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HomeMy WebLinkAbout2114 . t . ~ ~ ~ 3 ` ~ ~ ' ~ ~ AND the Mortgsgu~ turthar covenants and agrees with the Mortgagee, ss toUowa 1. Ths Mortgagor will promptty psy ths principnl ot and interast oa the ladebtadness evidanced by the Note, and ~ll t other chargss snd iadebtedness provided Werein ~?nd in this Mortgage, at the times +u~d in the manner pwvided ia tha j Note ~nd in this Mortgage. ~ 8. The Mortgagor will pay whea dua as beraiaattor provided, all gI'OUDd TeA~. It ~[13/, and sll Wces. ~saessmeats, ; water rates snd oWer governmeatal ch~?rgea. tines ~?ad impositions. ot every kind und n~ture wha/sosver, now or here- : atter impoaed oa the mo tg~?ge proper~y, or aqy pa?rt Wereot, wnd will pay when due every amount of indebtedneas ~ secuied by ~qy liea w ahinc6 thadliea at Wis Mortgage is e:pressly aubjec~ 3. This Mortgage ~nd We Note wero ezeouted and delivered to sacure moaeys sdvaaced in full to the Mortgagor by the Mortgagee as or on account of s lwn evidenoed by Wa Note, for the purpose ot mskin the impmvements described or refesred to fn the wc~~k w~i~e-Llp dated ~Ct~ 3~19 ?2 toorontLe mortgaged propesqr, wn or suc o ar p~fr~ose, ii aqy, deeoribed or reterred to t6erein, whicL iu~p rovements are hers- inafter oo11ecUvaly called "Impmvamente.' Tha Mortgsg or shall make or causa to be made ~11 We Improvsments. It tQe ooastruction or insWl~tion ot the Improvements abwA aot ba c+?rrled out wiW reason~ble diligsnca. or shall be disoontinued at aqy tirae for aay resson, othar Wan atrikes, lock-outs, aots of Ciod, tiree, floods, or oWer aimilu catas- trophiea riots, war or insurrection, We Mortgagea, aftar due notice Lo the Mortgagor, is heraby authoriaed (a) to anter upon the mortgsged pmperty and employ any watchmen, pmteot the Impmvements trom depredstion or iujury and to preaerve and pmtect such property. (b) to cany out any or all than ezisUng contr~wts betweea the Mortgsgor and otder • parties for the purpose of making any of the Improvements, (o) to make and entsr into sdditional ooa~acts and incur obligations for the purposes of completing tha Improvaments pursusnt to the obligsUona of the Mortgagor hereunder, ~ either in the name of the Mortgagee or the Mortgag~or. and (d) to pay aad diechwrge sll debta, obligstions snd liabilitiea incurtnd by reseoa of any sction taken by the Mortgagee as pmvided in this Paragraph, all of wbioh wmounta so paid by the Mortgsgee, with interest theraon trom tha d~te of each such pe?ymenR at the rate of three percent (396) per annum. sh~?11 be payable by the Mortgagor to the Mortgagee on demand snd shall be secured by this Mortgage. 4. No building or other structure or unprovement, fixture or personal property mortgaged hereby shall be removed or demolished without the prior written consent of the Mortgagee. The Mortgagor will not make, permit or suifer aqy alteration of or addition to any building or other structure or improvement now or which may hereatter be erecfsd or , instslled upoa the mortga~ed property, or any psrt thereot, ezcept the improvements required to be made pursuant to Paragraph 3 hereo~ nor wiA t6e Mortgagor use, or ~ermit or suffer the use of, any ot the mortgaged roperty for sny w purpose other tLaa the purpose or purposes for which the same is now inteaded W be used, without a pdor v?~ritton conseat of We Mortgugee. The Mortgagor will maintain the mortga~ed property in ~o~d condition and state of repair and will not sufter or permit any waste to any part thereof, and will promptly wit$ all the requirements of Federal, state and local governmenta, or of any departments, divisions or bureaus Wereof, pertaining to such property or any psrt thereo[. 5. The Mortgagor will not voluntarily create, or permit or sufter to be created or to eziat. on or sgainst the mortgaged property, or any part thereof, any lien superior to the lien of this Mortgage, exclusive of the lien or liens, if aay, to which this Mortgage is expressly subject, as set forth in the granting cleuse above, aad will keep and maintain the same iree from We claims of all parties supplying labor or materials whic6 will enter into the_ construction or installstion of the Improvements. 6. (a) The Mortgagor will keep all buildings, othor structures and improvements, including equipmen~ now ezisting or which may hereafter be erected or installed on the land mortgaged hereby, insured sgaiast loss by fire and other hasards, casnalties and contingvncies, in such amounts and manner, and for such periods, t?il as may be required irom time to time by the Mortgagee. Unless otherwise required by the Mortgagee, all auch insurance ahall be aHected by Standard Fire and Ertended Coverage Insurance policies, in amounts not less than neoessary to comp~y vvith the ooin- surance clause peroentage ot the vslue applicable to the lxation aad character of the property to be covered. All such . insurance shall be carried in companies approved by the Mortgagee and all policies therefore shell be in such form and shall have attached Wereto loss payable clauses in favor of the Mortgagee and any oWer psrties ss shall be astis- tactory to the Mortgagee. All such policies and attachments thereto shall be delivered promptly to tbe Mortgagee, un- less they are required to be delivered to the holder of a lien of a mortgage or similat instrument to vvhich this Mortgage is expressly subject, in which latter event, certiticates thereof, satisfactory to the Mortgagee, ahall be delivered prompt- ly to the Mortgagee. The Moitgagor will pay promptly when due, as hereinafter provided, any and all premiums on such insurance, and in every case in which payment Wereof is not made irom the deposits therefor required by this Mort- gage, promptly submit to the Mortgagee for eaamination receipts or other evidence of such psyment as shall be satis- fsctory to the Mortgagee. The Mortgagee may obtsin and pay the premium on (but shall be under no obligation to do so) every kind of insurancereq uired dereby if the amount of such premium Las not been deposited as required by this Mortgage, in which event the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgagee. ' (b) In the event ot loss or damage to the mortgaged property, the Mortgagor will give to the Mortgagee immediate no- tice Lhereof by mail, and the Mortgagee may make and file proof of loss it not made otherwise promptly by or on behalf of the Mortgagor. Each ineurance company issuing any such policy is hereby suthorized and directed to make psyment thereunder tor such loss W the Mortgagor and the Mortgagee joinUy, unless_the amount of loss is payable first to the holder of a lien under a mortgage or similar insirument to which this Mortgage is eapressly subject; and the insuranoe proceeds, or any part Wereof, if received by We Mortgagee. may be applied by the Mortgagee, at its option, either in re- duction of the indebtedness hereby secured, or to the restoration or repair of the mortgsged property damaged. In the ~ event of foreclosure of this Mortgsge, or of any transfer of tiUe to the mortgaged property in eztinguishment of such ~ indebtedness, all right, title and interest of the Mortgagor in and to every such insurance policy then in enforc:e, sub- i ject to the rights and interest of the holder of any such prior lien, shall pass to the grantee ac:quiring title to t6e mort- s gaged property together with such policy and appropriate assignment of such right, title and interest which shall be g made by the Mortgagor. ~ (a) In order more fully to protect the security of this Mortgag~e, the Mortgagor shall deposit wit6 the Mortgagee to- ~ gether with, and in addition to, the payment of principal and interest monthly on acoount of the Note 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 all other hazard insurance required by t6is Mort- gage with respect to the mortgaged gmperty. (iu) tazes, assesbments, water rates and other governmental charges neat becoming due on the mortgaged property (all the foregoing smounts as estimated by t6e Mortgag~ee and set forth in a wrltten notioe of such estimate by the Mortgagee to the Mortgagor from time to time), less all amounts that msy al- ready have been paid therefor, divided by the number of calendar months to elapae before one calendar monW prior to . the date when such ground rents, premiums, taaes, assesaments, water rates and other governmental charges. respec- tively, will become due and payable. Ii any amount referred to in clauses (i) through (iii) hereof is required to be de- posited by the Mortgagor under a mortgage or similar instrumeat having priority over the lien of this Mortgage. the Mortgagor shall make We deposits required by this Paragraph 7 only in the event of We termination of such obligation under the prior mortgage or similar instrument The Irlortgagor shall give prom~t notice, in writing~ to We Mortgagee : of the occurrenoe of the-last mentioned evenk All such amounts so deposited aith the Mortgagee shall be held by ihe j Mortgagee, or any agent designated by it, in trust to be used only for the payment of such ground rents, premiums, i tazes, assessments, water rates and other governmental charges. No interest shall be payable by the Mortgagee on any { sum so deposited. • ' ~ (b) All amounts required to be deposited with the Mortgagee monthly in accordanoe with Paragraph 7(a) hereof. ; and the amohnt of principal and interest to be paid each month on sccount of the Note, shall be added together, and the ~ aggregate amount thereof ahali be paid by the Mortgagor W t6e Mortgagee in a single payment to be applied by the Mortgagee on acoount of the indebtedness of the Morgagor pursuant to the Note and this Mortgage (to the eztent that ~ monies are available from the amount so deposited), in the order, any proviaion of We Note to the oontrary notwith- t standing, as follows: ~ F11i8T. to the amount ot such ground rents, if any, fire and ohter hazard insurance premiums, tazes, assessments, ~ wster rstes and other governmental charges required to be psid under the provieions ot this Mortgage, in whatever sequence the Mortgagee may exclusively determine; . SBCOND, to interest due on the Note: ~ . THIRD, to the principal due on the Note: and 3 FOURTH. the remainder to the late charges, it any, referred to in the Note. Any de[iciency in the amount ot any such aggregate mont6ly paymeat shall, unless psid by the Mortgsgor prior to the due date ot the ne~ct auch deposit payeble, oonatitute an event of default under this Mortgage. ~ soo~212 P~~E21~.4 ; ~