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HomeMy WebLinkAbout0725 ~ i ANI) the Mort~;ugur further cuven:~nts au~d atiraes w~th the Atan~u~;ee, as [oUuHS: 1. The Mo~tgagor wil! promptly pAy the principal ot and interest on the indebtedness evidencad by the Note. and all other chargas and indebtedness provided thore~n and ~n th~s Mortgage. Ht the timos and ~n the ~nanno~ provided in the Note and in this Mot~tKu~e. 2. The Mortgagor will pay when due, as hereinatter providecl, all ground rents, it any, and all taxes, assessme~ts. water rates and other governmental charges, tines and impositians, of every kind and nature whatsoever, now or Aere- after ~n~po sed on the mortgaged proporty, or any part thereof, and wi11 pay when due every amoun! ot indebtedness secured by any lien W which the lien of this Mortgage is expressly subject. 3. This Mortgage and the Note wera executed and dativered to secure moneys advanced in tuU to the Mortgagor by the Mortgagee as or on account o[ a loan evidenced by the Note, for the purpose ot makin the improvements described or reterred to in the ~„~pr k w r i t e-Ll dated j~ay 1 U~ 19 'j 3. lo or on the morigaged property, and for such other p~rpose, it any, described or reterred to therein, whiLh improvements are here- inatter collectively calied "Improvements.' The Mortgagor shall make or esuse to be made all the Improvements. It the construction or installation of the Improvements shall not be carried out with ressonable diligence, or shall be discontinuad at any time for any roason, other than strikes, lock-outs, acts of God, fires. tloods, or other sim~lar catas- trophies, riots, war or insurrection, the Mortgagee, atter due notice to the Mortgagor, is hereby authorized (a) to enler upon the morigaged property aad employ any watchmen, protect the Improvements trom depredation or injury and to presarve and protect such property. (b) to carry out any or all then existing contracts between the Mortgagor snd other parties tor the purpose ot making aay o[ t6e Improvements, (c) to make and enter into additional oontracts and incur obligations for the purposes ot completing the Improvements pursuant to the obligations of the Mortgagor hereunder, either in the ~ame oi the Mortgagee or tl~e Mortgagor, and (d) to pay and discharge, all debts, obligations and liabilities incurred by reason oi any action taken by the Mortga~ee as provided in this Paraqraph, all of ~avhich amounta so paid by the 1liortgagee, with interest thereon trom the date ot each such payment, at the rate oi three percent (396) per annum. shell be payable by the Mortgagor to the Mortgagee on demand and shall be secured by this Mortgsge. 4. No building or other structure or improvement, tixture or personal property mortgaged hereby shall be removed or demolished without the prior written consent ot the Mortgagee. The Mortgagor will not make, permit or sutfer any alteretion ot or addition to any building or other structure or improvement now or which may hereafter be erected or installed upon the mortgaged property, or any part thereot, except the improvements required to be made pursuant to Paragraph 3 hereot, nor will the Mort~agor use, or permit or sufter ihe use of, any of the mortgaged Qroperty tor any purpose otber than the purpose or purposes for which the same is now inteuded to be used, without the pnor writtea conseat ot the Mortgagee. The Mortgagor will maintain the mortgaged property in good condition and state of repair and will not sutfer or permit any waste to any part thereof, and will promptly with all the requirements of Federal. state and local governments, or of any departments, divisions or bureaus thereof, periaining to such property or any part thereof_ 5. The Mortgagor will not votuntarily create, or permit or su[ter 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 liens, it any, to which this Mortgage is expressly sub~ect, as set forth in the granting clause above, and will keep and maintaia the same free from the claims ot ali parties supplying labor or materials which will enier into the constructioa or installation of the Improvements. - 6. (a) The Mortgagor will keep all buildings, other structures and improvements, includiqg equipment, now existing or which may hereatter be erected or installed on the land mortgaged hereby. insured against loss by fire aad other hazards, casualties and contingencies, in such amounts and manner, and tor such periods, all as may be requirad from time to time by the Mortgageo. Unless otharwise required by the Mortgagee, all such insurance shall be etfected by Standard Fire and Extended Coverage Insurance policies, in amounts not less than necessary to comply with the coin- 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 oompanies approved by the Mortgagee and all policies therefore shall be in suc6 torm and shall have attached thereto lass payable clauses in favor of the Mortga gee and any other parties as shall be satis- factory to the Mortgagee. All such policies and attachments thereto shall be delivered promptly to the 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 thereo[, satistactory to the Mortgagee, shall be delivered prompt- ly to the Mortgagee. The Mortgagor will pay pmmptly when due, ss hereinafter provided, any and all premiums on such insurance, and in every case in which payment thereof is not made from the deposits therefor required by this Mort- gage, promptly submit to the Mortgagee for examination receipts or other evidence of such paVment as shall be satis- factory to the Mortgagee. The Mortgagee may obtain and pay the premium on (but shall be under no obligation to do so) every kind ot insurance required hereby it the amount of such premium has r.ot been deposited as requited by this Mortgage, in which event the Mortgagor will pay to the Mortgagee every premium so paid by the Mortgagee. ~ (b) In the event of loss or damage W the mortRaged property, the Mortgagor will give to the Mortgagee immediate no- tice thereof by mail, and the MortKagee may make and tile proof oi loss it not made otherwise ~romptly by or on behaif ` 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 4 holder of a lien under a mortgage or similar instrument to which this Mortgage is expressly subject: and the insurance : proceeds, or any part thereo[, if 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. In the event of toreclosure ot this Mortgage, or of any transfer of title to the mortgaged property in eatinguishment of such indebtedness, a11 right, title and interest ot 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 acquinng title m the mort- gaged property together with such policy and appropriate assignment ot such right, title and interest which shall be ~ macle by the Mortgagor. 7. (a) In order more tully to protect the security of this Mortgage, the Mortgagor shall deposit with t6e Mortgagee to- gether with, and in addition to, the payment of principal and interest monthly on account ot 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, nezt beooming due, (ii) the premiums next becoming due on the policies o[ fire and all other hazard insurance required by Wis Mort- gage with respect to the mortgaged property. (iii) tazes, assessments, water rates and other governmental charges next becoming due on t6e mortgaged property (all the foregoing amounts as estimated by the Mortgagee and set forth in a written notice of such estimate by the Mortgagee to the Mortgagor trom time to time), less all amounts that may al- ready have been paid therefor, 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 reterred to in clauses (i) through (iii) hereof is required to be de- posited by the 1Vlortgagor under a mortgage or similar. instrument having priority over the lien of this Mortgage. We Mortgagor shall make the deposits required by this Paragraph 7 only ia the event of the termination of such obligation under the prior mortgage or similar instrument~ The Mortgagor shali give prompt notice, in writing to the Mortgagee ~ of the occurrence of the last 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 ot such ground rents, premiums. ~ taxes, 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 with Paragraph 7(a) hereof. X~ and the amount of principal and interest to be paid each month on account of the Note, shail be added together, and the aggregate amount thereof shall be paid by the Mortgagor to the Mortgagee in a single payment to be applied by the ~ Mortgagee on acoount ot the indebtedness of the Morgagor pursuant to the Note and this Mortgage (to the eztent that monies are available trom the amount so deposited), in the order, any provision of the Note to the contrary notwith- ~ standing, as [ollows: ~ FIRST, to the amount of such ground rents. if any. fire and ohter hazard insurance premiums, tazes, assessments, water rates and other governmental charges required to be paid under the provisions of this Mortgage, in whatever sequence the Mortgagee may exclusivety determine: k ~ SECOND, to interest due on the Note: tia ~ THIAD, to the principal due on the Note: and ~ FOURTH, the remainder to the late charges, if any, re[erred to in the Note. Any deficiency in the amount of any such aggregate monthly payment shall, unless paid by the Mortgagor prior to the due date ot the next such deposit payable, constitule an event of detault under this btortgage. ~ ~ Pa~ E ?25 qC~;K ~ ~ - . a ~ ~ - ~x ~ _ ~ e , .~~.'t*sa.a~~-~.: r . ~ - - - ~ ~ ~