HomeMy WebLinkAbout1431 ~ - 3 -
3. This Mortgage and the Note were executed and deliverPd
to secure moneys advanced in ~,i~l to tre Tiortgagor by the Mortgagee
as or on account of a loan evidenced by the Note, for the purpose
of making the improvementa described or referred to in the
dated
, 49 , to or on the mortgaged pro-
per~y, and for such other purpose, i~ any, described or referred to
therei~, wh~ch improvements are ::ereinafter collectively .:alled
"Improvements". The Mortgagor shall make or cause to be made all
the Improvements. If the construction or installation of the Im-
provements s'r.all not be carried out with reasonable diligence, or '
shall be discont~nued at any time for any reason, other than strikes,
lock-outs, ~.cts of God, firea, floods or other similar catastrophies, .
riots, war or insurrection, the Nortgagee after clue notice to the ~
Mortgagor i3 hereby authorized (a) to enter upon the mortgaged pro-
perty ~nd employ any watchmen to protect the Improvements from
depreaation or injury and to preserve and protect such property,
(b) to carry out any or all then existing contracts between the
Mortgagor and otiier parties for the ~:arpose of making any of the
Improvements, (c) to make and ent~r ~:to additional contracts and
incur obligations for the purposes of completing the Improvements
pursuant to ~he obl-igations of the Mortgagor hereunder, Either in
the na,me of the i~iortgagee or the :Kort~agor, and (d) to pay and dis-
charge ~,11 ::ebts, ~bligations ar..: liabili;,ies incurred by reason -
of ~ny acti~Y. ~a~cen by the Mortgagee as provided in this Paragraph,
all of which azaounts so paid by the ~ortgagee, with intere~t thereon
from the da;.e of each such pay~e:.t, at the rate cf three percent
; (39~) per an~um, shall be payanl~ by the Mortgagor to t'ne Mortgagee •
on demand a:_e shall be secured by this Mortgage.
~ 4. No bui~ding or other st~^~ucture or improvement, '_xture or
~ personal property mortgaged hereby shall '~e removed or demolished .
without the ~rior written cons~:.; of the Mortgagee. The Mortgagor
will no:, make, permit or suffer any alteration of or addi~ion to
any bu _ding or other structure or improvement now or which may ~
herea~_~r be arected or installed upon the mortgaged property, flr
anv _ ~ - - t:__ - ~ . ~xcz~~ the : ~Z~eWe::~:s ~e~~;~re:: t~ ._~cz : :;r-
suar.t Pa:~ara~r 3 nereoi, will ~:_a ~ior~~a~;or use, ?er~~t
or suffer t'r.c use of, any of t~e mort~a~ed property for any purpose
othe~ than purpose or purposes for which.the same is now intended
to be _sed, w~~hout the prior written consent of the Mortgagee. The
Mortg~.~;or wili maintain the mortgaged property in good condition and
state of repair and wi~l not suffer or permit any waste to any part
thereof, and wil~ promptly comply with all the requirements of F~.:-
eral, state and l~cal governme.n;,.., or cf any departments, divisior.~ ;
or bureaus thereof, ~ertaining t:. sucP: ~roperty or any par~ therec~. I
~17~ ~i~7