HomeMy WebLinkAbout0922 MORTGAGOR COVENANTS AND AGREES to and with Mortgagee that
until the indebtedness secured hereby is fully repaid:
1. Pa ment and Performance: Mortgagor shall pay to Mort-
gagee, in accor ance wit t e terms of the Note, the Proceeds
Agreement and this Martgaqe, the principal and interest, and
other sums therein set forth; and shall perform and~ comply with
all the agreements, conditions, covenants, provisions and
stipulations of the Note, the Proceeds Agreement and this
Mortgage, the terms of which are incorporated herein by
reference.
2. Interest Rate: Notwithstanding any provisi.on contained
in this Mortgage or in the Note secured hereby, the total liabil-
ity for payment of interest, .or payment in the nature of inter-
est, shall not exceed the limits now imposed by applicable usury
laws, including the applicable choice of law rules. In the event
of the acceleration of the Note hereby secured, the total charges
for interest and in the nature of interest shall not exceed the
maximum amount allowed by law, and any excess -portion of such
charges that may have been prepaid shall be refunded to the maker
thereof. Such refund may be made by application of the amount
involved against the sums then due hereunder, but such crediting
shall not Gure or waive the default occasioning acceleration.
Nothing herein contained nor in any transaction related hereto
shall be construed or shall so operate either presently or
prospectively to require Mortgagor to make any payment or do any
act contrary to law, but if any clause or provision herein
contained shall otherwise so operate to invalidate this Mortgage,
in whole or in part, then such clause or provision only shall be
held for naught as though not herein contained and the remainder
of this Mortgage shall remain operative and in full force and
effect. ~
3. Maintenance of Mortgaged Property: Mortgagor shall
abstain from and shall not permit the commission of waste,
impairment or deterioration in or about the Mortgaged Property
and shall not remove or demolish or alter the structural char-
acter of any building erected at any time on the mortgaged prop-
erty, without the prior written consent of Mortgagee; shall not
permit the Mortgaged Property to become vacant, deserted, or
'i unguarded; and shall maintain the Mortgaged Property in good con-
' dition and repair, reasonable wear and tear excepted.
~ 4. Insurance: Mortgagor shall keep the Mortgaged Property
' continuously insured against all haxards as Mortgagee may
k reasonably require, including, but not limited to, insurance
~ against loss or damage by fire, with extended coverage, for all
~ improvements now~or hereafter located on the Mortgaged Property,
R and Mvrtgagor shall also continuously maintain contingent and
~ public liability insurance and property dama.ge insurance, all of
which shall be ~ssued by an insurance company, or companies
~ satisfactory to Mortgagee, and in such total amounts as Mortgagee
! may require from time-to time. Each policy, including policies
~ for any amounts carried in excess of the required minimum and
policies not specifically required by Mortgagee, shall be in form
~ satisfactory to Mortgagee, shall be maintained in full force and
~ effect, shall be assigned and delivered to Mortgagee at or prior
~ to closing, with premiums prepaid, as collateral security for
~ payment of the indebtedness secured hereby, shall be endorsed
~ with a standard mortgagee clause in favor of. Mortgagee as first
mortgagee, not subject to contribution or assessment, and shall
' provide for at least thirty (30~ days' notice to Mortgagee prior
f to cancellation thereof. If the insurance, ar any part thereof,
shall expire, or be withdrawn, or become void or unsafe by
Mortgagor's breach of any condition thereof, or become void or
unsafe kiy reason of the failure or impairment of the capital of
; any company in which the insurance may then be carried, or if for
g any reason whatsoever the insurance shall be unsatisfactory to
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