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levied or assessed upon or against the Mortgaged Property or
_ any part thereof, or upon or against this Mortgage or the
indebtedness or other sums secured herpby, or upon or against
the interest of Mortgagee in the Mortgaged Property, as well
as all income taxes, assessments and other governmental charges
levied and imposed by the United States of America or any state,
county, municipality, borough or other taxing authority upon
or against Mortgagor or in respect of the Mortgaged Property
or any part thereof, and any charge which, if unpaid, would
become a lien or charge upon the Mortgaged Property prior to
or equal to the lien of this Mortgage before they become de-
linquent and before any interest attaches or any penalty is
incurred.
(b) Mortgagor shall not permit or suffer any mechanics',
laborer's, materialmen's, statutory or other lien which might
or could be prior or equal to the lien of this Mortgage to
be created or to remain a lien upon any of the Mortgaged Property. i
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,(c) If any state, federal, municipal or other govern- ~
mental law, order, rule or regulation, passed subsequent to the ;
date hereof, in any manner changes or modifies existing laws
governing the taxation of mortgages or debts secured by mortgages,
or the manner of collecting taxes so as to adversely affect
Mortgagee, the entire balance of the sums secured by this Mortgage
and all interest.accrued thereon shall without notice become due
and payable forthwith at the option of Mortgagee.
(d) Nbrtgagee may, at its option, require Mortgagor -
to deposit with Mortgagee on the first day of each month, in ~
addition to making any required payments of principal and interest, ;
until the Note is fully paid, an amount equal to one-twelfth (1/12) ~
of the yearly taxes and assessments as estimated by Mortgagee to ;
be sufficient to enable Mortgagee to pay at least thirty (30) days x
before they become due all taxes, assessments and other similar ~
charges against the Mortgaged Property or any part thereof. Such ~
deposits shall not be, nor be deemed to be, trust funds, but may ~
be commingled with the general funds of Mortgagee, and no interest ~
shall be payable in respect thereof. Upon demand by Mortgagee, '
Mortgagor shall deliver to Mortgagee such additional monies
as are required to make up any deficiencies in the amounts
~ necessary to enable Mortgagee to pay such taxes, assessments
~ and similar charges. In the event of a default under any of
; the terms, covenants and conditions in the Note, this Mortgage
~ or any other instrument securing the Note to be kept, performed
~ or observed by Mortgagor, Mortgagee may apply to the reduction
~ of the sums secured hereby, in such manner as Mortgagee shall
- determine, any amount under this paragraph 1.04(d) of Article
One remaining to Mortgagor's credit.
(e). Mortgagor shall not claim, demand or be entitled
~ to receive any credit or credits on the principal or interest
payable under the terms of the Note or on any other sums secured
~ hereby, for so much of the taxes, assessments or similar imposi-
tions assessed against the Mortgaged Property or any part thereof
~ as are applicable to the indebtedness secured hereby or to -
~ Mortgagee's interest in the Mortgaged Property. No deduction {
~ shall be claimed from the taxable value of the Mortgaged Property
~ or any part thereof by reason of the Note, this Mortgage or any
~w other instrument securing the Note.
~
~ 1.05 Insurance.
~
~ (a) Mortgagor shall at its sole expense obtain for,
~ deliver to and maintain for the benefit of Mortgagee, during the
life of this Mortgage, insurance policies in such amounts as
~ Mortgagee may require, insuring the Mortgaged Property against
~ fire, extended coverage and such other insurable hazards, casual-
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