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Home My WebLink About0975 To Protect the Security of This Morcgage L)eed, Mortgagor Agrees: ~ t . ~ 1. PRESERVATION OF TNE PROPERTY. Mortgagor (a) shall keep th~ 5. CLAIMS. DEMA~DS AND ACTIONS. \lortgagor shall (a) appear in properq i~ good conditio~ and repair. (b) shall not remove, demolish or and defend any action or proceeding purporting to affect the securiry substantially alter any building, structure or improvement thereon. (c?. hereot or the rights o? ppwers of i~1ortgagee: ~n~ a~ the opuon of shall complete or restore promptly and ii~ good and workrnanlike hlortgagee, assign to ~ior[gagee. co the eztent of Mortgagee's interest. manner an~• Duilding Nhich may be constructed, damaged or destro~ed any claims. demands or ca~ses o[ action of any kind, including any thereo~ and will pay when due all claims for labor pertormecl and • award. court ~udgment or proceeds of settlement of any such claim. material turnished [heretor. (d? shail comply with the provisions oi all demand or cause of action ot any kind which Mortgagor now has or may insurance policies coveci~g and with all laws and regularions affecting hereafter acquire arising out o[ acquisition or ownership oi the the property or requiring any alterations, repa~rs or impTOVements property. Without limiting the generality of the foregoing, any such tteereon. (e) sh~!! not commit os suffer an~ waste the:eon, (n shall not claim, demase~+ or cause of action arising out of acqwsition or ownership i ommit or suff~~r any act upon the property in violation of any provision o[ the properq~ may include (i) any injury or dama~e to the property or of any insurance policy or law oT regulation. (g) shall paint. decorate, any structUre or improvement situated thereon, or (ii) any claim or cause cultivate, irrigate, [enilize. fumigate and prune the property. and (h? of action in favor of Mongagor which shall have arisen out o( the consistent with the use thereof, do alt o~her acts whicti the character or transacdon financed in whole or in part by the making of the loan use ot the propPrty may reasonably require. secured hereby or tiiii any Naim or cause of action in fa~or of Mortgagor (exrept [or bodily injury) which arises as a result of any negligent or INSURANCE. I~tortgagor shali. at Atortgagor's expense, provide improper construction. installation or repair of the property. including and maintain in force at aU times with respect to the propert4•, fire and the surface or subsurtace thereof, or of any building or structure other types of insurance as may be required by !~lortgagee. All of such thereon. ~iortgagee may apply. use or release such monies so received ' insurance policies shali have a loss payable endorsement in [avor of by it in the same manner as in Paragraph 2 provided [or the procee~i~ o: !~iortgagee and shall be for a term and in [orm, content, amount, and i~re or other insurance. with such insurance companies, as ma~• be satisfactory to Mortgagee. Such policies shall De delivered to Mortgagee upon the making o[ this _ 6. DEFEN[~1VG AiORTG:4GE Notwitt~standing the proivinau af hiortgage upon the request of the Mortgagee. Rlongagor shall also Paragraph 5. Mort~ m~y ~a) ~~ornn~enue and proeecute or appear in and deliver at surh times evidence that the full premium for any such policti~ defend any action or proueeding purporting to affect the secvrity hereof has been paid. Alortgagee at its option may retain possession of the or the rights or pow~ers of Mort~e, (b) pay, purchase, oontest or uriginal potic~ or may release it to the possess~on o[ the Atortgagor. If compronuse any ernumbcanoe, char~ or lien which in the ~u ~ d~gement of the Mortgagee retains possession of such policies, at least thirry ~30! Mortp~e app~rs to be prior a~peria hereto; and (c) in exercisng any days Uefore the expira[ion of any such insurance policy, a policy or ~~fi right, incvr any liability and expend whatever amounts Mort~gee policies renewing. extending or replacing such expiring insurance shall deerm reasonably nec~essary including cost ot evidenoe of tide and be delivered by Mortgagor to Mortgagee. li an~ such insurance policy is r~~sortiable attomeys fces. - not so delivered to Mortgagee or in the event any such insurance policy is cancelled, whether the Mortgagee has in its possession the policies 7. PROTECTION OF SECURIIY BY MORTGAGEE. Should MortgagoT or not, and no reinstatement or replacement policy is received prior to fail to make any payment or do any act provideci in this htortgage, dien terminadon of insurance Mongagee, without notice to or demand upon Mortgagee, but without obligation so to do, and without notice to or !~lortgagor, may (but shall not be obligated to) obtain such insurance demand upon Mangagor. and without releasing Mortgagor from any Hith such company as Mortgagee may deem satisfactory, and pay the obligat~on hereof, may make any such payment or do any such act in premium therefor, and the amount of any premium so paid shall be such manner and to such extent as it deems necessary to protect the charged to and prompdy paid by Mortgagor or at the option of security hereo(. Mortgagee is authorited to enter upon the property at titongagee. may be added to the indebtedness secured hereby. any time for such purpose. In the event Murtgagee obtains an~ such insurance policy. Mortga- 8. REIMBURSEMENT_ Mortgagor shall pay immediately upon de- gor. for his ovm benefit and for the protection of his equity interest in mand all costs. fees or expenses incurred and sums expended or the property. hereby requests and authorizes Mortgagee, but rrithout advanced under the terms of this Mortgage by Mortgagee, rrith interest liabiliry• on the part of Mortgagee for failure so to do, to obwin such thereon at a rate equal to the rate provided for in the note secured policy for such term and in such torm, content and amount and with hereby, and the obligation of Mortgagor to pay such sums and interest such insurance companies as may be satisfactory to Mortgagee. Shoutd as a(oresaid shall be secured hereby. 1f Mortgagee shall make such any policy thus obtained by Mongagee thereafter be cancelled. payment or expend such sums. Mortgagor shall pay a service charge in ~tortgagor shafl pay to Mortgagee any eamed premiums on said policy an amount equal to ten per cent (10%) of t1?e payment made or the sum and a reasonable charge for its services in obtaining such policy. eYpended. !~iorigagee shall not be responsible for the collection of any 9. LEASEHOLD ESTATES. If the security tor this Mortgage is a 'i insurance monies. or for any insolvency of any insurer or insurance leasehold estate. Mortgagor shall not modify or terminate the lease or ~ underwriter. My part or alf of the amount collected under any fire or leases creating the leasehold estate, and shall comply with all o[ the other insurance policy may be applied by Mortgagee npon any covenants and conditions required of the Lessee or his successor in indebtedness secured by this hlortgage at such time and in the manner interest to be performed under the lease or leases creating said and amount as Mortgagee may determine, or at the option of Mortgagee, leasehold estate, including but not limited to paying when due rent and without reducing the indebtedness secured hereby, may either be used other charges imposed upon such Lessee. ~ ,o replace, restoTe or reconstruct the property to a condition satisfactory ~ to Mortgagee or be released to Mortgagor. Any application, use or 10. ESCROW QMPOUND) ACCOUNT. Mortgagor shall pay to Mort- { release shail not cure or waive any default or notice of default hereunder gagee, if Mortgagee shall so demand, in addition to any other payment ~ or invalidate any act done pursuant to such notice. Mortgagor shall pay required hereunder, monthly installments tor the purpose of creating ; '~longager inspection fres and other costs resulting trom or connected and maintaining a fund to provide payment when due of any taxes. ~ with thP casualty loss to which such insurance relates. encumbrances.assessments, leaseholdpaymentsreladngtotheproper- ~ remiums tor an I~cies of irtsurance insurin the ro the ' ~V• P Y Po 8 P PQnY• 1 3. LIFE. ACCIDENT OR HEALTH INSURANCE. If Mortgagor shall Mortgagor or the loan, more specifically referred to in Paragraphs 2. 3, 4 ~ assign or deliver a~licy of life, accident or health insurance to and 9. Mortgagor shall deliver promptly to Mortgagee all b~lls and ~ ~lortgagee as further se~vriry hereunder, then if Mortgagor fails to pay notices thereof. Said installments shall be in such amounts as any Fremium thereon. Mortgagee shall be entitled, but not obligated, to Mortgagee shall estimate from time to time to be necessary to provide ~ pay any such prem~um. Any amount so paid shall be charged to and sufficient monies in said fund to Ray such taxes. encumbrances. prompdy paid by Mongagor or. at the opuon of Mongagee, may be assessments, leasehold payments and premiums when they become due added to the indebtedness secured hereby. and shall be payable concurrendy with the installment under the note. If the amounts paid to Mortgagee under the provisions of this paragraph 4. TAXES AND ENCUMBRANCES. Mortgagor shall pay (a) at least are insufficienE to pay such Wxes, assessments, leasehold payments and twenty (20) days before definquency, all genera! and special taxes and premiums as they become due. Mortgagor shall pay to Mortgagee ~ assessments now or hereafter affecong the property. including any prompUy upon demand tlie amount of the deficiency. r assessments on appurtenant water stock (b) when due. all special ~ assessments for public improvements without permitting any improve- In the event of default of any obligation hereby secured. then any ~ ment bond to issue for any speciai assessment: (c) on demand ~~f funds in the possrssion of MortgaKee under the provisions o[ this ; Mo a ee, all encumbrances, char es and liens on the ro or an ra ra h ma at the o uon of Mo a ee, be a lied u n an ~ t'~8 B R P PenY Y. pa R P Y. P n8 6 PP Po Y ~ part thereof, which are or may be prior or superior hereto; ld) when due, indebtedness secured hereby. ~ all fees and charges incidEntal to uwnership. oc:cupancy or benefic~al use of the proper?y: and (e) if the property includes a condominium. 1 I~ FINANCIAL STATEMEtiTS. ltiithin thirry (30) days after written community apartment or part oi a planneci development, all payments demand by Mortgagee (but not more frequently than semi-annually?. required of the owner thereof uncieT an~ deelaration of cnvenants or Mortgagor shall deliver to Mortgagee venfied financial statements. corxiiuons or restnctions pertaining to such project. Should Mortgagor prepared in a~xordance with acceptable accounting practices, for such fail to make any payment under this Paragraph 4. Mortgagee may, but annual or other penod as Alortgagee may designate. Such financial shall not be obligated to, make such payment and any amount so paid statements shall include balance sheets, operatlng statements, and shall be charged to and promptly paid by Mortgagor ar, at the option of statements of sources and application of funds. !n addition. Mortgagor ~ titortgagee, shall be added to the indebtedness secured hereby, without shall deliveT to Mortgagee on demand, copies of all leases, agreements. ~ cc~dlu ICi L~iL ~nZit~ili~ ~Y ~c~dlit}~ Of su,Y~ as~es~~i~criis. iiert3 ot ch3rges. vouchers, receiptg ar?d otheT documents supporting any of the items _ ~ - g~~K 4~~3 PaGE y~~r~ ~ PAGE 2- ADIUSTABLf. MORTGAGF. DEf:C) - - - - ~ - ~ ~