HomeMy WebLinkAbout0565 promptly pay such tax or assessment with interest and pen-
alty as shall have been determined to be due and owing, and
Mortgagee-shall return to Mortgagor the funds, if anx,
placed on deposit with Mortgagee_pendinq such disposition.
In the event Mortgagor fails to pay promptly such tax or
assessment- with interest and penalty-as shall have been
determined to be due and owing, Mortgagee shall fiave the
right to use any funds placed on deposit with Mortgagee
hereunder in payment thereof.
3. Upon the written request of Mortgagee, Mortgagor
shall pay to Mortgagee, together with, and in addition to,
the payments of principal and interest payable under the
terms of the Promissory Notes or any instrument covering any
future advance or any modification of the required installment
paying dates, an amount sufficient as estimated by Mort-
gagee, to provide Mortgagee with funds to pay said taxes,
assessments and-other charges next due ten (10) days prior
to the date when the same are-due. In no event shall Mort-
gagee be liable for any interest on any amount paid to it as
herein required. If requested by Mortgagee, Mortgagor will
furnish to Mortgagee ten (10) days before the date on which _
the-same shall become dtte, an official statement of the
amount of said tapes and .assessments next due and Mortgagee
shall pay said charges, but on1X if sufficient -funds remain
in the impound account. An official receipt-therefor shall
be conclusive evidence of such payment and of the validity
of any such charge. In .the= even-twat-th~Mor~gagee elects
to_pay any such taxes or assessments, notwithstanding that
there are insufficient funds-in the accounts, the amount
advanced in excess -of such- amount -shall become immediately
due and ~ayble to Mortgagee and shall become part of the
secured indebtedness and bear interest at the delinquent
Promissory Note rate of interest from the date of such-
advancement. In the event of any default hereunder, Mortgagee -
may, at its option, apply such impounds so held . by it on
~ account of the indebtedness in such-order of priority as the -
Mortc~agee may deem appropriate. The amount of existing
credit hereunder shall, without any specific assignment
thereof, inure to the benefit of the successor/owner of the
Mortgaged Property. Upon payment in full of the secured .
indebtedness, the amount of any unused credit shall be paid
over to the owner of record as of the date of such full
payment. It is understood and agreed, however, that so long.
as Mortgagee complies with the escrow and tax requirements
imposed by First Lien Mortgagee in the First Lien Mortgage
mentioned in Paragraph 46 hereof that Mortgagee shall not
enforce the provisions of this paragraph. Further, Mortgagor
agrees to furnish Mortgagor copies of all paid tax receipts
within 30 days after the due date thereof.
_ 4. To perform, comply with and abide by each and
every of the stipulations, agreements, conditions and cove-
nants contained and set forth in the Promissory Note, the
Construction Loan Agreement and this Mortgage.
5. To permit, commit or suffer no waste and to main-
tain the improvements at all times in a state of good repair
and condition; to comply with, or cause to be complied wish,
all statutes,-ordinances and requirements of any govern-
mental or other authority relating to the Mortgaged Prop-
erty; and to do or permit to be done to the Property nothing
that will alter or change the use and character of the
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