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201107531
<br />activities conducted therein, similar to the one herein described and referred to, and all renewals or replacements thereof or articles in
<br />substitution therefor, whether or not the same are, or shall be attached to said building or buildings in any manner. It is hereby agreed that
<br />to the extent permitted by law all of the foregoing property and fixtures are to be deemed and held to be a part of and affixed to the realty.
<br />To HAVE AND To HOLD the premises and property above described, with all the appurtenances thereunto belonging unto the
<br />Mortgagee, and to its successors and assigns, forever. The Mortgagor represents to, and covenants with, the Mortgagee, that the Mortgagor
<br />has good right to sell and convey said premises; that they are free from encumbrance; and that the Mortgagor will warrant and defend the
<br />same against the lawful claims of all persons whomsoever; and the said Mortgagor hereby relinquishes all rights of homestead, either in
<br />law or in equity, and all other contingent interests of the Mortgagor in and to the above- described premises, the intention being to convey
<br />hereby an absolute title, in fee simple, including all rights of homestead, and other rights and interests as aforesaid.
<br />PROVIDED NEVERTHELESS, that the Mortgagor is justly indebted to the Mortgagee in the principal sum of One Million Nine
<br />Hundred Eighty -One Thousand Seven Hundred and No /100 Dollars ($1,981,700.00) and that the Mortgagor shall well and truly pay or
<br />cause to be paid to the Mortgagee, or order, the principal sum as provided in and evidenced by its certain Promissory Note (or any Note in
<br />renewal or extension thereof) of even date herewith; and shall further pay all additional sums and advances according to the terms hereof as
<br />the Mortgagee may advance to the Mortgagor and also any and all sums now or hereafter due from the Mortgagor to the Mortgagee. Said
<br />Note shall bear interest from date on the outstanding balance at four and 06 /100ths per cent (4.06%) per annum, payable in monthly
<br />installments beginning on the first day of the month following the date hereof with a final maturity of November 1, 2046. Said Note is
<br />identified as being secured hereby by a certificate thereon. All terms of said Note are incorporated by reference, and this conveyance shall
<br />secure any and all extensions of said Note however evidenced. This Mortgage is to remain in full force and effect until all conditions and
<br />covenants of said Mortgage are performed, at which time this Mortgage shall be null and void.
<br />And shall perform each and every covenant, condition, and agreement herein contained, then these presents shall be void, otherwise to
<br />remain in full force and effect.
<br />The Mortgagor in order more fully to protect the security of this Mortgage, agrees:
<br />That Mortgagor will pay the Note at the times and in the manner provided therein;
<br />2. That Mortgagor will not permit or suffer the use of any of the property for any purpose other than the use for which the same was
<br />intended at the time this Mortgage was executed;
<br />3. That the Regulatory Agreement, if any, executed by the Mortgagor and the Secretary of Housing and Urban Development, acting
<br />by and through the Federal Housing Commissioner, which is being recorded simultaneously herewith, is incorporated in and made a part of
<br />this Mortgage. Upon default under the Regulatory Agreement and upon the request of the Secretary of Housing and Urban Development,
<br />acting by and through the Federal Housing Commissioner, the holder of the Note, at its option, may declare the whole of the indebtedness
<br />secured hereby to be due and payable;
<br />4. That all rents, profits and income from the property covered by this Mortgage are hereby assigned to the holder of the Note for
<br />the purpose of discharging the debt hereby secured. Permission is hereby given to Mortgagor so long as no default exists hereunder, to
<br />collect such rents, profits and income for use in accordance with the provisions of the Regulatory Agreement;
<br />5. That upon default hereunder the holder of the Note shall be entitled to the appointment of a receiver by any court having
<br />jurisdiction, without notice, to take possession and protect the property described herein and operate same and collect the rents, profits and
<br />income therefrom;
<br />6. That at the option of the Mortgagor the principal balance secured hereby may be reamortized on terms acceptable to the Secretary
<br />of Housing and Urban Development, acting by and through the Federal Housing Commissioner if a partial prepayment results from an
<br />award in condemnation in accordance with provisions of Paragraph 8 herein, or from an insurance payment made in accordance with
<br />provisions of Paragraph 7 herein, where there is a resulting loss of project income;
<br />7. That the Mortgagor will keep the improvements now existing or hereafter erected on the deeded property insured against loss by
<br />fire and such other hazards, casualties, and contingencies, as may be stipulated by the Secretary of Housing and Urban Development, acting
<br />by and through the Federal Housing Commissioner upon the insurance of the Mortgage and other hazards and liabilities as may be
<br />required from time to time by the holder of the Note, and all such insurance shall be evidenced by standard Fire and Extended Coverage
<br />Insurance Policy or Policies, in amounts not less than necessary to comply with the applicable Coinsurance Clause percentage, but in no
<br />event shall the amounts of coverage be less than 80% of the Insurable Values or not less than the unpaid balance of the insured Mortgage,
<br />whichever is the lesser, and in default thereof the holder of the Note shall have the right to effect insurance. Such policies shall be
<br />endorsed with standard Mortgagee clause with loss payable to the holder of the Note
<br />as interest may appear, and shall be deposited with the holder of the Note. *The insurance carrier providing the insurance shall be
<br />selected by the Mortgagor subject to approval by the Mortgagee, which approval shall not be unreasonably withheld;
<br />That if the premises covered hereby, or any part thereof, shall be damaged by fire or other hazard against which insurance is held as
<br />hereinabove provided, the amounts paid by any insurance company in pursuance of the contract of insurance to the extent of the
<br />indebtedness then remaining unpaid, shall be paid to the holder of the Note, and, at its option, may be applied to the debt or released for the
<br />repairing or rebuilding of the premises;
<br />8. That all awards of compensation in connection with condemnation for public use of or a taking of any of that property, shall be
<br />paid to the mortgagee to be applied to the amount due under the Note secured hereby in (1) amounts equal to the next maturing installment
<br />or installments of principal and (2) with any balance to be credited to the next payment due under the Note. That all awards of damages in
<br />connection with any condemnation for public use of or injury to any residue of that property, shall be paid to the mortgagee to be applied to
<br />a fund held for and on behalf of the mortgagor which fund shall, at the option of the mortgagee, and with the prior approval of the Secretary
<br />of Housing and Urban Development, either be applied to the amount due under the Note as specified in the preceding sentence, or be
<br />disbursed for the restoration or repair of the damage to the residue. No amount applied to the reduction of the principal amount due in
<br />accordance with (1) shall be considered an optional prepayment as the term is used in this Mortgage and the Note secured hereby, nor
<br />relieve the mortgagor from making regular monthly payments commencing on the first day of the first month following the date of receipt
<br />of the award. The Mortgagee is hereby authorized in the name of the mortgagor to execute and deliver valid acquaintances for such awards
<br />and to appeal from such awards.
<br />9. That the Mortgagor, together with and in addition to the monthly payments under the terms of the Note secured hereby, will pay
<br />to the Mortgagee monthly, beginning on the first day of the first month after the date hereof and of each month thereafter until the said
<br />Note is fully paid, the following sums:
<br />a. An amount sufficient to provide the Mortgagee with funds to pay the next mortgage insurance premium if this Instrument and the
<br />Note secured hereby are insured, or a monthly service charge, if they are held by the Secretary, of Housing and Urban
<br />Development, as follows:
<br />(I) If and so long as said Note of even date and this instrument are Insured or are reinsured under the provisions of the National
<br />Housing Act, an amount sufficient to accumulate in the hands of the Mortgagee one month prior to its due date the annual
<br />mortgage insurance premium, in order to provide such Mortgagee with funds to pay such premium to the Federal Housing
<br />Commissioner pursuant to the National Housing Act, as amended, and applicable Regulations thereunder, or
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