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HomeMy WebLinkAbout0815 PROVIDED ALWAYS, that if Mortgagor shall pay unto Mortgagee the indebtedness, as hereinabove defined, and shall per- form, comply with and abide by each and every one of the stipula- tions, agreements. conditions and covenants of the Note and of this Mortgage, then this Mortgage and the estate hereby created shall be null and void. MORTGAGOR COVENANTS AND AGREES: (1) Payments by Mort a or: Mortgagor shall pay, when due and payable: (i) the In e te ness in accordance with the terms and conditions of the instruments evidencing the same; (ii) all taxes, all assessments, general or special, and all other charges levied on or assessed or placed or made against the Premises, this Mortgage, the Indebtedness or any interest of Mortgagee in the Premises, this Mortgage or the Indebtedness; (iii) premiums on policies of fire and casualty insurance covering the Premises, as required by this Mortgage; (iv) premiums on all life insurance policies now or hereafter pledged as collateral for the Indebtedness or any part thereof; (v) premiums for all liability, rental, mortgage and flood insurance policies required by this Mortgage or now or hereafter required by Mortgagee in connection'with the Premises or the Indebtedness or any part of either; and (vi) all ground rents, lease rentals and other payments respecting the Premises payable by Mortgagor. Mortgagor shall promptly deliver to Mortgagee, upon request by Mortgagee, receipts showing payment in full of all the foregoing items; provided, however, that Mortgagee shall not require a receipt showing payment in full of the Indebtedness. In the e,vent any state, federal, municipal or other governmental law, order, rule or regulation becomes effective subsequent to the date hereof and in any manner changes or modifies the laws in force on the date hereof governing the taxation of the Indebtedness or the manner of collecting the taxes thereon so as to adversely affect ~ortgagee by requiring that a payment or payments be made or other action be taken to protect Mortgagee's interest under this ±lortgage or the Indebtedness, Mortgagor shall promptly pay any amounts required on or before the date the same are due or take any other action required on or 5efore the date any such action must be taken. (2) Mortgagee's Acts on Behalf of Mortgagor: In the event Mortgagor shall either fail or refuse to pay or cause to be paid, as the same shall become due and payable, any item (includir.g all items specified at Paragraph (1) immediately above) which Mortgagor is required to pay hereunder or which Mortgagor may pay to cure an event of default her.eunder, or in the event Mortgagor shall either fail or refuse to do or perform any act which Mortgagor is obligated to do or perform hereunder or which Mortgagor may do or perform to cure an event of default hereunder, then Nortgagee, at Mortgagee's option, may make such payment or do or perform such act on behalf of Mortgagor. All such payments made by Mortgagee and all costs and expenses incurred by Mortgagee in doing or performing all such acts shall be and shall become part-of the Indebtedness secured hereby and shall bear interest at the highest rate per annum then being charged with respect to any part of the Indebtedness secured hereby from the date paid or incurred by Mortgagee, and such interest thereon shall also be part of the Indebtedness secured hereby. (3) Further Assurances: Mortgagor shall, at any time and from time to time upon request by Mortqagee, make. execute and deliver, or cause to be made, exe- cuted and delivered, any and all other and further instruments, documents, certificates, agreements, letters, representations and other writings which may, be necessary or desirable, in the opinion of Mortgagee, in order to effectuate, complete, correct, perfect or continue and preserve the obligations of Mortgagor under the Indebtedness and the lien and security interest of Mortgagee hereunder. Mortgagor shall upon request by Mortgagee certify in writing to Mortgagee, or to any proposed assignee of this Mortgage, the amount of principal and interest then owing on the Indebtedness and whether or not any set-offs or defenses exist against all or any part of the Indebtedness. (4) Rents and -3- ~.~~~349 F~~~E 816 ; ~