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HomeMy WebLinkAbout2754 of title .to the property covered hereby in extinguishment of the indebtedness secured hereby, all right, title and interest of Mortgagor, in and to any insurance policies then in force, shall pass to the purchaser. In the event Mortgagor shall at any time fail to effect such insurance or to pay the premiums therefor or to deliver such polices with premiums paid as aforesaid, then Mortgagee may cause the same to be insured and/or pay such premiums, and any premium paid or expense incurred in so doing with interest at the highest rate per- missible under the laws of the pertinent jurisdiction (and if no maximum rate has been promulgated, then at a rate four per cent higher than the interest rate first set forth in the Note) shall be immediately due and payable by Mortgagor to Mortgagee, and until paid shall be secured hereby. No such right of the Mortgagee to cause the same to be insured and/or to pay any such premium shall prevent it from exercising its option to cause the whole indebtedness hereby secured to become immediately due and payable for such default. All policies of any kind must be assigned and endorsed to Mortgagee in a manner satisfactory to the Mortgagee. 5. To carry and maintain such liability and indemnity insurance (including the so-called assumed and contractual liability coverage where required under any leases of said premises) as may be required from time to time by Mortgagee, in forms amounts and with companies satisfactory to Mortgagee. Certificates of such insurance, premiums prepaid, shall be deposited with Mortgagee and shall contain provisions for ten (10) days notice to Mortgagee prior tQ any cancellation or modification thereof. 6. That no building or other improvements on the premises shall be altered, removed, or demolished nor shall any fixtures or appliances on, in or about said buildings or improvements be severed, removed, sold or mortgaged without the consent of Mortgagee, except that such consent shall not be required for the severance, removal ' or sale of any fixtures of appliances which are being replaces in the ordinary course of business with fixtures or appliances of equal or greater value and quality; to permit, commit or suffer no waste, impairment or deterioration of said mortgaged property or any part thereof; to keep and maintain said premises and every part thereof with buildings, fixtures, machinery and appurtenances in good repair and condition; to effect such repairs as Mortgagee may reasonably require, and from time to time to make all needful and proper replacements so that said buildings, fixtures, machinery and appurtenances will, at all times, be in good conditions, fit and proper for the res- pective purposes for which they were originally 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 r t i are applicable to the said premises or which have been granted to or contracte3 for by Mortgagor in connection with any existing or presently contemplated use of the t said premises; and to permit Mortgagee or its agents, at all reasonable times, to enter upon and inspect the mortgaged property. i Mortgagee shall have the right, at any time and from time to time, to engage ~ an independent certified property manager to survey the adequacy of the maintenance ~ of the said premises. Zf found inadequate, such certified property manager shall determine the estimated cost of such repairs and replacement necessary to protect and preserve the rentability 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 after written demand therefor, a sum equal to the amount of such estimated cost shall thereupon 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. Zn such event, Mortgagor shall also reimburse Mortgagee for the cost of such survey, the ~ same being secured hereby. Zf 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 mortgage lien or other lien or h liens superior to this Mortgage and further, that it will keep and maintain the same free from the claim of all persons supplying labor ox materials which will enter into the construction 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 ~ ti M~ -3- R.o.w.a ~ a.a9 o~tas Dus On Cisea "C" hManv~ P~tonM ?~q. Punu~?t 7o Chapter 71.134. Ads Of 1~i1. y aoc~ Portiw ~-sR a«t court sc w.ia oca ~ t3~~K J2D Pa~E 2750.