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ARTICLB ?
Notice To Mechanics And Materialmen
SBCTION ?.OL Nothing in this Mortgage contained shall be deemed or
construed in any way as constituting the consent or request of Mortgagee, express oc
implied, by inference or otherwise, to any contractor, subcontractor, laborer oc material-
man for the performance d any labor or the furnishing o[ any materials for any spedfie
improvement, alteration to or repair of the Mortgaged Property or a~}? part thereof.
3BCTION ?.02. The Mortgagor will pay, or bond, or cause to be paid or
bonded, from time to time when the same shall become due, all lawful claims and demands
of mechanics, materialmen, laborers, and others which, ii unpaid,'might result in, or
permit the creation of, a lien on the Mortgaged Property or any part thereof, or on the
revenues, rents, issues, income and profits arising therefrom and Mortgagor will do or
cause to be done everything necessary so that the lien hereof shall be tuUy preserved,
at the cost of the Mortgagor, without expense to the Moctgag~ee.
ARTICLE 8
Use Of Property
SECTION 8.OL Mortgagror will use, or cause to be used, the Mortgaged
Property principally and continuously as and for a residential condominium project.
Mortgagor shall not use, or permit the use of the Mortgaged Property for any other prin-
cipal use without the prior written consent of Mortgagee.
I, J SECTION 8.02. Mortgagor shall not use or permit the use of the Mortgaged
Property or any pest thereof for any purpose, other than the uses permitted under this
paragraph, which in the reasonable opinion of Mortgagee would adversely of feet the
then value or character of the Mortgaged Property or any part thereof.
j ARTICLE 9
Leases Ar?nual Statements
SECTION 9.OL Any and all leases of all or easy part of the Mortgaged Pro-
party, shall be subject in all respects to the prior written approval of the Mortgagee.
SECTION 9.02. Mortgagor shall not modify, abridge or terminate (except
for default by the tenant) any leases of any portion of the Mortgaged Property nor shall
any surrender thereof be accepted by Mortgagor without the prior written consent of
the Mortgagee, nor shall the Mortgagor collect rent under any of said leases for more
than one month in advance (i) except upan the execution of a lease, provided that such _
advance rent in ezcess of one month's rent is to be applied to the rents at the beginning
of the term of the lease; and (ii) except as a security deposit to be applicable either
against the rent due at the end of the term of the lease or to be refunded upon the expira-
tion of the term thereof.
SECTION 9.03. The Mortgagor shall-deliver to the Mortgagee within ninety
(90) days after the close of each fiscal year of the Mortgagor a certified audit state-
ment, prepared by certified public accountants satisfactory to the Mortgagee, containing _
a balance sheet, income and expense statement and ell supporting schedules covering
the operation of the Mortgaged Property.
-10- ~~~K315 PA~~1624