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Home My WebLink About2013 1.05 No Tax Credits. The "Iiorro+cer" will not chum or demand ur be ent+tled to receive :+ny credit ur credits on the prtnc+p:?1 or interest payable under the terms of the note or un any other sums sec•un•d hereby, for so much of the taxes, assessments ar similar im}ws?lions assessed against thc• \lur :gaged Property or an • part thereof, as are applicable to the indebtedness secured hereby or to the "Lender's" interest in the A~ortgaged Property. No deduction shall he claimed [rum the taxable value of the 1\Surtgaged Property or any part theccot by reason of the note or mortgage. 1.06 Insurance. The "Borrower" will procure tor, deliver to, and maintain for the benefit of, the "Lender" during the life of this mortgage, insurance policies, in such •Imounts :IS the "Lender" shall require, insuring the ;Mortgaged Property against tire, extended coverage :+nd such other insurable h:+zards, e:+sual- ties and contingencies as the "Lender' may require. The furor of su+•!+ puhcies and the cornpanics issuin•~ them shall he acceptable to the "Lender". All policies shall e•ontain a New York stat:dard, non-c•untrihutury mortgagee endorsement making losses payable to the "Lender". The coverage under such polices shall he limited to the improvements now or hereafter erected un the land mortgaged hereby. At Ieast fifteen (15) days prior to the expiration date of all such puhcies, renewals thereat satisfactory to the "Lender" shall he delivered to the "Lender". The "[3orrowcr" shall deliver to the "Lender" receipts evidencing the p:+yment at all such insurance policies and rene+vals. The delivery of the insurance policies shat! constitute an assign- ment, as further security of all one:+rned premiums. In the event of the tureclosure of this mortgage or any other transfer of title to the I\Snrtgagcd Property in extinguishment of the Indc•btcdness secured herchy, al! right, title and interest o[ the "Borrower" in and to all insurance policies then In tutee shall pass to the purchaser or grantee. The "Lender" is herchy authorized and empowered, at its uptiun, to adjust or compromise any loss under am• insurance policies on the \torigaged Property, and to collect •+nd rece++•2 the procrcds from cent, such ' putlcy or policies. F.ach insurance company is hereby authorized and directed to nuke payment for all such losses, directly to the "Lender", instead of to the "Borrower" and "I.encler" jointly. After cl•~dtrctin~ from satd insurance proceeds any expenses ineurrrd by it in the collection or handling of saui [and, the "Lender'' may apply the net proceeds, at its option, either toward restoring the improvements, or as a credit on any portion of the mortgage indebtedness selected by it, whether then matured or to mature in the tutur~, ur at the uptiun of the "L.ender", such sums either wholly or in part may be paid over to fife "f3orruwer" to he used to repair such buildings or to build new buildings in them plate, ur fur any other p.Irpose or u',jec•t satis[ac•tor v to 'he "Lender" without :+tfectinG the lien of the mortgage fur the full :,mount secured hereby before such paymnnt took place. "Lender" shall hot be held reslwns;hle for arty isolate to collect any insur- ance proceeds due under the terms of any policy regardless o[ the cause ut such isolate. If regnircd i.}• the "Lender", the "I;urrow•er" +vill pay to the "Lcncler" un the f,r: t da}• of r,,ch rrunth, tu,cti:rr +vitit :+nd In :uidttiun to the regular installment of principal and intc•rrst and nx,nthly tax depo,It +,~c :ectuu'ed by 1':,raGr.;ph 1.03 of Article 1 herein) until the Hula is fully p:+id. an a?n~nutt equal to cu•- heelfth (i!!°) of the yearly premiums for insurance. Such :unount sitall be used try "Lender" to pay such insur:.ni•e prc:ruur.:s +vhen due. Such added payments shat! not he, nor hr d,•enu•d t„ he, truce funds, but rna~• l:e c•ununtn+~l?~d ++•ith the general funds of the °Lender", anti no interest sha)i he payable in respect ti+ereof. t'pun dcm:+nd of the "Lender", the "Borrower" aGrecs to dcin•er to the "Leude?-" such additional n:uneys as :+re necessary to make up any deficiencies ~n the auun,nts n;ccss:,rr to en:+hie the "Lend,•r" tm pay such utalr,+nre pretniuna. In the event of a default by the "Ii:n't„r:rr" in i!+~• p,•rfcarr.-,nc.~ r:f an}• of the terms, cotenants and conditu,ns in the note ur mortgage, the "Lender" m:,y :,pply to the Iedt:ctsun i,f tl,e snt:u secured herchy, in such manner •IS the "Lender" shall determine, any anwunt p:ud in accordance herc+vith remauun„ to the "Borrower's" credit. IA. Condemnation. If all or any part ut the Mortgaged Property shall he damaged or taken through c~mchrmn.+tsun t++•htch term ++:hen used in this murtgaf;e shall include :,uy dama~c• .ur t:+king by any ~,ucern- nu~nt-+l authority, and any transfer by private sate in lieu thereof criher tcntt,uru•ily or permanently, the c•ntu'e ind.•iacdness secured herchy shall at the option of the "Lender", hewn:e immediately due and payable. '1•he "Lender" sh^tl he entitled to ail cmmpens:+tion, awards, and other payments ur relict therefor :.nd Is h+•rrln• authurl red, at its uptiun, to commence, ap;,ear in and prosecute, in +ts uo n or the "Ii+~rrot+•rr's" name, :gin}• action ur proc~•edin•; relat:nR to any condc•mnatu,n, and to settle ur cun,prumi:e any claim In connerLori ti:ere+cah. All s•(c•h cumpens~,tiun, a++•:+rds, damages, claims, rights of ach,:n and proceed; and the right th+•reio :,re h^rc•l,y asslcl~cd by tl:e "liorron•er" to the "l..c•ndc•r", +cho, after deducting, therr•frum cell Its exl?en;~•,, in- clud,n~, attorney's fee;, may releas!• m• moneys su received by it ++'ithuut affech_n~ tiu• hen of this mortgage or may :.t,t,ly thr >:,nl~ :n such m:,nner as the "Lender" shall determine, to thc• rc•chu•tu+a a ti:e >ums secured here!?}•, and to an}• prep:+yment ch:+r-+;e herein prodded, and any h. L•mce of such rnuney.; then :ematntn ~h:,ll be p•::ci to the "l;ur•nn•rr". 1'he "iiurro++•er" a~rees to execute such furthcv asst^,mmc•nts of :+ny competlsa- tiwls. .,++•:+Ids. d.+ma);+~;, c•latnis. ri);hts of action and prcxeed as the "Lender" may rcquur. 1.08 Care of the Properly. c a I The "Burt u+ec•r•' :+-ill preser+•c and maintain the ~Surtt;:,);c•d 1'rupcrty in goad co;tdi:ion :+nd repair, and +till not com,mlt or softer any +vaste thereof. The "Bun-on•er" will not do or suffer to he done aryti:ing +vhic•h will utcrcase the risk of fire or other hazard to the ;1lortgagcd Property or any part thereof. f ~ l~) Except :rs other++•isc procid+•d herein, no buildinfs, fixture, pcrsunr+l proprrl}•. ~,c utlter p•.rt of fife \IorL;a~;+•d 1'n,txrty ::hall l,c removed, demolished ur substantially altrn•c! +vilhout thr l,riar +it itten c+~as,•nt ~ of the "Lender". 1'hc• "f3orro+ver" may sell or otherwise dispose of, free from the lien ui this mos tar, furntture, furnichim~s, equipment, toots, appliances, machinery, fixtures or appal tenances, . su)~jee•t to the lien he:euf, +vhich may become worn out, undesirable, obsolete, disused or unncc•c•ssar}• :u:' Ilse im the r,pera- lion of the liurtganed Property, not exceeding in value at the time of disposition the:•enf f)ne Thousand Dat.- tars ($1,000.00) for any single transaction, or a total of Ten Thousand Dollars (SIO,OOOAO) in any one yaar, upon replacing the same by. or substituting for the same. other furniture, equipment, fouls. appliances. tr.a- ~ c•hmery, ftxtures, or appurtenances not necessarily of the same character, hilt of at ?east equal tal:IC• to t'r.e \turt•,a(;ur and costing; nut less than the amount realized from the property sold ur uther+rise dtspo_;•~d of, ~ which shall forthwith become, without further action, subject to the lien of this mortgage. c) If the \Sortgaged Property or any part thereof is dama;,~ed by fire ur any other cause, the "Iior- rower" will give immediate written notice of the same to the "Lender' . l d) The "Lender" is hereb> authorized to enter ?rpen and inspect the ~lortga ;cd Property at any time durin^ normal business hours durinl~ the life of this mortgage. ie) The "Aorro+ver" will promptly comply with all present and future la+rs, ordinances, rules and regu- ~ latiuns of any governmental authority attectin.G the 1Sortgaged Property or any part thereof. ~ if) If all or any part of the \lortg:+gc•d Property shall he damae;ed by fire or other ca:u:.lty. tL•+• "fior- rotierr" ++•ill prnn~ptly r(•aur~ the ;ltort);agcd Property to the t'quivalent of Its ori~tln-,l rund;tian. r+• ~:+r,llr•:a of ++•hether ur nut there shall he any insurance proceeds therefor. If a p:ut of the Zturt•,al:ed Pnr.,ert+• ,hsll physic:Jly dam:IS;cd through conde•n+nation, the "1lurro+eer" -will prunlptly restore, rc•p:+ir or alter fist re- nr.+in;nr; property rn a manner satisfactory to the "Len<icr'". (g) If any +rork required to },e perforn?cd under this Paragraph I.(1%i of Article 1 s)+all mvolte an esti- mated expenditure of more than 510,000.00, no such ~+•urk shall he underta):en until plans and specifications 1F.erefor, prepared by an architect satisfactory to the "Lender", have been submitted to and approved b}- ~ the "Lender". 1.09 Further Assurances; After Acquired Properly. At any time, and from time to time, upon rertur•st s9 t;y the "Lender", the "Iiurro+ver" ++•ill make, execute ~+I:d deli+•er or cause to be n:-lde, executed arid delivered, to the "Lender" and, w•hece appropriate, to cause to he recorded :,nd/or filed and from time to t;me there- d P 1 2008 3' 6CG!( ~0 i'~~c - - - - ~ }.~z -.r~ ~