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Home My WebLink About2729 I?Np tbe Murt~~ur turiher cuvenaots ~nd ~roes r?uh tl~e Mungagee. as (olluw~: i. Tbe Murtgwgur w~ll promptly p~y the princ~~wl o( ~nd ~nterest oA lhe iadebtedness ev~de~ced by the Note, aad ~ll other clurges and indebtedness prov~ded tbereta and ~n this Murtgsgs. at the Umea snd ~n the manner provided ~n tl~e Note and ur th~s Mortgsgs. 2. Tbe Morigsgor will pay when due. as hereinalbr provided. all ground rents. it aay, aud all tues. assessments. water rates sad other governiaeaW clurges. [iaes and impositioas. oi every i~ind sad aature whatsoever, aow or hera dter impoaed on We mori8a(~ed P~PQ~Y• or any put tbereot, and will pay w6en due every amouat ot Indebtednas~ sscured by any liea to whicb tae lieo of Wis Mortgage is expressly subject. 3. Tbis Mortgage snd tbe Note wers e:ecuted aad delivered to secure moneys advanced in tuU to tbe MortSaBor by the Mortgagee as or on sooouat ot ~ loaa evideaoed by the Note, tor We purpose ot g We iq~ Rrov nts descnbsd or reterred to in the ork . dste - 9C . 1G. 19~ boroo We wortgaged ProperlyWaa~ 7or su~t~i'~~ueposs. if any. dsrcribed or referred to tberein. whicb iwprovements ~rs hers- inatter oollectively cslled °Iwprovemeots.' Tde Mortgsgor shall make or cause to be m~de a11 We Impmvements. 1[ We oonstruction or insWlstioa ot the Impmvements shall not bs carried out wit6 ressonsble diligenos, or sDall be disoontiaued ~t any time tor any re~soa. oWer thaa strikes. lock-outs. ~cts ot (iod, ti~+ea. iloods, or other slmilar estas- trophies, riots. war or iasurrection, t6e Mortgag~ee. atter due notfoe to We Mortgagor, is heceby ~uthorised (a) to enter upoa t6e mortgsged propsrty snd employ sny watchmen, protect We Improvemeats irom depredatioa or inJury and to preaesve aad protect such property, (b) tocarry out any or sp t6en ezistlag oontracts between the Mortgsgor and oWer pariias tor We purpose ot making sny of We Improvements, (c) to malce and eater iato sddition~l oontracts snd incur obligstiona [or the purposes ot oompleRing the Improvements pursuaat to ths obligstions of t6e Mortgagor hereunder, sither in the nawe ot the Mortgsgee or We Mortgagor, sad (d) to pay and diachsrge aU debts. obligstioaa and lisbilities incurred by nason of any actfon Wcen by the Mortgagee as provided L? this Puagcapb, all ot which amounts so psid by the Mortgagee, wiW interest t6ereon trom the dste oi each such paymeAR at the rste of threa peroent (396) per annum. shaU be psyaWe by We Mortgagor to We Mortgagee on demsnd sad shaU be sacured by t6ia Mortgsge. 4. No building or other structure or improvement, fizture or personsl property mortgsged hereby ahall be removed or demolished without tl~e prior wtitten ooasent ot t6a Mortgagee. The Mortgagor will not make, permit or suffer any alteration of os addition to any building or ot6er structure or improvement now or which msy 6ereafter ba ereeted or insWled upon tha mortgsged property. or any part thereot, e~cept We improvemeats required to be made pursuant to Paragrsph 3 hereo~ nor avill t6e Mortgagor use, or permit or sufier t6e use ot, any ot We mortgsg~ed proparty for sny purpose other Wan t6e purpose or purposes for w6ich the same is aow intended to be uaed. ~vithout We prior wrltten oonsent ot tbe Mortgagee. The Mortgag~or vv~ll maintain tbe mortgaged property in ~~ood condition snd slste of rapair and wiU not snfter or permit any waste W aay part Wereof, and will promptly witFi all the requiroments of Federal. stste and locsl g~overamenta, or oi sny depsrt~nents, divisious or buresus Wereot, pertaining to such propartq or any part thereof. 5. T6e Mortgsgor will not voluntarily create. or permit or sutfer to be crested or to ezist, on orags inst the mortgsged property. or any part thereot, any liea superior to the lien of Wis Mortgage ezcluaive of the lien or liens. if any. to whic6 t6is Mortgsge is ezpressly subject. as set fort6 in t6e granting clause above, and will keep and maintain We same iree trom t6e claims of all parties supplying labor or materials wLich will enter into t6a construction or install~tion of tha Improvements. 6_ (s) The Mortgagor arili keep all buildings. other structures and improvements, including equtpmen~ now ezisting or wWch msy hereatter be erected or iastalled on the lsnd mortgaged hereby, insured agsinst loss b~? fire aad other 6azarda casualties and contingencie$. in such amounts snd maaner. aad for suc6 periods, sll sa msy be rsquir'ed iron? time to time by the Mortgsgee. Unless otherwise required by the Mortgsgee. all such insuranoe shs11 be eHected by Standard Fire and E:tended Coverage Insurance policies. in amounts not less t6sn necesesry to comply with We ooin- surance clause perceatage of the value applicable to the locstion aad c6srscter oi tLe property to be oovered• All such insuranoe shall be carried in oompanies spproved by t6e Mortgagee aad all policies thai+efore stiall ba in sac1~ form and shall have sttached thereto loss psyable clauses in fsvor of the Mortgagroe snd any other parties as shsll be sstis- tactory to the Mortgagee. All such policies aad attachments t6ereto s6ali be delivered prnmpUy to tbe Mortgagee un- less they are requirad to be delivered to t6e 6older of a lien ot a mortgsge or similar instrument to which tW.s-bfortgage is ezpressly subject, in which latter event, certificates t6ereof, sstisfactory to tbe Mortgsgee. shall be deliverad pmmpt- ly to t6e Mortgagee. The Mortgag~or will pay promptly arhen due, as hereinafter pmvided, any snd all Premiums on such insuranoe, and in every case in which payment tLereof is not made frnm the deposits therefor required by thia Mortr gage, promptly submit W tl~e Mortgagee tor examination receipta or other evidence oi such psyment ss shsll be sstis- factory to We Mortgagee. The Mortgagee msy obtain and pay the premium on (but shall be under no obligstion to do so) every kind of insurancereq uired hereby if the amount of suc6 premium has not been deposited as required by thia Mortgage, in vrhic6 event the Mortgagor vvill pay to tbe Mortgagee every premium so paid by the Mortgagee. (b) In tde event of loss or damage W the mortgaged property. the Mortgagor will give to the Mortgagee immediate no- tice t6ereot by mail, and the Mortgagee may make and file proof of loss if not made otherwise ~rompUy bq or on behalf ~ of t6e Mortgsgor. Esc6 insuranoe company issuing any such policy is herebq suthorized snd directed b make psyment ~ thereunder for such loss to tbe Mortgagor and the Mortgagee jointly, unless the amount of loss is psysble 6rst Lo the ~ holder ot s lien under a mortgage or similar instrument W whic6 this Mo~ige is ezpressly subject: and the insuranoe ~ proceeda. or any part thereot, il received by t6e Mortgagee. may be applied the Mortgagee, at its option, either~ ~6 ~ duction of the indebtednesa hereby secured, or to ttse restoration or repzir oi the mortgaged property damaBed- event ot toreclosure of t6is Mortgage. or of any ~anster ot title to the mortgaged property in.eztin8uishment of such indebtedness, all righ~ title and interest of the Mortgagor in and to every such insurance pohcy Wen in entorce, sub- ject to the rights and interest of t6e holder of any such pnor lien, ahali pass to the grantee acquirin8 title to the mort. gaged property together with suc6 policy and appropriate assignment of such right, title and interest which shall be made by the Mortgagor_ 7. (a) In order more fully to protect We security ot this Mortgage. the Mortgagor shall deposit with the Mortgagee to- gether wit6, aad in addition to, the payment of principsl and interest monthly on scoount of the Note secured hereby. until the Note is psid in full, an amount of moaey equal to the toW amount of (i) ground rents, if any, nezt becoming due. (ii) t6e premiums nezt becoming due on t6e policies of fire and all other hazard insuraaoe required by this Morfr Bage with respect to We mortga8~ P~PertY• (iii) t~es. aseeasments. wster rates and other governmenW chsrges nezt becoming due on the mortgaged Property (W the toregoing smounts as estimated bq the Mortgsg~ee sad set forth in a written notioe of such estimate by the Mortgagee W tha Mortgagor irnm time to time), less all aanounts that may sl- ready 6sve beea paid t6erefor, divided by the number of cslendar mont6s to elapse before one calendar moath prior to the date v?6en such ground rents, premiums, tszes. assessments, wster rstes and othes governmental chsrges. respec- tively, will become due aad psysble. It any amount reterred to in clsuses (i) t6rough (iii) hereof is required to be de- posited by the Mortgagor under s mortgage or similu instrument hsving priority over the lien oi this Mortgsge. the Mortgagor shall malce t6e deposits required by this Psngraph ~ only in We event of the termination of such obligehon under the prior mortgage or similar instrument The Mortgagor s6all give prompt notioe. in writing~ to the Mort~agee ot t6e occurrenca o[ the-lsst mentioned event All sucb amouata so deposited with the lilortgsgee s-hall be held bq ~he Mortgagee, or any agent designstsd by it, in truat to be used only tor the payment ot such ground renLs, premiums. tues. aasessments, wster rstes and other governmental charg~es. No intereat shsll be psyable by the Mortgagee on any sum so deposited. (b) All amounts required to be deposited with the Mortgagee mont6ly in accordance with Paragrsph 7(a) 6ereot. fi and the amount ot priacipal and inlerest to be paid eac6 month on account ot the Note. shall be added togetber, and tLe ~ sggregste amount tberaof shall be paid by fhe Mortgsgor to We Mortgagee in s single payment to be spplied by tbe ~ Mortgagee on scoount ot t6e indebtedness ot the Morgagor pursuaot to the Note and this Mortgage (to the eztent thst monies sc+e svailsble trow tbe amount so deposited). in the order, any provision o[ the Note W We oontrsry noiwit6- standing, as followr PIRST. to tt~e amount ot suc6 ground rents. it sny. tire and ohter 6azsrd insurance premiums, tazes, assessments. wster rates and other governmenW c6arges required to be paid under the provisions ot this Mortgag~e. fn Whatever sequeaoe the Mortgagee msy ezclusively determine: - $BCOND. to interest d~ on the Note: THItiD. to t6e principal due on t6e Note: snd POURTH. tbe remalnder to tbe late charges. i( sny. nterred to ia tbe Note. Any deLc~ency in tbe smount o! sny such aggregste monWly psyment shsll, ualess paid by the Nortgagor pnor to the due d~t~e of the next sucb deposri payable, constttute an event o! detauit under t6~s Morigaqe. ~oRK zsz ~~~f z~o ~ , f= y~- ~ ~ ~ ~ ~ _ I ` ~ ~ ` : , _