|
200908525
<br />1. Pa rnent of Nate.
<br />Mortgagors shall promptly pay when due the principal of and interest on the debt evidenced by
<br />the Note, the last installment of which is due the _28t" day of Se tember 2014 together with all
<br />sums advanced by Mortgagee to protect the Property, with interest thereon at the default rate
<br />provided in the Note.
<br />2. Taxes & Assessments.
<br />Mortgagors shall pay all real estate taxes and assessments levied on the Property, including any
<br />tax levied on the debt secured hereby, when they become due and before they become
<br />delinquent.
<br />3. lnsurance.
<br />Mortgagors shall maintain hazard insurance, at least on 80% fire and extended coverage on the
<br />replacement value of the improvements on the premises, or its equivalent, with mortgage clause
<br />providing loss payable to the parties as their respective interests may appear on and after the date
<br />of this Mortgage, until such time as the entire purchase price is paid in full. In the event of loss,
<br />Mortgagors shall give prompt notice to the insurance carrier and Mortgagee. Mortgagee may
<br />make proof of lass if borrower fails to make proof of lass promptly. Unless Mortgagee and
<br />Mortgagors otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged, providing such restoration or repair is economically feasible and.
<br />the security of this Mortgage is not thereby impaired. If such restoration or repair is not
<br />economically feasible, or if the security of this Mortgage would be impaired by such loss, the
<br />parties agree the insurance proceed shall be applied to sums secured by this Mortgage, with the
<br />excess, if any, paid to Mortgagors. Any application of proceeds to indebtedness shall not extend
<br />or postpone the due date of any payments under the Note, or cure any default under the Note or
<br />this Mortgage. Mortgagors shall furnish Mortgagee a certificate of insurance coverage at
<br />Mortgagee's request, with a provision in such certificate that the insurer shall provide Mortgagee
<br />10 days advance notice of any cancellation of the policy at any time for any reason, or of
<br />expiration of the policy without renewal thereof. The insurance carrier providing the insurance
<br />shall be chosen by Mortgagors, subject to approval by Mortgagee, provided that Mortgagee shall
<br />not withhold approval unreasonably.
<br />4. Tax & Insurance Escrow.
<br />If required by Mortgagee, Mortgagors shall pay to Mortgagee monthly, or periodically as
<br />required by Mortgagee, an installment of taxes and assessments levied and assessed or to be
<br />levied and assessed on the Property, and installment of insurance premiums that will became due
<br />and payable to renew required insurance, in amounts sufficient to accumulate the sums required
<br />to satisfy such taxes, assessments and insurance premiums when due. Mortgagee shall comply
<br />with all state and federal laws, rules and regulations which may at any time exist with respect to
<br />establishing the sums to be paid into escrow, the management thereof, the payment of taxes,
<br />assessments and insurance premiums, and accounting therefore to Mortgagors.
<br />5. Com liance With Law and Re ulations.
<br />Mortgagors covenant with Mortgagee that on the date of execution of this Mortgage, the
<br />improvements on such Property conform with the restrictive covenants of record relating to the
<br />type of construction, occupancy and use of the Property; to all federal, state and local laws,
<br />codes, rules and regulations which relate to the construction, occupancy, and use of the Property,
<br />and specif cally with respect to the Americans With Disabilities Act as such law may apply to
<br />Property occupied and used such as the mortgaged Property.
<br />6. Use and Preservation of Property.
<br />Mortgagors shall keep the Property in good repair and shall not commit waste or permit
<br />impairment or deterioration of the Property; shall not remove, demolish or alter any buildings,
<br />improvements or fixtures thereon without the prior written consent of Mortgagee; and shall
<br />comply with all laws, ordinances and regulations of all public authorities relating to the
<br />mortgaged Property or the use thereof.
<br />'7. Protection of Securit .
<br />Should Mortgagors fail to pay taxes or assessments, maintain insurance or pay insurance
<br />premiums, or maintain the Property as provided herein, Mortgagee may pay any such amounts or
<br />take steps to protect the value of the Property and the rights of Mortgagee in the Property. Any
<br />sums Mortgagee may advance for payment of any such taxes or assessments, insurance
<br />premiums, maintenance and protection of the Property shall be considered additional debt owed
<br />
|