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HomeMy WebLinkAbout0944 TO PROTECT THE SECURITY OF THIS MOR7f3A(i~ BORROWER ACiREES: ~ (1) Construction o~ Improwm~nts. To complete in ~ood and workmanlike manner any bullding o~ improvement or repair relating thereto which may be beflun on auc~ property or contemplated by tAB ioan secured hereby, to pay when due all costs and Nabilltles incurred tt~erefor, end not to permit any mechanl~s Uen agalnat auch property, nor any stop notice against any loan proceeds Borrower also a9rees, anythiny in this Mo~tgaqe to ihe contrary notwithstartding: (ea to prompty commence work and to complete the proposed improvements promptly; (b) to complete seme (n accordance with ptans and speciflcations as approved by Lender, (c) to allow ~ender to inspect such prope+ty a! a!1 times du?inp conafructlon; (cq to repiace anywork w mate~iala unsatisfactory to Lende?, within tifteen(15) days ~fter w~itten nottce from l.ender of such facf, which notice may be yfvon to Bor~ower by certified or registered mail, sent to hIs fsst known address, or by personal del(very of the same; and(e) to periorm eli otherobiigations of 8orrower underanybuilding loan aQreement relallnp to ~uch property. • (2) Repai~ and IYlaintenanc~ of Property. To keep such property in good conditlon and repatr, not to substantlally aiter, remove or d~molish any bulidings thereon; to ~sstore promptty and in good workmantike manner any buildings which may be damaged or destroyed inctudinp, damaQe trom termites and earth movement; to pay when due all claims for labor peKormed and materials turnished i~ con- nectton with such property and not to permit any mechani~s lien against such propeny, to comply with all law affecttng suCh property or ~ requtring any alterattons or improvements to be made thereon; not to commit or permtt waste thereon; not to commi~, suffer or pe~mit a~y ~ act upon such property in vlolation of law, to cultivate. irrigate, fertiliz~, fumiqate and prune; a~d to do atl other acts that irom the character ; or use ot such prOpetty may be reasonably necessary to k~ep such property in the same condition (reasonable wear and tea~ excepted) as ~ at the date of ihis Mortgega ~ (3) Fire snd Cssuelty Insurance. To provide and maintain in force at all times tire and other types of insurance wiih respect to such property as may be required by Lende~ Each policy oi such insurance shall be tn amaun; (or e term end in form and content and by such ~ companies, as may be saNatactory to Lender, with loss payable to Lender, a~d shal! be delivered ta, and remain in possession of, Lender as furtherseCUrityfortheteithfulperiormanceoflhisMortgage.BorrowershallalsofurnishLenderwithwrittenevidenceshowingpaymentof j all premiums theretor. At leaat thirty (30) days p~io~ to the expiration of any insurance policy, 8 poticy renewing or extend~ng such expiring ~ insurance shalt be detivered to Lender with written evidence showing payment ot the premium therefor, and, in the event any such ~ insurance poqcy a~d evidence of payment of ihe premium are not so delivered to Lender, Borrower by executing this Mortgage speCifically ~ requests Lender to obtain such inaurance. Lender, but without obligalion so to do, without notice to ordemand upon Borrower and wHhoW ; i releasing 8ar~ower (~om any ob~igation hereof, may obtain such insurance through or trom any insurance agency or company acceptable to iR and pay the premium iherefor. Lender shall not be cha~geable with obtaining or maintaintng such insurance orior the collection of any insurance monies or ior any tnsolvency of any insurer or insurance underwriter. Lender, from time to ttme, may fumish !o any Fnsurance ' agency or company, or any other person, any informatlon contained in or extracted trom any insurance policy theretofore delivered to lender pursuant hereto, and eny information concerntng the loan seCUred he~eby. Borrower hereby assigns to Lender all uneamed ; premiums on any such policy, and agrees that any end all unexpired tnsurenCe shall inure to the benefit of, and pass tq, the purchaser ot the ~ property conveyed at a~y )udlcial sale held hereunder. ; (4) Life, Nealth or Accidsnt Insurance. if Borrowe~ shali maintain Hi~ accident or healt~ insurance and Lende~ shall be the owner or holder oi any policy of such insurance as further security hereunder, Lender may etect to pay any premiums thereon as to which Borrower shail be in delault, and any amount so paid may be secured hereby. (5) Taxes and Othat Sums Due. To pay, satisfy and clischarge: (a) at Isast ten (10) days before delinquency, all general and special city and cdunty taxes, and all assessments on water stoct~ afiecting such property, (b) when due, all special assessments tor public impravements, wFthout permitting any improvement bond to issue for any speciai assessme~~ and (c) on demand of Lender 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 thereot s which ar~ or appear to Lender to be prior ta or superior hereto; (2) afl costs, tees and expenses of th~s Morigage whether or not described herein; (3) fees or char~es for any statement regarding the obligation secured hereby in any amount demanded by Lender not to exceed the ~ maximum amount ailowed 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 turnished at the request oi Borroweror any successor in Interest to Bo'rrower, (5) it such property ~ includes a leasehotd estate. all payments and obligations required ot the Borrower ar his successor in interest under the terms of the instrument or instruments creating such leasehold; and (6) all paymeMs and monetary obligations requiretf of the owner o( such property ~ under any dectaration of covenants or conditions or restrict+ons pertaining to such property o? any moditication thereof. Should Borrower fail to make any such payment, Lender, without contesting the validity pr amount, may elect to make or advance such payment, together ' with any costs, expenses, (ees or charges relating thereta Borr~ower agrees to notify Lender immediately upon roceipt by Borrower of ~ nofice o~ any increase in the assessed value of such property and agrees that Lender, in the name of Borrower, may contest by appropriate proceedings such increase in assessment Borrower agrees to notify Lender and appropriate taxing authorities immediateiy upon the ~ happening of any event which doss or may aftect the value of such property, the amount of basis of assessment ot such property, or the ~ availabitity oi any exemptian to whtch Borrower is or may be entitled ~ (6) Impounds. To pay to Lender, if Lender shall so request, unless waived in writing by l.ender, in addition to any other payments required hereunder, monthly advance installments, as estimated by lender, Eor taxes, assessments, insurance premiums, ground rents or ; other obtigations secured by this Mortgage (hereinafter in this paragraph referred to as "such obligations'~ for the purpose of establishing ; a fund to insure payment when due, or before delinquency, ot any or all of such obligations required to be paid as to such property. If the amounts paid to Lender under the provisions of this paragraph are insuNicient to discharge the obtigations of Borrower to pay such ~ obtigations as the same become due ordel~nquent, Borrowershall pay to Lender, upon its demand such additional sums necessaryto discha~ge Borrowers obligation tb pay such obligations. All monies paid to Lender under ihis paragraph may be intermingled with other ~ monies of Lender and shalt not bear interest, except as required by taw Lender may pay such obligatians whethe~ before or a(ter they become due and payeble. !n the event of a default in the payment of any monies due on the indebtedness secured hereby, detault of any obligation secured hereby, or default in the performance ot any ot the covenants and obligations of this Mortgage, then any balance = remaining from monies paid Lender under the provisions of this paragraph may, at the option of Lender, be applied to the payment of principal, interest or other obligations secured hereby in lieu of being applied to any of the purposes for which the impounc! account is established Lender will make such reports of impounds as are required by law. (7) Condemnation and Injury to Property. All sums due, paid or payabte to Bonower or any successor in interest to Borrower of such . property, wheiher by way of judgment, seltlement or otherwise: (a) for injury or damage to suCh property, or (b) in connection with any condemnation for public use ot or injuryto such property, or any part thereof, are hereby assigned and shall be paid to Lender. All causes of action of or belonging to Borrower, whether accrued before or atter the date of this Mortgage, for damage or +njury to such property, or any part thereof, or in connection with the transaction financed in whole or in part by the tunds loaned to BoROwer by Lender, or in connection with or aftecting said property or any part thereof, including causes of action arising in tort or contraCt and causes of action for iraud or concealment of material fact, are hereby assigned to Lender, and the proceeds the~eof shall be paid to ~ender who, after deducling therefrom all its expenses, including reasonable attorneys fess. may appty such proceeds to the sums secured by this Mortgage or to any deficiency under this Mortgage or may retease 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 enforce any such cause of action and may make any com- ~ promise or settlement thereof. Borrower agrees to execute any turther assignments and other instruments as f~om time to time may be necessary to effectuate the taregoing provisions and as Lender shall request (8) Dlsposltlon o/ the Praceeds of any Insurance Policy, Condemnstfon or other Recovery. 7he amount received by Lender pursuant to lhis 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 transaetion financed by the loan secured hereby, at the option of Lender may be applied by Lender to any indebtedness secured herebyand in such orderas Lertder maydetermine or, without reducing the indebtedness secured hereby, may be used to replace, restore, or reconstruct such property to a condition satis(actory to Lender or may be r~leased to Borrower, or any such amount may be apaortioned and allocated in any manner to any one or more of such uses. No such application, use or release shatl cure or waive any default or notice of detault hereander or invalidate any act done pursuant to such ~notice. (9) Litlgatton. Borrower shall defend this Mortgage in any action or proceeding purporting to affect such property whether or not it aNects the lien hereof, or purporting to atfect the lien hereoi or purporting io aNect the rights or powers of Lender, and shall file and pro- secute all necessary claims and actions to prevent or recover for any damage to or desiruction of s~ch property, and ~ender is hereby authorized, without obligation so to do, to prosecute or defend any such action, whether brought by or againsf Borrower or Lender, orwith or without suit, to exercise or eniorce any othe~ right, remedy, or power available or conierred hereunder, whether or not judgment be enter~d in any action or proceeding; and Lender may appea~ or intervene in any action or proceeding, and retain counsel therein, and take such action therein, as either may be deemed necessary or advisabl~ and may settle, compromise or paythe same oranyotherclaims and, in so doing, may expend and advance such sums of money as either maydeem necessary. Whether or not Borrower so appears or defends, Borrower on demand shaH pay all costs and expenses including but not limited to reasonable attornpys (ees of Lender including costs of ~ evidence of title, +n any such action or proceeding in which Lender may appear by virtue of being made a party defendant orothenvise, and irrespeclive of whether the interest of Lender in such property or their respective rights or powers hereunder may be at(ected by such ~ action, including, but not limited to any action (or the condemnation or partition of such property and any suit brought by lender to foreclose this Mortgage. (10) Loan on teasehofd Estate. If such property includes a leasehold estate, Borrower agrees to comply with all of the terms, conditions, a~d provisions of the instrument or instruments creating such leasehold Borroweralso agrees not to amend change, or modity . his leasehold interest, or the terms on which he has such leasehold interest, or to agree to do so, without the written consen4 of Lender being first obtained _ (11) Prepayment Charge. Shoutd any note or obligation secured hereby p~ovide any fee for prepayment of any of the indebtedness secured hereby, to pay said fee notwithstanding, Borrower shall have defeulted in any obligation secured hereby and Lend r,p ~reason lhergof, shatt have declared all sums secured hereby immediatoly due and payable. ~A=] ~ 2 bf 4 B~~K ~ ~ ~ - - - _