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HomeMy WebLinkAbout0445 AND the Mortgugor turthe~ c~venants and agre~s wiL'~ the ilorigagee, as tollaws: 1. The Mortgagor will promp*ly pay'the pr~ncipal o[ und iatetest ~n the indebtadness evidenced by the Note, aad •II other ch~ryLos snd indebteds:ess pcovicted therein and in this Mortgage, st the times and in the ~~v nar pmvidad in tke Note and in this MortgQge. • 2. The Mortgagor wiil p~y when due, as herainstter pmvided, s!I gmun-~ ceots, if sny. and sll puces, e~ssessments. wate~ rstes .uid othar goveramental charges, [inas and impositions, ot every lcind snd nature whstsoover, now or hore- atter imposed on tho mortgaged property, or aqy part Wereot, and will pay wdea due evety an?ount ot ~nd~btedness secured by aay liea to which the lien ot Wis Murtgage is experrssly subjt;ct. 3. This Mortgage end lhe Na:,a were axecutod and deliveret: to secure moneys advsnced in tuZl ta the Morigsgor by the Mortg~gee as or acc n t a e iden by the No fo tq~ se o[ makia t~ pmva ~ats described or reterred to ia the ~ina°~ ~Por~~t'~t6~p 811C~ ~08 ~ L;~~i~Ir.Stedated ~~~~U . 19`~L tooronwe mortgaged property, and for such oWer put~osa, it any. described os reterred to therein, whicL improvamanie ~re here- ine~tter oollectively called "Impmvements: The Mortgagor shall malce or cause to be made a11 the Improvements. I[ the oonstructioa or instailation of Wo Improvements shall nct be carried out with reasonabls ditigeace, or shall b~ disooatuiued s: aqy time for any reason, other thsn strikes, lock-oute, acts ot God, tires, tloods, or uther similar catas- trophies, riota, war or insurrection, the Mortgagee, r.fter due aotice to the Mortgagor, is hareby wuthorisad (a) to entsr upoa the mortgaged property and employ any watchmen, proWCt the Improvements trom depredstion or injury and to preserve aad pmtect suah property. (b) W carry out any or all then ezistiag coatracts bt+tvveen We Mortgsgor and oWar parties tor tAe purpose of making aay of the Improvemeats. (c) to malte aad entar into Additional oontracts sad incw obligationa for the purposes of ccam~.leting the Improveaaeats pursuant to the obligations of tAo Mortgagor harounJer. aiWer ia We neme ot t~~a Mortgagee or the MortgAgvr, aad (d) to pay aad discharge all debts, obligstions and llwbilities incurred by ceasoa ot any acEion taken by the Mortgagee as provided in this Pangraph, sll o[ which amounts so paid by the Mortgagee, wilh interest the:eoa trom the dats of each such psynneak at the rste ot three peroeat (39rc~) per acaum, shall ba psyabie by the Mortgagor to We Mortgagee on demand and shall be secured by this Mortgsge. 4. No building or oWer structure or improvement, fixture or personal property mortgaged hereby shall b~+ removed or demolished without the prior writtea oonsent of the Mortgagee. The Mortgagor will not make, permii or sutier any alteration at or additioa to any building or other slructure or improvement now or whicb msy hereatter be erected or installed upon the morigaged property . or any part thereof, except the improvements required to be made pursusnt to Paragraph 3 hereof, nor v~nll the Mortgagor use, or permit or sutter the use.o[, any ot the mortgaged propeity [or any purpose oiher than the purpose or. purposes tor which the same is now intended to be used, wiWout the prior written consent of We Mortgagee. The Mortgag~~r will maiatain the mortgaged property ia good condition and state of repe?ir and will aot sutfer or pennit any waste to any part Wer~eaf, and will promptly with sll We requirements ot Federal, sta~e and local governments. or oi aay departments, divisions or bureaus thereof, pertaining W such property or any part thereof. ~ 5. The Morigagor will not voluntarily create, or permit or sufter to be created or to exist, oa or against tha mortgaged propeny, or sny purt the~of, any lien superior to We lien of this Mortgage exclusive oi tDe lten or lisns, ii aay, W which this Mortgage is e:pressly subject, as set torth in the granting clause above, and will keep and maintsin the same free tmm the claims of all parties supplying labor or materials which will enter into the oc~nstruction or installatioa oi t~e Impravemeats. 6. (a) The Mortgagor will kesp all 'uuildings, other structutes and improvements, including equipment, now ezisting or which may hereafter be erec:~d or installed on the land mortgaged hereby, iasurcd against loss by fire and othar hazards, casualties and contingencies, in such amounts snd manner, and for ~uch periods, all as may be raquired from time to time by the Mortgagee. Unless otherwise required by the Mortgagee, all such insuranoe shall be eftected by Standard Fire and Extended Coverage lnsurance policies, in amounts not less than nec:essary to comply with ihe ooin- surance clause percentage of the value applicable ~yo she location and character of the property to be covered. All such insurance shall be carried in oompanies approved by the Mortgagee and all policies t6erefore shatl be in such form snd shall have attached thereW loss payable clauses in tsvor of the Mortgs gee and any other parties as shall be satis- irr,ic:; !o !!~s 1linrigasee. All such Y~~~i~ snd attachments thereto shall be delivered pramptly to the Mortgagee. un- less tt~ey are required to be delivared W the holder ot s lien of a mortgage or similar instrument to whicd this Mortgage is expressly subject, in which latter even~ certiticates thereof, satisfactory to the Mortgagee, shall be delivered prompt- ly to the Mortgagee. The Mortgagor will pay promptly when due, as hereinatter provided, say and all premiums on such insurance, and in every case in which payment thereof is not made from the deposits therefor required by this Mort- gage, promptly submit to the Mortgagee tor examination receipts or other evidence oi such payment ss shali be satis- factory to ihe Mortgagee. The Mortg~?gee may obtain and pay the premium on (but shall be under no obligation to do so) every kiad of insurancereq uired hereby it the amount of such premium has not been deposiLed as require~d by this Mortgsge, in which event the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgagee. . (b) !n the event ot loss or damage to the mortgaged property, the Mortgagor will give to the Mortgagee immediate ao- ' tice thereot by mail, and the Mortgagee may make and file proot ot loss if not made ~therwise ~romptly by or on behalf ~f the Mor~gagor. Each insuranoe company issuing any such policy is hereby authorized and d~rected to make payment ~ thereunder for such loss to the Mortgagor and the Mortgagee jointly, unless the amount of loss is paysble 6rst to the holder ot a lien under a mortgage or similar instrument to which this Mortgage is ezpressly subject: and the insurance proc~eds, or any part thereof, it received by the 1Rortgagee, may be applied by the Mortgagee. st its option, either in re- f duction of the indebtedness hereby secured, or to the restoration or repair of the mortgaged property damag~etl- In the i event oi toreclosure ot this Mortgage, or of any transfer ot tiEle to the mortgaged : roperty in extinguishment ot such f indebtedness, all righ~ tiUe and interest ot the Mortgagor in and to every such insurance po?icy then in en[orce, sub- ~ ject to the rig6ts and interest of the holder o[ any such prior lien, shall pass to the grantee acquiring title to the mort- gaged properiy te:gether with such policy and appropriate assignment ot such righ~ title and interest which shall be s made by the Mortgagor. 7. (a) In order more fully to protect the se~:urity of this Mortga~e, the Mortgagor shall deposit wiW the Mort~agee to- gether with, and in addition to, the payn:ent of principal and interest monthly on account of the Note secure~, hereby. until the I`ote is paid in full. an amount ot money equal to the totai amflunt ot (i) ground rents, if aLy, nezt beooming due. (ii) the premiums nezt becoming due on the policies ot fire and all other hazard insurance required by this Mort- gage wit6 respect to the mortgaged property. (iii) tazes, assessments, water rates and other governmentsl charges ne:t becoming due on the mortgaged property (all the foregoing amounts as estimated by the Mortgagee and se1 forth in a written notice of such estima! ~ by the Mortgagee to the Mortgag~or irom time to time), less all amounts that may ai- resdy have been paid therefor, divided by the number of calendar mont6s to elapse betore one calendar month prior to the date when suc6 ground rents, premiums. taxes. assessments, water rates and other governmental charges. respec- tively, will become due snd payable. If any amount referred to in clauses (i) through (iii) ~ereof is required to be de- posited by the Mortgagor ~u?der a mortgage or sunilar instrument having priority aver the lien of this Mortgage, the Mortgagor shall make the deposits required by this Paragrap6 7 only in the event of the termination of suc6 obligation un~ier 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 ihe Mortgagee, or any agent designated by it, in trust to be used ~nly for the payment of such ground rents, premiums. ~ taaes. assessments, water rates and other govemmental charges. No interest shsli be payable by the Mortgagee on any ~ sum so deposited_ ~ ~ (b) All amounts required Lo be de~sited with the Mortgagee monthly in accordance with Paragraph 7(a) hereof. ~ and tt.e amount ot principal and interest to be paid each month on account of the Note, shall be added together. and ihe ~ aggregate amount thereoi shall be paid by the Mortgagor w t6e Mortgagae in a single payment to be applied by the ~ Mortgagee oa acoount of the indebtedness of the Morgagor pursuant to the Note and this Mortgage (to We eztent t~at monies are available from the a~tount so deposited), in the order. +?ny provisian of the Note to the contrary notwiW- standing, as follows _ FIRS'P. to the amount oi suc: ground rents. if any. fire and ohter hazard ins:e-<sn^e premiums. :a:es, asses~ments, water rates and other governn.ental charges required to be paid under the provisions of this Mnrtgage. in whateve: sequence the Mortgagee inay exclusively determine: SBCOND. to interest due on 'Se Note: THIRD, W the principa: due on the No!e: and - FODATH, the remainder to the late charge~, if any, reterred to ;n tLe Note. An~ deficiency in the amount of any such aggregate mont6ly payment shsll, untess paid by the Mortgagor prior to the due date ot the next such deposit payable, constitute an ecent of default under this Mortgage. 6U0~ ~A~E ~ _ ~ ~ ~ ; ~ ° _ ~ _ : ~ , .