|
all debts, obligations and • liabilities, incurred .by:reason of any ,action taken by the. Mortgagee, as propided:in this Paragraph, all
<br />A of which -amounts so paid by the Mortgagee withinterest thereon, from the date of each such " a ment "at, the rate of three Percent
<br />`1 . pay
<br />(I 0%) per annum, shall be payable by the Mortgagor to'the Mortgagee"on demand and.shall be secured .by this -Mortgage.
<br />14. No building or other structure or improvement, fixture: or personal "property mortgaged: hereby shall be removed or
<br />n demolished without the. prior written* consent of the Mortgagee. The Mortgagor will not make, permit or suffer "any alteration of
<br />or' addition to any building or other 'structure: or- improvement now or which may, hereafter be erected or. installed upon the
<br />'mortgaged property, or -'any part thereof, except the improvements required, to be -made' pursuant to Paragraph 3 hereof, nor
<br />will.the Mortgagor use or permit or suffer the use of,,any of the mortgaged property for any purpose other than the purpose
<br />or purposes for which the,same is now intended *to be used, without the prior written consent of the Mortgagee. The ,Mortgagor will
<br />maintain the mortgaged property in good condition -and state of repair and will not suffer or permit any waste to any part thereof, and
<br />will promptly • comply with all the requirements of Federal, ,state and "local governments, or of any departments; divisions or
<br />bureaus thereof, pertaining to such propSrty or any part thereof.:
<br />5. The Mortgagor will not .voluntarily create, or permit or suffer to be created or to exist, on or against the mortgaged
<br />property, or any part thereof, "any,lien,superior to the lien of this Mortgage, exclusive 'of the lien or liens, if any, to which
<br />this Mortgage is expressly subject, as set forth in the granting clause above, and will keep and maintain the same free from
<br />the claims of all parties supplying labor or materials which •will enter into the construction or installation of the Improvements.
<br />6. (a) The Mortgagor will keep all buildings, other structures and improvements, including equipment, now existing or
<br />which may hereafter be erected or installed on 'the land mortgaged hereby, insured against loss by fire and other hazards,
<br />casualties and contingencies, in such amounts and manner, and for such periods, all as may be .required, from time" to time by
<br />the Mortgagee. Unless otherwise required by, the Mortgagee, all such insurance shall be effected, by Standard Fire and Extended
<br />Coverage Insurance policies, in amounts not less than necessary to comply with the coinsurance clause percentage of the ,value
<br />applicable to the location and character of the property to be covered. All such insurance shall be carried in companies approved
<br />by the Mortgagee and all policies therefor shall be in such form and shall have attached thereto loss payable clauses in favor of the
<br />Mortgagee and'any other parties as shall be satisfactory to the Mortgagee. All such policies and attachments thereto shall, be delivered
<br />promptly to the Mortgagee,- unless they arc required tobe" delivered to the. holder of a lien of a mortgage or similar instru-
<br />ment to which this Mortgage is. expressly subject, in which latter event certificates .thereof, satisfactory to the Mortgagee, shall be
<br />delivered promptly 'to the Mortgagee. The Mortgagor will pay promptly when due, as hereinafter provided, and any and all
<br />premiums on such insurance, and in every case in' which' payment thereof is not made from the deposits therefor required by. this
<br />Mortgage, promptly submit to the Mortgagee for ` examination receipts or other evidence of such payment as shall be .satisfactory
<br />to the Mortgagee. The Mortgagee may obtain and, pay the premium on (but shall be, underno obligation to do so) every kind, of
<br />insurance requited hereby if the amount of such premium has not been deposited as required by this Mortgage, in which event ;
<br />the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgagee.
<br />(b),In the event of loss or damage to the mortgaged, property the Mortgagor will give to the Mortgagee immediate notice
<br />thereof by mail; and the Mortgagee may make and file proof of loss if not made -otherwise promptly by or on behalf of the
<br />Mortgagor. Each insurance company issuing any such policy is hereby authorized and directed to make payment hereunder for
<br />such loss directly to the Mortgagee, instead. of to 'the Mortgagor and the Mortgagee jointly, unless the amount of "loss is pay-
<br />able first to the' holder of a lien under a mortgage or similar instrument to which this Mortgage is expressly subject; and the
<br />insurance proceeds or any part thereof is received by the Mortgagee may be applied by the Mortgagee, at its option, either
<br />in reduction of the indebtedness hereby secured, or to the restoration or repair of the mortgaged property 'damaged: In
<br />the event of foreclosure of this Mortgage, or of any transfer of title to the mortgaged property in extinguishment of such -indebt-
<br />edness, all right, title and interest of the Mortgagor in and to,; every such insurance policy then in force, "subject to therights
<br />and interest of "the holder of any such prior -lien, shall pass to the grantee acquiring title to the mortgaged. property together with
<br />such policy and appropriate assignment of such right, title and interest which shall be made by" the Mortgagor.
<br />7. (a) Inorder more fully to protect the security of this Mortgage, the Mortgagor shall .deposit with the Mortgagee to-
<br />gether "with, and in addition to, the payment of principal and . interest monthly .on account of the Note secured hereby, until
<br />the Note is paid in full, an amount of money equal to the total amount of (i) ground rents, if any, next becoming due, (ii) the
<br />premiums next becoming due on the policies of'fire and all other hazard insurance required by this Mortgage with respect to the
<br />mortgaged property, (iii) taxes, assessments, water rates and other governmental charges next becoming due on Ithe mortgaged
<br />property (all the foregoing amounts as estimated by the Mortgagee and set forth in a written- notice of such estimate by the ,
<br />Mortgagee to the Mortgagor from time to time), less all amounts.that may already have been paid therefor, divided by the number
<br />of calendar months to elapse before one calendar month prior to the date when such ground rents, premiums, taxes, assess-
<br />ments, water rates and, other governmental charges, respectively, will become due and payable. If any amount " referred to in
<br />clauses (i) thtough (iii) hereof is required to be deposited by the Mortgagor under a" mortgage or similar instrument having
<br />priority over the'lien of this Mortgage, the Mortgagor shall make the deposits' required by this Paragraph 7 only in the event of the
<br />termination of such obligation under the prior mortgage or similar instrument. The Mortgagor shall give prompt notice in writ-
<br />ing to the Mortgagee of the ° occurrence of the last-mentioned event. All such amounts so deposited with the Mortgagee shall -be
<br />held by the -Mortgagee, or any agent designated by it, in trust to be used only for the payment of such ground rents, premiums,
<br />taxes, assessments, water rates and other governmental charges. No interest shall. be payable by the Mortgagee on any sum so
<br />deposited.
<br />(b) All amounts required to be deposited within the Mortgagee monthly in accordance with Paragraph 7(a) hereof, and the
<br />amount of principal and interest to be paid each month on account of the Note, •shall be added together, and the aggregate amount
<br />thereof shall be paid by the Mortgagor to the Mortgagee in a single payment to be applied by the Mortgagee on account of the
<br />indebtedness of the Mortgagor pursuant to the Note and this Mortgage (to the extent that monies are available from the
<br />amount so deposited), in the order; any provision -of the Note to the contrary notwithstanding, as follows:
<br />FIRST, to the late charges, if any, referred : to in the Note;
<br />SECOND, to the amount of such ground rents, if any, fire and other hazard insurance premiums, taxes, assessments; water '
<br />rates and other .governmental ;charges required to be paid under the provisions of this Mortgage; in whatever sequence the
<br />Mortgagee may exclusively determine;
<br />THIRD, to interest due on the Note; and
<br />FOURTH, the remainder, to the principal due on the Note.
<br />Any deficiency in the amount "of any such aggregate monthly payment shall, unless paid by the Mortgagor prior to the due date of
<br />the next such deposit payable; constitute an event of default under this Mortgage. '
<br />(c) Any excess funds that may be accumulated by reason of the deposits required under Paragraph 7(a) . hereof, remaining .
<br />after payment of the amounts described in clauses (i), (ii) and (iii) thereof, shall be credited ,to subsequent respective monthly
<br />amounts of the. same nature required to be paid thereunder. If any such amount shall exceed the estimate therefor, the Mortgagor "
<br />shall forthwith pay to the.Mortgagee the amount of,such deficiency upon written notice by the Mortgagee of the amount thereof.
<br />Failure to' do so before the `due date of such amount shall be an event of default under this Mortgage. If the mortgaged prop-
<br />erty is sold under foreclosure' or is otherwise acquired by the Mortgagee, after default by: the Mortgagor, any remaining
<br />balance of the accumulations under Paragraph 7(a) hereof, shall be credited to the: principal amount owing on the Note as of the
<br />date of commencement of foreclosure proceeding's for the mortgaged -property, or as of the "date the mortgaged property is
<br />otherwise so acquired.':
<br />8 -,,The Improvements and all plans and specifications therefor shall comply with all applicable municipal ordinances, regu=
<br />latioes and rules. made or promulgated by lawful authority, .and upon" their. completion.. shall comply therewith.'
<br />` �9
<br />
|