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HomeMy WebLinkAbout0994 . ~ _ 3 _ ~ ;c) to c~a'.~e and enter into additional contracts and ir.cur obligations for ~'r:e purpos~s of completing tY~e Improvements pursuant to t?~e obligations of ~he ~~rtgagor hereunder, either in the name of the Mortgagee ar the Niort- ~agor, and (d} to pay and discharge all debts, obligations an3 liabilities i ~ncurred by re3son of any action taken by tbe ~Iortgagee as provided in ~nis Paragrap'n, all of which a:nounts so ~aid by the l~ortgagee, with inter- ~ est thereon from the date of each sach uayment, at the rate of three per- ~ ~ent (3~) per annum, shall be payable by the Mortgagor to the Mortgagee on ~ aenand and shali be secured by this Mortgage. 4. I~To buildir.g or otiher structure or improvement, iixiure or per- sonal property mortgaged hereby shall be-.rem9.ved or demolisred without ~he prior written cons~nt of the Mortgagee. The Mortgagor ~rill not make, ~ermit or suffer any alteration of or addition to any building or other structure or inprovement now or which may hereafter be erected or install~d _ upon the mortgag~d property, or any part thereof, except the improvements required to be made pursuant to Paragraph 3 hereof, nor will the rlortagor use, or permit or suf~er the use of, any of the mortgaged property for any ~arpose otiY:er than the purpose or purposes ior which the same is now in- ~ended to be used, without tne prior written consent of the ~+iortgagee. ~he ~iortgagor wil? maintain the mortgaged property in good condition and state of repair and will not suffer or permit any waste to any part thereof, a:~d will promptly comply with all the requirements of Federal, state and ~ocal governments, or of any departments, divisions or bureaus thereof, pertaining to suca'propsrty or any part thereof. 5. The i~ortgagor will not voluntarily create, or permit or suffer to be created or to exist, on or against the mortgaged property, or any part ihereof, any lien superior to the lien of this Mortgage, exclusive oi the ` ~-en or liens ii an to which this ~Iort a e is ex ressl sub ect as set ~ i ~ Y~ g g P Y ~ ~ r ~ ~orth in the.granting clause above, and will keep and maintain tbe same i iree from the claims of all parties supplying labor or materials which will , _ ~ enter into the conszruction or installation of the Improvements. # ~ 6. (a) The ~Iortgagor will keep all buildings, other structures and ' _~provements, including equipment, now existing or which may hereafter be S ~ ~ ~ ~reczed or installed on the land mortgaged hereby, insured against loss by ~ ~ ~ire and other hazards, casualties and contingencies, in such ar~ounts and ~ Wanner, and for such ueriods, all as may be required from time to ~ine by ~ ~.~e Mortgagee. Unless otherwise required by the Mortgagee, all such in- ~ ~ surance shall be efiected by Standard Fire and Extended Coverage Insurance ~ ~ ~olicies, in amounts not less than necessary to comply with the coinsur- ~ ance clause percentage of the value applicable to the location and charac- ~ ~ ' ~ ~ ~er of t~e pro~erty to be covered. All such insuranee shall be carried in ; ~ _ u;,mpanies appraved by the ;;ortgagee and all policies therefor sY~all be in t ~acn ior~ and shall have attached thereto loss payable clauses in iavor ' ~ ~l ~:^.e ;~.or ~gagee and any other parties as shall be satisfact~ry to the ~~aoee. Al~ suc?: policies and attachments thereto shall 'oe delivered _ ~~o~ptly t~ the ;~ortgagee, unless they are required to he delivered to the ~ ~ ~~~der oi a lien o~ a mortgage or sinilar instrumen~ to whic~ ~:~is Niort- ~ - ~age is e:~press~q subJec~, in which lat~er event certificates thereof, ~ - BOOK 183 PAGE 9~ ~ : - - - ~ " II _ ~ - ~ . ~ ~ , . _ - - ~ _ : - -