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1. Pa ment and Performance. Mortgagor shall pay
to Mortgagee, n accordance w th the terms of the Note and
this Mortgage, the principal and interest, and other sums
therein set forth; shall perform and comply with all the
agreements, conditions, covenants, provisions and stipula- i
tions of the Note and this Mortgage; and. shall timely
perfona all of its obligations and duties as Landlord under f
the Leases.
2. Construction Mort a e. This Mortgage secures
a loan incurr to finance the construction of improvements }
on the Premises. It is understood and agreed that funds to
be advanced under the Note are to be used ~in the construction
of such improvements on the Premises in accordance with the s
Construction Loan Agreement of even date herewith between
the parties hereto (the "Construction Loan Agreement"),
which Construction Loan Agreement is incorporated herein by i
reference to the same extent as if fully set forth herein
and made a part of this Mortgage. It is further understood
and agreed that this Mortgage secures present and future
advances made by. Mortgagee to or for the benefit of Mortgagor E
which Mortgagee-shall make pursuant to the Construction Loan
Agreement and that the lien of such future advances shall
relate back to the date of this Mortgage. This Mortgage
secures the payment of all sums and the performance of all
covenants to be paid or performed by Mortgagor under the
Construction Loan Agreement.
3. Maintenance of Mortgaged Property. Mort-
gagor shall keep and maintain or cause to be kept and
maintained all buildings and improvements now or at any time
hereafter erected on the Premises and the sidewalks and
curbs abutting them, in-good order and condition and in
a rentable and tenantable state of repair, and will make or
cause to be made, as and when necessary, all repairs,
renewals and replacements, structural and nonstructural,
exterior and interior, ordinary and extraordinary, foreseen
and unforeseen. Mortgagor shall abstain from and shall not
permit the commission of waste in or about the Mortgaged
Property; shall not remove or demolish any portion of the
Mortgaged Property, or alter the structural character of any
building erected at any time on the Premises, without the
prior written consent of Mortgagee; and shall not permit the
Mortgaged~Property to become deserted or abandoned.
4. Insurance.
(a) Mortgagor shall keep.the Mortgaged Prop-
erty continuously insured,°in amount sufficient to pr--event
Mortgagor from being a co-insurer of any loss under the
applicable policies, but in.any event in amounts not less
than the lesser of the amount then outstanding on the Note
or the actual replacement value of the Mortgaged Property
against loss or damage by fire, with extended coverage and
coverage against loss or damage by vandalism, malicious mis-
chief, sprinkler leakage and, if available, against flood
and against other hazards as Mortgagee may reasonably require
from time- to time. Mortgagor shall also maintain comprehen-
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B~K 328 PEE X140 . .
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