HomeMy WebLinkAbout2533 r
_ _
- - _ - - ,
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-policies 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 maxiaum rate has
been promulgated, then at a rate four per cent higher than the interest rate first
set forth in the Mote) shall be immediately due and payable by Mortgagor to Mortgagee, _
and until paid shall be secured. hereby. Mo 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. Tb 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 to 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 moat a ed
or any part thereof; to keep and maintain said remises and eve g 9 property
p ry 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 authorityt 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 awrtgaged property.
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. If 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. 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 czeate or otherwise permit to be created _
or filed against the property, any deed of trust or mortgage 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 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
-3- -
X325 P~2~~2? -