Loading...
HomeMy WebLinkAbout1837 . ~ . ~ • AND the Mortgagor turther cuv~naats »~d agrcres with the Mortgagee, as tollows: 1. The Mortgagor will prumptly pay tha principal ot and i~terest on the indebtedness evidonced by the Note, snd all othe~ chargea end indobtedness provided there~n and in this Mortgage. at the times and in the mannar providad in the Note and in tdis Mortgage. 2. The Mortgagor will pey when~due, as hereinatter provided, all ground rents, it any, and all twxes, sssessmeats. water rates and other governmental charges, tinas and impositiona, of every kind and nature whatsoever, now or hera- after imposed on the mortgag ed property, or any part thereof, snd will pay when due every amouat ot indebtedness secured by any lien to which the lien ot Wis Mortgege ie expressly subjec~ 3. This Mortgege and the Note were executed e?nd delivered to secure moneys advanced in tull to the Mortg sg~or by the Mortgagee as or on account of s loan ev3denced by the Note, tor the purpose ot makin the im rovaments dascnbod o: rererrea to ia uie w~~'k w~i~e-u - ascea IIjgp lg. la coo:oncne mortgaged property, aa or suc o er p~oae, it aqy, doscribed or referred to Werein, w-hTC'd impmv~~ents are hare- insiter oollectively called "Improvaments. The Mortgagor shall make or cause to be made all the Improvements. [t tha construction or installation ot We Improvements shall nat be carried out with reasonable diligence, or shall be disoontinued at any time tor any resson, other than strikea, lock-outs, acts of God, fires, Ilooda, or other aimilar catas- trophles, riots, war or iasurrection, the Mortgagee, alter due notice to the Mortgagor, is hereby suthorised to enter upon the mortgaged property and employ any watchmen, protect the Improvements trom depredation or iAjury and to preserve and protect such property. (b) to carry out any or all tben e:istiag contn?cts between tha Mortgagor and other parties [or the purpose ot making sny ot the Improvements. (c) to make t?nd enter into sdditionsl oontrscts and iacur obligatioas tor the purposes of completing the Improvements pureuaat to the obligations of the Mortgagor hereunder, aither in the name oi the Mortgagee or the Mortgegor, snd (d) W psy wnd discharge sll debts, obligstioae and lisbilities incurred by reason ot any ection taken by the Mortgagee as provided ia Wis Peragraph, sll of which oraounts so paid by the Mortgagee. W1UI 1[I~I@SL W6t@OD il'Ol11 lh@ dA~ Ot each such payment, at the rate o[ three percent (396) per snaum. shall be payable by the Mortgagor to the Mortgagee on demand snd shall be secured by this Mortgage. 4. No building or other structure or improvement, tixture or personal property mortgaged hareby shall be removed or demolished without the prior written consent ot the Mortgagee. The Mortgagor will not make, permit or suffer any alteration of or additioa to any building or other structure or improvement now or which may hereafter be erected or installed upon We mortgaged property, or any part thereot, e:cept the improvements required to be msde pursuaat to Paragrsph 3 hereof, nor will the Mortgagor use. or permit or su[ter We use of, any of the mortgaged property for any purpose other thaa the purpo se or purposes [or which the same is now intended to be used, without the prios written oonseat ot the Mortgagee. The Mortgagor will maintain the mortgaged property in good condition snd state of repsir and will not sutter or permit any waste to any part thereot, and will promptly with all the requirements of Federal, state and local governments, or of any deparlments, divisions or buresus thereo[, pertaining to such property or any part thereof. 5. The Mortgagor will not voluntarily create, or permit or sutter to be created or to exist, on or against the mortgaged property, or any part thereot, any lien superior to We lien ot this Mortgage?, exclusive of the lien or liens, if any. W which this Mortgage is expressly subject, as set forth in the granting clsuse above, arid will keep and maintain the same iree trom the claims ot all parties supplying labor or materials which will enter into the construction or installstion of the Improvements. 6. (a) The Mortgegor will keep all buildings, other structures and improvements, includiag equipment, now e:isting or which may hereafter be erected or installed on We land morigaged hereby, insured against loss by fire and other hazards, casualties and contingencies. in such amounts and manner, end tor such periods, all as may be required irom time to time by the Mortgagee. Unless otherwise required by t6e Mortgagee, all such insurance shall be eUected by Standard Fire and Extended Coverage Insurance policies, in amounts not less Wan necessary to comply with the ooin- surance clause perceatage 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 form and shall have attached thereto loss payable clauses in favor ot the Mortga gee and any other parties as shall be satis- [actory to the Mortgagee. All such policies and attacLments thereto shall be delivered promptly to the Mortgagee. ua- less they are required to be delivered to tde holder of a lien of a mortgage or similar instrument to which this Mortgage is expressly subject, in which latter even~ certificates thereof, satisfactory to the Mortgagee, shall be delivered prompt- ly to the Mortgagee. The Mortgagor will pay promptly when due, as hereinaiter provided, any and all pr8miums on such insurance, and ia every case in which payment thereof is not made from fhe deposita therefor required by this Mort- gage, promptly submit to the Mortgagee tor examination receipts or other evidence of such payment as shall be satis- [actory to the Mortgagee. The Mortgagee may obtain and pay the premium on (but s6a11 be under no obligation to do so) every kind of insurancereq uired 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 peid by the Mortgagee. (b) In tpe event of loss or damage to the mortgaged property, the Mortgagor will give to the Mortgagee 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 su/6orized and directed to make payment ~ thereunder for such loss to the Mortgagor and the Mortgagee jointly, unless the amount ot loss is payable first to the ~ holder ot a lien under a mortgage or similar instrument to which this Mortgage is expressly subject: and the insuranoe ( proceeds, or any part thereof, if received by the Mortgagee, may be applied by the Mortgsgee, 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 ot foreclosure of this Mortgage, or of any transfer of title to the mortgaged property in eztinguiahment of such ~ indebtedness, all right, title and interest of the Mortgagor in and to every suc6 insurance policy then in entorce, sub- ject to the rights and interest of the holder ot any such prior lien, shall pass to t6e grantee acquiring title to th~-meFt- ~ gaged property together with such policy and appropriate assignment of such right, title and interest which,~shall~_ made by the Mortgagor. yS 7. (a) In order more tully to protect the security of this Mortgage, the Mortgagor shall deposit with the Mort,gagee to- gether with, and in addition to, the payment of principal and interest monthly on account of the Note secure~ hereby, until the Note is paid in full, an amount of money equal to the total amount of (i) ground rents, if any, nezt bocoming ; due, (ii) the premiums ne:t becoming due on We policies of fire and all other hazard insurance required by thie Mort- gage with respect to the mortgaged property. (iii) taxes, assessments, water rates and other governmeate~l charges neat becoming due on the mortgaged property (sll the foregoing amounts as estimated by the Mortgagee and eet forth in a written notice of such estimate by the Mortgagee to the Mortgagor from time to time), less all amounts that ma~y al- ready have been paid therefor, divided by the number of caleadar months to elapse before one calendar month prior to the date when such ground rents, premiums, taaes, asaessments, water rates and other govemmental charges, respec- : tively, wiA become due and payable. If any amount referred to in clausea (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. We ~ Mortgagor shall make t6e deposits required by this Paragraph Z only in the event oi the terminatioa of such obligation - under the prior mortgage or s~milar instrumeni 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 6eld by Ehe ~ Mortgagee, or any agent designated by it, in trust to be used only for the payment of such ground rents, premiums. ~ taues, assessments, water rates and oWer governmental chargea. No interest ahali be payable by the Mortgagee on any ~ sum so deposited. " (b) All amounts requireci to be deposited with the.Mortgagee monthly in accordance with Paragraph 9(a) hereof. ! ~ ~ and the amount of principal and interest to be paid each month on account ot the Note, shall 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 of the indebtedness o[ the Morgagor pursuant W 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 tfl the oontrary notwiW- ~ standing, as tollows: ~ FIRST, to the amount ot such ground rents, it any, fire and ohter hazard insurance premiums, taaea, assessments. ' ~ water rates and other governmental charges required to be paid under the provisions of this Mortgage, in whatever 3 ~ sequence the Mortgagee may exclusively determine; 3 ~ SgCOND. to interest due on the Note: f THIRD, to the principal due on the Note; and FOURTH, the remainder to the late charges, if any, re[erred to in the Note. ~ - ~ Any deticiency in the amount oi any such aggregate monthly payment shall, unless paid by the Mortgagor prior to the due date of the next such deposit peyable. constitute an event of detault under t6is Mortgage. ~ ~ _ oR 829 . aooK217 ~acE~. ~ ~ ~ ~r.= .