HomeMy WebLinkAbout0931 - 3.-
3. This Mortgage and the Note were executed and deliverPd
t;, secure moneys advanced in ~l,ill to the Mortgagor by the Mortgagee
as or on account of a loan evidenced by the Note, for the purpose
of ~ak:.ng the improvements described or referred to in the
Work Write-uo and bid eheete _ dated
I~areh 25 , 19 6~, to or on the martgaged pro-
perty, and for such other purpose, if any, described or referred to
therein, whicn improvements are hereinafter collectively called
"Improvzments". The Mortgagor shall make or cause to be made all
the Improvenents. If the construction or installation of the Im-
provements shall not be carried out with reasonable diligence, or
shall be discontinued at any time for any reason, other than strikes,
lock-outs, acts of God, fires, floods or other similar catastrophies, .
riots, war or insurrection, the Mortgagee after due notice to the '
Mortgagor is hereby suthorized (a) to enter upon the mortgaged pro-
perty and en~loy any watchmen to protect the Improvements from
depredation or injury and to preserve and protect such property,
(b) to carry out any or all then existing contracts between the
Mortgagor and other parties gor the purpose of making any of the
Improvements, (c) to make and enter into additional con~cracts and
incur obligations for the purposes of completing the Improvements
pursuant to the obligations of the Mortgagor hereunder, either in
the name of the Mortgagee or the Mortgagor, and (d) to pay and dis-
charge all debts, obligations and liabilities incurred by reason- •
of any action taken by the Mortgagee as provided in this Paragraph,
all of which amounts so paid by the Mortgagee, with interest thereon
~ from the date of each such payment, at the rate of three percent
~ (39~) per annum, shall be payable by the Mortgagor to the ~iortgagee •
on demand and shall be secured by this Mortgage.
4. No_ Uuilding or other structure or improvement, fixture or
persona~ property mortgaged hereby shall be removed or demo~ished .
withou~ the urior written consent of ~he Mortgagee. The ~iortgagor
will n.:~ ma~e, permit or suffer any alteration of or addit;on to .
any bu=.~ding or other structure or improvement now or whic:~ may
hereafter b~ erected or installed upon the mortgaged property, •r
any part thereof, except the improvements required to be made :~;.r-
suant to Paragraph 3 hereof, nor will the Mortgagor use, or per~it
or suffer the use of, any of t~e mortgaged property for any purpose
other than the purpose or purposes for which the same is c.~w intended ~
to be used, without the prior wr~tten consent of the MorL~agee. The
Mortgagor will maintain the mortgaged property in good c~ndition and
state of repa_r and will not suffer or permit any waste ~o any part
thereof , and ~11 promptly comL~~r with the requiremen ~s of Fec-
eral, state and local governmen~a, or c~ any departments, divisi.-s
or ~;:•eaus thereof, pertaining to 9uch property or any part ther~c~.
~~177 ~ 93~.
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