HomeMy WebLinkAbout2702 -3-
3. Tbie Mortgage and the Note were eaecuted and delivered
to eecure moneye advanaed in f'ull to tbe Mortgagor by the Mortgagee ~
ae or on account oP a loan evidenoed`_by the Note, ~or the purpoee
of making the improvemente deeoribed or reYerred to in the •
work write-up and bid sheet dSt@d
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_August 19 _ , 19~, to or on the mortgaged pro-
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perty, and Yor euch otber purpoee, iY any, described or rePerred to
therein, which improvemente are hereinaYter collectively called
"Improvemente". The Mortgagor ehall make or ce~uee to be made all
the Improvemente. IY the conetruiction or inetallation of the Im-
provemente ehall not be carried out with reaeonable diligence, or
ehall be diecontinued at any time for any reaeon, other than etrikee, . .
lock-oute, acte o4 God, ~iree, floode or other eimilar cateetropbiee, ~
riote, war or ineurrection, the Mor~gagee after due notice to the
Mortgagor ie bereby authori~ed (a) to eater upon the mortgaged pro-
perty and employ au3r watahmen to protect the Improvemente from
depredation or in3ury and to preeerve and protect au~b property,
(b) to carry out any or all then eaieting contracte between the
Mortgagor and other partiee for the purpoee o~ making any of the
Improvemente, (c) to make and enter into additional contracte and
~ incur obligatione for the purpoeee of completing the Improvemente
pureuant to the obligationa of the Mortgagor bereunder, either in
the name o~ the Mortgagee or the Mortgagor, and (d) to pay and die- ;
charge all debts, obligatione and liabilitiee incurred by reaeon
of any action taken ~y the Mortgagee as provided in this Paragraph, ~
E all of which amounte eo paid by tbe Mortgagee, witb~intereet thereoa
~ from the date of each auch payment, at the rate ot three percent
~ ~(396) per annumr, eball be payable by the Mortgagor to tbe Mortgagee
on demand and ehall be secured by thie Mortgage.
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4: No building or other atructure or improvement, fixture or ,
pereonal property mortgaged hereby ehall be removed or demoliehed
without the'prior written consent oY the Mortgagee. The Mortgagor
will not make, permit or euYfer any alteration of or addition to •
any building or other structure~or improvement now or which may
hereaYter be erected or inetalled upon the mortgaged property, or
any part thereof, eacept the improvements required to be made pur- -
suant to Paragraph 3 hereof, nor will the d~lortgagor uae, or permit
- or auffer the uee of, ar~y of the mortgaged property for any purpose
~ other than the purpoee or purposee for which the eame ia now intended ±
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~ to be uaed, witbout the prior written coneent of the Mortgsgee. The
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~ Mortgagor will maintain the mortgaged property in good condition and
~ etate of repair and will not euPter or permit•any waete to any part-
~ tbereol, and rrill promptly comply Mith all tbe requiremente ot Fed- .
eral, etate and locsl governmente, or o! an,y dep~rtmente, divieione
~ or bus~eaue thereol, pertaining to eucb propertT or any part thereoi.
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~ t00R1I~~ PACE~~
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