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<br /> 78- �� 0 �. 206 ^
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<br /> �11 debts, obligationa and liabilities incurred by rason of an� action taken by Ihr Morrgagee, as prorided in this Paragriph, all
<br /> of whirh amounb �o P��d by the Mortgagee, with intereat thermn (rom the date of each su<h prymant, �t the nte of three percrnt
<br /> � ( 39'0 ) per aoaum, shall be payable b� the Mortgagor to the Mortgagee on demand and shall be secured by this Mortgage.
<br /> 4. No buitding or other structure ot improvemmt, fi:taze or personal pmperry mortgaged hereby shall be removed or
<br /> � � demolished w•ithout tAe prior written consent of the Mortgagee. The MortRagor will not mrk0. permit or suffer any alteration of �
<br /> or addition to aay building or other structure or improvement now or which may bereafter be erected ot installed upon the
<br /> mortgaged property, or an� part thereof, e:ccpt the improvemcnts requir< d to be made pursuant to paragnph 3 hereof, nor
<br /> wiil the Mortgagor use, or permit ot suffer the uee of, �ny of the mortRaged propertr for my purpox other than the putpox
<br /> or purpo�a for vhirh ehe same is now intmded to be used, w�ithout �he pcior written conxent of the Mortgagee. T'he Mortgagor �vil!
<br /> maintiin the mortgaged property in goad condition and state of repair and wi�l �ot suf/er or permit anr va�te to anr part thereof, and
<br /> �vill prompd� comply with aU the taquiremmts of Pederal, state and locat governments, .oc of �nny departments, divisions or
<br /> bureaus thereof, perhining to such ptop�rty or a�y part thereof.
<br /> � 3. The Mortgagor sill not voluntuily create, or permit or su(fcr to be rreated or to exist, en or a�inst the mortgaged
<br /> property, or •ny part thereof, an� Iicn superior to the lien of this ATortpaRr, cxrlu.ive of the lirn ar lieni, iF any, to which
<br /> thes Mortgage is expresaly subiect, as set forth in the Rr�nting rlause ab�.vc, and wi11 keep and maintain the same Eree from
<br /> the daims of alI partiea supplying labor or materials which wil! mter inm �he constru�tian - m inshlla�ion of the Improvemmt�.
<br /> 6. (a) The 1HortRagor wit( keep ail 6uildings, other structilies � and improvementx, intluding equipmrnt, nnv eziating or
<br /> whic6 mar here:fter be erected or insrolled on the land mortqaged bereby, insureJ against loas br fire and other haurds,
<br /> casualties ind cootingmcies, in �uch am�unts and manner, and for such periods. all as may be required from time to time by
<br /> tAe MortgaRee• ilnless otherwise required by the Mortgagee, all surh insurancc shail be effccred by Standard Fire and Hstended
<br /> CoreraAe Insunnce polities, in amnunts �ot Iess than ncccssary to cnmply with the co;aaurance cl�use percentage of the value
<br /> applicab)e to the location and chancter nf tbe pmperty to Ix c�vrrcJ . A11 such insurance sh�ll be carried in companies approved
<br /> by the Mortgagee and all policies thercfor shall bt in sucb form and shall bave attuhed thereto Inss payable clauses in favor of the
<br /> Mortgagee and any other parties ax shall be satisfactory to the Mort¢aRcr. A1I ,uch policies and attachmmts theceto shait, be delivered
<br /> promptly to the Mortgagee, unless they are required to be ddivcrcd to thr hnldrr o( a lirn of a mortRage or similar instru-
<br /> ment to which this Mortgage is exprcssly subject, in wbich latter event <rrtificatrs thercof, satisfactory to the MortgaRee, shall be
<br /> delivered promptly to the MortRagee. The MortR�R�� �'��� P�Y r��mr��r a'hen dur, ac hrrcinafter provided, and any and all
<br /> premiums on such insurance, and in every case in which pavment thereof is not made From ehe drpnsin thercfor required by thie
<br /> Mortgage, promptly submit to the Mortgagee for esaminatien rcceiptz nr nther rvidence nf wrb payment as shall be aatisEaetor�
<br /> to the Mor[gagee. ?he Mortg�gee may obtain and pay the ptemium on (but shall be under no oFliRation to do so) evcry kind Of
<br /> insunnce requirod hereby if the ■mount of such premium has net hecn deposited aa required by this Mortgage, in whieh event �
<br /> �he Mortgagor wil! qy to the Mertgagee every premium so paid by the Mnrtga�qea . �
<br /> (b) In the e�ent of loss �r damage to tht m�rtRaRed property the McirtR�R��� w'�11 Rive tn the MortFagte immediate potice
<br /> thereof by mail, and the k(erlaa�tee may m�ke and (ile proof of Inas if ont mada• otherwise pmmptly by or on behalf of the
<br /> Mortgagoc Each insunnce company issuing •n� such policy is hereby .urhorized and directed to make paTment herevnder for
<br /> such . losa direcNy te the Mortgagee. inste:d of to the MoctpaRor and the AfortR�R�r inintlr, unless ehe amount of loss ie pap �
<br /> able firs[ to the holder of a lirn under a mortRage or similar i�etrument to whicM this Mortgalte is ezprasly subject; aad the
<br /> insurance proceeds or •ny part therenf is received br the Mortgaqee may br applieJ by the Mortg,�gee, at its option, tither -
<br /> in reduction of the indebtednesa herebr secured, or to the �restoration nr repair of the mortqaged propert�' damaged. In
<br /> the event of foreclosure oE this Mortgage, or of a�y tnnsfer o( title ro the murtgaReJ properry in extinguishmrnt of such iadebb
<br /> edneas, aIl riRht, tide and interest of the Mortgasor in and to every such insunnce policy then in forcq subject to the righb
<br /> and intereat of thr holder of an� such prier Iien, shall � pau m the Rrmtee acquiring tiHe to the mortgaged property together aith �
<br /> such policy and appropriate assignmmt of such right, tiqe and intercst ..� hi�h .hall 6e made by tbe Mortgagor.
<br /> 7. (a) In order more Fully to protect the xturit� of this MnrtgaRr. the MortRaRnr shall deposit w�ith the Mortaagte ta �
<br /> gether vith, and in addition ro, the payment of printipal md in�erest monthlr on acmunt of the Note securcd hereb�, uotil �
<br /> the Note is paid in full, an amount of monq equal [o the total amount of ( i) Rround rents, iE an�, neat becoming due, (ii) tbe
<br /> premiuma nest becoming due on the policiea oE [ite and all other hazard insurance required by Ihis MortgaRe with respect to fLe
<br /> mortaaged property, (iii) tazes, assessmmts, water ntet and other govermmenh� charges next becoming due on the mort�ged
<br /> property (a11 the foregoing amounta •s estimated by the Mortgagee and set forth in • w�ritten notice of such estimate b� the
<br /> MortRa1tee to the Mortgagor from lime to timt) less all amounts that may already have been paiJ tberefot, di�ided by the anmber
<br /> of nlmdar months to elapse before ont talendar month prior ro the alate vhm surh ground rents, premiumf, tazes, aasesa
<br /> mmts, water ntes and other goremmmhl charges. «sPertivelr, will become due and payable. iE any ameunt referred to ia
<br /> dauxs (i) thtough (iii ) hereof ie required to be deposited b� tbe MortRaKor under • mortRage or aimil�r instrummt 6aring
<br /> � priority over the lien of this MortgaRe, the Mortgagor shall make ehe Jeposits required by this ParaRraph 7 onl� in the event of the
<br /> termimtion oE such obligation under the prior moregage or similar instrument. ?he Mortgagor shsll give prompt notice in wria
<br /> inR to the Moctgagee oE the occurrence of the last-mentioned event. AII such amnunts so depo�ited with the Morfgagee shali be
<br /> held b� the Mortgagee, or any �Rent designated by it, in trust to be u�ed only for the payment of such ground rrnts, prea�inms,
<br /> uses, assevmmb, wafer ntm and bther governmentat rhargq, No intereet shall be payable by the Mortgagee on any sum ao
<br /> deposited.
<br /> (b) All �mounts required to be deposited within the MortgaRee mentbly in atmrdance with Paragnph 7(a) hereof, and the
<br /> ' amount oE principa/ and interat to be paid each month on account of the Note, shall be added together, and tbe aggregate amount
<br /> theteof shill be paid b� the Mortgagor to the Mortgagee in a sinRle payment to be apptied by the Mortgegee on account oE t6e
<br /> indebtedoess of the Mortgagor pursuant to the Note and thia Afortgage (ro tbe extent that monies ace aoailable from the
<br /> amoun' �o deposited), io the order, anr provision of the Note to the c�ntrary notwithsandinR, as (ollows:
<br /> FIRST, to Ne Iate chargn, if inr, referred to ia the Note;
<br /> SECOND, to the amount o! such ground rents, if an�, Eire and other hazard insurance premiumf, taxa, aasessmmb, wter
<br /> rues and other governmentsl charges required to be paid under the provisions of this Mortgage, in whatrvet sequrnct the
<br /> Mortgagee m�� ezclusi�e�� determine;
<br /> THiRD, to tq�Ct!{f fIY[ Oq the Notq and
<br /> FOUR7'H, tht remaiader, to tbe principl due on the Nott.
<br /> An� deficimcy ia t!u �mount of an� such aggregate monthly pa�mmt shall, unless paid b� the Mort�qager prior to the due date of
<br /> the aezt such deposit p��able, coastitute an event of default under this Mort�ge.
<br /> ,. (c) M� ezcefs fvnda that may be accumulated by reasen of the depesits required under Pangraph 7(� ) hereof, remainina
<br /> after pi�ment of the �mount: descdbed in clauses (i), ( ii) and ( iii) ehrrcof, shall !+e credited to sub�equrnt re�pectire moet6��
<br /> t amounts of the ume n�ture r uired to be
<br /> �9 F��d thereonder. If any such amount shall excenl the tstimate thereFor, the Mortgagor
<br /> nhall fort6with pa� to the Mortgagee tht amount of such deficirnq upon written notice by the Mortgagee of the amount thereof. �
<br /> � Failute to do so before the dnt date o( sueh amount shall . be �n ev�r. t of de(ault under this MortgaRe. I[ the moreg�ged prop.
<br /> . at� � is wld under .foteclowre or is otherwiu acquired b� the MortgnRee, after de6ult by the Mortg�gor, any remaining
<br />. . 6dmce oE the. �teumd�tions uadet Patasraph 7(a) hereof, shall be credited to the principal amount owing on the Note as of the
<br />� . date�. of rnmmen�emeat o[ foreclwnre proceedings (or t6e mortg��ed propert�, or as of the date the moreg�ged propert� ie
<br /> . �otbetwrise. w acyuired_ .
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<br />" � � B. The Imyro�emenb aod all plan� •nd speci�cationa therdot shalt comply with alt applicable municipal ordinances, regu-
<br />,' . 1at�eus, and � tuln m�de or pmmu�s�ted b� lawfdl authorit�, and upon thcir complction shal} rnmply therewith.
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