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HomeMy WebLinkAbout0497 . ~ _ 3 _ • ~c) to make anc enter into additional contracts and incur obligazions for the purposes of completing the Improvements pursuant to the obligations of the Mortgagor hereunder, either in the na.me of the Mortgagee or the Mort- ~agor, and (d) to pay and discharge all debts, obligations and liabilities ~ncurred by reason of any action taken by the Mortgagee as provided in ~nis Paragraph, all of which amounts so paid by the ~ortoagee, with inter- est thereon irom the date of each such payment, at the rate of three per- cent (3~) per annum, shall be payable by the Mortgagor to tne Mortgagee on 3emand and shall be secured by this Mortgage. 4. No building or other structure or improvement, fixture or per- s~nal property mortgaged hereby shall be removed or demolished without ~he prior written consent of the ~ortgagee. The Mortgagor will not make, ~ermit or sufier any alteration of or addition to any building or other structure or improvement now or which~may hereafter be erected or install~d upon the mortgaged property, or any part thereof, except the improvements required to be made pursuant to Paragraph 3 hereof, nor will the Mortagor use, or permit or suffer the use ~f, any of the mortgaged property for any purpose other than the purpose or purposes for which the same is now in- ~ended to be used, without the prior written consent of the ~iortgagee. ^he Mortgagor will maintain the mortgaged property iti good condition and state of repair and will not suffer or permit any waste to any par~ thereof, ar,d will promptly comply with all the requirements of ~eder~l, state and local governments, or of any departments, divisions or bureaus thereof, pertaining to suc'~~property or any part thereof. 5. The Mortgagor will not voluntarily create, or permit or suffer to be created or to exist, on or against the mortgaged~property, or any part ~hereof, any lien sugericr to the lien of this Mortgage, exclusive of the ~ien or liens, if any, to which this Mortgage is expressly subject, as se ; ~orth in the granting clause above, and will keep and maintain the same ~ree from the claias of all parties supplying labor or materials which will ` enter into the construction or installation of the Improvements. i ~ g 6. (a) The iiortgagor will keep all buildings, other structures and ~mprovemenzs, including equipment, now existing or which may hereafter be ~ F ~ erected ar installed on the land mortgaged hereby, insured against loss by ~ i~re and ot'ner hazards, casualties and contingencies, in such amounts and ~ ¢ Wanner, and for such periods, all as may be req~ired from time to time by ~ ~:~e ~ortgagee. TJnless otherwise required by the Mortgagee, all such in- ~ surance shall be effected by Stand~rd Fire and Extended Coverage Insurance ~ ~ ~ ;olic~es, ;n anounts not less than necessary to comply with tihe coinsur- ~ ar.ce clause percentage of the value applicable to the location and charac- ~er of the ~roperty to be covered. All such insurance shali be carried in ~ ro companies appraved by the Mortgagee and all policies therefor shall be in , such ~orra and sY:a21 have attached thereto loss payable clauses in favor ~ ~ ~he ~or~gagee and any other parties as shall be satisfact~ry to the ~ ~ ::ortgaoee. All such policies and attachments thereto shall be delivered z ~romp±ly ~a the ;fortgagee, unless they are required to be delivered to the ~ ~ ~~:~ider of a lien oi a mortgage or similar instrument to which this Mort- $w ~age~is expressly subject, in which latter event certificates thereof, ~ ~ ~ - ~ c a00K~~~ P~tCE ~ g ~ , , - _ _ < . . _