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HomeMy WebLinkAbout2509 ARTICLE ONE Particular Covenants of the "Borrower" 1.01 PERFORMANGE OF NO~E AND MORTGAGE. The "IIorrower" will perform, observe and comply with all provisions hereof and of the note secured hereby and will duly and punctually pay to the "Lender" the sum of money expressed in the note wi~h interest thereon and all other sums required to be paid by the "Borrawer" pursuant to the provisions of this mortgage, all without any deductions or credit for taxes or other similar charges paid by the "Borrawer". 1.02 WARRANTY OF TITLE. At the time of the ensealing and delivery of• these presents , the "Borrower" is well seized of an indefeasible estate in fee simple in the land and real property hereby mortgaged and has good and absolute title to all existing personal property hereby mortgaged and has good right, full power and lawful authority to convey and mortgage the same in the manner and form aforesaid; that the same is free and clear of all liens, charges, and encumbrances whatsoever, including, as to the personal property and fixtures, conditional sales contracts, and anything of a similar nature, and that "Borrawer" shall and will warrant and forever defend the title thereto. „ 'Borr~ " w' 11 pay to the "Lende " on the first day of each i h ogether and in addition to e regular installmen o rincipa d interest til the note is f ly paid, an amount al to one- welfth (1/1 ) o he yearly taxes and assessments e timated by he "Lender" o be ficient to e able the "Le r" to ~ay at least . hirty (30) ys before ey beco due, al axes, ass ssments, nd other si 'lar charges inst he Mo aged Propert or any art thereof. Such added pay ts sh not be, nor be deemed to e, trust fu s, but may be commi ed with the general funds of he "Lender" and no interest 1 ayable in respe t thereof. pon demand the "Lender" he " orr " agrees to d liver to he "Lender" uch addit' al money as are essary to make up any eficiencies 'n the ounts necess ry to enable he "Le der" to pay ; uch taxes, se nts and simila charges. In t ev nt of a ! ef ault by t Borrower" in the p rformance of any o he terms, ~ venants onditions in the not or mortgage, the " n r" may ~ ply the eduction of the sums secured hereby, in s ch m er ~ e"Lend " shall determine, a y amount under this aragrap ~ „ ~ 1.04 OTHER TAXES, LIENS A~'~TD UTILITY CH~?RGES. (a) The "Borrower" will pay promptl~, when and as due, all charges for utilities, whether public or private, and will promptly exhibit to the "Lender" receipts for the payment of, all taxes, assess- ments, water rates, dues, charges, fines and impositions of every nature whatsoever imposed, levied or assessed or to be imposed, levied or assessed upon or against the Mortgaged Property or any part thereof, or upon the interest of the "Lender" in the Mortgaged Property (other than any of the same for which provision has been made in Paragraph 1. 03 of this Article 1) , as well as all income taxes , assessments and _other governmental charges lawfully levied and imposed by the United ~ States of America or any state, county, municipality, borough or other taxing authority upon the "Borrower" or in respect of the Mortgaged Property or any part thereof, or any charge which, if ~y unpaid, would become a lien or charge upon the Mortgaged Property ~ prior to or equal to the lien of the mortgage for any amounts secured hereby or would have priority or equality with the mortgage in ~ distribution of the proceeds of any foreclosure sale of the Mortgaged Property, or any part thereof. ~ (b) The "Borrower" will not suffer any mechanic's, ~ laborer's, statutory or other lien which might or could be prior ~ to or equal to the lien of the mortgage to be created or to remain ~ ; outstanding upon any of the Mortgaged Property. - 3 - 60CK ~~JU PAGE ~Ji~J~ - - ~ ~ t - r h , ° 4 _ ,~~-~,r~~~ e ~ ~+'x~t. - - - _ . ~ _ ~-~~`~~`'r'