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<br />200702331 <br /> <br />10 <br /> <br />provisions ofthis Mortgage Restructuring Mortgage and that certain Regulatory Agreement for Mark-to- <br />Market Projects (the "Mark-to-Market Regulatory Agreement") affecting the Project and executed in <br />connection herewith. <br /> <br />E. Subordinate Lien. Notwithstanding any provision of this Mortgage Restructuring Mortgage or <br />the Mortgage Restructuring Note to the contrary, this Mortgage Restructuring Mortgage, and all ofthe <br />parties' respective rights and powers hereunder, are subject and subordinate to: <br /> <br />1. the rights and obligations ofthe parties set forth in that certain Use Agreement for Mark- <br />to-Market Projects of even date herewith (the "Use Agreement"), by and between the Owner and the <br />Secretary, to be recorded among the Land Records prior to the recordation hereof. <br />2. that certain Mortgage, granted by the Owner for the benefit of Wells Fargo Bank, <br />National Association, a corporation (the "Mortgagee"), of even date herewith (the "Mortgage"), to <br />be recorded among the land records of the jurisdiction in which the Property is located (the "Land <br />Records") prior to the recordation hereof and encumbering the Property, which Mortgage secures <br />that certain Mortgage Note of even date herewith (the "Note") evidencing an indebtedness ofthe <br />Owner to the Mortgagee in the original principal amount of Three Hundred Forty-Four Thousand Six <br />Hundred and no/100 Dollars ($344,600.00) (the "Loan"). <br /> <br />F. Escrow Payments. In the absence of a recorded first mortgage/deed of trust superior hereto <br />encumbering the Property, in order to more fully protect the security ofthis Mortgage, together with, and in <br />addition to, the payments of principal and interest payable under the terms of the Note secured hereby, the <br />Mortgagor agrees to deposit with the Secretary, on the first day of each month until the said Note is fully <br />paid, the following sums: <br /> <br />1. A sum equal to the ground rents, if any, next due, plus water rates, taxes and assessments <br />next due on the premises covered hereby (all as estimated by the Secretary) less all sums already paid <br />therefor divided by the number of months to elapse before one month prior to the date when such <br />ground rents, premiums, water rates, taxes and assessments will become delinquent, such sums to be <br />held by the Secretary in trust to pay said ground rents, premiums, water rates, taxes and special <br />assessments. <br /> <br />2. Any excess funds accumulated under (1) remaining after payment of the items therein <br />mentioned shall be credited to subsequent monthly payments ofthe same nature required thereunder; <br />but if any such item shall exceed the estimate therefor the Mortgagor shall without demand make <br />good the deficiency. Failure to do so before the same become delinquent or subject to interest or <br />penalties shall be a default hereunder. <br /> <br />3. Tfthe property is sold under foreclosure or is otherwise acquired by the Secretary after <br />default, any remaining balance of the accumulations under (1) shall be credited to the principal ofthe <br />Mortgage as of the date of commencement of foreclosure proceedings or as of the date the property <br />is otherwise acquired. <br /> <br />G. Hazard Insurance. That the Mortgagor will keep the improvements now existing on the <br />mortgaged property insured against loss by fire and such other hazards, casualties, and contingencies, as may <br />be stipulated by the Secretary. All such insurance shall be evidenced by standard Fire and Extended <br />Coverage Insurance Policy or policies, in amounts not less than necessary to comply with the applicable <br />Coinsurance Clause percentage, but in no event shall the amounts of coverage be less than 80% of the <br /> <br />Rental - Rider to Mort Restr Mtg 09-15-04 <br /> <br />.>to <br />