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HomeMy WebLinkAbout1127 ~ there shall be insufficient funds on hand with the rlortgagee ~ to pay the same, Mortgagor shall forthwith make a deposit suffi- cient to make payment of same in full when due. It is the in- tention of Che parties that the Mortgagor shall deposit with ~ the Mortgagee the necessary funds so that the Mortgagee at all times during the term of the Mortgage and any extension thereof shall have on hand sufficient deposits covering the various items for the respective accrual periods pertaining to each of them so that the deposits of one~shall not be used for the payment of another except, however, that the Mortgagee, at its option, may use the deposits of one for the payment of another and any re- sulting deficiencies shall forthwith be paid by the Mortgagor. The said funds shall bear no interest. The whole of said morf- gage debt shall immediately become due and payable at the option of the Mortgagee after default in the payment of any of the aforesaid monthly deposits for ten (10) days or after default in payment of any of the aforesaid additional sums or deposits for five (S) days, in which event all monies on hand in the ' - deposit fund may, at the option of the Mortgagee, be applied in reduction of the Mortgage and/or in the payment of any of z the aforesaid items. Upon an assignment of the Mortgage, the i Mortgagee shall have the right to pay over the balance of such deposits in its possession to the assignee and the Mortgagee shall thereupon be completely released from all liability with respect to such deposits and the Mortgagor or owner of the Pro- ° perty shall look solely to the assignee or transferee in refer- ence thereto. This provision shall apply to every transfer of ~ such deposits to a new assignee. ~ ~ ; Article 11: Discharge of Mechanics' Liens ~ E The Mortgagor will pay, from time to time when E the same shall become due, all lawful claims and demands of ~ mechanics, materialmen, laborers, and others which, if unpaid, ~ might result in, or permit the creation of, a lien on the Pre- ~ mises, or any part thereof, or on the revenues, rents, issues, ~ income and profits arising therefrom, and in general will, at ; ~ the cost of the M4rtgagor and without expense to the Mortgagee, ~ do or cause to be done everything necessary so that the title t to the Premises shall be fully presQrved and remain unimpaired. ~ ~ ~ ~ ~ Article ~2. Proper Care and Use - ~ ~ ; The Mortgagor will not commit any waste on the ~ Premises or do any act which would tend to impair the value of - the Premises or the security of this Mortgage, or make any change in the use of the Premises which will in any way increase ~ any ordinary fire or other-hazard arising out of the construction ~t or operation of the Premises. The Mortgagor will, at a11 times, Nj ~ maintain the Improvements in good operating order and condition ; ~ and will promptly make from time Co time all repairs, renewals, ~ replacements, alterations, additions and improvements in connec- ~ ~ . ~ -7- BOOK PACf ~ ° K 238 1~.26 ~ t - ~ : ~ ~ _ ,~l"•t'~'~c.,,a'' "}~.L y 'x°„ .C•~'`~~ .'ekS~.- yn,tx+ ~ _ ~ . .