HomeMy WebLinkAbout0948 7b Protea the Security oE'[t~ta Mongaige De~d. Mottgagoc Agnees: A . . '
l. Ptt~RVA110N OB 71~ PROP~R11f. Moctg,~oc (s) ahail loeep S. CW MS. D6MAND6 AND A~C110NS, /~Ott~oc ahall (s) ~*ar '
the ~~ty !n Sood oorxlitlo~ and e~aitr~ (b) shall not rcir~o~e, tn and ckfcnd any aajon or pnoc~aedtr~ purpoctlrtg co sffcct thc '
demolish a a~l~r ataer arry bulidlc~, aaucturc or impn+~e- securiry hcnof or the ~hts or pawers of Mortg~ee; (b) at the ~
mrnt d~ecro~q (c) atraU oo~kte a res~o~e pc~nptty and In goad ap~on of Mo~t~gee~ asa~n a Mongage~e~ to the ex~cnt of Moc~gagee's
arotkmanllice matutet any bullding rvhict~ may be aor~tnxted. dun- incec~, anY cWms~ de~r~ds or rauscs of actton of any iclnd, lnctud-
age~d ar dt~tmyrd therooa ~nd r,~l11 pay when du~ atl ciatms foc in6 u?Y awn?d, coutt rud~ent ot pr~oc~eeds vf eettle~nent of ury auch
labor pec[omtied wtid a~erial furnl~hed thd+eforq {d) str~ll mmply cWm. demand or cwse af aaion o[ u~y Icind.whkh Morcgagcx naw
~
~ ~ Pt'~Y ~N~B ~ of the ~ ~~W[tho~ltmi ~ au af acquWtio~ oc o~amerahtp
P~P~Y ttnB thc g~eneralkY of che fa'e8~oing. urt~'
dons. cepalra or lmpra~rancnts chec+eon~ (e) shall not mmmh oc such cixlm. demand or r~use of actbn artsiqg ouc of aoquWtion or
su~er acty w~ste thet+~o~n, (t? sha!! not oommlc ot st~ffct atiy act upon awnecsiUp of the pc+opcrty mry incluck (i) anY such in)ury or c~.~r~age
the pc+openy in vlol~tion af anY P~~ ~~Y P~kY ~ co the pcnperty ar u~y swuure ar imp~+av~ement sttuated thereon.
taw oc trgulation~ at~ll paint, ciecocatc~ culUvate, irrigate~ fertilixe~ oc (U) uiy ctatm or rause of action in Favnr of Mortgager ~vhlch shall
PN~ ~ P~P~Y• and (h) mtulstrnt with the use have arlsen out of the uansxtbn 8nanc~ed in whole or in Part bY
thereof~ do a!) ad~er sxts whld~ the charxter oc use of the prQpecty the makirtg of the loan secvt~ed hereby oc (iil) a~ty c1~Lm or cause
~Y ~~Y ~Nire. of action In fav~or of Mortgagor (exeept fa bodtly inJury) whkh
2. [NSIJRANCE. Mortg~tgor shaA, at Mortglgor's expe~LSe. uises as a c~sutt of arty negllgent or Imprnper cnnuruction, inualla-
and mtJntaic? in foire u ali times with to the don or repair af the property,lncludir~g the sur[acc or subsur[ace
~ P~~Y. flce thec+c.~of, or of any butlding or suucture thecron. Mort~agee maY
~~+lnw~~anc~e~ ides shatt~i~ a
to~~le
rn~ t int aPPh'~ use or retea5e such monies so necetvrd by tt in the same
p~ PaY~ maruier as !n Paragr.~ph 2 provlded for the pmceecis of flre or aher
Eavor ~f Mort~gee and shall be For a tern? and in fonn, c~ttent, lnsurance.
amoun~, and with such lnsurance companks, as may be sact~factory
to Mo~tgagce. Such pollcies shall be delivec+ed to I~tortg~gee upon 6. DEFENDING MOR'PC`~A~GE. Nawittutanding the provtslons of
the tnatcing of this Mortg~ge upon 'the t+eque.u of the Mottgagere.
Mort~agot shall also delh+~r at such times evlde~xe that the full ~n~ ~~fend~
a~i
or , roceedI ~ P~ to affect the
p~nium for any such polky has been paid. Martg~gee at its opdon securiry hereof or tlie rlg,hts or paare~s of M r~tgagee~ (b) PaY. p~r
may :~~n possesslon of the origtnal Po1kY oc may rekase ic co the chase, conccu or oompcomtse ar?y encvmbru~ee, c~t~arge or 11~ which
pvssesslon of thc Moc~gor. lf the Martg~gee retalns possession of in the judgment of Mortgagee appear to be prioc ot superior hereto;
sud~ pollcies, at leut thirty (30) days befoce thc expicacloc~ of auty and (c) in execrising any such rlght, lncur arry liability and ex{~end
such insurance polky. a policy or policies renc~+ing. excending or wt~acever amouncs Mortgagee deems reasonabfy nec~ssary~ inctuding
t+eP~ suct? expUI~B Inwr~u~ce shall be deliv~et+ed by Mort~or cost of evldenoe of dde and reasonable attorneys' tees.
to Mortg~gee. If ar~ sudi .lnsurance pollcy Ls not so delivered co
Mar~e a in the e~ent any s~xfi insuru~ce polky is ~~ceued, 7. PR~RECI'lON OF SECUW'IY BY MOR7ti',AGE. Should
wi~ether the Mong,agee has in its possession the polkies or c~t. a?~d Mortgagor fail to make any payment or do any act pravlded in thts
no celnu~ea~ent ar repla~oemenc palicy is ~+ec~etved prtor to tenNna-
tion of lnwr.ir~Ce Mortg~gaee. without nc~tice to or demand upon Mortgage, then Mon~gee, but wltho~ut obligatiat so to do. and
Mo~tg~or, maY (but shali not be obUgued w) obtaln such insurancae without notke to or demand upon Mortgagor, and a?ithou[ releastng
wlth such mmpa~ry as Morcg~ee may deem suisfxtory. arxf pay the Mortgagor from any obilgation hereof, may make any such payment
pc~emtum thec+efore. and the arnovnt of aay premtum so paki sJ~all or do arry such act in such manner and to such e~aent as it deems
be d~arged to and P?'~P~Y P~ bY Mo~tgagor or at the option of to protect the securIry hemof: MortAage~ is authorb.ed to
Mcxtgagee. may be addeci to the indebteclness s~~ured he~+eby. enter upon the p~operty at any t(me for such purpo6e.
tn the event Ma~tga~ee obtaino any such inwranee polic5: 8. ItEIMBURSEMEI~Ti: Mortgagor shalt pay immediately upon
Alortgagor, for hLs awn benefit and for the protection of this equity c~~~ aii oosts. fees or expenses incumec! and sums expended or
intec+est !n the p~pecty~ i~eceby requests and authori~.ees Mcmg~gee. advanced under the ternu of thLs Mort~ge by Mongagce, with in-
but wlthout liabllity on the put of Moctgagee for faiture so to do. eee+est ther~eon at a race equa! [o the rate pravlded for In the noce
co obtain sudi polky for such term an~ !n such fotm, concent and ~~y~ ~ Mortgagor to pay such sums
amounc and wlth such insurance eompanies as may be saclst~ctory and interest as aforesaid shal! be secvred hereby. If Mortgagee shall
to Mortgagee. Should acry polky thus obtained by Mortgai,gee there- rnake such paymcne or expend sucfi sums, Mortgagor shall pay a
after be rr~x~elled, Mortgagor shall p~y to Mortgagee arry earned ~ in an amount equal to cen per crnt (10%) of the
premiums on said polky and a reasonable charge for its secvices in p~y~nc made or the sum e~cpended
obtaining such polky.
'i Moctgagee shalt be responsible for the m1leNon of any insur- 9. IFASEHOID ESI'A7FS. If the security for ti:ls Mortgage is a
; anc~e monies, or for any iruolvency of airy insurer or insuranoe under- leasehold estate, Mortgagor shall not modify or terminate the lease
~ wricer. My parc or all of the amount mllecced ~mcier ar~y flre or or leases cc~eacing che leasehold estate. and shall compty wi[h all of
ott~er insuranee polky may be app(led by Mort~gee upon arry tnde- the c~ov~enants and mndidoas r,equired of che l,essee or hLs suceessor
~ bteJness secvred by thls Mortgage at such time and in the manner in incere,u to be perforrned under the lease or lea5es creating said
I arxi amount as Mortgagee may determine. or at the option of leasehold ~uate, including but not limited to paying wfieri due rent
~ Mortgage+e~ wldiout reducing the tndeixedness secvred hereby. may and other charges impc~d upcro such Lessee.
either be used to replaee, restore or r+ecoRStrua tfie propecty co a
oondition satisfacu~ry to Mortg,tgee ~ be release~~ to Mortg~gor. My 10. ESCROW (IMPOUND) ACCOUN7: Mortgagor shall pay to
appl3cation, use or release shaU not ctire or waive arry default or Mortg,a~ee, if Mort,p+gee stnll so dernand. in addiUon to any other
naioe of de6ult hereunder or invalidate arty act done pursuant to payment requlred hereunder, monthty inuatlments for the purpose
such notke. Mortgagor shall pay Mort~pgee i?ZSpecclon fees ana oeher of creating and maintafning a fund to prnvide payrnenc when due
oo~sts resulting from or connected with the casualty loss [o whtch of any taxes, encvmbrances, asse.ssmer?ts, leasehold payments relating
such insurenee relates- to the P~~Y~ Pre~ums for any poUcles of insuranee insuring the
3. UFE. A~CCID~M' OR HFA1.1H lNSURANCE. if Mortgagor shall P~rh'~ the Mo,rtgagor 9
Monan, more specifiralty refemed to in •
ass or deliver a of life, x~ctdent or health lnsuranoe to ' ~r sl~ll delh~er prompdy to
~ P~~' Mong~agee all bills and notlets [hereof: Sald in,uallments shall be In
Mortgagee as further securiry hereunder, then if Mortgagor fails to such amounu as Mortg,agee shall estimate from time to time co be
PaY ~Y Premium thereon. Moitgagee shall be entided. but not obli- to pravide suHicient monies tn satd furtd to pay sud~ taxes,
8~~~ ~ PaY anY ~ P~~~- M3' arnount so patd shall be d~arged eocumbranees, asses,unents, leasehold payments and precnlums
to and P~P~Y P~ b'Y Mortgagor or, ac the option of Mortgagee, wfien chey become due and shall be p~ry~able concurrentty wi~h che
~7' be~~O ~~d~ inuallment under the note. If the amounts paW to Mo~tgagee under
4. TA?~S AND ENCUMBRA~iCES. Mortgagor shal) pay <a) at least tt~ provisions of tttis paragraph ar~e insuf~`ident io pay svch taxes,
tare~tty (2t1) days before delinquency, all genera.l and special taxes assessrnents, leaset~old payments and premiums as they become due,
• and assessments now or hereafcer a~eccing the prupecty, indudirtg 1~iortgagor shall ~y t° Mortgagee PrmnpctY upon dernand the amounc
arry assessments on appurteoant water stodc~ (U) when due, all special °f the de~cie~t~!
assessments for publk impc+ovemeots svitt?out permitting any im. In the ev~ent oF default of any obli~tion hereby secured, then
provement bo~?cl to is.we for ury sy~cial assessment; (c) at demand anY funds In the pos.session of Mortgagee under the prov~sions of
of Mortgxgee, all encumbrdnces. ~S and liens on the pr~opetty thls paragraph may, at the optlon of Mortgagee, be applied upon auty,
or arry pari ttiereof~ wfikfi are or may be prlor or superior~ hereto: indetxedness secvred hereby.
(d) when due, all fees and d~arges Incidentai to awnership. oecu-
pancy oc berretidal use of the prq~erty; and (e) if the property 11.F[NMiC1ALSTA7F.MEMS.~thinthlcty(30)d~ysafterwriuen
inciudes a oondo~ninium, mmmuNty apartment or part of a ptanned demand b'Y Mortgagt~e (but na more frequently than semf-annually)~
deHelopment, all payrr~ents rrqulred of the owner thereof under any hlortgagor shall deliver to Mortgagee v~eritied ttnancial staten~ents,
declaraclon of wMenants or Ca~ditlans or restrktions pectaiNng to prepamd tn acmrclance with aooepcaMe aceounting practices, for
such Pc+o~ect. Should MortRa~or fall fo m~ke any ~xryment under this such annual or other perlod :s Mortgagee may designate. Such ftnan-
Paragrapt~ 4, Moct~ee maY~ but shail rtot be obllgited to, make cial statements shall tnclude bafa~xe st~eets, operadRB statements,
such payment arxi arry arnount so pald shall be charged co and and statements of soutces and a~piication of funds. In addition,
p~P~Y P~ ~'f' at the option oP Mortgagee, sitall be Mortg,~gor shaU deliMer m Mortgagee on demand, oopies of ali leases,
aclded to tt~e indebtedness secvred hereby, without r+e~?rd to the agreem~ wuct recrlpcs ~r~d aher doevments suPP~nB ~Y
vatidity or leg~llty of such assesscr~ents. lkns or char~es. of the ~~~~`ti sud~ st~ttements. Mo~tg~gor shall keep and
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