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2� 1 ��4241
<br /> ���T�A��
<br /> L��n Na: �`T������ ����1ti��ed� I�ag� 4
<br /> lndebtedness, paym�n� o�any iien a�f���ing the Property, or the �estorativn and repair ❑f�he P�-aper�y. 1�Lender
<br /> el�cts �o apply the proceeds to restora�ion and repair, Granfor shalf repair or repla�e th� damaged or dest�oyed
<br /> lmpro�ements in a mann�r safiisfactary to Lender. Lender shaif, upon satisfaGtvey proc�f vf such exp�nditur�, pay
<br /> vr reimburse Grantor from the proc�eds f�r#he reasonable cosfi a�repair or restoration if Grantor is nat in defaul#
<br /> under this Mortgage. Any proceeds which ha�e not been disbursed within 18D days after their receipt and which
<br /> Len�ier has not cvmmitted to the repair vr res#orativn of�he prope�ty shali be used f�rst to �ay any amflunt owing
<br /> to Lender under this Mvr�gage, then to pay ac�rued interesfi, and the remainder, if any, shali be appfied to the
<br /> pr�ncipal baiance of the Ind�btedness. �f Lender halds any proceeds a�ter paymen�in full of the lnd�btedness, such
<br /> � prviceeds sha�l be paid ta Grantvr as Gran#ar's interests may appear.
<br /> Compiiance with Exisfing �nde�fedness. C]uring the period in which any Ex�s��ng Indebtedness des�ribed befow �s
<br />� in ��fe�t, compl�ance with the insurance pro�isions con�ained in the ins�rument e�idencing such ExistEng
<br /> lndebtedness shaf� consti�u�e compliance w�th the insurance pro��sions under th�s Mor�gage, to th� ex#ent
<br /> compfiance with the terms of this Mor�gage wou�d constitute a duplication vf insurance requiremen�. �f any
<br /> prv�eeds�rom the insurance become payable on ivss, the pro�isions in th�s Mortgage for division o�proceeds shall
<br /> apply only tv�hat porti�n of�he prviceeds na�payable�o the holder o��he Existing Indebtedness.
<br />� LENDER'S EXPEND�TtlRES. ��any actian or proceed�ng is commenced that wvuld materialiy aff�ct Lender`s �nteresfi�n
<br /> #he Proper�y vr if Grantor faifs �v compfy w�th any pra�ision of this Mortgage or any Related Do�uments, including but
<br /> not limited �o Gran�o�'s failure to comply with any obifgat�on t� mainta�n Exis�ing Indebtedness in good standing as
<br /> required be�ovu, �r tv discharge or pay when due any amoun�s Grantvr �s requi�ed to d�scharg� or pay under this
<br /> Mortgage v�any R�lated Documents, Lender on �rantor's behaff may�but shall not be ob�igated to}take any activn that
<br /> Lender deems appropriate, including but not limited to dis�harging or paying all �axes, liens, securi�y interests,
<br /> encumbranc�s and other claims, at any time �e�ied or pfaced on the Proper�y and paying a!I costs for insuring,
<br /> main�aining and preserving th� Prope�y. A�I such expend�tures incurred or paid by L�nder for such purpases wi�f �hen
<br /> bear interest a�the rate charged under�he Note from the date incurred o�paid �y Lender ta the date v�repaymenfi by
<br /> Grant�r. A�I such expenses will becQme a pa�t v�F the Indebtedness and, at Lender's �ption, will �A} be �ayable an
<br /> demand; �g} be added #o the balance vf the Note and be appvr�ioned among and be payabl� wi#h any installment
<br /> payments tv become due during either �'�} the t�rm of any applicable insurance policy; or �2} the remaining term v�
<br /> #he Note; vr �C} be treated as a bailoan payment whi�h w�l� be du� and payab�e at the No��'s maturity. The Mortgage
<br /> also will secure payment v�F�hese amaun#s. Su�h right shal� be in additivn to alf other r�gh�s and remedies �o which
<br /> Lender may be entitled upan De#auit.
<br /> VIIARRANTY; DEFENSE �F TITLE. The �vllowing pro�isions rela�ing fv vwn�rship of the Prop�rty are a par� ❑f this
<br /> Mortgage:
<br /> T�tte. Grantvr warrants fihat: �a} Grantor haids goad and mark�#able �it�e of record #a the Prvpe�ty in fee simp�e,
<br /> free and clear of a�l I�ens and encumb�-ances other�han those set fo�h in th� Rea! Praperty d�script��n or in the
<br /> ExEsting Indebtedness sec�ion bel�w or in any ti�le insurance pvlicy, titl� r�part, or finaf fit�e opinion issued in�a�or
<br /> o�, and accepted by, Lender in cvnnec�ion wi�h th�s Mortgage, and tb} Grantvr has �he fufl right, power, and
<br /> authvrifiy tv execufe and deli�er th�s Mortgage ta L�nder.
<br /> Defense vf Ti#le. Subject tv �he excep�ivn in the paragraph abo�e, Grantor warran�s and wi�l fore�er defend �he
<br /> title to the F'rvperty against the law�ul cfaims nf a�l persons. In the event any action �r pr�ceeding is c�mmen�ed
<br /> tha� qu�sfians Grantor's title or the interes� ❑f Lender under th�s Mortgage, Gran�ar shall d�fend #he action a�
<br /> Grantar's expense. �rant�r may be #he nomina� pa�ty in such proceeding, but Lender shafl be entitied tv
<br /> participate in �he prviceeding and �v be represented in the praceeding by caunse� o� Lender's own cho�ce, and
<br /> Grantor w�fl deli�er, vr causs t� be de�i�ered, to Lender such instruments as Lender may request�rom time to time
<br /> to permit such participation.
<br /> �ompliance With Laws. Grantor warrants that �he Prvper�y and �rantor's use v�the Proper�y comp�ies wi�h all
<br /> existing applicable laws, ordinances, and regufativns of go�ernmental autharities.
<br /> Su�v'tWal nf Repre�entation� and Warrantie�. All rep�esenta#ions, warranties, and agre�ments made by Grantor in
<br /> th�s Mortgage shall su�i�e the ex�cutivn and deli�ery of this Mortgage, sha1� be continuing in nature, and shall
<br /> remain in fu�l force and effect until such fiime as Borrower's fndeb�edness shall be paid in ful1.
<br /> EXISTING INDEBTEDNESS. The�o��owing pro�isions con�erning Existing lndebtedness ar�a pa�t a�this Mor�gag�:
<br /> Exis#ing Lien. The lien of �h�s Mvrtgage secur�ng the lndebtedness may be secvndary and in�erivr fio the �ien
<br /> securing paymen� of an existing obligativn with an account number of 2012'i J ta Brunswick State Bank described
<br /> as: Rea1 Estate Gommercial. The existing obligation has a cur�ertt pr�ncipal balance of apprvx�mate�y$3'14,3��.0�
<br /> and is �n the vriginal principal amflunt o� $33tJ,53J.91. The ob�igativn has �he fo�lowing payment terms:
<br /> $3,123.4� p�r Month. Grantar expressly co�enants and agre�s tc� pay, vr see �o th� paym�nt vf, �he Existing
<br /> Indebtedness and to pre�ent any defau�t on such indebtedness, any defauEfi under th� instruments evidencing such
<br /> indebtedness, or any default under any s�curity documents fvr such indeb�edness.
<br /> No iVlodification. �rantvr shafl not enter in#a any �greement with the hvlder af any mortgage, deed of frus#, or
<br /> o�her s�curity agreement whi�h has priority o�er �his Mor�gage by which that agreement is modifed, amended,
<br /> extended, or renew�d withvut�he prior writ#en consent v� Lender, Grantor shal! nei�her request nor accept any
<br /> �u�ure ad�ances und�r any such security agreement with�u�the priar wri�ten cvnsent❑f Lender.
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