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010158
<br />all debts, obligations and liabilities incurred by reason of any action taken, by the Mortgagee, as provided in this Paragraph, all
<br />of which amounts so paid by the Mortgagee, with interest, thercon.from the date of each such paymeint, it the rate of three percent
<br />(317o) per annum, shall be payable by the Mortgagor to the Mortgagee on.demand and shall. be � secured by this Mor . tgage.
<br />4. No building or other structure or improvement, fixture or 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 I alteration of
<br />or addition to any building or other structure or improvement now or which may' hereafter be erected or installW 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 M6rtgagor will
<br />maintain the mortgaged property in good condition and state of repair and will not suffer or permit any waste to any pare 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 prop�rty 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 thll� 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 sam�c '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 pr9perty 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 4avor of the
<br />Mortgagee and any other parties as shall be satisfactory to the Mortgagee. All such policies and attachments thereto shall,ibe 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 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 Mof tgagee. The Mortgagee, may obtain and pay the premium on (but shall be under no obligation *to do so) ev:ery' kind of
<br />insurance requited hereby if the ' amount of such premium has n9it been deposited as required by this Mortgage, in1which 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 immediat . e notice
<br />thereof by mail, and the Mortgagee may make and file proof of loss if not made oitherwise promptly by or on b6half of the
<br />Mortgagor. Each insurance company issuing any such policy is hereby authorized and directed to make payment h'ereunder -for
<br />such loss directly to the Mortgagee, instead of to the Mortgagor and the Mortgagee -jointly, unless: the amount o . f 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 Uarnaged. In
<br />the event of foreclosure of this Mortgage, or' of any transfer of title to the mortgaged property in extinguishment or such indebt-
<br />edness, all right, title and interest of tile Mortgagor in and -to every such insurance policy then in force, subject to the rights
<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 tl)e 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. 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 ainount 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 r6spect to the
<br />mortgaged property, (iii) taxes, assessments, water rates and 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 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 ' ) through (iii) hereof is required to be deposited by the Mortgagor under a mortgage or similar instrumen I t 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 �imila'r 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 oni any su . in 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 "tile provisions of this Mortgage, in whatever sequence ' the
<br />Mortgagee may exclusively. determine;
<br />THIRD, to interest due on the Note; and
<br />TOURTH, 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 Mortgigor prior to the d . ue date of
<br />the ncxt such dcposit payable, constitute an event of default under this Mortgage.
<br />(c) Any excess funds that may be accumulated by reason of tile 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 ambunt 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 hs 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. 1.
<br />S. The Improvements and all plans and specifications therefor shall comply with all applicable municipal ordinances, re I gu-
<br />lations, and rules made or promulgated by lawful authority, and upon their completion shall comply therewith.
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