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<br /> �11 debts, obligatiom and liabilitita iacurred b� rnaen oE an� •ction taken by tbe Mortgagee, as provided in this Pan6raph, �11
<br /> of wAich amounta w paid b� the Mortgageq with intermt thereon from the datc uf each such paymenq �t the nte of three percmt
<br /> (3 % ) per annum, sAall be p:yable bY the Mortgagor to the Mortgagee on demand anJ shall be secured by �his Mortgage.
<br /> 4. No buiiding or other structure or improvemmt, fi:ture or pecsonal property mortgaged hcrebr shall be removed or
<br /> demolishc�cl w� ithout tAe prior written eenunt of the Mortgagee. The MortRaRor will not make, permit or suffer any alteration of '
<br /> or addition to �n� building or other structure or improvement now or whirh may hereafter be erected or instailed upoa tbe
<br /> mortgaged propert�, or �ny part thereef, e:cept the imprnvements requircd to be made pursuant to Pangraph 3 hereof, nor �
<br /> . wi11 the Mortgagor use, or permit ot suffer the me oE, any of the mortRaged proputy (or any purpose othez than the purpose �
<br /> or putposea (oc w�hich the same is no�v intended to be used, vithout the prior wrictm a�nsent of the Mortgagee. The Mortgagoe w�ill �
<br /> m�iataia the mortgaged propetty in good tondition and state of repair and .viil not su(fer or permit any vaste to an� part theeeof, aod
<br /> wi11 ptomptly compl� vith all the requiremrnts of Pederai, st�te and local governments, or of any depattments, divisioat or �
<br /> burnus thereof, pertaining to such propqrty or any part thermf. . .
<br /> S. Y'he Mortgagor will not vo�untarily create, or pecmit or su(frr tn be created or m exist, on or against the mortgaged
<br /> property, ar �ny patt thereof, any �ien superior to �he lien of this D��� rtRap,r, tx�'lu�ive oF the lien nr liens. if any, to �vhicb
<br /> this Mortgaae is ezpressl� subject, as xt forth in the prantinq clause ahnve, and will keep and maintain the same free isom
<br /> tt�e claims of alt partiea supplying labor or materiab which will enter inro the mnstruction or inetaltation oE the Improvemmb.
<br /> 6. (a ) The Mortgagor will keep all buildinge, othrr structures �nd impmvements, including e4uipmmt, no�v ezisting or
<br /> wrhich may hereafter be erected or installed on tht land mortRaged hereby, insured against loss bq Eire and othec hazards,
<br /> � casualties and contingencief, in such amounts and manner, and for surh periuds, all as m�y be required from time to time bp
<br /> the Mortgaqee. iln�ess otherwise required 'oy the Mortgager, all such insurance ehall be effected by Shndacd Fire and Eztended
<br /> CovenRe lnsurance policies, in amnunts not Iess than neressary� to comply with the minsurance dause percentage of the value
<br /> applicable to the location and character n( the property ro be cnvercd . All xuch insunnce shall be carried in companies approved �
<br /> by the Mortgasee and dl policies therc(or shalt be in such (orm and fhall have attached thereto loss payable clauses in favor of the
<br /> Mortgagee and any other parties as shall be satiafactory to the Mnrt¢aKce. All .u<h polirits and artachmeats thercto sLall, he delivered �
<br /> prompUy to the Mortgagee, unless they are required to be Jrli�crcd to the hn�Jer of a licn of s mortRage or similar insttu-
<br /> ment to whitA this Mortgage is expressly subjec[, in which latter evrnt < erti(cates thercuf. xatisfactory to the Mortgagee, shall be �
<br /> delivered promptly to the MortRagee. The MortR�R^� w��� pay ���r„��ty w•hrn Juc, as hereinaRer provided, and any and atl � �
<br /> premiums on such insucance, and in every cax in a•hich paymrnt therm( i� not made frnm the depnsits thercfor required by this
<br /> Mortg�ge, promptly submit to the Mertgagee for cxaminatien reccipts or r.�hrr rvidenre uf su<h payment as shdl be satisfaetor� .
<br /> to the Mortgagee. The Mor[gagee may obtain and pay the prcmium on (but shall be unJrr nn obtigarion to do so) every kind of
<br /> insurance reqwted hereb� if the amount of such premia�m has not hecn depnsited as required by this Mortgage, in which e�ent
<br /> the Mortgagor aill pay to the Mertgagee every premium so paid by the Mnrfgagee. � �
<br /> (b) In the evrnt o( los� or damage to tF.e mortgalced property the MortftaFnr witl give tn the MortFagec immediate notice � �
<br /> thereof by mail, and the MortRagee ma� m�ke and file pronf of lo.s i/ not ma.1c ocherwise pmmptly by or on hehalE of the
<br /> MortRaRor_ E�rh insurance company issuing anr xuth policy is herebq autborized and directed to make pa�ment hereunder for �
<br /> such �uss dircatlr to the Mortgagee, in�tead of to the MortRaRer :�nd �he AfortRaRee jointly, unle�s the amount of loss is pq-
<br /> able first to the holder of • lien under a mortgage or similar instrumrnt to whicb rhis MortgaRe is �presslr subject; and the �
<br /> insurance proceeds or an� part thermf is received A� the MortRaRee may be applied by the Mortfngee, at its option, either
<br /> in rcdunion of the indebtednese hcreb� secured, or m the resroration or repair of the mortgaged property damaged. Ja � � .-
<br />� the event of (oredoaure of this MortgaRe, or of any transfer of title ro tho murtRageJ property in extinguishment oE such indebt- �
<br /> ednesa, all right, tide and interest of the Mortgagor in and to every such insurance poliry thm in force, eubject to the tiahb �
<br /> and interest of the ho�der of any such prior liea, shall pass to the Rrantee acquirinR title tn the mnrtgaRed propert� togethet vitb
<br /> such policy and appropriate assignment of �uch right, title and interrst which �hall be made by the Mortgagor. .
<br /> 7. (t) In order more fully to protect the xcuriq� of this MnrtgaRe, the MortRaRnr shall deposit with the Mortgagee to-
<br /> getber w�ich, and in addition to, the payment of principal �nd interest mantbl� on account of the Note ucured 6ercby, mtil �
<br /> ehe. Note is paid ia full, m amount of mone� equal to tbe tohl amount of (i ) Rround reots, if anT, ne�ct becoming due, (ii) the - �
<br /> premiums ne:t becomioR due on l6e pelicies of fire �nd all other hazard insurance required by this MortgaRe with «spect to the
<br /> mort6a8ed propert�, (iii) hzes, assessments, water rates and other gnvernmental charges next becoming due on the moKgased ��
<br /> property (afl the foregoing amounls as estimated by the Mortgagee and set forth in a writtrn �otice of such estim�te b� t6e
<br /> MortRa�[ee to the Mortgagor from time to time) , less dl amounts �bat may alrndy have been paid thercfoq divided br the number �
<br /> of calendar months to e(apse before one calmdar month prior to the �late when such Rround rents, premiums, taxes, asxs�-
<br /> mrnts, water ntea and other govemmenhl charRe�, respectivelr, wi11 become due and payable. If an7 amount referred to in
<br /> davsee (i) thtougA (iii) hereof is required to be deposited b� the MortRagor under a mortRage or similar instrummt ha.ing
<br /> priority over the lien o( thia DfortRaRe. the MortRagor shall make ehe deposit� requireJ by this ParaRnph 7 only in the event of the
<br /> terminatioa o( such obligation ueder the prior mortgage or timilar incirument. The Mortgagor sha❑ give prompt notice in wttb
<br /> inR to tAe Mortgaaee of the occurrence of the lari.mentioned event. All such am�unts so Jepo�ited with the Mortgagee shall be
<br /> held b� the Mortgagee, or anp agrnt designated b� it, in trust to be used only fnr the paqment of such ground rents, premiume,
<br /> Uzes, usessmenb, water ntes and other governmrntal charge�. No interest shall be payable by the Mortgagtt oe any sum w
<br /> depoeited.
<br /> (b) A11 smounts «quired to be depo�ited within the MortRaRee men�hly in acc�rdance with Parsgnph 7(a) hereof, and the
<br /> amount of principal and intuest to be paid nch month on ucount of the Note, shall be added together, and the aggregate amouot
<br /> thereof shall be paid by the Mortgagor to the Mortqagee in a sinRle payment to be applied by the Mortgagee on �ccount of the
<br /> indebtedness oF the Mortgagor pursuant to the Note and thia DiortRage (to the extent that monies are ■vailable from the
<br /> amount w deposited), in the ordet, any provision of the Note to the cnntrary notwithatandinR, as follows:
<br /> PIRST, to We I�te charges, if �n�, referred to in the Note;
<br /> � SECOND, to the amount of such ground rmts, if an�, fire •nd other hazard insurance premiumf, tizes, aesesements, wvht
<br /> ntes and other goveromrnhl charges required to be paid under the provixinns of this Mortgage, in whatevu sequrnce the
<br /> Morta�gee mar ezdusivel� determine;
<br /> THIRD, lo iaterpt due on the Note; and
<br /> FOU&TH, t!x rem�inder, to the priacipd due on the Note.
<br /> An� deficimcy in the amount of an� such ��regate monthlr pqmmt shall, unle�s paid by the Mortgagor prioc to the due date o(
<br /> the neat sue6 depoeit pa�able, eons�itute an evrnt of default undec this MortR�R�-
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<br /> � c) Ath exeefs fuadi that ma� be accumulated b� rtason of the deposits required under Pengnph 7(a) hereof, remylning
<br /> dtec pa�mcht of the amounta described in cl�uses (i) , (ii) and (iii ) rh�renf, shaN be credited to subsequent respecti•e mont6l� , : • � � �� . �:�
<br /> amounb oE the � same nature r uired te be y . • *
<br /> eq paid thereunder. If an �uch amount shall exceed the atimate thetefor, tbe Mortgagor -� ' �- ,.^���� ':�;s �„
<br /> shall forthwith pq W the Morta�ste tbe amount of such deficimc� upon written notice by thr Mortgagee of the amount fhaeof. � ` . `�` '
<br /> . Bai!ure to do so be(ote the due date of aueh amount sha71 be �n evmt of default under this Mortgagt. If ehe mort�ged prop- � � },�'
<br /> � . etq is .wld under foreclowre or is otMenvise acquired b� the Mortgagee, after default by the Mortgagor, an� remainiag
<br />. � � . . bdance of . the accvmulatioro under. P:raaraph 7(0) beteof, fhall be credited to the principal amount owing on the Note u oF the �''� �
<br /> . . • ����encemeot of forec/oaure psoceedia� (or t6e mortgased propert�, or as of the date the moetgaged property is
<br /> . tquited• ' .
<br /> 8. T6e 7mpro�eenmts �nd all p(ans and specifiations tberefot sful� cempl� with ■II applicable manicip4 ordinance�, regu• � � �,.,, � ' �
<br /> � lationf, and nln aude or promulgr.ted b� lavFul aulhoritp, and upon �heir completion shall mmply therewith.
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