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oi' Cr:d~t. otl th.` i~t~itiri~•:~l ~r ~nlr~r~l ~~.~)'.~I,Ir ~uul~•r th~• 1~•~ms tl~r tinti• ~~r ~~i~ n~:~• ~~Th~•r •.un.~ •.~.-~:r~r~
ha~rcl~~•, t.~~ ~~i mucl~ of lhr 1.?~~c, a~c~ccm~•ntz ~r .im~l.~~ ii~i~~nc~lions :~ti~~~•:e~d a~~:~ui•.l th~ \i~~T!::.~;;~~i i'r~~;~~•r:v
Oc dtt)• ptil thcrc~,(, ~c ap~~lir:~hl~~ t~? lh~• ~n~lrl~trilnrc~ ;~cur~~l ?t~r~hy ~ir t~~ 1h~~ ••I.~•n~i~•~.~.• tn;~:~•..t :fl
ihC \S~~rl~a~;cd i'rop~rl~•. \~i ~1c~1u~•lu~~l ch~il IM cla~mc~i (t~~~n U?~ tax:~l~lo ~•alu~ tif lh~ \tu~t;:~~~d i't~~i~~rly !
Or dtl)' ~sll'I 1}lt T~ 1~~' YC:1c~111 1~11` Ill~lf` nl' 111~1i ll:.l~;a`• ~
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1.Jt: Incuram•c. Ti~~ "R~.~~mv~r" W~11 ~~n?c~~rr f.~r. ~1~1~~•~r 1~, aml ~~i:u~N:~in (~?r 1Lr M•rx•f:. ~,t, t}.c f<
••Lcsuicr•~ dtu•in,; 11i~ i~fr lluc m~•~It:~l:~. mc~~r:~n~•i~ ~~r.li~•i~~~, ~n s~~ch amn~u~l•: lh~• ••(.~•n~l~.i.. •.i~:~il r~•y~u~~.
iticuri:~., thr \to~~l~;a~;rd l~rn{x~rly a?::~~nct (t~r, C\ICI~~It`I) c~~~•~•~:~~,~ and :e~~i~ ulh~~r in:ur.J~l~• h:~.:~~~1:, r:~•.n:~l-
L•cc a»d crn1Un,C~ ucicc ie llu• ••l.cnili•r" may rc~~~~irc. 'i'h~ fnrm of wrh ~~~~lu•i~•~ ~n~l tli~• ~~~m{~:~n~~~~: ~:•.uin:;
thcnt ~hill hc ac~cptahlr to lhc "[.cndcr". All ~?nhcic~ slnl) c~~~~t~~n ~ N~•w Yoik ~t:~nd:u~l. n~~n-c~~nlr?Ia~inrY
mor::a~:ca: cnd.~rscnunt m~k~n~ lacccs payahlo t~ 1hc "Lcn~l~r". Tho co~~ra~:c tm~l~r su~h p~Gc~~s shall ho 1
::mtiicd to t;1c ~mprovcmcnls nn~v on c~rcaflcr crcclcd on U~c lnnci mert~atccd h~rchy. Al l~as: f~lt~~n (15; !
days pri~~r to tl~c expirat~on dato ~f aU sucit pol~r~~c, r~•nc~vals Ui~ro~~f ~aUsf~ctory ln thc ":.~n~l~r" sh~fl
bc dch~•crcd to thc "Lciui~r". 7'li~ "I~~~rr•mvcr" ~I?iil dclivcr l0 11~~ "i.cndcr" rccci~~tc ~~•id~ncin(; 1he paym~nt
o: a:l si~:h tnciirancc p~l~cicc an~i r~n~~cals. Th~ ~l~l~v~~ v of thc ~ncuran~~ polici~~ shail c~~nct~tutc an acsi~;n-
mcnt, ~s furthrr sccunir al) unc:~rn~d rrcm~iimc. In U~~ c~•cnl of tl?c fnr~cl~~~urc nt th~s m~rtra~c r~r
}:~y .~:hcr lrans:cr oi t~ti~ to Ihc ~l~~rt~a~cd 1'ro{~c~ ly in crt~n~uichmcnt ~f thc ~n~l~ht~~ln~sa c~~ur~d hcr~hy, ~
a:: r:~;i~:, titic ai~.i ~ntr~esl o( th~ "11orr~~~vcr.. m ~nil lo all inc?nancc policic~ thrn ~n torcr ~hall pac~ to lhc
purch~ccr or ~rantc~.
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Thc °i.cndcr" ic i~cr~l+y authori~cd arai crn~o.~•erc~i, at its orlion, to ad~i~~l oc compr~m~~~ an}• ln« uncl~r ~
an>• insitir:,ncc policic~ ~n thc \1ort~a~cd i`ru}xrty, ~nd to collcct and recc~~•r thc procrrrls :rrnt; any sucn
p. L•c~ or ~~olu~cc. F.ach ~iisurancc company is h~rchy authorizcd and d~rccted ln makc paym~ni a~l ~uch
iosses, d~rcctly to thc "I.cn~1e~", instcad o[ to the "Ii~rmw~r" and ":.encler" joinUy. Atter :i~~:uct~n;; t~orr.
sa~d insurincc pcocccds any cxpcnscs ~ncurrcd h~ it in the collcction ~r han~Um~ of sa~u fun~i, thc °:.cncic."
may app.y the nct proc~nls, at ~ts option, cithcr ln~vard restocin~ t:~c ~mpro~cmcnt~, or .~s a crcciit on :~r.y
po~tion of the nlort~~~;e indctdcdnccs sclcctccl b3• it, w•hethe~ then maturcd ~r 1o mature :n ~ne future, ~,c
at ihe opUon of tlie "L.cnder", such ~ums either ~elmliy or in part may he tiai~i over to the 1'F3~rrnwcr° to Fe
uscci to rcp~ir such huildin~s or to build new buil~lin~s in thcir ~~iacc or for any olhcr pierpo~c or ot.jrct
satisf:.ctory to thc "Lcndcr"'without affcctinG the licn ot the mort~a~c for ihc fui3 :,rr,oi~nt scrur~d hcrchy
be:ore such pa~•ment took place. "Lender" shall not be held re~ponsii~!e for any ta~ii~re to col:eci any :ncur-
ance proceeds due under the terms ot nny policy re~ardlecs ot the cause o! such fa~lure.
I: required hy the "Lend~r", the "Borroker" wil! pay to the "Lendcr" on the tirst nay oi cach moncn, ~
to~ether ~vith anci in add~tion lo thc regular ~nstallment of principal and intemst ana monthiy tax depnsi: •
(as requ:rcd by Faragraph L'03 of Article I herein) until the notc is fully paici, aa amount equal to onc-
i.~•eiith (1/12; of the >•earh• premiums for insurance. Such amount shall be used i~y "Lender" to pay ~ucti
i~surance prem~ums v~•hen duc. Such added paymeMs s:~all not be, nor ne dccmcd to bc, lrust fcsnds, but
rnay oe commir.C:ed with lhe r;eneral tunds ot the "Lender"~ and no inlerest shai: be payan:e in rec, ect
thercoi. Upon demand of 1hc "L.cndcr". lhe "Borco~•cr" a~rces to dciivcr to the "Lendcr" such additiona:
.:.o:?eys as :.re ~ece~~ary to make up any deficienciec in the amounts nec~scary :o enab:e the "Lende:" to
pay sucn insurance premiumc. In the e~•ent of a detault by the "~3orro~vcr" in the aeriormance of any of
tae te:ms, covcnants and cond~tions in the note or mort~a~e, the "Lender" m~y app~y to the reciuction o;
ihe sums secured hereby, in such manner ac the "I.ender" shall determine, any amount paid in accordance
herew ~th rema?n:ng to the "Borrowcr's" credit.
1.4~7 Condcmnation. if all or an}• part af thc D?ortga~cd j'roperty shali nc dam.c.~ed o.- tak~~: th: oi~::n
cc~demnatwn (~chtich term v?hen uced in thi~ m~rt~a~e ~nal~ incliide any d~rna~c or takin~ oy :,ny ?;o~~c+r.- ?
mental autiority, and any tranc;er hy pri~ate sale in licu thereof), eithcr :em~~ora~ily or p,rmancr.t<<•, t::e ~
entire indebtedness secured h~rei>y shall at the optian of the "Lender", become immediateiy due anc pat•an:e.
;:.e "Lender" sn.ll be entitlcd to all compcnsat~on, awardc, and other ~a}•ments or rcl~cf t}:.reior ;,r,~ :s
nereby authorized, at ite option, to commence, appear in and prosecute, in i:s o~vn or thz "3or:owe:'s" name,
any aciion o: proceedme relatin~ to any condemnation, and to settle or compromise any ciaim in connec:ica F
therewtitF. Ali such compensation, awards, damages, ciaimc, nghts ot action and pro;eeds and 1t.e : ig:~: Lhereio
are hereby ass~~;ned by the "Borrowcr" io the "Lender", uho, atter deductinG thereirom al: its exper.ses, ~r.- ~
ciudina attorney's feec, may release any moneys so recei~ed by it without affectins 1Fe licr: of this mort~:.rte
o: may aa~ly the san~e in cuch manner as the "LeRder" sh~li determine, to the reduction of the sums sec~rec
nereby, and to a~~• prepa~•ment charge here~n provided, and any balance of such moneys then remainin~ s:~al:
be pa?d to the "BorroH•c~". The "Borrov?er" aRreee to execute such further sssi~nments of sny compens:.-
tior~s, awards, dama~es, c~aims, rifihts of action and proceed ac tiie "Lender" may requ~re.
L08 Ca~e of ~hc Prorcrty.
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E (a~ Tnc "$o:rov~cr" ~~•ill preser~~e and rna~nta~n tne :~Sort~a~~d i'rop~rty in ~:ood co~diUOa and .-cpa?.-,
i and u~iil not commit or «<(fcr any H•a~te thcreof. Thc "3~~rrow•er" k•~tl not do or suf:e: to i~c done anyth:ng
; wlr.ic'r. w~:i increase the risk of fire or other naaard to the Atortgaged Froperty o; any part ihereof.
~ Cb) Exre t as othcrwise rovide~d hercin, no buildin,~s, iixture, crsonal ~ro~crt or otne. `
P P P ? ? 3 - p:,rt o~ t't:c
l;o:t~abed P:operty shatl be removed, demolishcd or substaniially altered ~v~thout the prior w•r:tten cor.s~nt
~ o: the "i.encier". Tne "EiorroHer" may seli or otherwise dispose of, free :rorn the :icn of th~~ raorig~~e,
u :srnitu:e, turnishir.~s, cqu~pment, tools, appliances, machiner~•, iiztures or appu:ienances, subje:t :o :ne
~ i:en hereof, wnicn may imcome worn out, undesirable, obsolete, di~used or annc:essary for use ~n t:e ~per:.-
5 :ion o: the \;ort ;aged Property, not excceding in vaiue at the time of dispositior. the: eof Oae : hoLSand Doi-
iars (SI.C0~.00) for any s~ngie transaction, or r total ot Ten Thousand Dollars (S10,OGG.00) :n azy 072 year,
~ u~on replacin~ the same by, or substitutin~ for the same, other :urn?ture, equipment, ;oo;s, appiiances, ma-
x cn~nery, fixtures, or appurtenantrs not necessarily ot the same character. but ot at least equai value to the
" ti:ort;agor and costinQ not less than thc amount realized from the property soid or otherwise disposed of.
a which shall forlhw~th become, withoul further action, subject to the iien of this rr.ortgage.
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~ (c) If the Mort~a~cd Property or any part thereof ~s dama~ed by iire or any other ^ause, tne "Bor- '
rower" w~il ;ive ~mmed~atc wnUcn notice of the same to thc "Lender".
~ 'di :r,e "i.c:.d~r" is ncrehy authorized to cnu~ ~por~ and i:?spect the ~Sortgaged Property at any time
~ d~rin; normai hJSiRC55 nours durinfi the lifc of this mort~agc.
iC% if.C ~~[:G:rower~~ weil ~mmptly compiy W:th all prrscnt and futurt ::iN'S, Oi(llil:iPCc'S, .-Ulc'S oI'.C ri~;V-
:atior.s oS any rovcrnmenta~ authority affcCtiog the :V:ortga~ed ProperLy cr any part tFcreoi.
~ i i i bi: Gt or,y part O~ lf1C tiinrt~a~cd Froperty Sh:l~l oe dama~ed bY il.-C Ji d111P: C:~SG1~C)', itlt ~~f30: -
.-owe:" w;:t prumptiy :cstore the ~Soric;a;,ed Property to the equivaient o[ ~:s o.-i~ina: cond~c;o~, r~~lyd~c«
a: w~e:ne: or r.at ;'r~ece shall be any ~nsurance , rocecds thercior. I( a part ot the ~Sort~a~;cd P.-oo~rty shal:
c,e p:~ys?c:.:iy d:~ms~ed tiirou~r. condemnaUOn, the "F3orrowei' wi11 prom~tly :estore, repa~: o: a:te: thz :e-
ma~n~.-.g prope.-ty ?n a manner sat~sfacto:y to tne "Lende:".
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i WO: iC .-C!'Ul~a'C LO bc ~rtnrn~~ UD~C.- L~11S }~~TB a ~l i.Ufl OS Aii:C:C 1 Slld~l 3:1VJIYi .1:~ i•SI:-
zr.ateu exper.diture of rnore than S10,OOfl.00, no such work shall ise undertaken until planc and specifuat~or.s
z3 t:,ere:or, preaaced oy an arch~tect sotisiactory to the "I.ender". have been subm~tted to and a~provc~ by
- ti?e ":.ender". -
~ :.Gfl Furthez Assur~nces; Atter Acqaired Propert~. At any t~me, a~d from time to tim~, u~o~ rec,ucs:
- 'oy t'r?e ":.ender". tife "Eorrower" w~ll rruke, execute and deliver or cause to be made, executed and del~vere~
= tp tn~ Zender" and„ whe» appropriaLa, b cau~e to be tYCOCded and/or filed and trom 4me W Lma there-
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