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HomeMy WebLinkAbout1385 -3= „ 3. This Mortgage and the ~Tote were executed and delivered to secure moneys advanced in fl,ill i,u the Mortgagor by the Mortgagee ~ i as or on account of a loan evidenced by the Note, for the purpoae ~ I of making the improvementa deacribed or referred to in the • ~ ~ ~arti ,.•~•i+~~ ~r~ ~,ha~ts " dated = ~A,s'~,~b ~e 9~, ~to or on the mortgaged pro- perty, and fo~"such other purpoee, if any, described or referred to therein, which improvements are hereinafter collectively called "Improvements". The Mortgagor shall make or cause to be made all the Improvement9. If the constructi~n or installation of the Im- ~ provements shall not be carried out wi-th reasonable diligence, or shall be discontinued at any time for any reason, other than strikee, lock-outs, acts o~ God, fires, floo~s or other aimilar catastrophiee, riots, war or insurrection, the Mor~gagee after due notice to the Mortgagor is hereby authorized (a) to enter upon the mortgaged pro- perty and employ any watchmen to protect the Improvements from , depreda~ion or injury and to preserve and protect su~h property, (b) to carry out any or all then existing contracts between the Mortgagor and other partie9 for the purpose of making any of the Improvements, (c~ to make and enter into additional contracts and incur obligations for the purposes of completing the Improvements pursuanti 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 thia 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 ~(39b) per annum, shall be payable by the Mortgagor to the Mortgagee ~ on demand and shall be secured by this Mortgage. ; ; . l . ~ +4. Na building or other structure or improvement, fixture or , ~ personal property mortgaged hereby shall 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 ar.y 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 improvemerits required to be made pur- . ~ suant to Paragraph 3 hereof, nor will the Mortgagor use, or permit ¢ : or suffer the use of, any of the mortgaged property for any purpose 4 ~ other than the purpose or purposes for which the same is now intended S ~ to be used, withou~ the prior written consent o~ the Mortgagee. The ~ ~ Mortgagor will maintain the mortgagpd property in good condition and i ; ~ state of repair and will not suffer or permit any waste to any part ~ ~ thereof, and will promptly comply with all the requirements of Fed- - eral, state and local governments, or of any departments, diviaione ~ ~ or bureaua thereo~, pertaining to swch property or any part thereoY. . ~ ~ ~ ' o~ g4 ~~~fi~ ~~i~ ~ ~ ~ ~ ~ : _ . ~,e ~Y ~v-~ _..sa.. _r .~n. . _ _ .F":t'~~