HomeMy WebLinkAbout0424 shall without notice become due and payable forthwith at the
option of Mortgagee. ,
(d) Mortgagee may, at its option, require Mortgagor to
deposit with Mortgagee on the first day of each month, in
addition to making any required payments of principal and
interest, until the Note is fully paid, an~amount equal to
one-twelfth (1/12) of the yearly taxes, assessments and
other similar charges as estimated by Mortgagee to be
sufficient to enable Mortgagee to pay at least thirty (30)
days before they become due all taxes, assessments, and
other similar charges against the Mortgaged Property o~ any
part thereof. Such deposits shall not be, nor be deemed
to be, trust -funds, but may be commingled with the general
funds of Mortgagee, and no interest shall be payable in
respect-thereof. Upon demand by Mortgagee, Mortgagor shall
deliver to Mortgagee such additional monies as are required
to make up any deficiencies in the amounts necessary to
enable Mortgagee to pay such taxes, assessments and similar
charges. In the event of a default under any of the terms,
covenants and conditions in the Note, this Mortgage or any
other instrument securing the Note to be kept, performed or
observed by Mortgagor, Mortgagee may apply to the reduction
of the sums secured hereby, in such manner. as Mortgagee
shall determine, any amount under this paragraph 1.04(4) of
Article One remaining to Mortgagor's credit.
(e) Mortgagor shall not claim, demand or be entitled
to receive any credit or credits on the principal or inter-
est payable under the terms of the Note or on any other sums
secured hereby, for so much of the taxes, assessments or
similar impositions assessed against the Mortgaged Property
or any part thereof as are- appl.xcable to the indebtedness
secured hereby or to Mortgagee's interest in the Mortgaged -
Property. No deduction shall b~`• claimed from the taxable !
value of the Mortgaged Property or any part thereof by
reason of the Note, this Mortgage or any other instrument
securing the Note._
1.05 Insurance.
(a). Mortgagor shall at its sole expense obtain for,
{ deliver to and maintain for the benefit of Mortgagee, during
~ the life of this Mortgage, insurance policies in such
amounts as Mortgagee may require, insuring the Mortgaged
Property against fire, extended coverage, and such other
insurable hazards, casualties and. contingencies as Mortgagee
may require, and- shall. pay promptly, when-due, any premiums
on such insurance policies and on any renewals thereof. The
form of such policies and the companies issuing them shall
be acceptable to Mortgagee. All such policies and renewals
thereof shall be held by Mortgagee, shall contain a non-
contributory mortgagee endorsement making losses payable
to Mortgagee and,- during construction, shall be in non-
reporting builder's risk form so far as such policies relate
to the Improvements. The coverage under such policies shall
be limited to the improvements now or hereafter located on
the Mortgaged~Property. At least fifteen (15) days prior to
the expiration date of all such policies, renewals thereof
satisfactory to Mortgagee shall be delivered to Mortgagee.
Mortgagor shall deliver to Mortgagee receipts evidencing the
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~ MANDNEII HADLDW 6 ADAM 51401 AMERIFIRST BUILDING, MIAM1, FLO RIGA 33131 TEL.(305) 358-5550