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HomeMy WebLinkAbout0441 . . AND the ~tort~xgu~ tu.ther covenunts a:td agrees H::.S the Murt3a~ee. as toliows 1. Tha Mortga~or will promptly pay the principal ot and inlerest an the iadebtcdnc+ss eviduncv~i by the Nute, and all other charges and indebted~~ess prov?ded ihervin and in this Mortgage, at i~~e :imes and in the mann~~ pcov~ded in the Note and ia this Mortgage. 2. The Mortgagor will pay when due, as hereina~Ite~ pravidsd, all groe~nd rents, i[ sny, and all txxes. assessme~:s. water rates and oMe~ governmental chwrges, tiaes su~d i~npositiona, ot every kind and nAtute whalsoever, now or here- atter imposed on the mortgaged proparty, or any part thereot, and will pay when due every amount of indebtedness s~cured by any lien to which tAe lien ui ttus Mortgage is expressly subject. 3. This Mortgage sad the Note were eYecutad and delivered to securv moneys advanced in tull W We Mortgagor by t1n Mort~+;~ as or~p sccq~n~p f~ c~. eqidenc~ b the po to pp rpo se ot makiag~i e 1mprova ats described or.ete~n~. t~o'in We t''11181 Wn2'~ WY'lt9-UpY811C1 ~08~~SL10'18tedated l L~ i . 19 ,tooronWe mort~agad p*~p.:~~j?. +?nd fur such othdr pur~os9, if aay, doscribed or referred to therein, wnich ~mproveraants are dere- inafter oollectivaly called "Improvemeats.' The Mortgugor shell m~?ke or cause to be made all the lmprovements. II the oonstructioa or installation ot ths lmprovements ahall aot be carried out wiW reasonable diligence, or shall be disooatinued at aq} :ime tor any reason, other than strikes, lock-outs, wcts ot God, tires, Aoods, or oWer similar catas- trogdies, riots, ~rar or iasurrection, lhe Mortgagee. atter due aotice to the Morigegor, is hereby authoriaed (a) to eater upoa 1he morigaged property sud employ aay wstchmen. pmtect t6e Improvements irom depredation or injury and to preserve aad proiect sucQ property, (b) to carry out any or all then existing contracts botweea the Mortgagor snd other parties for the purpuse ot malcing any ot the Impro~emeats. (c) to make snd enler into additional oontrscts and iactu obligstioua tor the purposes ot completing the Improvemeats pursuant to the obligstions of We Mortgagor hereuader, either in the name of the Mortgag~ee or ihe Mortgagor, aad (d) to pay and discharge all debts. obligstioas and liabilit}as incurred by reason ot any actioa taken by the Mortgagee as provided in this Pare~graph, alt o[ which amounts so paid by the Mortgagee, wittz iaterest thereon trom the dste of ea.:d such psyment, at We rate ot three percent (39F~) per wunum. shall be pe~ysble by the Mortgagor to the Mo~igagee on demand and shall be secured by this Mortgaga. 4. No building or other structure or improvement, tixture or personal property mortgaged hereby shsll be removed or demolished without the prior writtea coasent of the Mortgagae. The Mortgagor will aot make, permit or suifer any alteration o[ or addition to any building or other structure or ~mprovement now or which may hereafter be erected or iastalled upon the morigaged property, or any part thereot, except the improvemeats required to be made pursuant to Psngraph 3 hereot, nor will the Mortgagor use, or permit or suffer the ase of, any ot the mortgaged property tor sny purpose other Wan the purpose or purposes f~or which the same is now in~teaded to be used, with~ut the prior written consent of We Mortgagei+. The Mortgagur will maintain the mortgaged property in Qood conditiou and state of repair sad will not s~dfer or permit any waste to any part thereof, and wilt promptly witTi all the requirements of Federal. state aad local governments, or of an~ dagartments, divisions or buresus thereof, pertaiaiag to such prc~perty or any psrt thereof. 5. The Murigagor will aot voluntarily creats, or permit or sutfer to be created or to exist, on or against t6e mortgaged property, or sc~y part thereot, any lien superior to the lisn of this Mortgage, exclusive of the lien or lisns, it any. to which this Mortgage is expressly subject, r.s sa' ;~rth in the granting clause above, and will keep and maintain the same free irom ehe claims of a11 part~es supplyiag Iz`:ur or materials which will enter into the coastruction or iastallation of the I mpmvements. 6. (a) The Mortgagor will keep all buildings. ..ther structures ana improvements, including equipment, now esisting or which may hereafter be erected or installed on the land mortgaged hereby, insured aSainst loss by fire and other hazards. casualties and contiageacies, in such amounts and manner, and tor such pericd~. slt as msy be required fmm time to tune by the Mortgagee. Unless otherwise required by the Mortgagee, all such insuranoe shall be effected by Standard Fire and EztendeJ Coverage Insurance policies, in amounts not less thaa necessary to comply with the ooin- surance clause peroentage of the value applicable to the location and character of the property W be covered. All such iusurance shali be carried in companies approved by the Mortgagee and all policies theretore shall be in such form and shall have attarhed thereto los3 payable clauses in favor ot the Mortgagee and any other parties as shall be satis- tactory to the Mortgagee. All such policies ana attachmeuts thersto shall be delivered proraptly to the Mortgagee. un- less they are required to be delivered to the holder of a liea of a mortgage or similar instrument to which this Mortgsge is eapressly subject, ia wh~ch latter event, certificates thereof, satistactory to the Mortgagee, shall be delivered prompt- ly to the Mortgagee. The Mortgagor will pay promptly when due, as hereinafter provided, sav and all premiums on such insurance, and in every case in which payment thereot is not made from the deposits therefor required by this Mert- gage, promptly submit to the Mortgagee tor examination receipts or other evidence of such payment as shall be satis- tactory to the Mortgagee_ The Mortgagee may obtain ared pay the premium on (but shall be under no obligation to do so) every kind of insurance required hereby it the amount of such premium has not been deposited as required by tt?is , Mortgage, in which event the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgagee. (b) In the event of loss or damage to the mortgaged property, the Mortgagor will give to t6e Mortgagee imme~iate no- tice thereof by mail, and the Mortgagee may make and file proof of loss if not made otherwise ~romptly by or on behaif ~ of the Mortgagor. Each insurance company issuing any such policy is hereby authorized and directed to make payment thereunder tor such loss to tho Mortgagor and-the Mortgagee jointly, un:ess the amount ot loss is payable Srst to the ! 6older of a lien under a mortguge or similar instrument to which this Mortgage is expressly subject: and the insurance proceeds, or any part thereot, it received by the Mortgagee. may be applied by the Mortgagee, at its optioa, eiLher in re- ~ duction ot the indebtedness hereby secured. or to the restoration or repair of the mortgaged property damaged. In the event of toreclosure of this Mortgage, or of any transier of title to the mortgaged pr~peKy in e:tiaguishment of sucL ~ indebtedness, all righ~, title and interest o[ the Mortgagor in and to every such iasurance policy then in eniorce. sub- ject to the rights and inte:~e~t of the holder of any such prior lien, shall pass LQ the grantee acquiring title to the mort- gaged property together with such policy and appropriate assi~{nment of such right, title and interest which shall be made by-ihe Mortgagor. - (a) Ia ordar more fully to protect cha security of this Mortgage, the Mortgagor shall deposit with the Mortgagee to- gether with, and in addition to, the payment of principal and interest monthly on account of the NoLe secured hereby, until the Note is paid in full. an amount of money equal to the total amount of ~i) ground rents, if any, nezt becoming due. (ii) the premiums nezt becoming due on the policies of fire and sll other hazard insurance required by this Mort- gage with respect to the mortgaged property. (iii) tazes, assessments, water rates and other governmental charges next becoming due on the mortgagecl property (all the fo:egoing amounts as estimated by the Mortgagee aad set forth in a written notice of such estimate by the Mortgagee to the Mortgagor from time to time), less all amounts that may al- ready have been paid therefor, divided by the number of calendar months to elapse before one calendar mont6 prior to the date when such ground rents. premiums, ta~ces, assessments, water rates and other g~overnmental charges, respec- tively, will become due and payable. If any amount refer:ed to in clausr.,s (i) through (iii) tiereof is required to be de- posited bv the Hortgagor under a mortga~e ur suuilar iustrument having priority over the lien of this Mortgage. the M~rtgagor shall make the deposits required by this Paragraph 7 only in the event of the tesmination of such obligation under the prior mortgage or similar instrumeni The Mortgagor shall give prompt notice. in writing to the Mortgagee of the occurrence of the-last mentioned event All such amounts so deposited with the Mortgagee shall be held by the Morigagee. or any agent designated by it, in trust to be used only for the payment of such ground rents, premiums. tazes, assessments, water rates and oWer governmental charges. No intarest shall be payable by the Mortgagee on any sum so deposited. (b) All amounts required to be deposited with the Mort~agee monLi~ly in accordance with Paragraph 7(a) hereof, " and the amount ot principal and interest to be paid each month on account of the Note, shall be added together, and t6e ~ aggregate amount thereof shall 6e paid by the Mortgagor to the Mortgagee in a single payment to be applied by We Mortgagee on acoount of the indebtedness of the Morgagor pursuant to the t~tot<s and this Mortgage (to the eztent that monies are avaiIable trom the amount so deposited), in t6e order, any provision ot the Note to ti~e contrary notwith- ~ standing, as foliows: ~ FIR.41', to the amount of snch ground renis, it any, tire and ohter hazard insura~ce premiums. taaes, assess:nents, water rates and other governmental charges required to be paid under the provisions of this Mortgage, ia whatevbr ~ sequE •ce the Mortgagee may exclusivety determine: ~ :~~,COATD, to interest due on the Nute; ~ THIRD, t~? the principal due on the Note: and ~ FOIIATIi. the re~nainder to the late charges, it any. referred to in the Note. Any deficiency in the amount ot any suc6 aggregate montdly payment shall, unless ~aid by the Mortgagor prior to lhe due date of the next suc:~ deposit payable, constitute an event ot default under this Mortgage. ~ ! • ''Glt.~1~ ~'~6[ `3~~, ~ ~ w~ ~ ~ _ - _ ~ j ° t~~~~~.- '`r . _ _ - . 4