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HomeMy WebLinkAbout2308 } Tocsrxi~a witb all buildings, unprovemenis. aad tes~neats now or hereafter ereeted on the property, and all heretofore or hereafter vacated alleys and streets abutting the pr~perty, and all easements, rights. appurte- nances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock appurtenant to the ProPertY. And all Srtures, machiaery. equipment, building materials, appliances and goods of every nature whatsoever now or 6ereafter located in. or on. or used. or intended to be used in connection wit6 the ProPertY. including, but not limited to, those tor the purpoaes of sup P1YIn8 or distributing heating, oooling, electricity, $as. water. sir and lig~t; and all elevators, and related machinry and equipment, plumbing, bath tubs, water heaters, water closets. sinks, nu?8~. stoves. r~ri8erators. dishwashers. dispoaals. v~?sshers. dryers. awaings. storm windows, storm doors. screens, blinds, shades, curtains, ru8~. attached floor oovering~, fumiture, antennas, hees and plants; all of whic6, induding replaceme~ts additions thereto, shall be deemed to be and remain a part of the real properh+ covered by this Mortgage; and all of the fore~oing. together with said property ~or the leasehold estate in the event this Modgage is on a leasehold) are herein referred to as the "Properly Borrower oove~nants that Borrower is lawfull seised of the estate hereby oonveyed and has the d t M mortga$e, grant, convey and assign the Property ~and, if this Mortgage is on a leasehold, that the groun lease is in full foree and eHect withont modi8cation e~ccept as provided above and without default on the part of either lessor or lessee thereunder), that the Property is unencumbered, and that Bornower will warrant and defend generally the title to the Property against- ali claims and demands, subject to any easements and restrictions listed in a schedule of exceptions to eoverage in any title insurance policy insuring Lender's interest in the Propeity. Uxgox~z Cov~avwxrs. Borrower and Leader oovesant ancl a~t'ee as follows: Pa~•meat ~t l. Borrower ~hal! promptlr paY wbea due tDe ptia• shaU promptly turnlsh to I.ender all notices of amounts due uader thts Principsl ~si cipal ot and Interest on the Indebtedne~ e~ideaecd pamBKPb. ~d in the event Borrower ahall make payment directly. Intere~t by the Note, and prepayment and late ~~at'6H ~ ~n'O~'er shall promptly furalsh to I.ender receipts evidencing such pro~rided in the Note. paYmeota. Botro~er ahall promptly dbcdarge any lien vrhfch 6as. or may ha~e, priority over or equaUty vcith this l[ortgage aad wilt r unds t~r ?s~e~ 2 SuDJect to Lender's option under para6*aphs 4 keep and maintsia the Property tree irom the claims of all persons sod Inwnaoe end S hereof, Borrower sDall psy to I.ender on the supplyiaa labor or materiala to the Property. Without I.eader's prior day montltly iastallment~ oi princlpal and faterest writtea petmisslon, Borrower shall not sllow any lini laterlor to this ' are papable uader We Note. unUl the Note U pald in fuU. ~ sum Yortgage to be pertected aaalnst the Propert~. (herein '•Plinds") equal to OR!-!MliL~ of (a) the yearly water and sew•er ntes and tazn and ~~v w~~b °~y ~ levled on the $w~ s, Borrower shall keep the improvements aow e=ist- Property. (b) the ~early ~ound rents. If any. (c) the yearir P~~~ Iwraeee ing ar her$afier crteted on tht P~ogerty in~ured bv inntallmenU for IIse and other bazrrd insnrsnce. rent lots insuranos iniucance carriers swUsfsctory to I.ender against and auch other lawraace co~erln6 the PeoPe~t7 a~ ~der msy rMuice loss bY nn• hasai'd° included witAla the terni "e:tended coverage". purouaat to paraaraph b hereot, (d) We ~ear1Y Premlui° 1A~taUm~°u 1~ ~?d such oWer hastede. cas~'~lties, liabtlities a,~d contla- tor mort6age lnsuranoe. if anY. a~d (e) u t~1~ Yortaase b on a lasr B~~a uader (and. U tDls l[ortga~?e b on a leaaehold. tbe hold, the yeatb 8zed reab. !t anY• uader tLa Sround lease, all as 6~OU°d leaK~ °~1 require a°d such °°°ouab and [or such periods reanonabl1 estimated 1nltiaUy snd from tlme to Ume ~r Lender on t2~e ~~der shaU requtre. All premlums on Inaurance policics ~paii be pafd. at Lender'a opUon, ta the m~nner provided under paraaraph 2 baais oi as~au~nmts and bllls snd ttasonabk estimates th~n°t• hereof or in such other manner as Lender may datgna:e in writin6. Funda ahall De held !n an instltuUon the deposib or acoounts ot whicL ~ i~~~ ~~M« ~d noeaals thereof ahsll be in form accept- 't ar> inaured or guaranteed D7f a Federal o~ itate aaeney tincludins able to Leader and iha11 lnclude s standard mortgage clause in favor i Lender It L.ender L snch an fnititutfon). Lender shttl apply the 1~linds of and ta form acceptaDle to L,ender. Leader shdl ha~e the right to pay sald rates. renta. t~es, assesamenu and Insursaee premlums. to hold t~e policles and renevrab tLereot, and Borro~cer shall promptly I Lender sdall make no charge tor so bolding and spp:yioB the ~nds os turnbh to Lender all reaewal notfces and all recetpls ot paid prem[ums. for verifyina and compUln6 safd asses~menb u?d DtUs. Botrower and At least lb days prior to the ezpirwUon date ot tde pollclca. Borrower Lender mar aaree in writln6 at the tlme of euecuUon of this ddher to Lender renewal poUcies !n form sstls[actory to Lender. 3Sortgage that lnterest on the Funds ~ha11 De Pa/d W$°'n°wu• It ~~oKgage is on a leasehold. Borrov~er shaU turnLh Leader a and unleas such agreement 1s made, I.ender ihall not be required to duolicate of a: auch pollcies, renevral notices, renevcal pollcfea a~d pay Borrower any interest on the Fuadi- Lender shail 6he to Bor- ~~1pv ot paid premiuma if, by rirtue of the ground lease, tbe roa•er. ~vithout chsrge. an annual accountina ot the Funds showlna o~~~ ~ereof may not.De suppUed bY Borr~~?er to Lender. credita and debtts to the Funds sad tbe purpwe tor whlch eact? deDit ~~e e~en: oi ioss. Borrower shall give Immedt~te vvritten aotios to the ~nds wss made. The F1~nds are pledaed u addttbnal secndty !or the sums secured by thls Yortgage. to We fnaurance carrisr and Lender. Borrower hereGq authorises and I[ the amount ot the Flinds held by Lender at the time of the emlxrwers Lender, at I.ender'a option and in Lende~s sole discretion annual accouat[ns thereot shs11 ezceed the smount deemed nece~sary as attotaey-in-fact for Borrower, to make proo[ ot loas, to adjust and b~~ I.ender to pmvide for the payment of water and ~e~cer ratea. ~p~m~ ~y under insurance polictes. to appear fn aad proso- ta~es, assessmenis, iosurance premlums and rents, as they tall due, cute anr aetion arising lrom such insnrance policies, to coUect and nuch excess ~hali be credlted to Borrower on the nest monthly in- n~ive fnsuraace proceeds. and to dednet thercfrom Lender'a ezpenw stallment or installmmfs of Funda due. It at any time the amount ~ocurred 1n the collectloa of auch proceeda. BorrowTer !irther suthor- ot ihe Flinda held by I.ender shall be iw than the ~mount deemal necessary by I.ender to psy ~?ater and sevrer rates, ta~ce~. as~ess- lses knder. at I.ende~s optfon. (a) to hold the balance ot such pm- ments, insurance prer~iums and renb as LheY taD due. Borrovoer ceeds W be uscd to relmbune Boreov~er for the cosU o! reconstructlea shall pay to I.ender any amovnt neceassry to mske up the de~dency or repair ot the Property or (b) to apply the balance oi wch proceeds uithin Wirty days atter aotlce from I.eadzr to Borrov~'er requesdag to the payment of tbe aueu secured by this Yortgage, w+hether or pay~:nent tLereot. not then due, in tDe order ot application set torth in paragraph 3 hereot L'pon psyment la tull ot ali suma securcd by thla Yortgage, (sub~ect. howe~er, to the rithts of the lessor under the sround leau Lender shali prompUy refund to Borrower aar Funds held by Lender. yt tbls Yortgage U on a lessehold). It the insurance pmceeda an IL under paraaraph ffi dereot the PropertY is soid or the Property 6eld by I.ender to be used to relmbune Borrower for the co+te oi resto- ~ ic otherw*ise acqufred Ey Lender, I.eadec shsll applp. ao later than m~on and re ir of the Pro rt the ProP~rtY ahv~ be n°~red t° xy immedtatdy peior to tLe aale ot the Property or Ita aoquisition by Pa ~ y~ Lender, any I~nds held by I.ender at the tlme o[ appitcsdoa as a tt~e equivslent ot ib orlgiaal conditlon, or snch other conditlon as credit agalnst the sunu secuced by this Hortaaae. LeDder may approve in Writing, and Lender may. at Lender'~ option. Appucadon ~t 3. Unleas appllcable ls~r provides othes~ise, all pay- COnditloa disbursement o[ ~aid proceeds oa Lender'a spproral oi such Ya~ments ments recetved by Lender under tLe Note and para- p~ ~ ~~~~~ons ot an architect s~tistacWq to I.ender, con- grapha 1 and 2 hereof shall be appUed by Lender trsctoCs cost est~mata, srcbltect's certi6catq, wafven of llens. sworn f rat in payment ot amounu payabie to I.ender by Borro~ver under ststemmts ot mechanld sad materlal men and such other evfdence paragraph 2 hereot, then W interdt payable on the Note, aeact to tLe of cwU, percentage coa?pletlon ot construcUon, applicatlon of pay- principal of the Note, and last to any other sums secured by this ments, and ptlsfacdoa o[ liens as Lender may reasonably reqnire. If Mortgage. the insnrance proceeds are applled W tLe paYmeat ot the sums secured by this Yortgage, sny ~uch appllc~Uon of proceeds to prlncipal shall Char6a; Lens 4. Sorrovrer shali pay ali water and iewer ntea, pot e~[tend or post~:.ne ahe due date of the moathly insWlmenL re- tazes, essessments and other ch~rgea. 5nes, Impu- ~iR~ ~ ~p ~~ap6a 1 and Y hereot or ehange We smount ot such aitions wr~d renf+. it any, attributable to the Property at Lender'~ i~~~~u option in che manner pro~ided un6er paragraph Z Lereo[ or in u~der paraanph SS hercof the Property b~old or the Prope~y au~h other msnner as under may dalgnate in wriUag. Borrower r:~ ~f1 rl finri~~ bCR01f~:~?~ ~~00 ~ ~ ~,r., i ^ - - ~ . FAGi ' , • ~ _ - - ~ ~ - _ ~ ~ y= _ . ' _ .