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HomeMy WebLinkAbout1720 AND the Mortgagor [urthar cu~~en:~nts e~d a~;rees w~th the MortKagee, as foltows: 1. 7'he MurtKagor will prumptly p~y thA pr~ncipal ot and intervst on the indebtedness ev~dencc•d by the Note. and aU other char~es and indebtedness providec! thereen and in tliis MortKage, at 1he limes and ~n t1?e manner prov~ded ~n the Note and i~ this Morigage. 2. The Morigagor will pay when due, as hareinafter provided, all ground rents, it any, and all taxes, assess~ienta, water rates a~d other governmental charges, tines and impositions, ot every kind and nature whatsoever, now or here- atte~ impo sed on the ~nortgaged property, or any part thereot, and will pay whan due every amount ot indebtedness secured by any lien to which the lien ot this Mortgage ~s axpressly aubject. 3. This Morigage and the Note were executed and delivered to secuta monays sdvanced in tull to lhe Mortgagor Dy the Mortgagee as or on account of a loan evidenced by the iVote, for the purpose ot makipg the prove e ts described or referred to in the wOr]~ y~IT~tg~uD datedrlgV . 19 .woronthe mortgaged property, and for suc other pUrpose, it any, described or referred to therein, whfch impruvementa are hare- • inafter collectively called "lmprovements." The Mortgagor shall make or cause to be made all the Improvementa. I[ the construction or installation of t!?e Improvements shall not be carried out with reasonable diligence, or sha11 be discontinued at any time for any reason, othor than strikea, lock-outs, acts ot God, tires, iloods, or other aimilar calas- ~ tropbies, riots, wsr or iasurrection, the ~iortgagee, atter due notice to the Mortgagor, is heteby authorizad (a) to enter upon the morigaged property and employ any watchmen, protect the Improvementa lrom depredation or injury and to preserve and protect such proparty. (b) to carry out any or all then existing contracts between the Mortgegor and other parties tor tha purpose ot making any ot tha Improvements, (c) to make and enter into additional oontracts and incw obligations tor the purQoses ot completing the Improvements purauant to the obligations of the Mortgagor hereunder, either ia the name of the Mortgagee or the Mortgagor, and (d) to pay and discharge all debts, obligatious and lisbilities ~ incurred by reason ot any action taken by the Mortgagee as provided ia this Aaragraph, all of which amounts so paid by the Mortgagee, with interest thereon trom the date of each such payment, at the rate of three percent (396) per annum, shall be payable by the Mortgagor to the Mortgagee on demand and shall be secured by this MoKgage. 4. No building or other structure or improvement, tixture or personal property morigaged hereby shall be removed or demolished wilhout the prior written consent ot the Mortgagee. The Mortgagor will not make, permit or sutfer any . alteration ot or addition to any building or oWer structure or improvement now or which may hereaiter be erected or iastalled upon the mortgaged property, or any part thereof, except the improvements required to be made pursuant to Paragraph 3 hereof, nor will the Mortgagor use, or permit or sutter the use ot, any of the mortgaged property tor any purpose other than the purpose or purposes for which tAe same is now intended 1o be used, without the prior written consent oi tde Mortgagee. The Mortgagor will maintain the mortgaged property in good condition and state of repair and will not sut[er or permit any waste to any part thereof, and will promptly with all the requirements of Federal. state and local go~emments, or ot any departments, divisions or bureaus thereot, pertaining to sueh property or any part thereof. 5. The Mongagor will not voluntarily create, or permit or suffer to be created or to exist, on or against the mortgsged property, or any part thereot, any lien superior to the lien of this Morigage, exclusive of the lien or liens, if any, to which this Mortgage is expressly subject, as set forth in the granting clause above, and will keep and maintaia the same free irom the claims of atl parties supplying Iabor or materials whic6 will enter iato the construction or installation ot We Improvements. 6_ (a) The Mortgagor will keep all buildings, other structures and improvements, includiag equipment, aow e=isting or which may hereatter be erected or installed on t6e land mortgaged hereby, insured against loss by fire and oWer hazards, casuaities and contingencies, in such amounts and manner, and for such periods, all as may be required trom time to time by the Morigagee. Unless otherwise required by the Mortgagee, all such insurance shaA be egected by Standard Fire and Extended Coverage Insurance policies, in amounts not tess than necesssry to comply wiW We coin- surance ctause percentage of the value applicable to the location and character oi the property W be covered_ All such - insurance shall be carried in oompanies approved by the Mongagee and all policies therefore shall be ia such torm and shall have attached t6ereto Ioss payable clauses in favor of the Mortgagee and any other parties as shall be satis- factory to the Mortgagee. All such policies and attac6ments 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 wbich this Mortgage is expressly subjeet, in which latter event, certiticates thereof, satistactory to the Mortgagee, shall be delivered prompt- ly to the Mortgagee. The Mortgagor will pay promptly when due, as hereinafter provided, any and atl premiums on such insurance, and in every case in which payment thereof is not made from the deposits thetefor required by this Mort- gage, promptly submit to the Mortgagee for examipation receipts or other evidence ot such payment as shall be satis- factory to the Mortgagee_ T6e Mortgagee may obtaia ~nd pay the premium on (but shall be under no oDligation to do so) every kind of insurance required hereby it the amount of such premium has not been deposited as required 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 to the mortE;aged property, the Mortgagor ~rill give to the Mortgag~ee immediate no- tice thereof by mail, and the Mortgagee may make and file proof of loss it not made otherwise promptly by or on behalf of the Mortgagor. Each insurance company issuing any such policy is hereby authorized and directed to make payment thereunder tor such loss to the Mortgagor and the biortgagee jointly, unless the amount of loss is payable first to the holder of a lien under a mortgage or similar instrument to whic6 this Mortgage is ezpressly subject: and the insurance proceeds, or any part thereof, if received by the Mortgagee, may be applied by the Mortgagee, at its option, either in re- duction of the indebtedness hereby secared, or to the restoration or repair of the mortgaged property damaged. In the event of foreclosure of this Mortgage, or of any ttanster of title to the mortg~ged property in eztinguishment of such indebtedness, all right, title and interest of the Mortgagor in and to every sueh insurance policy ttten in enforce. sub- ject to the rights and interest of the holder of any such prior lien, shall pass to We grantee acquiring title Lo the mort- gaged property together with such policy and appropriate assignment of such right, title and intetest which shall be made by the Mortgagor. 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 int~rest monihly on account of the Note secured hereby, until the Note is'paid in full, an amount of money equai to the total amount of (i) ground rents. if any, nezt becoming due. (ii) the premiums next becoming due on the policies of tire and all other hazard insurance required by this Mort- j gage with respect to the mortgaged property, (iii) taxes. assessments, water rates and other governmental charges i next becoming due on the mortgaged property (all the foregoing amounts as estimated by the Mortgagee and set"forth i in a written notice of such estimate by the Mortgagee to the Mortgagor from time to time), less all amounts that may al- ready have been paid therefor, divided by the number of calendar montt?s 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. I[ any amount reterred 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 E Mortgagor shall make the deposits required by this Paragraph 9 only in the event ot the termination of such obligation under the prior mortgage or similar instrumenG The Mortgagor shall give prompt notice, in writing to the Mortgagee of the occurrence of the -last mentioned event_ AU such amounts so deposited with the Mortgagee shall be held by fhe ~ Morigagee, or any agent designated by it, in trust to be used oaiy for the payment of such ground rents, premiums, taxes, assessments, water rates and other governmental charges. No inLerest shell 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. and the amount of principal and interest to be paid each manth on account ot the Note. shall be added tngether, 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 of the indebtedness of the Morgagor pursuant to the Note and this Mortgage (to the eatent that ' monies are available from the amount so deposited). in the order, any provision of the Note to the contrary notwith- ~ standing, as follows: - FIR.4T. to the amount of such ground rents, if any, tire and ohter hazard insurance premiums, taaes, assessments. : water rstes and other governmental charges required to be paid under the provisions of this Mortgage, in whatever ; sequence the Mortgagee may exclusively determine; s SSCOND~ to interest due on the Note: ` THIRD, to the principal due on the Note: and ~ FOUATH. the remainder to the late charges, it any. re[ei reci to in the Note. 3 Any deficiency in the amount of any such aggregate monthly payment shall, unless paid by the Mortgagor prior to the i due date of the next such deposit payable, constitute an event of detault under this Mortgage. ( ; ~~~~210 ~~~:1721 , . _ , : : xvha. ,t.~.L..:..a~+ „ i'-. ~.1 ~ F' ~ ~ . . _ _~s+~ -,«..~v~~: