HomeMy WebLinkAbout0953 2. PerFormance of Cbliqations. Mcrtyagor will pay the ~x-incipal of the Note, and t}tie
ir.tec-est thereon, as and when the sarne shall become due and payable, and shall duly pay,
~Xt-f~xm, and discharge all of its other cbligations created hereurx~ec- cr sec~,red hereby.
3. T~ec~al Riequirements. Mcrtyagec shall prcxnptly and faithfully eanply with, confcxm
to, and obey all present and fut~tte laws, ~dinances, rules, regulations, and requirements
oE every duly constituted goverrvrental authcrity ar ayent and every Board of E'ire Under-
:,,riters having j~isdiction, cr similar body exercising similar functions, which may be
aQplicable to the Martgaged Premises, cr any part thereof, or the use or manner of use,
~~ccupancy, possession, operation, maintenance, alteration, repair cr reconstruction of the
~:cx-tyac,~ed Premises, cr any part tt~ereof, whether cr nr~t such law, ardinance, rule, crder,
~-~yulation cc requirement shall necessitate structural chai~ges a imp~-ovements cr inter fere
with the use and enjoyrnent of the Mcc tgayed Premises.
4. Impositions.
4.1 Taxes. Mcrt~agor shall pay and aischarge, ar cause to be paid and dis-
uharyed, on a- befcre the 30tti day of Noverrt~er of each year or r.ot lateY than thir ty ( 30 )
~~ays after the same shall be due and payable, whichever date is first, all taxes, asses-
s;nents, fees and other yovernmental charyes (ar:d any interest ~ costs with respect thereto)
and all charyes for any easement ~ ac~eement maintained for the bene f i t of the M~r tgaged
?remises, general and special, crdir.ary and extra-ordina~y, fcres,een and unf~esee~, of any i
kird and nature whatsoever , that at any time pricx to ar after the executior. of this ~
~t~ t~age may be assessed, levied, ~ imposed upon the Mor tgaged premises or the rent cr
irx:ome received therefran cx any use occupancy thereof (hereirsafter the "Impositior.s"
~ta-tyac~ shall furnish receipted bills to Mortc~ayee upon receipt by Mortgagar fro~n the ~
3ppropriate taxing or other authority, cx other evidence reasonably satisfactory to
~!cx-tgac~ee, evidencing the payment of all Impositions. If any tax ar assessment levied cx '
~ssessed a~ainst the Mrxtgaged Premises may legally be paid in installments, Mcxtgagc_z shall
;~ave the option to pay such tax cr assess~nents in ir.stallr~nts. Notwithstar.ding the fare- 1
~oir.y, Mcrtgaga may, at its cx~m exper.se, after priar written rx~tice to Mortgayee, contest ~
:~y approFriate proceedir.gs, pramptly initiated ar.d conducted in ~ood faith and with due
.~iligenc;e, the amount, validity cr apQlication, in whole a: in part, of any Imposition if:
(a) such Eroceedir.gs shall sus~r.d tJ~ collection thereof fran Mcrtgaycr ar.d
!_.*_-~~n the Mcxtya~ed Premises; and, ~
(b) Mcrtyagcz sha11 have furnished such sec~ity ar.d in such fcrm as may be
~~a~:~uired ir. the proc~edinys a as may be reasor.ably requested by Mcxtya~~.
4.2 Doc~nent~y and Oth~er St~np Taxes. If at any time the United States, the
~~ate ir. which the Mortgayed Premises is located ~ ar,y political subdivisior. thereof, ca:
ar.y department ar b~eau of ar:y of the fcreyoir.g shall requiu-e doc~rnentary, revenue ~ other
, ~amps on the Note cr this M~tgage, cr any intangible cr other tawes thereon, Nbr tgayor on
:~:mand from Mcxtyagee shall ~.~ay fa- sacn~ with any ir.terest ~~er.alties thereon.
4.3 Chanyes in Law Reg~ding Taxation. If ar:y law ~ ardir.a~nce hereafter imposes
~ tax directly cr ir.directly on Mcxtyagee with respect tA the Mcrtyayed Premises, the value
<~f hbrtyaga's equity therein, cr the indebt~edness evidenced by the Nobe and sec~ed by this
`•?xtyage, Mortyagar shall promptly pay such tax. If Mrxtgayar Eai1s to pay such tax c~r if
'~~-tgaycr is rbt lawfully permitted to pay such tax, hfortgac~ee, at its electior:, shall have
~~e right at any time to give Mcrtgagar written notice decl~ring that the prir.cipal debt,
.~ith interest and other approExiate ch~c~es, shall be due on a s~cified date rx~t less thar.
? xty ( 6Q ) days thereafter ; provided, f?ar?~ver , that such election shal l be ir.e f fec t i ve i f,
_~-icr to tt~ specified date, Mo: tyagor lawfully pays the tax ( ir. additior. to all other
~~ayments requu-ed hereunder) and agrees t~o pay the tax whenever it becomes due ar.d payable
r_'~reafter, which a~eement shall ttran oonstitut~e a part of this Mcxtgage.
S. Ins~ance. h4ortyagor shali mair.tain insc~ance upor: the Mxtgayed Premises ayainst
~=~~ch risks as may ~e specified by Mortgagee from time to time and in amounts and with
inst..~ers acceptable to Mortgagee. Each insurance policy shall provide, and the ir.surer
xssuiny such a policy shall certify to Nkxtgay~ that:
(a) loss payrn~nts will be payable to Nkrt~ayee as its interest may appear (such ~
~~aymer.t~ to be apQlied to the restcxatior., repair ~ replacer~nt of the property damayed ar
:estroyed, cr at the optior: of Mortgayee, tn the payment of the principai and interest or.
the Note and any oti~r ir.debt~,dness sec~ued hereby) ; ~ / `
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