81006028 - Laserfiche WebLink

Browse

E sz- ~-~;s®~~ 3. Insurance. BELS will keep the improvements (exclu- sive of foundations) insured in an amount equal to the actual cash value against loss by fire and extended coverage insurance, malicious mischief and vandalism and such other losses or hazards as may be specified by Mortgagee. •~ch insurance shall in all respects be satisfactory to Mortgagee and shall contain a standard mortgage clause in favor of Mortgagee and an endorsement requiring ten days' notice prior to cancellt~•cion or significant modification; policies of such insurance shall be delivered to Mortgagee upon request. AlI proceeds of such insurance shall be paid over to Mortgagee to be applied, at the option of Mortgagee, either to the prepayment of the Note, without premium, or to the cost of any repair or restoration required because of damage or destruction to the Mortgaged Property. 4. Tax and Insurance Escrow. If required by Mortgagee, BELS will pay to Mortgagee monthly, or periodically, as required by Mortgagee, an installment of the taxes and assessments levied and assessed or to be levied and assessed on the Mortgaged Property, and an installment of insurance premiums that will become due and l.;eyable to renew required insurance, such installments to be in amounts sufficient to accumulate the sums required to satisfy such taxes, assessments and insurance premiums, when due as provided above. Yn the event of default, the Mortgagee shall be entitled to apply any funds in escrow against accrued interest, if any, and the unpaid principal balance of this Note. The Mortgagee shall have no liability for any interest on such escrow accounts and shall be entitled to withdraw from such accounts to satisfy such taxes, assessments and insurance premiums. 5. Condition of Mortgaged Property. Mortgagor (i) will keep the Mortgaged Property and all buildings and other improvements thereon in good condition and repair, (ii) will comply with all laws, ordinances and regulations of all public authorities relating to the Mortgaged Property or the use thereof, (iii) will not suffer any waste to be committed thereon, and (iv) will not remcave, demolish or alter any buildings, improvements or fixtures thereon without the ,prior written consent of the Mortgagee. a. sefaul%. If therz be any fa:.lure oa default in thE= perfr~rmange of any of thy. terms and conditions of this Mortgage or any other agreement securing the Note, or if the Note or any installment or other charge thereof is not paid when due, or if the Mortgagor shall became insolvent or be the subject of any bankruptcy or insolvency proceedings, or if the Mortgaged Property should come into the possession or control of any court prior to the full payment of the debt secured hereby, then all of the remaining debt secured hereby, accrued interest, and all other charges shall become due and payable without further notice at the election of the Mortgagee and this Mortgage may thereupon be foreclosed immediately. ~. Right to Cure. Mortgagee shall have the power, but shall not ba obligated, to cure any of the Mortgagor's defaults herein and any amount paid hereunder by the Mortgagee shall be considered additional debt owned by the Mortgagor r5na securec'a by thin Mortgage and shall be payable on demand, with interest at the highe$t legal rate applicable to a natural person, or if the Mortgagor is a corporation, or partnership or other entity at the default rate provided in the Note; Mortgagee is hereby expressly subrogated to all the rights of the person or entity receiving any such payment.