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HomeMy WebLinkAbout1716 ' , i 1. Thot, if Mort9agor or ony pa~ty co~stituNn9 Mqrqoyor is a corpo~ation. the execution and delivery of this Nlcrpoq~ hos bee~ duly authorized by the Boa~d oF Direstors of such torporation; ond thot, if ~equired by the Ce~tificate of lnco~porotion of such cwporotion, the execution ond delivery of this MQrtgoga hos been duiy consented to by the stockholders of such corpora- fion. The Mortgago~, if Q co~porotion, will do oll ihin8s neteuary to pteserve and keep in full fo~ce and efiect its existence, frunthises, rights ond privileges os a busineu or stock corporation unde~ the (aws of the stote of its ioco~porotion ond wiN complr with all ~egulalions, rules, ordinontes, statut~ts, orders and dec~ees o(. ony Gove~nmenfa) Avtha?it~? w court opplicoble to th• MoAqagor or to the Mort~aged Propert~r or.aoy port thereoi. ~ 12. The Mortgagor, from time to iime when the same shal) become due, and, during the Const~uction or Oevelopment Period as soon as the same become liens whather or not then due and payoble, will pay and dischorge all toxes of every kind and noture (including ~eal and personal property taxes and income, franchise, withholding, profits and gross receipts taxes), al) ~ genero) ond speciol assessments, (evies, permits, i~spection ond license tees, oll water and ~wer ~ents and charges, and all otfier public charges whether of a like or dif~erent natu~e, imposed upon or osseued ogoinst it or the Mortgaged Property or any part thereof or upon the revenues, rents, issues, income and profits of the Mortgaged Property or o~ising in respect of the occupancy, use or pouession thereof. The Mortgogor will, upon the request of the Mortgogee, deliver to the Mo~tgagee receipts evidenting the payment of all such taxes, aueumenn, levies, fees, ~ents ond othe~ public charges imposed upon or assessed agoinst it or the Mortgaged P~operty or the revenues, rents, issues, income or profits the~eof. 13. The Mo?tgagor will poy, From time to time when the some shoU become due, all claims and demands of inechanics, mate~ialmen, loborers, and others whith, if unpaid, might ~esult in, or permit the creoNon of, a lien on the Mortgaged Property, whether poramount o~ subo~dinate to this Mortgage, or ony part thereof, or on the revenues, renls, iuues, income and profits ari~- ing therefrom and in generol will do or tause. to be dane everything necessory so that t}~e first lien of this Mortgoge shall bo fully preserved, ol the cost of the Mortgagor, without expense to the Mortgagee. 14. The Mortgagor will keep adequate records and books of accovnt in occordonce with geoe~ally accepted accounting printiples and will permit the Mortgugee, by its agents, occountanls ond attorneys, to visit and inspect the Premises and examine ~ts records ond books of attount dnd to discuss its offai~s, 8nances and occounts with the ofi'icen of the Mortgogor, at such reas- onoble times as moy be requested by the Mortgagee. 1 S. That the Mortgagor will keep all real, mixed and personal prope?ty now or hereoRer encumbered by the lien of this Mortgage intured, as may be required frorti time to time by the Mortgogee, egaiast loss by fire, windstorm and other hazards, cos- uofties and contingencies and war risks, if availoble, inctuding, du~ing the course of any construction and/or development work, buelde~s' oll-risk completed value, no~-reporting form insuronce, for svch periods and for not less than their fuli insuruble value or such omounts os may be required by the Mortgagee and to pay promptly when due all premiums for such insuronre. The amounts of insurance ~equired by the Mortgagee shall be the minimum amounts for which said insuronce sholl be written and it shall be incumbent upon fhe Mortgagor to mointain such additiona) insurance os may be necessary to meet and comply fullr with all co- lnsurance requirements contained in said policies to the end thc? wid Mortgagor is not a to-insuror thereunder. Insurunce sholl be wrinen by a company or companies approved or designaled by the Mortgagee and al) policies ond renewals thereof sholl be held by the Mortgagee. All detailed designaROns by the Mortgagor which are atcepted by the Mortgagee and all agreements belween Mor?gogor and Martgogee reloting to insurance, now existing or hereafter mode, sholl be in writing and sha(( be a part of this Mottgage Agreement as fully as though set forth verbatim herein and sholl govern bofh parties hereto and theer successors and assigns. No lien upon any of said policies of insurance or upon ony refued or return premium which may be poyable on the cancel(ation or termi~ation thereof, shall be g+ven to other than the Mortgagee, except by proper endorsement affixed to such pol- icy and approved by Mortgagee. Each policy of insuronce shall hove affixed thereto a Standard New York Mortgagee Ctause with• out Contribution, making all loss or losses under such policy payable to the Mortgagee as its interest may appeor. 1n the event any wm or sums of money betome poyoble thereunder fhe Mortgagee sholl hove the op6on to rece~ve and apply the same on account of the indebtedness hereby secured, or to permit the MoAgagor to ?eceive it and use it, or ony port thereof, without thereby waiving or impairing any equity, lien or right under and by virtue of this Mortgage. In eve~t of loss or physical damage to the Mortgaged Property the Mortgogor shall give immediale notice thereof by mail to the Mortgogee ond the Mortgagee may make proof of (oss if the same is not made promptly by the Mortgogor. In event of foreclosure of this Mortgage or other transfer of title to the Mortgaged P~operry in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mort- gogor in and to any insurance policies then in force shall pass to the purthoser or grantee. 16. No conveyance shall be made by the Mortgagor of the premises herein described, or any port thereof, without 6nt obtaining the prior writte~ consent of the Mortgagee, and the grantee named in such conveyance shall agree to assume the pay- ment of the obligotion evidenced by wid promissory note and conteined in this Mortgage and the loan Agreement in accordo~ce with their respective terms. 17. The Mortgagee moy, at its option, and w+thout waiving its right to accelerate the ipdebtedness hereby secured and to foreclose the same, pay eithe~ before or after delinquency any or oll of those certain obligotions required by the terms hereof to be paid by the Mortgagor for the protection of the mortgage security or for the collection of the indebted~ess hereby secured. All sums w advanced or paid by the Mortgagee shalt be cherged into the mortgage account, and every poyment so made shall bear interest from the date thereof ot the delinquent rote specified in said mortgage note, and become an integrol part thereof, sub- ' ject in a!) respects to the terms, conditions, and covenants of the aforesaid promissory note, and this Mortgage, as fulty and to the same extent as though a part of fhe original indebtedness evidenced by wid note and secured by this Mortgoge, excepting, how- ~ ever, thot soid sums shall be repaid to the Mortgagee with:n flfteen (1S) doys ofter demand by Mortgagee to Mortgagor for said payment. 18. That the abstract or abslracls of tiNe covering the Mo?tgoged Property shnll at oll times, during the life of this Mort- gage, remain in the possesseon of the Mortgagee and in event oS the foreclosure of this Mortgage or other tronsfer of title to the ' Mortgaged Property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to f any such abstrocts of title sha0 poss to the purchaser o~ grantee. ~ j 19. To poy all and singulor the costs, charges and expenses, including aflorney's fees and abstroct costs, reasonably in- curred or paid at any iime by the Mortgagee because of the failure of the Mortgagor to perform, comply with, and abide by eacfi i and every the stiputations, agreements, condi6ons, and covenants of said promissory note and of this Mortgage, or either. 20. That in order to accelerate the moturiry of the indebtedness hereby secured becouse of the failure of the Mortgagor to ! pay any tax assessment, liability, obligafion or encumbrance upon soid property as herein provided, it sholl not be necessary nor ~ requisite that the Mortgagee shall first pay the same. ~ 21_ Thot any foilure by Mortgagee to insist upon the strict performance by Mortgagor of ony or the terms and provisians hereof shall not be deemed to be a waiver of any of the terms and provisions hereof, and Mo~tgogee, r.otwithstanding any such failure, sholl have the right thereafter to insisf upon the sfrict performance by Mortgagor of any ond al! of the terms ond pro- visions of this Mortgage to be performed by Mortgogor; that neither Mortgogor nor any other person now or hereafter obliga~ed for the payment of the whole.or uny part of the sums now or hereafter secured by this MoMgage s6all be relieved of suct+ oblega- tion by reason of the failure of Mo?tgagee to comply with any request of Mortgagor, or of any other person so obligated, to take action to foreclose this Mortgage or otherwise enforce any of the provisions of this Mortgage or of any obligotions secured by this Mortgage, or by reason of the releose, regardless of consideration, of the whole or a~y port of the security held for the indebted- F ness secured by this Mortgoge, or by reoson of any agreement or stipulation between o~y subsequent owner or owrters of the Mortgaged Property ond Mortgagee extending the time of payme~f or modifying the terms of fhe Note or this Mortgage, withouf i f rst having obtoined the wriHen consent of Mortgagor or sucb other person and, in the lost mentioned event, Mortgagor and al) such other persons sha!! continue liable to make such payments occording to the terms of any such agreement of extension or mod- ; ification unless expressly released and dischorged in writing by Mortgegee; that Mortgugee moy releose, ~egardless of considera- ; t~on, any party lioble upon or in respect of the mortgoge note, or any part of the security held for the indebtedness secured by this Morrgage without, as to any other parry or as to the remainder of the security, in anywise, impairing or ofiecti~g the lien of th~s 3 . I 0 Rr ~ PAG. ~ BORK PaGE 9O~ S~JO '`T T~ ' ~.x ~ ~ ~ . , ~ ~ - . _ ~ .