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HomeMy WebLinkAbout0954 (b) the interest of Mortyayee shall be insured reyardles~ of any breach a- violation by Mcrtyagor of any warranties, declarations or conditions contained in such ~x~licy: and. (c) if such ins~uance be cancelled ~ materially char:ged foi- any reason whatso- ~ var , such insurer wi 11 Eromptly noti fy Mcr tgagee and such cance l lation cr chanc,~e sha 11 not e f fec tive as to Mor tyac~ee f~ thir ty ( 30 ) days af ter rece ipt by Mcr tgayee of such nc>tice . ~tartyaycr shall furnish tA Mortga~ee copies of each such policy and copies of each renewal ~~licy, not less than thirty (30) days pc icr to the expiration of the cr iyinal policy cr ~~~-eceding renewal policy (as the case may be) . Mortyagor shall furnish Martyagee with receipts Q other evidence that ~remiuns on the policies have been paid. 6. Ccrporate Existence and Taxes. If Mortyagor ar any successar ar grantee of ~ic~r-t~aga is a capcration ct partnership, it shall keep in effect its existence and riyhts as a corpcxation o~ partnership ur.der the laws of the state of its incorporation or Ea.-mation and its right to own ~xoperty and transact business in the state in which the ~t~xtgaged Premises is situate during the entire time that it has any ownership interest in the Mcrtgayed Premises. Far all pericx~s d~-ing which title Go the Mcrtgaged Premises cr ar:y part thereof shall be held by a ccxpa'ation cr association subject to corporate taxes cr r_axes simil~- to corp~ate taxes, cr ~by a partnership required to pay licenses cr other fees <x~ taxes, Mcrtyaga' shall file ret~ns fcr such taxes or licenses or other f~es with the as-oper authcrities, b~eaus cr depa~tmer.ts and it shall pay, when due and payable and bef~e ir.terest cx penalties are due thereon, all taxes ar licenses ar other fees owing by ~•t~tyayar to the United States, to such state of incorparation cr fcrmation and to the state ir. which t,he Mrxtyayed Premises is situate and any political subdivision thereof, and shall ~~?_-oduce to N~crt~ac,~ receipts shawiny payment of any and all such taxes, licenses ac other ;-zes, ch~ges ~ assessments pricr t~o the last dates upon which such taxes, licenses or :~tt~r fees, cha~ges Q assessments ae payable without interest er penalty charyes, and ~.rithin ten (10) days of receipt thereof of all settlements, notices of deficiency cr ,~verassessrnent and any other rbtices pertaining t~ Mrxtyagar's tax liability, which may be issued by the United States, such state of incorp~ation ~ formation, the state in which ;.he McYtyaged Premises is situate and any political subdivision thereof. 7. Care of Premises. Mcztga~cx shall maintain, Freserve, protect and keep in good ~.-der ~Cj COf~dltl0[~~ the N~crtyaged Premises arzd fram time to time shall make all necessaz y ~ x appropriate rapairs, replacements and improvements thereto. In the event that the i ! ~S~x-tyaged Premises or any part thereof shall be damaged or destroyed by fire ar other E ~asualty, Martgagcr shall imnediately x~otify Mortyagee in writing of such damage cx des- ' uction. Upor: the direction of Mortgagee, Mcrtgagcr shall, at its sole cost and exper.se, ; :~nence and diligently contir.ue t~o rest~e, repair, replace, rebuild 2 alt~er the Mcrtgaged ~ Premises as nearly as possible to its value, cor:ditior. and character immediately prior to s suc!~ damage ~ destruction. ~ ~ 8. Escrvw far Taxes and Insi,rance . At the option of Mcx tgagee , Mor tgagor sha 11 pay ~ Mortyagee, or: each date upon which installments ae payable under the Not~e, such amounts ~ ~s '~fcrtgagee from time tA tirrn estimates are r~cessa~y tA pay, as the same become due, all taxes, ~ssess~er,ts and cha~'yes for the Mrxtgaged Premises tAc,~ether with the premiums on all ~ :-~4vired ins~ance policies. Mcrtgagee shall hold such deposits without inteiest ir. its ;eneial funds and use such deposits to pay such taxes, assessrner.ts, charyes and premiums ~-,e n tt~e same sha 11 become due . ~ 9. Other Financing cr Liens. ~ ~ 9.1 Mrxtyagor shall ~ot incur any ir.debtndness fcr rcnney t~rowed to purchase cx ~:r.curber the Mortyaged Premises cr any part ther_eof other than the ir.debtedness secured ~lereby and the liens consented to in writing by Mcrtya~ee, if any. ~ ~ 9.2 Martyayor shall have no ric~ht t,o permit the tx~lder of any subordinate mart- ~ ;a,~e ~ other subordinate lien, wt~ther cr not conser.ted to by M~tgayee, to terminate ar,y ~ ~~:ase without first cbtaininy the pricr written consent of Mortgagee, which consent may be € urreasa:ably withheld. The holder of any subordinate martgage or other subordinate lier. ; :~hall have no suc~ right, whether by fareclos~e of its mcrtgage or lien cr otherwise, to ~ termir.ate ar:y lnase, whether cr not permitted to do so by N1~tgagcr ar as a matter of law, ~ 3r.d any such attampt t~o termir.ate any lease shall be inefEe:.tive ar.d void without first ~ ~htaining the prior written cor.sent of Mortc~agee, which consent may be unreasonably ~ .rithheld. ~ 9.3 No lier. cr ene~.rnbrance of any type, wt~ether volur.tary cr ir.volur.tary, shall ~ `~e permitted to be filed ~ er.tered ayainst the t~ortgaged Premises without the Erior' written ~ ~or:sent of the Mcrtgagee. If any such lien cx er.curbrance is filed ar entered, hf~tgayci ;L -4- c:,;~,~`tU*, PAGE 952 ~ ~~L ~ ~ - ~r ' , _ - . ~ ,s ~ s ~ n , ~,~z , _ _W r..__.