The URL can be used to link to this page

Home My WebLink About2985 • l.OS PN Z1~s C~~r1r. Tb~ "Boce~o~c" wW oot eLim cr d~aNe~d oe b~ ~tltld t~ eroNw uy cndtt oe ctrdib aa th~ pcioMy~l ae inlKwt p~nbi~ und~c tb~ ~ns ot t!M nou ae aa aw? otlMr ~eoutrd ~l~~ t0!' ~0 IpYl~l t~N taxM. u~meab or dmilar impodNoar a~ws~ad t!N ProO~sy? 0~ ~p[. ~ ai'~ lki~! ~ dlf ~ll~b~INN f~CIIT'~ ~ 0l~vlt ~A1~i'~it ~II W~ No~~eductlaa ~haU b~ cLimd t~am t!k q~xabN valw a~ tb~ Propu~jr _ oe aqr p~rt t~M~iw~oa ol th~ not~ oc moctp~. l.oe ~sase~. ZL. "Boee~o~w~e" .rw pro~ur: ior a~liwe .r~ia malaMaan iae m. ba~dt o~ tl+. "I.~ndK" aur utbe 1~iLh oc this a~ort~a~, i~suran~~~id.s. m w~ :mounb ss the '~.ad~r" aball r~aui~. tbe l[ic~t~d Promcy? +~inst fire. oov~er~e ~cid sueh oth~e insunbl~ hwrd~„ duual- tla~a ooatln~cies as the "I~der" m~7 ='~9tiire. Tbe fo~an ct such poiicle~ a~d tM caonp~ntea issuin~ thad? ~6all b~ ~ooaDtaWe ~o We "I.endsr". Ali policles stu~L ooataia a Ne~r Yaek staadud. non-coatributoe~ mo:t~a,Ye~ eodarse~aent mahini loaes p~yable to the "I.eades". Tl~e undar wch Pdkies sball be limited to the improvemenb no~? ac heraattes erected a? tbe laad mort~~~~hereb~. At least Siteea tlb) ~lor to the tloa date oi all s~h PoUda, renewals thee~sof sitidaetoq? to the "I.eader" aball b~deiirered to the~. The "Baero~ver" shall deliver to the "I.eader" reeelpts evldendnt the p~ent oi all such insuranoe Polida and renewals. ZUe ddiver~r oi tha insurance polides s6all cc~stitute an a~si~n-. menl, as further saud a~ all une~rned ums. Ia tbe event ot the icceclosure o~ this ~ or a~ll righ; tiUe~aad~ interest o~i the ~"~wer" in~and~o all~ance~polit c~ies~then~in fo~shall pass toetbhe~ P~ ~ T'he "I~ender" is bereby suthartud aad ~npowered. at ibop tion, to ad3ust o~ compmmise aqy loss under ~ insuranoe Polides on th d~. and to ooIIect and receive the preoceeds iraar? ayy such p~o icy or policies, Each iasura is ereby suthorl~ced and directed to mar payment ior all such 1 ~~~e " and "I.ender" iointly. Alter deductlng irom aaid P~1s ~Y collectlan or haadung oi said tund. the "I.ender" ~ ms.y, applv U?e net prooe~ ' the iaepsoveanents, ar as a credit on aqy : pordoa-ot the m aBe ; er then matured or to mature in the tuture, or s at the aptlon oi th~e~I~ender". partm~y be paid over to the "Horrower" . to be • , uaed to repair such ~bu 1 in their lp sce or fo~raa,y~ other purpoee or obiect ' satisiactory to the "I.ender' llen oi ffie mortgage i~ the iull amrnuit ~cur~ bereby s before such t toat shall not be held rEaponsiWe faa~aqp failure to collect aqy insur- , ance proceeds ue under ~RY P~~9 oi the cauae oi such iailure. ~ Ii required by the . the "Hormwer" wIll psy to the `~.ender" on the tirst da~y ot . each month i together with and in additioa to the ~ installmeat oi principal and inter~t and monthly ta~c deposi~ . ; (as required by Paragraph 1.0.1 of Arti e 1 herein) until the notc is fuUy paid, an amount equal to one- tweltth (1/1a) oi the y~tly premiums for insurance. Such amount shall be uaed by `7~ender" top~y such inaurance premii~ma when due. 3uch added ts shall not be, nor be deemed to be, truat lunds. but may be commin8led with thegen era~l funds o~"Lender", aad no interest .shall be p~yaWe in respect thereoi. Upon demand oi the ~I,ender". the er" agrees to deliver to the "I.ender" auch additional moaeys as are necessary , to malce up aqy debdencies in tbe amounts necessary _ to enable the "I.ender" to pay such inaurance preauums. In tbe event oi a default by the 'Borrower" in the ormance oi any oi the .terms, covenanta and conditions in ffie aote or maa~tgage; the "I.ender" may app y~to the reducti~ oi the sums secund hereby. in such manner as the `7~ender" shall determiae. aqy amount paid in accordance herewith remainin8 to the "Borrower's" cre~it 1.07 (~ndemnatioa. Ii aU or aqy part oi the Mortgaged Property shall be dama8ed. or taken throu8ls condemnatioa (~er~ich term when used ~n this mortgage shall iacludeany damage oa~ _ taking by an,y govern- anental suthori , abd aqY transfe~' bY_ private sale in lieu thereof), either temporan1Y F~'~~uY. the entire indeb secured herebq shall at ffie option oi the "I.ender". beca~ne immediate~y due and payable. fi ~he "I.ender"~ be enttUed to all compensation, awards, and other paymenta or relief therefor and is hereby authoriz~d, at its option, to commence, ap~ in and prosecute, in ita owa or the "Borrower's° name. ~ ~ aqy action or~~ prQceeding relating to any condemna on, and to settle or comPromisea~ claim in connection } therewith. All such compensati~. awards. damaBes.~~~, nSbts of action and proceeds and the rlght thereto are hereby assiSned by the "Borrower" to the "I.ender"s who, after deductine therefrom all ita eapenaes. ia- cluding attorney~a~tees. may release any moneya so received by it without affecting the lien of this mortgage or maq app~y the same in such manner as the "I.ender" shall determine, to the reduction of the sums secured ' hereby, and to any prepayment charge herein prnvided, and any balance of such moneya then remaining shall ~j be paid to the "Borrower". The "Borrower" agrees to execute such further asaignments oi au,y compensa- ~ ~ tions, awards. dan?a8ea, cl8ims. rights of action and proceed as the "I.ender" may require: . 1.08 Care ot t~e Proped~. (a) The "Borrower" will preserve and maintain the Mortgaged Pro~ in good condition and re and will aot commit or sufier ar~y waste tt?ereoi. The "Horrower" will not o or suffer to be done which will increa9e the risk oi Sre or other hazard to the Mortgaged Property or any part thereof. (b) Ezcept as otherwise provided hrre~n~ ao buildin~e,~~~, personal ~property, or other part of the Mortgaged ProPertY shall be reanoved~ demolist?ed or sub~tantial~y altered arithout the pnor written consent oi the "I.ender". The "Borrower"m~? sell or otherwiae diapaBe of. iree irom the lien of this mortgage. furniture. furnishin8s. eQuiPmenk tools. aPPlianc~ machinery. fizturea or aPPurtenances. subject to the lien hereoi. which may become worn ouk twdesirabl obaolete, disused or unneces~arY for use in the opera- tion ot the MartBaBed PropertY. -not eaoeedia8 ~~ue at the tia~e of disposition thereof One Thousand Dol- lars (=1,000.00) for anY sin8le transaction. or a total oi Ten Thwaand Dollars (=10~000.00) in e.q~r one year~ upon replacing ffie same by, or substituting t~. the aame. other furniture, equipmeak tools, apphances, ma- chinery. fiztures. or appurtenancea not necessanly oi the same character, but oi at least equal value to the Mortgagor and oostin8 not less thau the amount realized irom the ~roperty sold or otherwise dispoeed oi, which ahall forthwith become. witha~t turther actton. subject to the hen oi this mortgage. ~ (c) Ii the M~ ProP~Y ~Y~ thereoi is damaBed b~? iire or any other cause, the "Bor- rower" wiU give te written nohoe the same to the "I.ender" (d) The "I.ende.r" is hereby authorized to enter upon and inspect the Mortgaged Propertq at any time during normal busineas ho~ra during the life ot this mortgage. (e) The "$o~rower" will P~ t1Y ~P1y' with all present aad future laws, ordinaices, rules and regu- lations of aay Bovernmental authori~y atiecdng the Mortgaged Property oc any part ffiereof. ~ ~ (i) Ii all ar any P~ a2 the Mortgaged Pro~erty shall bedamag ed by fire or other casualty, the "Bor- rower" will promptly restore the Mortgaged Praperty to the equiva7ent oi its originai~ nditioq ~8 shall oi whether or not there ahall be aay insurance proceeds therefac. If a part oi ffie ~ aged Pro {h bep~~~~Y ~8~ ~~tioq the "Bo~rower" will Proa?PtfY restori. repair or alter e re- ~nB P~P~Y in a aianaer satisfacta~y to the '4.endier". (g) Iiaqy work required to be~t ormed under this P ph 1.08 oi. Article 1 shall involve an esti- mated ezpea ~ditare ad more than ;lO,0a0.00. no such work shal~~uidertaken until plans and specilications therefa~. Prep~red bY an architec! satis[actory to the "I.eader". have beea submitbed to and approved by the "I,a~der". 1.0~ l~rttier Aawrasea; Attee Ae4dred le~erb• At any time. and irom t~ne to tim~ upon requesf by the "I.ender". tLe "Ho~nower" wlll ma1~e. ezecute. and deliver or cause to be made. euecuted and delivered. to tlre "I,a~" and. ~vhere appropriale. to cause to be recorded andlor Sled urd ira~a time to time there- ! -4- x ~185 ~ ` a.~t. t ^v 'v.l+ ...y _ ~ ~,v„`,.._ F- - ~ ~