Loading...
HomeMy WebLinkAbout0549 . ~ ~ ~ ti ANU tho Mortgagor (unhe~ cuvenants und agrees w~th the Mortgages, as [ollowa 1. The Morigagor will prompUy'pay the principat of und interost on the indebtedness evidencod by the Note, wnd sll othar chsrgos and indebtadness provided ttivrein and in this Mortgage, at tha'times and ~n the manner provided in the Note and in this Mortgage. 2. Tho Mortgagor will pay whan due, as hereinafter provided, sll ground rents, it any, and e?ll tsxea, asaesamenta. water rates :?nd othar governmental charges, tines and impositiona, of every kind e?nd nature whatsoever, now or hare- ~ a[ter imposed on the mortgaged property. or any part Wereof, and will pay whan due every e?mount ot indebtedness ; secured by sny lian to which 1de liea ot this Mortgsge is expressly aubject. 3. This Mortgage and tha Note ware executed snd dalivered to secure moAeya eulvaaced in tull to We Mortgsgor by ~ Wa Mortgagee as or on account of a14~ e~d nced by the Note, for the purpose ot mskin~~rvq im rovements described or referred to ia the WOY'K WY'.~Le-1z~ dated 19 73 ,tooronWe mortgAged property. and tor sucd other pur~wse, if any, described or reterred to therein, wdich improvaments are here- insfter collectively called "Improvements.' The Mortgagor shall make or cause to be msde sll the Impmvaments. lf We oonstruction or installetioa oi the Improvements shall not be carried out wiW ressone?ble dilige~ :ce, or shall be disoontin~ed at~aay time for aay reason, other than strikes, lock-outs, scts of dod, tfres, iloods, or oWer similsr estas- trophiea riots, war or insurrection, We Mottgagee, after due notice to the Mortgagor, ia hareby authorised (e?) to enter upon 1he mortgaged property and employ any wetchmen, protect the Improvements from depredstion or injury and to ' preserve and protect such property, (b) to carry out any or all Wen existing contracts betweea the Mortgsgor e?nd oWer parties for the purpose ot making any of the Improvements, (c) to make and enter into additional oontr~cte and incur obligations for the purposes of completing the lmprovements pursuant to the obligations of the Mortgagor hareunder, eiWer ia the nazne oi the Mortgagee or the Mortgagor, and (d) to pey and discLarge sll debts, obligstione and liabilities incurred by reason of any action taken by the Mortgagee as provided in this Paragraph, sll of wdich apnounts so psid by the Mortgagee, with interest thereon from the date of each such payment, at the rate of three percent (3°J6) per annum. shall be payable by the Mortgagor to We Mortgagee oa demand and shall be secured by this Mortgage. 4. No buildiag or other structure or improvement, fiature or personal groperty mortgaged hereby s~all be removed or demolished without the prior written oonsent of the Mortgagee. The Mortgagor will not make, permit or suffer sny alteration of or addition to any building or other structure or improvement now or which raay hereatter be erected or installed upon the mortgaged pmperty, or any part thereof, eacept the improvements required to be made pursuant to Paragraph 3 hereot, nor v~nll the Mortgagor use, or permit or sutfer the use of, any of the mortgaged property tor any ~ purpose other than the purpose or purposes for whic6 the same is now intended to be used, without the prior written consent of the Mortgagee. The Mortgagor will maintain the mortgaged property in Rood condition aad state of repair and will not su[fer or permit any waste to any part thereof, and will promptly witli all the requiremeats of Federal. state and local govemments, or of any departments, divisions or bureaus thereof, pertaining to such property or any part thereof. 5. T6e Mortgagor will not volunterily create, or permit or sutfer to be created or to ezist, on or against the mortgaged property, or any psrt thereof, any lien superior to the lien ot this Mortgage, eYClusive of the lien or liens, it any, to which this Mortgage is expressly subject, as set forth in the granting clause above, and will keep and maintain the same iree from the claims of all parties supplying labor or materials which will enter into the conatruction or installation of the I mprovements. 6_ (a) The Mortgagor will keep all buildings, other structures and improvements, including equipment, now ezisting ' or which may hereafter be erected or installed on We land mortgaged hereby, insured against loss by fire end oLher ~ hazarda casualties and contingencies, in such amounts and manner, and for such periods, ail as msy be required irom , time to time by the Mortgagee. Unless oWerwise required by the Mortgagee, all such insuranc8 shall be eftected by ~ Standard Fire and Eztended Coverage Insurance policies, in amounts not less than necessary to comply with tha coin- : surance clause percentage ot t6e value applicable to the locetion and character of the pmperty to be covered. All such ' insurance shall be carried in companies approved by the Mortgagee and all policies theretore shall be in such form ' and shall have ettached thereto loss payable clauses in favor ot the Mortgagee and any other parties as shall be satis- ~ factory to the Mortgagee. All such policies and attachments thereto shall be delivered pmmptly to the Mortgagee. un- ( less they are required to be delivered to the holder of a lien of a mortgage or similar instniment to which thie Mortgage 3 is eapressly subject, in which latter even~ certificates thereof, satisfactory to the Mortgagee. shall be delivered prompt- ly to the Mortgagee_ The Mortgagor will pay promptly wLen due, as hereinafter provided, any and all premiums on such insurance, and ia every case in which payment thereof is not made from the depoaits theretor required by this Mcrt- gagee promptly submit to the Mortgagee for examination receipts or other evidenee of sueh payment as shall be satis- ~ factory to the Mortgagee. The Mortgagee may obtain and pay the premium on (but shall be under no obligatioa to do so) every kind of insuraace required hereby if the amount of such premium has not been depoaited as required by thia ~ Mortgage, in which event the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgag~ee. (b) In the event of loss or damage to the mortgaged property, the Mortgagor will give to the Mortgagee immediate no- ~ tice thereof by mail, and the Mortgagee may make aad tile proof of loss if not made otderwise ~rompUy by or on behalt ~ of the Mortgagor. Each insurance company issuing any such policy is hereby authorized and directed to make payment ~ thereunder for such loss to the Mortgagor and the Mortgagee jointly, unless the amount of loss is payable first to the ~ holder of a lien under a mortgage or similar instrument to which t6is Mortgage is eapressly subject: and the insuranoe proceeds, or any part thereof, if rec;eived by the Mortgagee, may be epplied by We Mortgag+ee, at its option, either in re- duction of the indebtedness hereby secured, or to the restoration or repair of the mortgaged property damaged. In the ~ event of foreclosure of this Mortgage, or oi any transfer of title to the mortgaged property in ertinguishment of such indebtedness, all right, tiUe and interest of the Mortgagor in and to every such insurance policy then in enforce, sub- ject to the rights and interest of the holder of any such prior lien, shall pass to the grantee acquiriag title to the mort- gaged property together with such policy and appropriate assignment of such right, title and interest which shall be made by the Morigagor. 7. (a) In order more fully to protect the security of this Mortgage, the Mortgagor shall deposit with the Mortgagee to- gether with, and in addition to, the payment of principal and interest montlily on account of We 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 neat becoming due on We policies of fire and all other hazard insurance required by this Mort- - gage wiW respect to the mortgaged progerty. (iri) taxes, assessments, water rates and other governmental charges ~ next becoming due on the mortgaged property (all the foregoing amounts as estimated by the Mortgagee and set forth . in a writien notice oi ~ucY, cnuutate by the Mortgagee to the ~SoY.gagor from time to time), less all amounLs that may al- ; ready have been paid therefor, divided by the number oi calendar monWs to elapse before one calendar month prior to ; the dste when such ground rents, premiums, taues, assessments, water rates and other governmental charges, respec- tively, will become due and payable. If any amount referred to in clauses (i) through (rii) hereof is required to be de- posited by the Mortgagor under a mortgage or similar instrument having priority over t6e lien of this Mortgage. We Mortgagor shall make the deposits required by this Paragraph 7 only in the event of We termination of such obligahon under the prior mortgage or similar instrumen~ The Mortgagor shall give prompt notice, in writing~ to the Mortgagee of the occurrence of the~last mentioned event. All such amounta so deposited with the Mortgagee shall be held by the Mortgagee, or any agent designated by i~ in trust to be used only for the psyment of such ground rents, premiums, taxea, 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 accordance wit6 Paragraph 7(a) hereof. and the amount of principal and interest to be paid each month on account ot the Note, shall be added together, and the ~ aggregate amount thereof shall be paid by the Mortgsgor to the Mortgagee in a single payment to be applied by the ~ Mortgagee on account of the indebtedness of the Morgagor pursuant to the Note and this Mortgage (to the eztent that monies are available trom t6e amount so deposited), in the order, any provision of the Note to the oontrary notwith- ° s standing, as follows: FIRST, to the amount of such ground rents, if any, tire and ohter hazard i~surance premiums, tazes, assessments. water rates and other govemraental charges required to be paid under the provisions of this Mortgage, in whatever ~ sequence the Mortgagee may exclusively determine: 3$COND. to interest due on the Note: . THIRD, to the principal due on the Note: and FOURTH, the remainder to the late charges, if any, reterred to in the Note. Any deficiency in the amount ot any such aggregate monthly payment shall, unless paid by the Mortgagor prior to the due date of the next such deposit payable, constitute an event of default under this Mortgage. a ~214 ~ ~ ~ : : ? -}~w - ~ ~ ~ . . . , ~