HomeMy WebLinkAbout2339 needful and proper replacements so that said buildings, fixtures,
machinery and appurtenances will, at all times, be in good condition,
fit and proper for the respective purposes for which they were origi-
nally erected or installed, less ordinary wear and tear; to comply with
all statutes, orders, requirements or decrees relating to said premises
by any federal, state or municipal authority; to observe and comply with
all conditions and requirements necessary to preserve and extend any and
all rights, licenses, permits (including but not limited to zoning
variances, special exceptions and non-conforming uses), privileges,
franchises and concessions which are applicable to the said premises or
which have been granted to or contracted for by Mortgagor in connection
with any existing or presently contemplated use of the said premises;
and to permit Mortgagee or its agents, at all reasonable times, to enter
upon and inspect the mortgaged property.
Mortgagee shall have the right, at any time and from time to time,
to engage an independent certified property manager to survey the ade-
quacy of the maintenance of the said premises. If found inadequate,
such certified property manager shall determine the estimated cost of
such repairs and replacement necessary to protect and preserve the rent-
ability and usability of the said premises and Mortgagor does hereby
acknowledge that the security of this Mortgage is thereby impaired to
the extent of the estimated cost of such repairs and replacements. In
such event, at the option of Mortgagee and within thirty (30) days of Ler
written demand therefor, a sum equal to the amount of such estimated
cost shall t}iereupon become due and payable by Mortgagor to be added
upon the indebtedness secured hereby unless within such period Mortgagor,
at its own cost and expense, shall have completed or shall have commenced
and thereafter, with diligence, completes such repairs and replacements.
In such event, Mortgagor shall also reimburse Mortgagee for the cost of
such survey, the same being secured hereby. If the survey determines
such maintenance to be adequate, then the cost thereof shall be at the
expense of Mortgagee.
7. That Mortgagor shall not voluntarily create or otherwise permit
to be created or filed against the property, any deed of trust or mort-
gage lien or other lien or liens superior to this Mortgage and further,
that it will keep and maintain the same free from the claim of all
persons supplying labor or materials which will enter into the construc-
tion of any and all buildings now being erected or which hereafter may
be erected on said premises, notwithstanding by whom such labor or
materials may have been contracted, and on the failure of Mortgagor to
perform these covenants, or any part thereof, the principal and all
accrued interest shall, at the option of Mortgagee become due and payable,
~ anything contained herein to the contrary notwithstanding. Any lien on
~ the property covered hereby junior to the lien of this instrument shall
be subject to the condition that the time for the payment of-the indebt-
edness hereby secured and the manner and amount of payment thereof, and
the benefits of the security 'afforded hereby and by the Note, or any
obligation substituted for said note, may, without the consent of such
junior lienor, and without any obligation to give notice of any kind
~ thereto, be extended, re-extended or suspended on any terms whatsoever
without in any manner affecting the priority of the lien hereby created
as security for the payment of the indebtedness hereby secured.
~ 8. That if at any time the United States Government or any state,
county, or municipal or other governmental subdivision shall require
internal revenue or other documentary stamps hereon or on the note,
then the said indebtedness and the accrued interest thereon anti all sums
secured hereby shall become due and payable at the election of-the Mort-
gagee thirty (30) days after the mailing of notice of such election to
Mortgagor; provided, however, said election and right to elect shall
~ be unavailing and this Mortgage and note shall be and remain in effect,
~ if Mortgagor lawfully may pay for such stamps, including interest and
penalties thereon, to or for Mortgagee and does in fact pay, when
payable, for such stamps, including interest and penalties thereon.
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