83006211 - Laserfiche WebLink

Browse

r- 83-_006211 one-twelfth of the yearly taxes, assessments, hazard insurance premiums, and ground rents (if any) which may attain a priority over this Mortgage, all as reasonably estimated from time to time by the Mortgagee. The amounts so paid shall be held by the Mortgagee without interest and applied to the payment of the items in respect to which such amou~t.s were deposited. The sums paid to Mortgagee hereunder are pledged as additional security for the indebtedness secured by this Mortgage. Mort- gagor shall pay to Mortgagee the amount of any deficiency between the actual taxes, assessments, insurance premiums and ground rents and the deposits hereunder within 10 days after demand is made upon Mortgagor requesting payment thereof. 6. Repair, Maintenance and Use. To promptlv repair, restore or rebuild any buildings or improvements now or hereafter on the Property; to keep the Property in good condition and repair, without waste, and free from mechanic's or other liens not expressly subordinated to the lien hereof; not to make, suffer or permit any nuisance to exist, nor to diminish or impair the value of the Property by any act or omission to act; and to comply with all requirements of law with respect to the Property. 7. Condemnation. In the event the Property, or any part thereof, shall be taken by eminent domain, the Mortgagee is empowered to collect and receive all compensation which may be paid for any property taken or for damages to property not taken, and Mortgagee shall apply such compensation, at its option, either to a reduction of the indebtedness secured hereby or to repair and restore the property so damaged. 8. Performance by Mortgagee. Mortgagee may, but shall have no obligation, to do any act which the Mortgagor has agreed but fails to do, and Mortgagee may also do any act it deems necessary to protect the lien hereof. Mortgagor agrees to repay, upon demand, any sums so expended by the Mortgagee for the above purposes, and any ~ums ~o expended by the Mortgagee shall be added to the indebtedness secured hereby and become subject to the lien hereof. Mortgagee shall not incur any personal liability because of anything it may do or omit to do hereunder. 9. Default; Assignment of Rents. Time is of the essence hereof, and upon Mortgagor's default in any covenant or agreement of this Mortgage, including covenants to pay when due the sums secured by this Mortgage, the Mortgagee shall be entitled, at its sole option and without notice, to declare all sums secured by this Mortgage to be immediately due and payable and may commence foreclosure of this Mortgage by judicial proceedings; and, provided further, that upon such default the Mortgagee, or a receiver appointed by a court, may at its option and without regard to the adequacy of the security, enter upon and take possession of the Property and collect the rents, issues and profits therefrom and apply them first to the cost of collection and operation of the Property and then upon the indebtedness secured by this Mortgage; said rents, issues and profits being assigned to the Mortgagee as further security for the payment of the indebtedness secured hereby. 10. Transfer of Property. If all or any part of the Property is sold or transferred without the express written consent of the Mortgagee, Mortgagee may at its sole option, declare all sums secured by this Mortgage to be immediately due and payable. 11. Miscellaneous Provisions. (al Any forebearance in exercising any right or remedy shall not be a waiver thereof. (bl All remedies provided herein are distinct and cumulative to any other right afforded by law or equity, and may be exercised concurrently, independently Or successively. -2-