HomeMy WebLinkAbout0943 -3-
3. This Mortgage and the Note were executed and delivered
to secure moneys advanced in ~ill_to the Mortgagor bq the Mortgagee ~
as or on account of a loan evidenced by the Note, Por the purpoee -
of making the improvemente deacribed or referred to in the •
work write-u~ and bid,$~ " dated
Auaust 19,,__ , 19~, to or on the mortgaged pro-
perty, and foY'`•such other purpose, if any, desoribed or referred to -
therein, wbich improvementa are hereinafter collectively called
"Improvements". The Mortgagor ehall make or cauae to be made all
the Improvemente. I~ the construction or inetallation of ~he Im-
provementa shall not be carried out with reasonable diligence, or
shall be discontinued at any time for any reason, other than etrikes,
lock-outs, acts of God, Yirea, floode or other similar cataetrophiee,
riots, war or inaurrection, the Mor~gagee after due notice to the
Mortgagor ia hereby authorized (a) to enter upon the mortgaged pro-
perty and employ any watchmen to protect the Improvementa from
depredation or injury and to ~reaerve and protect au~h property,
(b) to carry out any or all then exieting contracts between the
Mortgagor and other parties ~or the purpose of making any of the
Improvement9, (c) to~make and enter into additional contracts and
incur obligations for the purposes of completing the Improvemente
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 thie Paragrapb, ~
all of which amounts ao paid by the Mortgagee, witb~intereet thereon
, from the date of each such payment, at the rate of three percent
~ ~(3~) per annum, aball be payable by the Mortgagor to the Mortgagee
E
on demand and $hall be secured by this Mortgage.
4. No building or other structure or improvement, fixture or ,
personal property mortgaged hereby ahall be removed or demolished
without the prior written consent of the Mortgagee. The Mortgagor
will not make, permit or suffer any alteration of or addition to
any building or other structure-or improvement now or which may
hereafter be erected or installed upon the mortgaged property, or
any part thereof, except the improvemerita required to be made pur- .
suant to Paragraph 3 hereof, nor will the Mortgagor uae, or permit
or aufYer the use of, any of the mortgaged property for any purpose
other than the purpose or purpoaea ~or which the eame is now intended
to be used, without the prior vrritten conaent of the Mortgagee. The
Mortgagor will maintain the mortgaged property in good condition and
state of repair and will not suffer or permit any waste to any part
thereoY, and will promptly comply with all the requir~menta of Fed- -
eral, etate and local governmenta, or of any departmenta, divieione
or bureaue thereot, pertaining to such property or any part thereoY. .
~ ~~177 ~ 943 .
- a _ _ H r
_