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HomeMy WebLinkAbout2970 1.OS No Tu Cndits. The "Borrower" will no1 claim or demand or be e~titled to receive any credit or credits on the princ~pal or i~te~est payable under the le~ms ot the note or on ar~y other sums secured hereby. Lor so much of lhe taxes, assessments oc similar impositions assessed against the Mortgaged Property or any part theccwt, as are applicable to the indebtedness secured hereby or to the '•Lender's" interest ~n ~ the Mortgaged Property. No deduct~on shall be claimed t~om the taxable value ot the Mortgaged Property or any part thereof by ccason ut the note or mortgage. 1.06 Insurance. The "Borrower" will procure tor, deliver to, a~d maintain tor the benefit of, the ••I.ender" during the li(e ot this :nortgage, insurance policies, in such amountt as the "I.ender" shall require. insuring the Mortgaged Prnperty against f~ce, extended rn~ erage and such other _ insurable hazards, casual- ties and contingencies as the "I.ender" may require. The form o[ such policies and the companies issuing them shall be aceeptable to the "Lender". All policies shall rnntain a New York standard. non-contcibutory mort~agee endorsement making losses QayaUle to the "L.ender". The coverage under such policies shall be limited to the improvements nuw or hereatter erected on the land mortgaged hereby. At least fi[teen (15) days prior to the expiration date of all s~ch policies, renewals thereof satistactory to the •`Lender" shall be delivend to the "l.ender". The "Bormwer" shall deli~~er to the "Lender" receipts evi3encing 1he payment ot all such insurance policies and renewals. The deli~•ery ot the insurance policies shall constitute an ass~gn- ment, as tu~ther securily of aU unearned premiums. In the event o[ the torecloBUre of this mortgage or any other t~anster o[ title to the 1liurtga~ed Pcopr~ty in extinguishment of the indebtedness seeuced hereby, all ~ight, title and interest o! the "Borrower" in a~d !o all ~nsurance policies then in torce shall pass to t)+e punhaser or graniee. The "Lender' is hereby authorized and empowered. at its option, to adjust or rompromisc any loss under any insucance policies on the Mortgaged Pmperty. and to collect and recei~~e the procee.r's from any such po?icy or policies Each insurance company is hereby authorized and directed to make payment for all such l~sses, directly to the "Lender". instead of 1o the •'Borrower" and "Lender" jointly. After deducting from said insurance proceeds any expenses incurred by it in the collection or handling ot said fund, the "Lender" may applv the net proceeds. at its option. either toward restoring the improvements, or as a credit on any port~on o~ tl:e mortgage indebtedness selected by it, whether then malured or to mature in the [uturc, or at the option ot the "Lender", such sums either wholly or in -part may be paid over to the "Borrower" to be used to repair such buildings or to build new buildingc in their place or tor any other purpose or ohject catisfactory to the "Ixnder" k•ithout at[ectinq the lien ot the mortgage [or the fuU amount secured hereby before such payment took place. "Lender' shall not be held responsible for any failure to collect any insur- - ance procecds due under the tecros ot any policy regardless of the cause of such failure. if required by the "Lender", the "Borrovrer" W ill pay to the "Lendec" on the first day of each month, to~ether w•ith and in addition to the regular instaliment of principal and interr~sst and monthly tar deposit (as required by Paragraph 1_03 0[ Article 1 herein) until the note is fully paid, an amount equal to one- tKClfth (1/l2) of the yearly premiums for insurance. Such amoant shall be used by "Lender" to pay such insu: ance premiums ~a•hen due. Such added paymenis shall not be, nor be deemed to be, tcust funds, but may be comminKled ith the general funds ot the "Lender", and no interest shall be pay able in respect thereof. Upon demand of the "Lender", the "Borrov~er" agrees to deli~•er to the "I.ender" such additional ~ momys as are necessary to make up any deficiencies in the amounts necessary to enable ihe "Lender" to p~y such insurance premiums. In the e~•ent of a default by the "BorroWer" in the per[ormance of any of . the terms, co~ enants and conditions in the note or mortgage, the "Lender" may apply to the reduction ot the sums secured hereby, in such manner as the "Lender" shall determine, any amount paid in accordance herewith remaining to 1he "Borrower's" credit. 1_07 Condenwalion. It all or any part of the Mortgeged Property shall be damaged or taken through condemnation ( a•hich term when used in this morigage shall include any damage or taking by any goven.- mental authorit~, and any transfer by pri~•ate sale in lieu thereo[), either temporarily or parmanenUy, the entire indebtedne~c secured hereby shall at the option of the "Lender", become immediatel3 due and payable. The "Lender" shall Ue entitled to all compensation, av~ards, and other payments or relief therefor and is herebv authorized, at its option, to comm~nce, appear in and prosecute, in its owrn or the "Borrovrer's" name, an~ action or proceedinQ relating to any condemnation, and to settie or comp.romise any claim in connection i therew•ith. All such compensation, a~•ards, damages, claims, rights o[ action and proceeds and the right thereto ~ are hereby assigned try the "Borrower" to the "Lender", who, after deducting theretrom all its expenses, in- i cludin~ attorne~•'s fees, may release any mone~s so recei~•ed by it w•ithout aftecting the lien of this mortgage ur ma}• apvly the same ir. such manner as the "Lender" shall determine, to the reduction of the sums secured ` hereby, and to an~ prepay ment charge here~n pro~•ided, and any iialance ot such moneps then remainin~ shall ~ he p~id to the "Burrower". The "Borro~•er" agrees to esecute such further assignments of any compensa- tiuns. a~eards. damages, claims, rights o[ action and proceed as the "Lender" may require. 1.08 Care ot the Propert~. t a) The "Borrow~er" v?•ill preser~,e and maintain the Mortgaged Property in good cundition and repair, and w ill not commit or suf!er any u•aste thereof. The "Borrow er" ~a ill not do or suffer to be done anything v?hich v?i11 increase the risk of fire or other hazard to the Mortgaged Property or any part thereof. ~ (b) Except as otherv?ise provided herein, no buildings, fixture, personal property, or other part ot the ~iortgaged Property shall i;e remo~ed, demolished or substantially altered without the prior wriilen consent of the "Lender". The "Borroveer" may sell or otherwise dispose of, free from the lien of this mortgaQe, furniture, furnishings. equipment, tools. appliances, machinery, fixtures or appurtenances, subject to the lien hereof, w•hich may become v?orn out, undesirable, obsolete, disused or unnecessary for use in the opera- tion of the ~tortgaged Property, not exceeding in value at the time o[ disposition thereot One Thousand Dol- lars ~51.000_00) for any single transaction, or a total ot Ten Thousand Dollars ISIO.OOO.UO) in any one ~ear. upon replac:n2 the same b~, or substituting for the same, other furniture, equipment. toois, appliances, ma- ch~nery, f~xtures. or appurtenanees not necessarily ot the same character, but of at teast equal ~•alue to the ~tortgagor and costing not less than the amount realized from the property sold or other~a•ise disposed of, ~ hich shall forthw ith become, without further action, subject to the lien ot this mortgage. ~ tcl It the Mortgaged Property or any part theTeof is damaged by tire or any other cause, the "Bor- roveer" will gi~•e immediate vrritten notice of the same to the "Lender". (d) The "I.cnder" is hereby• authorized to enter upon and inspect the Mortgaged Property at any time ~ durinA normal business hours durinA the li[e of this mortqage_ ~e) The "Borro~~•er" wili promptly comply with all present and future law~s, ordinances. rules and regu- ~ lations of any goternmental authority aftecting the Mortgaged Property or any part thereo[_ ~ ( tl It all or any part of the Mortgaged Property shall be damaged by fire or other casualty, the "Bor- ~ r~~w~er" wiU promptly restore the M~rt~aged Property to the equicalent of its oriRinal condition, re;ardless ~ of whether or not there shall be any insurance proceeds therefor. If a part of the ~iortpaged Procerty shall ~ t~e physically damaged through condemnation, the "Borrower" will promptly restore, repair or alter the re- ~ maining property in a manner satisfactory to the "Lender". ~ Ig) Tt any v~-ork requiced to be performed under this ParaQraph 1.08 of Article 1 shall invol~•e an esti- ~ mated expenditure of more than a10.000.00, no sach ~t~rk shall he undertaken until plans and spMifications e; therefor, prepared by an architect satistactory to the "Lender", ha~•e been submitted to and appro~•ed by ~ the "Lender". ~ 1.09 Pnrther /~.ssuranees: After Acqaired Propert~. At any time, and from time to time, upon request by the "Lender", the "Borrower" will make, execute and deli~er or cause to be made, executed and deli~•esed. ~ to the "Lender" and, where appropriate, to cause to be recorded and/or fiied and trom time to time there- ~ ~ ~ P 4 ~ -4- ~ 8~~~19 ~68 s~ x; - . . ~ ~ :