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HomeMy WebLinkAbout0902 . ~ . 11. Tfwt. if Mortpo9w w anY pohy canstituti~ Morpopor i: a corpo~otion. tM ~x~cution ond deliverr of th~s Morpu~t hos ~e duty authori:ed by the 8oord of Directo?s of such corpwotion; and thot, if rpuired br ths CeNificate o4 Incorporotion of such torporotioo, tM exacution cnd delivery of this Morty~o9e hos been duir co~sented to br the s~ockholda~: of ~uch corporo- ~o~. The Mo~agor, if d co~po~arion, wiil do all ihin~s nacessary ro presKVS o~d keep in fuN force ond eRect its existente, froochises, riphb ond privilepes os a busineu or :tock corporotion under the low~ of the state of its inco~porotion ond will complr with all ro9vlaNons, ~ules, adi??onces, statutes, orden and decrees of onr Goveromental Au~ho~itp or couM opplicabl~ to th~ Mortyo9w or ro the Mortpoged Properry or ony port thereof. ~ 14. The Mortyogor, from time to time whe~ the wms shol) become due, and. during the Cons~ructian or Development Period os soon os the some become lie~s whather o~ not the~ due and payabte, will pay and discharge a!I toxes of every klnd and noture (in:luding reol and personal p~operty roxes and income, iranchise, withholding, pro6ts and g~oss ~eceipts toxes), all ge~eral ond special auessments, levies, permits, inspacNon and license fees, oll water ond sewe~ rents and cherges, a~d ol{ other public cho~ges whethe? of o like or different noture, imposed upon or assessed against it w the Mortgaged Property or any po~t ehereuf or upon the revenues, renh, issues, income ond pro6ts of the Mortgeged Property cir orising in respect oF the occupancy, use or pouession thereof. The Mortgago~ wil1, upon the request of the Mortgogee, delive~ to the Mortgogee receipts evidencing the poyment of all such taxes, asseuments, levies, fees, ~ents ond other public charges imposed upon o~ assessed agoinst it or the Mo?tgc~ged ProPerty or the reveoues, rents, iuues, income or profits thereof. 13. The Mo?tgogor will poy, f~om time to time when the same shall become due, all claims and demands of inechaoics, matcriolmen, labo~e~s, and others which, if u~poid, might result in, or permit the creotion of, a lien on !he Mortgaged Property, whether paramount or subordinate to this Mortgage, or a~y part thereof, or on the revenues, rents, issues, income ond profits eris- ~ng therefrom and 'en generol will do or cause to be done everything necessary so tFwt the fint lien of this Mortgage sholl bo fully preserved, at the cost of the Mortgagor, without expense to the Mort9a9~• 14. The Mortgagor will keep adequate records and books of account in actordance with generally occepted accounting printiples end will permit the Mortgogee, by its ogents, accountants and ottomeys, to visit and inspect the Prtmises ond examine ih records and books ot attount and'to diuuu its ofFairs, finantes and accounts with the officen of the Mortgagor, at such rsas- onable 6mes os moy be requested by the Mortgagee. . IS. That the Mortgagor will keep all reel, mixed ond personal p~operty now or hereoher encumbered by the lieo of this Mortgage insured, as may be reqvired f~om time to time by the Mortgagee, against loss by fire, windstorm and other hazords, cas- ualties ond contingencias and war risks, iF available, including, during the course of any construction ondlor development work, builde?s' all-risk completed value, noo-reporting form insurance, for sucl~ periods ond for not less than thei~ full insuroble value or suth omounts as may be required by the Mo?tgogee and to pay promptly when due all premiums for such insurance. The amounts of insurance required bj? the Mortgagee shall be the minimum amounts for which mid insuronce shall be written and it shall be incumbent upon the Mortgago~ to maintnin such odditional insurance os moy be necessary to meet end comply fully with all co- insurance requirements conteined in said policies to the end that soid Mortgngor is not o co-insuror thereunder. Insuronce shall be written by o company w componies approved or designated by the Mo~tgagee ond all policies ond renewals thereof shall be held by the Mortgagee. All defailed designations br the Mortgagor which are accepted by the Mortgagee and all ogreements between Mortgogor and Mortgagee relating to insurance, now existing or hereofter made, shall be ;n writing and sholl be a port of this Mortgage Agreement os fully as though set forth verbotim herein and shall govem both parties hereto and their suctesson and auigns. No lien upon any of soid policies of insurance or upon ony refund or ~eturn premium which moy be poyabie on ihe cancellation w te~mination thereof, shall be given to other than the Mortgagee, except by proper endarsement offixtd to such pol- icy and opproved by Mortgagee. Each policy of insurance shall have affrx~d thereto o Standard New York Mortgogee Clauu with- out Conhibufion, making a11 loss or losses under such policy poyable to the Mortgagee os its interest may appear. In the event ony wm or sums of money become payoble thereunder the Mortgagee shall have the option to receive und apply the same on account of the indebtedness hereby secu~ed, or to permit the Mortgogor to ~eceive it and use it, or eny parl thereof, without thereby waiving or impairing any equify, lien or right under and by virtue of Ihis Mortgage. In event of loss or physicol domoge to the Mortgaged Property the Mortgogor shall give immediote no6ce thereof by mail to the Mortgagee and the Mortgagee moy make proof of loss if the some is not mode prompdy by the Mortgagor. In event of foreclosure of this Mortgoge or other transfer of title to the Mortgaged P~operty in extinguishment of the indebtedness secured hereby, al) reght, title ond inte~est oF the Mort- gagor in and to ony insurance poficies then in torce sholl pass to the purthaser or grantee. 16. No conveyance shall be made by the Mortgagor of the prem+ses herein described, or any part thereof, without first obtaining the prior written consent of the Mortgagee, and the grontee nemed in such conveyance sholl agree to assume the pay- ment of the obligaHon evidenced by wid promissory note and contained in this Mortgage and the loan Agreement in accordance with their respective terms. 17. The Mo?tgagee mdy, at its option, and without waiving its right to accelerate the indebtedness hereby secured and to forectose the same, pay either before or after delinquency onr or alt of those certain oblegations requ~red by rhe te~ms hereof to be paid by the Mortgagor for the protection of the mortgage security or for the collection of the indebtedness hereby secured. All ' sums so adranced or paid by the Mortgogee shall be chorge~ into the mortgage occovnt, and every poyment so made sholl bear i interest from the date thereof at the delinquent rate specified in said mortgage note, and become an integral part thereof, sub- ~ ject in oll respects to the terms, conditions, ond covenants of the aforesaid promissory note, and this Mortgage, as fully ond to the same extent os though a part of the origina) indebtedness evidenced by said note and secured by this Mortgage, excepting, how- ~ ever, that said sums sholl be repaid to the Mortgagee within fifteen (15) days after demand by Mortgagee to Mortgagor for said ~ payment_ f 18. That the abstroct or abstracts of title corering the Mortgoged Property shall at ali times, during the life of this Mort- ~ gage, remain in ihe possession of the Mo~tgagee and in event of the foreclosure of this Mortgage or other transfer of title to the ` Mongaged Property in extingvishment of the indebtedness secured hereby, oll right, fitle and interest of the Mortgagor in and to ~ any such obstracts of title sholl pass to the purchaser or grantee. ~ 19. To pay all and singular the costs, chorges and expenses, including attorney's fees ond abstract costs, reasonably in- ~ curred or poid ot any time by the Mortgagee becouse of the failure of the Mortgagor to perform, comply with, and abide by eoch and every the stipulotions, agreements, conditions, and covenants of said promissory note and of this Mo?tgage, or either. ~ 20. That in order. to accelerote the maturity of the indebtedness hereby secured because of the failure oF the Mortgagor to t pay any tax assessment, liobiliry, obligation or encumbronce upon wid property as hereFn p?ovided, it sholl not be necessary nor € requisite that the Mortgagee shall first pay the wme. 3 21. That any foilure by Mortgagee to insist upon the strict performance by Morigagor of any of the terms and provisions hereof shall not be deemed to be a wa+ver of any of the terms and provisions hereof, and Mortgagee, notwithstonding any such x fo'~lure, sholl hove the right thereofter to insist upon the st~ict performdnce by Mortgagor of ony and all of the terms and pro- ~ visions of this Mortgage to be performed by Mortgagor; thot neither Mortgogor nor ony other person now or hereoFter obligated for the payment of the whote or any part of the sums now or hereafter secured by this Mortgage shall be retieved of sush obligo- ~ tion by reoson of the foilure of Mortgagee !o comply with any request of Mo~tgagor, or of any other person so obligated, to take ~ oction to foreclose this Mortguge or otherwise enforce any of the provisions of this Mortgage or of ony obligations secured by this ; Mortgage, or by reoso~ of the release, regardless of considerotion, of the whole or any part of the security he~d for the indebted- ~ ~ ness secured by this Mortgage, or by reason of any agreement or stipulation between ony svbsequent owner or owners of the ~ Mortgaged Property ond Mortgagee extending the time of payment or modifying the terms of the Note or this Mortgage, without ~ first having obtoined the wriHen conse~t of Mortgagor or such other person and, in the Iast me~tioned event, Mortgagar ond al) such other persons shall continue liable to make such payments according to the terms of ony such ogreement of extension or mod- ~ ificotion unfess expressty released and discharged in writing by Mortgagee; that Mortgagee may release, regardless of considero- 5 tion, ony porfy liable upon or in respect of the mortgage note, or any part of the security held for the indebtedness secured by this ~ Mortgage without, os to any other party or os to the remoinder of the security, in anywise, impairing or afFecling the lien of this ' 3. ~ 80GK 21~ PAGE 9O~ ~ . - - - - ~"^'~'.~.tn.~~'~`~ ~3~~ . 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