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HomeMy WebLinkAbout0721 i . ~ . ~ ANl) the \turt~;.~Rur turll~er cu~~ru.~nts :?nd xKrees H~th tho Murt~;.t~ee, xs tc~U~~w~,. 1. The Mortgabror wil! promptly pay the pnncipal of +~nd interest on the indebtednesti ev~Jenced by the Note. and alt other charges and indebtedness pro~•ided thQrs~n and in th~s Mortga~{e, at the limes and ~n the mannor prov~ded i~ the Nute :~nd in th~s Mortgage. 2. The Mortgagor will puy when due. as hereinafter provided, all ground rents, it any, and all taxes, assessmanls. water ~ates and other governmental charges, tines and impositions, of every kind and nature whatsoever, now or here- ~(ter imposed on the mortgaged property, or uny part thereot, and will pay when due every amount of indebtedness secured by any lien to Khich the lien ot this Morigaf;e is expressly subject. 3. This Mortgage and the Note were executed and delivered to secura ~noneys advancad in tull to the Mortgagor by the Mortgagee as or on account of a loan evidenced by the Nute, tor the purpose of mak~n~~t~ provpp~ nts descr~bed or re[erred to in the ~1e r it dated 19I J tooronthe mortgaged property, aha'i~ s~ti'bth~r ~ose. ii any, described or re[erred to therein, which improvements are here- inatter collectively called "Improvemeats.' The Mortgagor shatl make or cause to be made all the Improvements. If the construction or installation of the Improvements shall nof be carried out with reasonable diligence, or shali bQ discontinued at any time [or any reason, other than strikas, lock-outs, acts ot God, tires, iloods, or other similar catas- trophies, riots, war or insurrection. the Mortgagee, after due notice to the Mortgagor, is hereby authorized (a) to enter upon the mortgaged property and emptoy any watchn~en, protect the Improvements 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 [or the purpose of making any of the Improvements, (c) to make and enter into additional oontracts and incur obligations for the purposes ot completing the ImprovemenLs pursuant to the obligations of the Mortgagor hereunder, either ia the name of the Mortgagoe or the Mortgagor, and (d) to pay aad discharge ap debts, obligatione and liabilities incurrad by reason of any action taken by the 1liortgagee as provided in this Paragraph~, all ot which amounts so paid by the Mortqagoe, with interest thereon [rom the date oi each such payment, at the rate of three percent (3~) per annum. shall be payable by the Mortgagor to the Mortgagee on demand and shall be secured by tAis Mortgage. 4. No building or other structure or improvement, fixture or personal prope+rty mortgaged hereby shall be removed or demolished without the prior written consent ot tho Mortgagee. The Mortgagor will not make, permit or sutfer any alteration of or addition to any building or other structure or improvement now or which may hereafter be erected or installed upon the mortgaged proporty, or any part thereot, except the improvements required to be msde pursuant to Paragraph 3 hereof, nor will the Mortgagor use, or permit or sufter the use of, any of the mortgaged property for any purpose other than the purpose or purposes for which the same is now intended to be used, without the prior written coasent of the Mortgagee. The Mortgagor will maintain the mortgaged property in good condition and state ot repair and will not suf[er or permit any waste to any part thereot, and will promptly with alt the reqairements of Federal, state and loc,~l governments, or of any departments, divisions or bureaus thereof, pertainiag to such praperty or any part thereof. 5. The 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 o[ this Mortgage, exclusive ot tlie lien or liens, i[ any, to which this Mortgage is expressly subject, as set forth in the granting clause above, and will keep aad maintain the same free trom thQ claims of all parties supplying labor or materials which will enter into the construction or installation ot the Improvemenis. 6. (a) The Mortgagor will keep alt 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 tite and ot6er hazards, casualties and contingencies, in such amounts and manner, and for such periods, all as may be required trom time to time by the Mortgagee_ Uniess otherwise required by t6e Mortgagee, all such insurance shall be effected by Standard Fire and Extended Coverage Insurance policies, in amounts not less than necessary to comply wit6 the ooin- surance clause percentage ot the value applicable to the location and character of the property to be covered_ All such insurance shall be carried in companies approved by the Mortgagee and all policies therefore shall be in such [orm and shall have attached thereto loss payable clauses in tavor of the Mortgagee and any other parties as shall be satis- [actory to the Morigagee. All such policies and nttachments thereto shall be delivered promptly to the Mortgagee, un- less they are required to be delivered to the holder ot a lien of a mortgage or simitar instrument to which this Mortgage is expressly subject, in which latter event, certi[icates thereot, satisfactory to the Mortgagee, shall be delivered prompt- ly to the Mortgagee. The Mortgagor will pay promptly when due, as hereinafter provided, any and all prEmiums on such insurance, and in every case in which payment thereof is not made trom the deposits therefor required by this Mort- gage. promptly submit to the Mortgagee for examination receipts or other evidence of such payment as shall be satis- factory to the Mortgagee. The Mortgagee may obiain and pay the premium on (but shall be under no obligation to do so) every kind of insurance required hereby if the amount of such premium has not been deposited as required by this htortgage. i~ which event the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgegee. . (b) In the event of loss or dama~e to the mortgaged property, the Mortgagor will give to the Mortgagee immediate no- ~ tice thereof by mail, and the Mortgagee may make and [ile proof of loss i( not made otherwise Qromptly by or on behalf of the Mortgagor. Each insurance company issuing any such policy is hereby authorized and d~rected to make paymeat ~ thereunder for such loss to the Mortgagor and the Mortgagee jointly, unless the amount of loss is payable tirst to the i holder of a lien under a mortgage or similar instrument to which this Mortgage is expressly subject: and the insurance E proceeds, or any part thereof, if received by the Mortgagee, may be applied by the Mortgagee, at its option, either in re- duction o[ the indebtedness hereby secured, or to the restoration or repair of the mortgaged property damaged. In the 1 event of toreclosure of this Mortgage, or of any transfer ot title to the ~ortgaged property in eatinguishment of such j indebtedness, all right, title and interest of the Mortgagor in and to every such insurance policy then in entorce, sub- ~ ject to the rights and interest of the holder of any such prior lien, shall pass to the grantee acquiring title to the n~ort- gaged property together with such policy and appropriate assignment of such right, title and interest which shall be ~ made by the Mortga~or. ~ 7. (a) In order more fully to protect the security ot th~s Mortgage, the Mortgagor shall deposit with the Mortgagee to- ~ gether with, and in addition to, the payment of principal and interest monthly on account o[ the Note secured 6ereby, ~ until the Note is paid in [ull, an amount of money equal to the total amount of (i) ground Fents, if any, neat becoming due, (ii) the premiums next becoming due on the polieies ot [ire and all other hazard insurance required by this Mort- gage with respect to the mortgaged property, (iii) taaes, assessments, water rates and other governmental charges next becoming due on the mortgaged property (all the toregoing amounts as estimated by the Mortgagee and set torth ~ in a written notice of such estimate by the Mortgagee to the Morigagor from time to time), less all amounts that may al- ~ ready have been paid therefor, divided by the number oi 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, t6e ~ Mortgagor shall make the deposits required by this Paragraph 7 only in the event of the termination ot such obligation under the prior mortgage or similar instrument. The Mortgagor shall give prompt notice, in writing to the Mortgagee ~ of the occurrence of the~ast mentioned event. All such amounts so deposited with the Mortgagee shall be held by the ~ Mortgagee, or any agent designated by it. in trust to be used only for the payment of such ground rents, premiums. x ta~ces, assessments, water rates and other governmental charges. No interest shall be payable by the Mortqagee on any ~ sum so deposited. 'r (b) All amounts required to be deposited with the Mort~agee monthly in accordance with Paragraph 7(a) hereof. and the amount of principal and interest to be paid each month on account of the Note, shall be added together, and the ~ aggregate amount thereof shall be paid by ihe Mortgagor to the Mortgagee in a single payment to be applied by t6e = Mortgagee on account of the indebtedness ot the Morgago~ pursuant to the Note and this Mortgage (to the extent that ~ monies are available trom the amount so deposited). in the order, any pmvision of the Note to the oontrary notwith- - - standing, as tollows: FIRST, to the amount of such ground rents, it any, fire and ohter hazard insurance premiums, taxes, assessments. water rates and other governmental charges required to be paid under the provisions of this Mortgage, in whatever ~ sequence the lltortgagee may exclusively determine: ;=t _ SECOND. to interest due on the 11Tote: T~iIRD, to the principal due on the Note: and ~ FOURTH, the remainder to the Iate char~es. it any. referred to in the l~iote. ~ Any deficiency in the amount of any such agr;regate munthly payment shall. uniess paid by the Mortgagor prior to the due date of the next such deposit payable, constitute an event oi default under this Mortgage. ~ s; ~ 216 ~ ~i . i f,. ~J ~ _ ~ ~ ~ " - ~.nLS.. 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