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Home My WebLink About0302 .\!\l) the ~1urt~;u~;ur turtlwr cur~•uunts .+nd a~;rees ~~•Uh the hlurt~;aRee. as fc~llu~~•s: 1. '!'he Mo?t~agur ti~•~I1 prun~ptly pay the pnnc~pal o[ xnd interest un the indabtadnuss ov~denced Uy the Note. und all other chartias and indrbteducss pro~~?ded there~n and in this Mort~;u~o, nt thu Unirs and in the mxnner pruv~ded ~n thQ Nota and in this Mort~.ike. 2. The Mortgugot will pxy when due, as hereinatter provtded, atl grc~und ronts, it any, and all taxes, assess~nents. water rates and other governmental charges, fines und impos~tions, ot evory kind and nature whatsoever, now or here- a[ter imposed un the ~nortgageci property, ur any part thereot, and will pay when due every an~ount of indobtQdness secured by any lien to which the lien af this Mortgage is expressly subject. 3, This Mortgage and the Note were executed a~id delivered to secure moneys advanced in tull to the Mortgagor by the Mortgagre as or on account ot a loan evidenced by the Note, tor the purpose ot mak~n e improveme~ta described or reterred to in thew~~~ ~i ~p~~,~D dated ~~2~ , 1973 tooronthe mortgaged properiy, a r LT The ¢urpose, ii any, describod or reterrod to therein, w~ch impruvements ara hare- inaite~ collecti~ely called "lmprovements.' The Mortgagor shall make or cause to be made a[t the Improvements. (t the construction or installation ot the Improvements shall not be carried out with reasonable diligence, or shall be discontinued at any time [or any reason, other than strikes, lock-outs, acts ot God, fires, floods, or other similar catas- trophies, riots, war or insurrection, the Mortgagee, after due notica to the Mortgagot, is hereDy authorized (s) to enter upon the mortgaged pmperty and employ any ~vatchmen, protect the lmprovements trom depredation or injury and to preserve and protect such property, (b) to carry out any or all then existing contracts between the Mortgagor and other parties tor the purpose ot making any ot the Improvements. (c) to make and enter into additional contracts and incur obligations for the purposes ot completing the Improvements pursuant to the obligations ot the Mortgagor hereunder. either in the name of the Moitgagee or the Mortgag~or, and (d) to pay and discharge all debts. obligations and liabilities incurred by ressun of an,y action taken by the 1Nortgagee as provided in this Paragraph, all ot which amounts so paid by the Mortgagee, with interest thereon [rom the date of each such payment, at the tate of three percent (3°k) per annum. shall be payable by the Mortgagor to the Mortgagee on demand and shall be secured by this Mortgage. 4. No building or other structure or improvement, tixture or personal property mortgaged hereby shall be removed or demolished without the prior written co~sent of the 111ortgagee. The Mortgagor will not make, permit or sutfer any alteration of or addition to any building or other structure or impmvement now or which may hereafter be erected or installed upon the mortgaged property, or any part thereo[, except the improvements required to be made purs~]ant to Paragraph 3 hereof, nor ~rill the Morigagor use. or permit or sutter the use of, any of the mortgaged property [or any purpose other than the purpose ur purposes for which the same is now intended to be used, without the prior written consent of the l~fortgagee. The Mortgagor will maintain the mortgaged property in good condition and state of repair and will not suffer or permit any waste to any part thereof, and wilt promptly with all the requirements of Federal. state and loca! governments, or of any departments, divisions or buteaus thereof, pertaining to such property or any part thereot 5. Tl~e Mortgagor will not voluntarily create. or permit or suf[er to be created or to exist, on or against the mortgaged property, or any part thereof, any lien superior to the lien of this Mortgage, exclusive ot the lien or lieas, if any, to which this Mortgage is expressty subject, as set [orth in the granting clause above. and will keep snd maintain the same tree from the claims of all parties supplying labor or materials which will enter into the construction or installstion of the I mprovements. . 6. (a) The Mortgagor will keep all buildings, other structures and improvements, including equipment, now existing or which may hereafter be erected or installed on the land mortgaged hereby, insured against loss by fire and other hazards, casualties and contingeneies, in such amounts and manner, and for such periods, all as may be required from time to time by the Mortgagee. Unless otherwise requited by the Mortgagee, all such insnrance shall be eKected by Standard Fire and Extended Coverage Insurance policies, in amounts not less than necessary to comply with th~ coin- surance clause percentage of the value applicable to the location and character oi the pY~operty to be covered. All such insurance shail be carried in companies approved by the Mortgagee and all policies therefore shall be in such form and shall have attached thereto loss payable clauses in tavor of the Mortgagee and any other parties as shaD be satis- tactory to the Mortgagee. All such policies and attachments thereto shall be delivered promptly to Lhe Mortgagee, un- less they are required to be delivered to the holder of a lien of a mortgage or similar instrument to which this Mortgage is expressly subject, in which latter event, certiticates thereof, satisfactory to the Mortgagee,- shall be delivered prompt- ly to the Mortgagee. The Mortgagor will pay profiptly when due, as hereinatter provided, any and all premiums on such insurance, and in every case in which payment thereoi is not made Irom the deposits therefor requi~ed by this Mori- gage, promptly submit to the Mortgagee for examination receipts or other evidence of such payment as s6a11 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 insurance required hereby if the amaunt o[ such premium has not been deposited as required by this biortgage, in which event the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgagee. (b) In the event of loss or dama~e to the mortgaged proFerty. the Mortgagor will give to the Mortgagee immediate no- tice thereof by mail. and the Mort~a~ee may make and file proof of loss if not made otherwise ~romptly by or on behal[ of the Mortgagor. Each insurance company issuing any such policy is hereby suthorized and d~rected to make payment thereunder for such loss to the Mortgagor and the Mor~gagee jointly, unless the amount of loss is payable first to the holder of a lien under a mortgage or similar instrumenY to which this Mortgage is expressly subject; and the insurance proceeds, or any part thereoi. it received by the 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 mortgaged property damaged. 1n the event of foreclosure of this Mortgage. or ot any transfer of title to the mortgaged property in extinguishment of such indebtedness, all right, titte and interest of the Mortgagor in and to every such insurance policy then in entorce, sub- ject to the rights and interest nf the holder of any such prior tien, shall pass to the graatee acquiring title to the mort- Kaged property together wit6 such policy and appropriate assignment of such right. title and interest which shall be made by the MortKaKor. 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 monthly on account 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, neat becoming due, (ii) the premiums next becoming due on the policies of fire and all other hazard insurance required by this Mort- ~ gage with respect to the mortgaged property. (iii) taxes, assessments, water rates and other governmental c6arges ~ next becoming due on the mortgaged property (all the toregoing amounts as estimated by the Mortgagee and set iorth ; in a written notice of such estimate by the Mortgagee to the Mortgagor ttom time to time), less all amounts that may al- ready have been paid theretor, divided by the number of calendar months to elapse before one calendar month prior to the date when such ground rents. premiums, taxes. assessments, water rates and other governmental charges, respec- ~ tively, will become due and payable. If any amount referred to in clauses (i) through (iii) hereof is required to be de- posited by the Mortgagor under a mortgage or similar instrument having priority over the lien of this Mortgage, the ~ Moctgagor shall make the deposits required by this Paragraph 7 only in the event of the termination of such obligation under the prior mortKa~e ~r similar instrument. The Mortgagor.shall give prom~t notice, in writing to the Mortgagee of the occurrence of the last mentioned event. All such amounts so deposited wath the Mortgagee shall be held by the Aiortgagee, or any agent designated by it. in trust to be used only for.. the payment of such ground rents, premiums. laxes, assessments, water rates and other governmental charges. 11Io interest shall be payable by the Mortgagee on any ; sum so deposited. t ' (b) AII amounts requ~red to be deposited with the Mort~;agee monthly in accordance with Paragraph 7(a) hereof. and the amount of princ~pal and interest to be paid each month on account of the Note. shall be added together. and the aggregate amount thereot shall be paid by the Mortgagor 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 extent that monies are available irom the amount so deposited), in the order, any provision of the Note to the contrary notwith- standing. as follows: i FIRST, to the asnount o[ such ground rents, if any. [ire and ohter hazard insurance premiums, taxes, assessments. rvater rates and o3her governmental charges required to be paid under the provisions of this Morigage, in whatever sequence the Mortgagee may exciusively determine: ' SECOND, to interest due on the Note: THIRD, to the principal due on the Note: and ~ FOURTH, the remainder to the late char~es. if any. referred to in the Note. Any deficiency in the amount of any sucA aggregate monthly payment shall. unless paid by the Mortgagor prior to the ' due date ot the next such deposit pa,yable, constitute an event ot default under this Mortgage. i i n ~~~9~ ~~lJ f',in; ~02 i a ~ ~ a ~ . . ,ox~x S r~s?- .~_...:..?s , - ~ . . . "~sz N~