Loading...
HomeMy WebLinkAbout0989 TO PROT~CT TNE 3ECURITY OF THIS MORTQAQE, BORROWER AOREE3: (1) Constructlon or lmprowm~nts. To complete In good and worlcmanlike menner any building o~ improvemant or repair relating thereto whtch may be be~un on such property o? contemplated by the loan aecured hereby, to pay when due all costa and itabiNfies (ncuned therefor, and ~ot to permit any mechenic's 11en aqainat such property, nor any atop notlce against eny ben proceedn Borrower alao agree~ anylhin9 in this Mort~age to the contrary notwithstandiny; (e~ to prompty commence worlc and to oomplete the proposed imp~ovements promptly, (b) to complete same in accordance with plena and specifications aa approved by Lender, ta aliow Lende~ to tnspect such property at a!1 t(mes during construciion; (d) to ~epface any wo?k a materlats unsetlatactory to lender. wtthin f ifteen (1 S) days afte~ w~itten notice t~om Lende~ oi such tact which notice may be ~Iven to Borrower by certified or ~egistered mail, aent to his last known add~esa~ dr by personal delivery oi the same; end (e) to pe~torm aIl other obNgatlons oi 6onower under eny buildtng loan agreement relating to such property. ~2) Rspalr and Matnten~nc~ of Prop~rty. To keep such property in ~ood condltion and ~epalr, not to substanttaly alter, remove or ~ demoltsh eny buildi~gs thereon; to restore promptiy and tn good workmaN(ke manne~ any butidings which may be damayed otdestroyed including, damege from te~mites and earlh movesnent; to pay when due all clalms for labar pertormed and mete~lals turnished in con- nection wtth such property and not to pe~mit any mechanic's iten agatnst such property, to comply with all law aHecttng such p~operty or requinng eny alterationa or improvements to be mede the~eon; not to commtt or permit waste thereon; not to commiR suHer o~ permit any . act upon such property ln vtolatlon of law, to cullivate; lrrlgata, fertilize. tumigate and prune; and to do all othe~ ects that trom the character or use of such property may be reasonably neceasary to keep such property in the seme condition (reasonable wear and tear excepte~ as at t~e date of this Mongage. • (:i) Flrs and Casualty Insurancs. To prov}de end matntaln in force at atl times fire and other types ot i~surence with ~espect to such property as may be required by Lender. Each poltcy ot such insurence shail be in amoun~ for a term and in form and content snd by such co , pantea~ as may be satiafactory to lender. with loss payable to Lender, and shelt be detivered ta and remain In possession of. Lender as tu~~ersecurityfor the fafthiul pertormance ot this Mortgaga 8orrower shall elso (umiah Lenderwlthwritten evidence showing payment of all premtums therefor. At least thirty (30) days prior to the expiration of any irssurance poltcy. e poiicy renewing or extending such expi~ing insurance shall be delbered to Lender wtth written evidence showing payment of the premium therefor, artd, In the event any such Insurance pollcy and evldence of peyment of the premium a~e not so deUvered to Lender, Bonower by executiny thia Mortge~e specitically requests Lender to obtain auch insu~ance. Lender~ but without oblf~ation so to dq without notice to or demand upon BoROwer and without f releastng Bortower (rom any obligatlon hereo~ mey obtatn such insurance throuflh or from any inau~ance aflency or company acceptable to lt, and paythe premlum therefor. Lende~ shall not be chargeable with obtaining or malntalning auch insurance orfor the collectlon of any insurance monies o~ for any tnsoivency of any insurer or insurence underwriter. lender, irom time to time, may fumtsh to any insurance agency or company. or any other persan. any information coniained !n or extracted from any insurance policy theretofore delivered to Lender purauant hereto, and any information con~erning the Iqan secured hereby. Borrower hereby aasigns to lender all unearned premiuma on any such policy. and agrees that any and all unexpired inaurance shall inure ta the benefit of, and pass t0. the purchase~of the t property conveyed et any judtclal sale held hereunder. ; (4) Ut~, H~anh or Accidsnt lnsuranc~. lf Sonower ahall maintain life, axident o~ health i~surance and Lender shall be the owner or holder oi any policy of sucfi insurence as funher security hereunder~ Lender may elect to pay any premtums thereon as to which Bonower 'F shall be in defeul~ and any amount so pald may ba secured hereby. ~ ~5) Tax~s and Other Sums Due. To pay. satisfy and discharg~ (a~ at lesst ten (10) days before deltnquency, all general and special ciry and counry taxes, and all assessments on water stock~ affecting such property. (b) when due, all special assessments for public improvemente~withoutpermittinganyimprovementbondtolssueforanyspedalassessmen~and(caondemandofLenderbutinnoevent Iater than the date such amounts become du~ (1) all encumbrancea„ che~yes and liens~ with interest, on such property, or any pa~t thereof, which are, or appear to l.ender to be p~lor tq or supe~ior hereto; (2) all costs, fees and expenses of this Mortgege whether or not described herein; (3) fees orcharges for any statement regarding the obllgatlon secured hereby in any amount demanded by Lende~ not to exceed the * maximum amount allowed by law tharefor at th~e time whe~ such request ts made; (4) suCh other charges as the Lender may deem reason- i able for services rendered by Lender and fumished at the request of Borrower or any successor in interest to Borrower, (5) if such property inctudes a leasehotd estat~ all payments and Obilgatlona requlred of the Borrower or his successor in interest under the terms of the insirument or instruments creating such leaseholc~ and (6) all payments and monetary obligations required of the owner of such ptoperty under any declaration of covenants or conditions or restricttons pe~taining to such p~operty Or any modification thereof. Should Bonower - fail to rnake eny such paymen~ Lender, wfthout contesting the validiry or amoun~ may elect to make or advance such payment~ together with any costa, expenses~ fees or cherges relating thereta Borrower agrees to notify Lender immediately upon receipt by Borrowe~ of { notice of any increase in the assessed value of such property and agrees that Lender, in the name of 8orrower, may cor~test by appropriate proceedings such (ncrease ln assessment Borrower agrees to notify lender and appropriate taxing authorities immediately upon the happening ot any event wh~ch does or may aHect the value oi such property, the amount of basis of assessment of such property, or the availability oi any exemption to which Borrower is or may be entitled (6) Impounds. To pay to Lender. if Lender shall so request, unless weived in writing by LBnder, in addition to any other payments required hereunder, mo~thly advance instellments~ as estimated by lender, for taxes, assessments, insurence premiums, ground rents or ~ other obligations secured by this Mortgage (hereinaiter in this paragraph referred to as °such obligatbns") for the purpose of establishing a fund to lnsure payment when dus, or before delinquency, of any or ail of such obligations required to be paid as to such property. If the ~ amounts paid to Lender under the provisions of this parag~aph are.insufficient to discharge the obligations of Borrower to paysuch - g obiigations as the same become due ordetinqueht, Bo~rawer shatl pay to Lender, upon Fts demand, such addittonal sums necessary to discharge Borrowers obligation to pay such obligaNons All monies paid to Lender under this paragraph may be inte?mingled with other moniss of Lender and shall not bear intereat, except as required by law. Lender may pay auch obligations whether before or after they become due and payable.ln the event of a default in the payment of any monies dus on the indebtedness secured hereby, defauit of any • obligation secured hereby, or deisult in the performance of any of the covenants and obligations of this Mortgage, then any balance ~ remaining from monies paid Lender under the provisions of th(s paragraph may. at the option of lender, be applied to the payment ot ' principal, interest or other obligations secured hereby in lieu of being applied !o any of the purposes tor which !he impound account is ~ , establi$hed Lender will make such reports of impounds as are required by Isw. (7) Condsrrsnatlon and Injury to Property. All sums due, paid or payable to Borrower or any successor in interest to Borrower of such property, whether by way of judgmenf, settPement or othen~vise: (a) for Fnjury or damage to such property; or (b) In connection with any condemnation forpublic use of or (njuryto such property, or any part thereof, a~e hereby assigned and shalf be paid to Lender. All causes of action of or belonging to Borrower, whether accrued before or after the date of this Mortgage, for damage or injury to such property, or any part theraof, or in connection with the transaction financed tn whole or in part by the fuods loaned to Borrower by Lender, or in connection with or aNecting said property or any part thereof, includin causes oi action arisin in tort or contrac . . 9 9 t and causes of action for fraud or , conceatment of matenal fact, are hereby ass[gned to Lender, and the proceeds thereof shal! be paid to Lender who, after deducting therefrom atl its expenses, including reasonable attorneys' fees, msy apply such proceeds to the sums secured by this Mortgage or to any j deticiency under this Mortgage or may release any monies so received by it or any part thereof, as Lende~ may elect Lender may at its option appea~ in and prosecute in its own name any action or proceeding to enforce any such ceuse of action and may make any com- ~ , promise or settlement thereot. 8orrower sgrees to execute any further assignmenfs and other instruments as from time to time may be ~ necessary to effectuate the loregoing provisions and as Lender shall request (8) Disposition of the Proceeds of any Insurance Poilcy~ Condemnstion or other Recovery. The amount received by Lender . pursuant to thts Mortgage under anyfire or other insurance policy, in connection with any condemnation for public use of or injury to such property, for injury or demage to such property or in connection with the trensaction financed by the loan secured hereby, at the optbn of Lender may be applied by Lender to any indebtedness secured hereby and in such order as tender mey determine or, without reducing the . indebtedness secured hereby, maybe used to replac~ restore, or reconstruct such property to a condition satisfactory to Lender or may be ; released to Borrower, or any such amount may be apportioned and aliocated in any manner to any one or more of such uses No such application, use or release shall cure or waive any default or notice ot default hereunder or invatidate any act done pursuant to ~ ~ such notic~ 4 (9) Litigation. Borrower shall defend this Mortgage in any action or proceeding purporting to affect such property whether or nat it ; affects the lien hereof, or purporting to affect the lien hereof or purporting to affect the rights or powers of Lender, and sheil file and pro- ? secute a!I necessary claims and actions to prevent or recover for any damage to or destruction of such property, and Lender is hereby # authorized, withaut obligation so to do, to prosecute or defend any such action, whether brought by or against Borrower or Lender, or with ~ 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 proceeding; 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 ~ecessary or advisable, and may settle, compromise or pay the same or any otherclaims and ~ in so doing, may expend and advance such sums of money as either may deem necessary. Whetheror not Borrower so appears ordeiends, Borrower on demand shali pay all costs and expenses including but not limited to reasonable attorneys fees of Le~der including costs of evidence of title, in any such action or proceeding in which Lender may appear by virtue of being made a party defendant or othenaise, and s irrespective of whether the interest of Lender in such property or their respective rights or powers hereundsr may be affected by such ~ action, including, but not limited to any action for the candemnation or partition of such propeNy and any suit brought by Lender to ; foreclose this Mortgage. (10) Loan on Leasehotd Estate. If such property includes a leaaehold estatg, Borrower agrees to comply with a!! of the terms, ~ conditions, and provisions of the instrument or instruments creating such leasehoid Borrower also agrees not to amend change, or modify i his leasehold interes~ or the terms on which he has such leasehoid interest, or to agree to do so, without the written consent oi Lender being first obtained ° (11) Prepsymsnt Chsrge. Sfiould any note or obligation secured hereby provide any fee for prepayment of any of the indebtedness _ seCured hereby, to pay said fee notwithstanding, Borrower shali have defaulted in any obligation secured hereby and Lender, by reason thereof, shali have declared att sums secured hereby immediately due and payable. : 2 or a BOOK PACE 987 < ~ : = . . ~ --a~v _ ar _ _ a.