br /> 6. (a) The MortRagor wi11 keep all buildinpts, nther �tructu «s � nd improvrments, including equipment, nnw e:isting ot
<br /> w�hich ma� hereafter be erected or insta�led on the land mortgagrd hereby, insured against Ioss by fire and other /aaards, �
<br /> casualties ind contingmcid, ie �uc6 :mounts ond manner, and for such periods, atf as may 6e required from time ro time bq �
<br /> the Mortaagee. iJnitss otherwise required by the Mnrtgagee, all such insunnce .hall be effecred by Standard Fite .:nd Eztended
<br /> Covenge Insunnce policies, in amounts not Icss than necrssary to mn �ply with tho coinsurance clauxe percrntage of the value
<br /> +pplicab!e to the location and chancter of the �.�r«rr tn be covercd . All suah insunncr shill be rarried in mmpanies approved �
<br /> by the Tioregagee and a�l poticies thercfor shall be in such form and shall have atnched thercto loss payable clauses in favor oE the �
<br /> Mortgagre and anr other parties as sA�ll be satiehctory �o the MortgaRce. AII ,uch pulicies and attuhments therero shall, !x delivered �
<br /> promplly to the Mortgaqee, unless thep are requirad to be a�r.�«a to the hn(der of a licrt o! a mortRage or similar instru-
<br /> ment to whic6 this Moregage is expressly subject, in which latter rvrnt rertilcates thereoL vti<6ctnry to Ihe Mnrtg�gee, shall be
<br /> de�ivered promptly to the MortRagee. Tht MortgaRor witl p�Y FrompUy w•hcn .lue, as htreinafter provided, and any and all
<br /> premiums on such insurance, and in every case in which parment therenf ia not made frnm the depnsits therefor required by thit
<br /> Mortgage, promptly submit to the Mertgagee for cxamination re�ripn nr n�hrr rvidence u( su< h paymmt ae ahaU be satisEactop
<br /> to the Mortgagee. 'I'he Mortgagee may obtain and pay the prcmium on (but shall be unJrr no obliRation to do so) every icind p!
<br /> insunnce requited hercb� if tht ■mount of such premium haf nnt hrrn drposited as required by this Mortgage, in .vhich event
<br /> the MortR�B�� �'��I pa7 to the Mortgagee every premium so paid by the MmtgaRee �
<br /> (b) In the eveet of loss or damage ro the mortgaRed property the MnrtRaRnr will give tn thr Mort�agee immediate eodtt �
<br /> thereof by mail, and the MoreRaRee may mike and file proof of tocs if nnt ma.lr otherwisc prnmptly by or on behalf of the
<br /> Mortgagor. Each insunnce companq iesuing �ny such poticy is hereby authorized and directed to make paymrnt hereundet for �
<br /> such luss directly to the MortgaRee, instead of to the MortRaRor and the Atort,qaRer jnintlr, unless the �movnt of los� is pq• �
<br /> � able fint to the holder of a lien under a mortgage or similar instrument to which this MortqaRe is e:ptnsly sub%ect; and t6e �
<br /> insunnm proreeda or any part therm( is received b� the MortgaRee may be applied by the Mortgagee, •t ib option, eitber �
<br /> in reduction of the indebtednesa berebr xcured, or to ehe «sroration or rcpair of the mortgaged proputy damaged. Ia �
<br /> the event of forcclmure o( this Mortgage, or of anr tnns(er of tiUe ro tbr morrpaReJ pruperty in eztinguishment of such indebb �
<br /> edness, all right, tide and interest of the Mortgagor in and to every such inwrance poliry then in force, subject ro the ria6b � �
<br /> and interest of the holder of anr auch prior lien, sl�all pass to the Rrantee acquirinR [itle to the m�rtgaRed property fogNher with
<br /> sucb policy and appropriate assignmmt of surh right, tiHe and internt whirh shall be made by the Mortg�sor. -
<br /> 7. (�) In order more fulty to protect [he ururity of this MoregaRe, the MortRagnr sball deposit w�it6 the Mong�gee to- �
<br /> R�« �'��h, and in �ddition to, the payment of principal •nd interest monthly nn ucount of the Note secured hereby, mdl � �
<br /> . the Note is paid in lull, �n ■mount of money equal to the total amount af (i ) grounJ rents, if ao�, next becomingdue. (u) the
<br /> prcmiums nezt becominR due on the po�icies of fire and all other huard insurance required br this Mortgage with respect to tbe
<br /> mortaaged property, (iii) hzey, assessmrnts, watv ntea and other governmental charges ncst becoming due on ehe mortga6ed
<br /> property (a11 the fore;oing amounts as estimated by the MortgaRee and set (orth in a w�riuen notice of such atimate b� the �
<br /> MortRa�ee to the Mortgagor frem time to time) , less all amounts that may a�ready have bern paid thercfor, divided b� the oombet
<br /> of calendar months to elapse beEore one calendar month prior to the date when such Rrnund rents, premiuma, tazes, asap�.
<br /> mrnts, rater rates and other governmental charpes, refpecti�e�y, will hecome due and payable. 1f any ■mount rcferred to ia
<br /> clauses (i) thtough (iii) hereof is required to bc deposited b� the Mortgaxor under • morrgage or fimil�r inetrumrnt ha�ing
<br /> priority over the lien of thia Mortga}te, the Mortgagor ehalt make the Jeposits required by this Pan�qraph 7 onl� in tRe event of the
<br /> termiaation of sueh obligation under the prior mortgage or similar instrument. The DfortRaqer shall Rive prompt notice in �r1t-
<br /> inR to the Mortga6ee of the occurrrnce of tfie lartmentioned event. Ail such am�unts so .leposited witl� the�Mortgagee shsl� be
<br /> held by the MortFagee, ot �n� agent designated by it, in eru�t ro be used only (or �he qymrnt of surh ground rmh, premiums,
<br /> eaxes, asseasmmt�, water r�tes and otder governmrntal char1qe�. No interest shall be payaFle by rhe Mortgagee on anr sum w
<br /> deposited.
<br /> (b) AII amounte required to be deposited aithin the MortgaRee mo�thly in accnrdance with Paragnph 7(a) hereof. �nd tLe
<br /> amount of principal and interest to be paid each month on account of the Nota ehatl be added togethet, and the aggregate amonnt
<br /> thereo( shall be paid b� tbe Mortgagor to tht MortRagee in a sinRle payment to be npplied by tbe Mortgiate on �cmunt of the
<br /> indebte�ntas of the MortRagor pursuant to the Note and thi� MortFaRe (to the extent that monies are •vailable from the
<br /> amount so deposited), in the orJet, any provision of the Note to the cnntrary notwithstaedinR, as follows:
<br /> FIRST, to the I�te charges, if a��, re(erred to in the Note;
<br /> SECOND, to the �mount of such ground rents, if an�, fire ind other hazard imurance premiumf, tasp, �uesyments, wter
<br /> rates and other governmrnh! charRrs required to bt pi7d under the �rovisions of thi� MortpaRe, in .vhatever sequenee the
<br /> Mortaa8te ma� ezclusi�el� determine;
<br /> THIRD, to intereu due on the Note; aad
<br /> FOURTFi, the remainder, to the principal due on the Note.
<br /> Anr defitie�ay in ehe amount of �n� such ��regate menthly parmrnt shall . �mle�s paid hr the Mortgagnr priot ro tht due date of '
<br /> the nezt such depusit q»ble, constitute an cvent o( de(ault under this MortRaRe,
<br /> (e) My e=eess fnads that ma� be accumulated br reason of the deposits required under Pangnph 7(�) hereof, rem�ining j
<br /> •fter pa�mmt of the amounta dexribed in clauaea (i) , (ii) and ( iii) thereo(, shall be credited to sub�equent reapective mont6l� �•, �
<br /> amoonb oF the same mtute tequired to be paid Iherrunder_ If any such amount shall exceed the estimate therefor, the Mortgasor - �«.� . ` �'
<br /> sha11 forthrith pa� pu the Mortgagee the amount oE such deficienty upon .vritten notice by the Mortg�gee of the amouM thereof. � � �
<br /> . Failute to do so beFore. the dve date of euch amount ahall be an cvrct nf dcfault under this Mortgaga 7f the mortgaged prop- � �
<br /> erty� is . wld undet foteclomre or is otAer�v:se u uired � ' "
<br /> q b� the DfortRaRee, aEter drfault by ehe Mortgagoq any remainin6 �
<br /> b�l�nee o( ebe �ccuiaulatio�u under Paragtaph 7(a) heeeof, shal! be credited to the princip�l •mount o«ing on the Note u oE the � ' �
<br /> date. oE .commeneeineat of (oreclosute procetdinaa for the mortgased propett�, or as o( the dat� the mortgaged pro r is �,^
<br /> . . . otherwiu w acqnired. .. � P� h ,
<br /> _ , �
<br /> � 8. 'I'he Impro�emrnb and� � all plans and speciflc�tions there[or shaU compty with all applirnble municip�l ordinances, regu. ���
<br /> � Iatioas, and ruln ande or promalgated b� lawfnl �uthori ' � � '�
<br /> t�, aad upon tbeir completiun shalt cnmply thece.vith.
<br /> �
<br />
|