HomeMy WebLinkAbout0972 (b) Neither the Mortgaged Property nor any part
thereof would be in immediate danger of b~ing forf eited ~
or lost by reason of such proceedings, postponement or ~
dePerment; aizd
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! (c) In the case ag any Impo~ition affecting the I
Mortgaged Property which might be or become a lien,
encumbrance or charge upon or result in any forfeiture or ,
loss of the Mortgaged Property or any part thereof, or ~
which might result in loss or damage to Mortgagor or _
Mortgagee, Mortgagor, prior to the date auch Imposition '
would become delinquent, shall have furnished Mortgagee '
with security satisfsctory to Murtgagee, and, in the ~ '
event that such security is furnished, Mortgagee shall !
not have the right during the period of the contest to - !
pay, remove or discharge the Imposition.
1.10 De osits of Taxes and Insurance Premiums. In order
to more fully protect the security of th s Mortgage and the
fulfillment by the Mortgagor of the obligations and
undertakings contained in Sections 1.04, 1.05 and 1.49 hereof
and, solely as additional security to Mortgagee, in addition
to the monthly payments of interest and principal as provided
herein, at the request of the Mortgagee, the Mortgagor shall
pay to the Mortgagee or to its designated representative, on
the date set in this Mortgage for the payment of principal
and interest, an amount which shall be equal to 1/12th of the
annual Impositions that may become due during the year and an
amount which shall be equal ta 1/12th of the annual in$urance
premiums with respect to insurance coverage that the
Mortgagor is required to maintain pursuant to the provisions
of this Mortgage (all as estimated by the Mortgagee, or its
representative). Mortgagor shall cause all bilis, statements
or otber documents relating to Impositions or the payment of
insurance premiums to be sent or mailed directly to the
Mortgagee or its designated representative. Upon receipt of
such bilis, statements or other documents, and, providing
j Mortgagor has deposited sufficient funds with the Mortgagee
~ or ita designated representative pursuant to the provisions
~ of this Section, the Mortgagee or ita designated
representative shall pay such amounts as may be due
thereunder out of the funds so deposited with the Mortgagee
or its designated representative. If the aforesaid sums are
found insufficient fully to pay the said Impositions or
insurance premiums when said items become due, the Mortgagor
agrees to pay such deficiency immediately upon demand, and in
default thereof the Mortgagee may pay the same and add the
sum so paid to the principal.sum secured by this Mortgage,
and said additional sum shalY be payable to the Mortgagee on
demand with interest thereon at a rate of interest which is
four (4~ percentage points above the rate of the Notes
secured hereunder; also the Mortgagor agrees to pay when due,
all ~rior Imposition~ and insurance premiums for which
provisions have not been made hereirrbefore and promptly to
deliver the officiai receipt therefor to the Mortgagee, and
in default of payment thereof, the Mortgagee may pay the same
and add the amounts so paid to the principal sum secured by
this Mortgage, and said additional sums shall be payable to
the Mortgagee on demand with interest thereon at a rate of
interest which is four (4) percentage points above the rate
of ~he Notes secured hereunder. The failure to pay any of
the aforesaid payments referred to in this Section shall be
deemed a de#ault under the terms of this Mortgage.
1.11 Mair~tenance, Repairs, Alteratione. Mortgagor wi11
keep the Mortgaged Property, or cause the same to be kept, in
good condition and repair and fulZy protected f rom the
elements to the satisfaction of Mortgagee; Mortgagor wi11
commit or permit no waste thereon and will do or permit no
act by which the Mortgaged Property shall become less
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