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<br />all, debts, -obligations and liabilities incurred by reason of smy.action taken by the Mortgagee, as provided in this Paragraph, - all
<br />of which amounts so paid by the Mortgagee, with interest thereon from the'date of each such payment, at the,rate. of three percent
<br />(3%)
<br />per annum, shall_be pay' ble'.by. the Mortgagor to i:he Mortgagee on demand' and Shall be!sccured by this Mortgage.
<br />4. No building or other- structure or improvement, fii:ture nor personal property mortgaged'•:hereby shall, be, removed or
<br />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 6r:'other structure or. improvement now or which may hereafter be erected :or. installed upon the
<br />mortgaged property, or any part thereof, except the impri•vements required to be made pursuant; to Paragraph 3 hereof, nor
<br />will the Mortgagor use, or per 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 ol• 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 property or any part thereof.
<br />5. The Mortgagor will not .'.voluntarily create, or permjt 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 graiiting 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 niortgaged hereby, insured against .loss by fire and other hazards,
<br />casualties and 'contingencies, in :such amounts and manner, ind for such periods, all 'as may be required from time: to time by
<br />the Mortgagee. Unless otherwise required by the Mortgaged, all 'such insurance Shall be effected 'by Standard Fire and Extended
<br />Coverage Insurance policies, in amounts not less than necesr;:ary to comply with the coinsurance clause percentage '.of the value
<br />applicable to the location and 'character of the property 6 be,covered. All such insurance shall be carried in companies approved
<br />by the Mortgagee and all policies therefor shall be in such forN.•n 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 are required to be delivered to the holder of a lien of a mortgage or'similar instru-
<br />ment to which this Mortgage is ;expressly subject, in-,vhich Is"tter event certificates tliercof, satisfactory to the Mortgagee, shall be
<br />delivered promptly to the Mortgagee. The Mortgagor .will pay promptly when due, r as hereinafter provided, and; any and all
<br />premiums on such insurance, anis in every case in which payment'°thereof is not made 'from 'they deposits therefor required by this
<br />Mortgage, promptly submit to `the Mortgagee for. examination ieceipts 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 under no obligation to. do so) every kind of
<br />insurance requited hereby if the amount of such premium Ihas not been deposited as, required by,' -this Mortgage in which event
<br />the Mortgagor will pay to the Mortgagee every premium so Iiaid by the Mortgagee.'
<br />(b) .In the event of loss or damage to the mortgaged iproperty 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 poli_y is' hereby authorized and directed to make payment hereunder. for
<br />such loss directly to the Mortgagee; instead of to the Mortgagor :.Ind the Mortgagee jointly, unless the amount of; loss is pay-
<br />able first to the holder of a lien under a mortgage or siQlar!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 thin Mortgage, or of any transfsr of'tit le 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 them .in force, subject: to the rights
<br />and interest of the holder of any such prior lien, shall pass t4i 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) In order 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 Anterest monthly 'on; account 'of ;'"the Note secured. hereby, until
<br />the Note is paid in full, an arriount of money equal to the �Dther':
<br />otal amount of (i)ground tents, if any, next becoming due, (ii) thepremiums next becoming due ori the policies of fire and all hazard insurance. required by this Mortgage with respect to the
<br />mortgaged property, (iii) taxes, assessments, water rates �ind' other governmental charges next becoming due on the 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 am )unts: 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) through (iii) hereof is required to be.. deposited by the Mortgagor under a mortgagee 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 twist 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. „ f
<br />(b) All amounts required'to be deposited within the jMortgagee 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 ;n 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 Noti th
<br />to e 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, l fire' and other hazard insurance premiums, ` taxes, assessments, water
<br />rates and otherovernmental charges required to be
<br />B g q paid cinder the provisions of phis Mortgage; in whatever. sequence the
<br />Mortgagee may exclusively determine;
<br />-THIRD, to interest due on'theNote; and
<br />FOURTH, the remainder, ,to the principal due on the Difote.".
<br />Any deficiency in the amount of any such aggregate monthlli payment shall, unless paid by the Mottgaggr 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 reasol:i 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 suchamount shall exceed the jbstimate_therefor,'the Mortgagor
<br />shall forthwith pay to the Mortgagee the amount of such defii' iency 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 />ertyf is; sold .under foredosurc or is otherwise acquired b'� the Mortgagee, after default by the Mortgagor, any : remaining .
<br />balance'of the accumulations under Paragraph 7(a) hereof, ,hall:.be credited to the principal amount owing on the Note as •of the
<br />date of commencement of foreclosure proceedings • 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 />lations, and rules made or promulgated by lawful authority, and upon their completion shall 'comply therewith.
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