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HomeMy WebLinkAbout0952 TO PROTECT THE SECURiTY OF THIS MORTaAQE~ BORROWER AQREES: (1) Constructlon o? Improwmsnt~. To campleto in good and woricmenlike menner any building or improvemenl or repair ~elating the~eto wh~h mey be begun on such property or contemplated by the loan secu~ed hereby, to pay when due ett coats and liabilfties incu~red therefor, and not to qermtt a~y mect~anic's Ilen a~ainst such property, nor any aiop noNce ayalnst any {oan proceeda 8orrower also agreea, anylhing in thla Mortgafle 1o the cont~ary ~otwithsta~ding: to prompty commence worlc and to complete the proposed improvemenis promptly, (b) to complete seme in accordance~ with pla~s end specificat(ona as approved by Lender, (c) to ellow Lender to • inspect such property at ali times during conatructlo~; (d) to replace any work or meterials unsatisiactory to Lender, within fifteen(15) days after written notice from Lender of such tact~ which notice may be given to Borrowet by certified or regiatered mafl, sent to his last known address, or by petsonal delivery of the same; and (e) to pe~form ell other obllgat(ons of Borrower under any buitding toan agreement relating to such property. . (2) Repair and Malntsnance of Property. To keep such property in good condition and repair. not to substantially alter, remove,or demolish any buildings ihereon; to restore p~omptly and tn good workmanlike manner any buildings which mey be damaged or desiroyed including, damage from termites and ea~lh movement; to pey when due all cleims for labor performed and meteriats fumished in con- nection with such property and not to permii any mechanic's lien against such propertY, to comply with all law affecting such property or requiring any alterations or improvements to be made thereon; not to commit or permit waste thereon; not to commit, suffer or pe?mit any • act upon such property in vlolation of law. to cuitivate, irrigate. tertiUze, fumigate and prune; and to do all other acts that trom the character or use of such property may be reasonabty necessary to keep such property in the same condition (reasonable wear and tear excepte~ as at the date of this Morigage. (3) fire and Casualty Insura~ce, To provide and maintain in torce at all iimes tire and other types ot l~surance with respect to 8uch property as rrtay be required by Lender. Each policy of such insurance shalt be in amount, for a term a~d in fprm and content and by such campanies, as may be setis(actory to Lender, with ioss payable to lender, and shall be delivered tq, and remain in possession of, Lender as furthersecurity ior the taithful pertormance ot this Mongaga Borrower shall also (umish Lender with w~itten evldence showing payment oi all premiums iheretor. At least thirty (30) days prior to the expiration of any insurance policy, a policy renewing or extending such expiring insu~ance shall be delivered to Lender with written evidence showing payment of ihe premium therefor. and, in the event any such insurance pollcyand evldence oi payment of ihe premium are not so delive~ed to l.ender, Borrower by executtng this Mortgage specifically requests Lender to obtain such insyranca Lender, but without obligation so to do; without nOtice to or demand upon Borrower and without releasing BoROwer from any obiigation t~ereo~ may obtain such insurance lhrough o? from any Insurance agency or company acceptabte toit, and paythe premium therefor. Lendershall not be chargeablewith obtaining or malntaining sucfi insurance ortorthe coliection of any insurance monies or tor any insolvency of any insurer or insu~ance u~derwritsr. Lender, from time to time, may furnish to any insurance agency or company, or any other person, any information contained in or extracted irom any insurance policy theretofore delive~ed to Lender pursuant hereto, and any inf~rmation concerning the loan secured hereby. Borrower hereby assigns to le~der all unea~ned premiums on any such policy, and ag~ees that any and all unexpired insurance shall inure to the iSenefit of, and pass to, the purchaserof the property conveyed at any ~udicial sals held hereunder. . (4) Lite, Health or Accident Insuronce, if Borrower shall maintain lite, accident or health insu~ance and Lender shail be the owner or holder of any policy of such insurance as turther security hereunder, Lender may etect to pay any premiums thereon as to which Borrower shalt be in defauit, and any amouni so paid may be secured hereby. {5) Taxes and Other Sums Due. To pay, satisfy and dischar9e: (a) at least ten (10) days before delinquency, all general and speciat city and county taxes, and all assessments on water stocK aHecting such property, (b) when du~ all special assessments fior public improvements, without parmitiing a~y imp?ovement bond to issue for any apecial assessmen~ and (c) 4n demand of ~ender but in no event later than the date such amounts become due: (1) all encumbrances, charges and liens, with interest, on such property, Or any part thereof, which are, or appear to lender to be prior tq or superior hereto; (2) ali costs, fees and expenses of this Mortgage whether or~not described herei~; (3) fees orcharges torany statement regarding the obligation secured hereby in any amount demanded by Le~der not to exceed the maximum amount allowed by law therefor at the time when such request is made; (4) such other charges as the Lender may deem reason- able for services rendered by Lender and fumished at the request ot 8orrower oranysuccessor in interest to Borrow~r, (5) if such property includes a teasehold estate, ail payments and obllgations required of the Borrower or his successor in interest under the terms of the instrument or instruments creating such leasehold; and (6) ail payments and monetary obtigations required of the owner of such properiy under any declaration of covenants or conditions or restrictions pertaining to such property or any modlfication thereof. Should Borrower fail to make any such payment, Lender. without contesting the validity or amount, may elect to make or advance such payment, together with any costs, expenses, fees or charges relating thereta Borrower agrees to notify Lender immediately upon receipt by Borrower of notice of any increase in the assessed vatue of such p~opertyand agrees that lender, in the name of Borrower, may contest by appropriate proceedingssuch increase in asseasment Borrowe~agrees to notify Lender and appropriate taxing authorities immediately upon the happening of any event which does or may aNect the value of such property, the amount of basis of assessment of such.property, or the availabitity of any exemption to which Borrower is or may be entitled (6) Ir?tpounds. To pay to Lende~ if Lender shall so request, unless waived in writing by lender, ir: addition to any other payments required hereunder, monthly advance installments, as estimated by Lender, for taxes, assessments, tnsurance premiums, ground rents or otherobligations secured bythis Mortgage(hereinafterin this paragraph referred to as"such obligations") for the purpose of establishing a lund to insure payment when due, or before delinquency, of any or ail o( such obligations required to be paid as to such property. Ii tt~e arnounts paid to Lender under the provisions of this paragraph are insufficient to discharge the obligations ot Borrower to pay such obiigations as the same becoms due ordetinquent. Borrowershail pay to Lender, upon its demand, such addittonal sums necessary to discharge Borrowers obligation to pay such obligations. Ail monies paid to lender under this paragraph may be intermingied with other - monies of lender and shall not bear interest, except as required by law. Lender may pay such obtigations whether beto~e or after they become due and payabte. In the event ot a defau.t in the Raymant of any monies due on the indebtedness secured hereby, detauit oi any obligation secured hereby, or detault in the performance of any of the covenants and obligations of this Mortgage, then any batance remaining from monies paid lender under the provisions of this paragraph may, at the option of Lender, be applied to the payr~ent of principal, interest or other obligatio~s secured hereby in lieu of being applied to any of the purposes for which thQ impound account is established Lender will make such reports of impounds as are required by law. (7) Condemnation snd lnJury to Property. All sums due, paid or payabie to Borrower or any successor in interest to Borrower o1 such property, wheiher by way ot judgment, settiement or othe?wise: (a) for Injury or damage to such property, or (b) in connection with any condemnation for public use oi or injuryto such property, or any pa~t thereof, are hereby assigned and shall be paid to Lender. AII causes of action of or belonging to Borrower, whether accrued before or after the date of this Mo~tgage, for damage or injury to such property, or any part thereof, or in connection with the transaction financed in whole or in part by the tunds loaned to Borrower by Lender, or in Connection with or affecting said property or any part thereof, including causes of action arising in to?t or contract and causes of action for iraud or - concealment of material fact, are hereby assigned to Lender, and the proceeds thereof shall be paid to lendor who, after deducting - therefrom alt its expenses, including reasonable atto?neys' fess, may apply such proceeds to the sums secured by this Mortgage or to any deficiency under this Mortgage or may release any monies so received by it or any part thereof, as Lender may elect Lender may at its option appear in and prosecute in its own name any action or proceeding to eniotce any such cause of action and may make any com- promise or settlement thereof. Bor?ovsrer agrees to execute any turther assignments and other instruments as from time to time may be necessary to eNectuate the foregoing provisions and as Lender shall requesL (8) Disposltfon of the Proceeda ot any Insurance Policy, Condemnation or other Recovery. The amount received by Lender pursua~t to this Mortgage under any fire or other insurance policy, in connection with any condemnation for public use of or injury to such property, for injury or damage to such property or in connection with the transaction financed by the toan secured hereby, at the option of Lender may be applied by Lender to any indebtedness secured herebyand in such orderas Lender maydetermine or, without reducing the indebtedness secured hereby, may be used to reQlace, restore, or reconstruct such property to a condition satisfactory to Lender or may be raleased to Borrower, or any such amount may be apportianed and alloCated in any manner to any one or more of such uses No such application, use or release shall cure or waive any deiault or notice ot default hereu~der or invalidate any act done pursuant to such notice. (9) Lltlgatlon. Borrower shall defend this Mortgage in any action or proceeding purporting to affect such property whether or not it affects the lien hereof, or purporting to afiect the lien hereof or purporting to affect the rights or powers o! Lender, and shall file and pro- secute al! necessary claims and actions to prevent or recover for any damage to or destruction of such property, and lender is hereby authorized without ob~igation so to do, to prosecute or defend any such action, whether brought by or against Borrower or Lender, orwith or without suit, to exercise or enforce any other right, remedy, or power available or conferred hereunder, whether or not judgment be entered in any action or procesding; and Lender may appear or intervene in any action or proceeding, and retain counsel therein, and take such action therein, as either may be deemed necessary oradvisabte, and may settle, compromise orpay the same or anyoiher claims and, +n so doing, may expend and advance such sums of moneyas either may deem necessary. Wheiher or not Borrower so appears or defends, C3oirower on demand shall pay all costs and expenses including but not limited to reasonable attorneys fees oi Lender including costs of . evidence of title, in any such action or proceeding in which Lender may appear by virtue of being made a partydefendant or otherwise, and ~rrespective ot whether the interest of Lender in such property or their respective righis or powers hereunder may be atfected by such action, inctuding, but not limited to any action for the co~demnation or partition of such property and any suit brought by lender to toreclose this Mortgage. It 0) Loan on Leasehotd Estate. I( such property includes a leasehold estate, Borrower agrees to comply with all of the terms, conditions, and provisions of the instrument or instruments creating such leasehold Borrower also agrees not to amend, change, or modify his leasehold interest, or the terms on which he has such Ieasehold interes~ or to agree to do so, without the written consent of lender being (irst obtained. - (11) Prepayment Charge. Should any note or obligation secured hereby provide any fee tor prepayment of any of the indebtedness secured hereby, to pay said tee notwithstanding, Borrower shall have defaulted i~ any obligation secured heraby and Lender, by reason ~ ther~of, shall have dectared all sums secured hereby 7mmediately due and payable. " ' 2 of 4 • _ eooK~J~ Pacf ~~Jz ~ . ~ . ~..-v- -3