HomeMy WebLinkAbout0951 1b Procect the Secvrky of 71w Moct~atg~e Deed. Moc~gor A~rces; ~
1. PRBS8RV11710N OF 7HB FRt),P81C1Y. Moc~goc (A) atnll lc~'eP S. ~1AIM.S, DBMAN06 AND A+C T10NS. Mo~tg~gor atati (s) aPP~
thc pc~npetty tn good a~didon at~d t~alc~ (b) atnll not t+emove. in~ and defer?d any aalon ot prooeeding pwpocting to a~oct the
~ demdlsh a aub~x~lly alter any b~i~ln~ atructu~e ot` tmpov~e- aecwkY hereof o~ tlu rights oc pvw~rs, of Moctga~gee; (b) at the
mmt thereon, (c) at~t1 oon,p{eoe cx t+estoi+c p~vmpcly and M good opdon oiMortga~gee, Ass~n a Moc~goe~ oo d~ e~x of tMlortgagee's .
w~orlumnllkr m~nner any bulldU~g ~vhkfi msy bc oons~ed d~m- i~uerc~. a~ry daima? damuxia a rausca of aalon of ony kind, tnctud-
aged or dGStroyed dx~eon and wtQ pay? ~vhat due ali cbiims foc tng any a~va~d~ couit p~me~x o~ p~oceeda af sea{emau of any such
labor per~annoct and cnaoecial furNshe~d the~efa+e~ (d) shall oo~fY clalm, de~twurd Qr cawc af action of any kind whkh Mortgagor naw
arich d~e pcovLs~ona af aU inwr~ncx polidts co~ing and ~vW~ alt haa or may ha+eatlcr aoqulc~e Arising au af aoqulaklo~ or oqvnctship
- la~vs and c~egulat~o~u affecting the pnoperty oc irqulcin8 su~Y altera- af thc propect~c Wld~out ItmiW~g the generality of the foce~oing, anY
tions, c+epatra or improtiretrierus tt~eeeon. (e) strill rxx eomrNt or sud~.chlm, derr~and or cause of aceton adsing out of acqulsitbn or
'suffer u?y w~?sto theceot~~ (4 aha11 na mmmh o~ su~'er any act apon o~wrie~ahlp af the pt~openy may Include (1) any'such !nh?e7~ or dann~e
the poope~ty in vblation of arry pcnwlslon of ury inwrar~ae pc>lky or to the pnoperty or a~ry sttucture or tmpt~o~r~ shuated thereoo~
law or e+egulatbn, slnll Palnt+ deoorate~ cvlcivue, irrigate~ fectillze~ oc (ii) any claim or puse af actbn tn hvor oE Moag,tgor whld~ stall
fumigate and prune the pt+opecty. u~d (h) c+ansiscent with die use ha~~e arlscn out of the tru~sxdo~ flnaneed in whole or In Part b'Y
thet~eof~ do all ott~er acts whkh the character or uss of the pc~operty the making of the lo~n secvt~ed hereby or (lii) any claim or puse
,ro?y ~,c~,sonabt,, ce~,,,+e. of a~ia~ in ~v~' of M«t~or c~a ~~h? ~~~n?~ an,ch
arLses s~s a cesuh of any negll~eru oc improper eoeutruccion~ installa-
2. INS[1RANC8. Moctgagor shall~ at Mortgagor
s expense~ Pravide tbn or cepair of the ptopeny~ includir~g the surFx~e or subaur[aoe
and malr?tain in foroe ~ aA tlmes wlth ~+a4pea to thc ps+operty~ flre thereof~ or of any bulldir~g or structucre thet+eon. Mat8~8ce ~Y
and other types of insuru~oe as may be~ c~lnd bY ~~SaB~• ~ apply. use or release such monles so r~eei~ed by it in the same
of such insurance policiGS shall fiave a loss payabk rndotsement !n manner ~s in Paragrapf~ 2 provlde~d for the p~+oceeds of tim or ahec
[avu~ af Mort~ee and shall be for a term and in focm~ oontent~ insutance. -
amoun[, ~nd with aid? insucuxe mmpanies. ac may be sat~sfactory
to Mortgagee. Such potkks shall be deUv~ered to Mortg,a~e uPon 6. DE~INDING MOIrPGMGE. Notwi~cling the provisiau of
the making af this Mo~tgage upon the rc~ of the Mo~;gee. p~ g~ 1~io~t~gee maY (a) oommecxe and prosecvte or appeu
bsortgagor shall also deliNer at such dmes evldenee that the fuU in and defend any action or proeeeding purpo~ting to aBect the
premium forury such policy hu been paid. Mortg~8ee ~t its optlon secvdty hereof oc the rights or pawers of Moctgagee~ (b) paY~ pur-
may retaln possession of the orlginal P~~Y a~Y release it to the chase~ contest ~r eanpromise any enCumbranoe. d~acge or llen ahkh
possession of the Moctgagor. if d~e Moctgagee c+etains poasession of ~~t of Mo~tgagee appear to be prkx or supecior heneta,
such polides, ac least chicty (30) days before the exPiratlon of any and (c) in exee+c~sing any such rig,~t, l~xw any Ihbllity and expend
such insuranee Po~icy'~ a Pvli~' or Polk~s rene~ln~ extending or whatev~er amounu Moctgagee deems reasonably nec~essary. lncluding
j'eP1~8 ~~P~6 ~u~~ shaU be deliv~ec+ed by Mortgrgor cosc of evidence of dde and ~+euorrable aaomeys' iees.
to Moctgagee. lf any such iruurarx~e poilcy Ls not so dellv~ered to
Moctgagee or in the eNent any sud~ insuranee polky Is c~ncetled, 7. PRO~ECf[ON OF SECLIRI'IY BY MOR[~GA~(i8 Should
wfiether the Mortgagee has in its possession the polkles or not. and Morcg~gor fail to make arry payment or do any act provided In thls
no c+einsacemenc oc ~c polky is raceiv~ed prlor w cermina- ~~e~ chen Mortgagee. buc a9chou[ obligaclon so co do. and
. tbn of lnsuraneE Moctgagee, wlthout nodce to or demand upon without notke to or demand upon Moctg~gor, and wid~out releasIng ~
1Ko~&'~, ~Y (buc shall not be obli~ated to) obtain such fnsurance ' Mor~agO~ fnom arry obUg~tlon heneof, may make ar~y such payment
wich such company as Mort~+gee may deem satl.dactory, ~nd PaY che or do arry such act in such m~w~er and to such extent as it deenu
' premlum therefooe. u~d the amouc?t of a~ry premium.so paid shall to protect tfie s~ecur~ty hereof. Mongagee Is authorized to
. be charged eo and P~P~Y P~ bY ~ or at the opdon of enter uPon the Pt+o~erty ac arry Wne for such purpoae.
Mo~tgagee. maY be added to tt~e indebtednes.s secuned heretyy.
In the ev~ent Mortgagee obtains arry such in.wranc~e polky. S. REIMBURSSMEPTI: Mottgagor shall pay immediately upon
Moctgagor, for h1s awn be~~eHc and for the peotection of thLs equity ciemand all costs, fees or expenses incurred and swns expencied or
interest ln the P~RY• ~~'Y ~uests and authoii~xs Mortgagee. adranoed under the temu of this Mongage by Mortgdgee. with in-
but without llability on the put of Moctgagee for failure so to do, ~ a rate equal to the rate previded for in the note
to obtain such policy for such term and in such form, oontent and ~~y~ a[ Moltgagor to pay such surru
amount and wlth such insuranee eom~ as may be satisfaccory and interest as aforesaid shall be secured hemby. If Moctga,gee shall
to Mortgagee. Should arry policy thus olxatned by Mortgagee there- ~e ~~yment or expend such sums, Mortg~gor shall pay a -
aher be eancrlled, Mortgagor shall pay to Mortg~gee any earned ~~re ~e in an amounc equal to ten per c~ent (10%) of the
i premiums on sald poUcy and a reasor~able charge for its servtces in ~y~n~ made or the sum rxpended.
~ , obtaining such policy.
Mortgagee shalt be respcx~sibte for the mllecdon of any insur- ~ 9. E57'A7ES. If the security for this Mortgage is a
ance monies, or for any insolvency of arry insurer or insuranee under- leasehold estate, Mongagor shall not modify or cerminate the lease
writer. My pact or all of the amount mllected under any~ 8re or or leases creatIng the leasehold estate. and shall comply with all of
other iruurance polky may be applied by Mortgagee upon arry inde- ~ the mv~er~ants and mndidons c~equired oFthe Lessee or his suc~cessor
bcedrtess secvred by this Mortgage at such time and in the manner In interest to be perfornx~ci under the leue or leases creadng said
and arr~ount as Mortgagcle may decermine, or u the option of leasehoid estate, including but not limIted to paying wh~n due rent
Mortgagee, withouc reducing the inciefiteciness secuc+ed hereby, maY and aher charges lmpcued upon such Lessee.
either be used to replaoe, restore or reoonmua the Pr~pertY to a
c~onditloc~ satlsfactory to Mortgagee or be released to Mortgagor. My 10. F.SCROW (1MPOUND) ACCOUM: Mortgagor shall pay to
applicatlon, use•or release shall not cure or araive arry default or Mortgagee, if Mortgagee shall sa demand, in addidon to any other
notice of de6utc hereunder or invalidate any act done pursuanc co payrnenc required he~+eunder, monchly Inualiments for the purpo6e
such notiee. Mortgagar shall pay Mortg~gee in~ection fees and aher ~~p~~g a fund to provide payment when due
c~osts cesulting from or oonnected a+lth the casualty loss to which of any taxes, encvmbrances. assessrt~ents. {easehold payments relating
such insurance relates. to the prope~ty; premiums for acry polic~ies of uuurar~c~e insuring the
3.11FE, A~CCIDEM' OR HBAI.'ili INSURANCE. If Mo r shall P~~' ~ hioctgagor or the {oan, more specifica?lly referned to in
Paragr.?plu 2, 3. 4 and 9. Mortgagor shall deliv~er promptly to
assign or deltver a policy ~_life, acrldent or health insuraixe to Mongagee all bi1Ls and nalces thereof. Said installments shall be in
Mortgagee as further secvrity hereunder, then if Mortgagor fails to sucfi amounts as Mo~tg,agee shall estimate fcvm time to time to be ~
pay arry Premium thereon, Mortgagee shall be entided. twt na obli- nece.ssary to provide suHicient monies In said fund to pay sucfi taxes,
gated, to pay a~ry such premium. My amount so paid shalt be charged ~mbranc~es, assessments. leasehold payments and premiums
to and P~P~Y P~ bY ~~8~r or, at the option of Mortgagee. when they beeome due and shall be pay~ble cancurnentty with the
maY be added to the indebtedness secured hereby inuallment under the note. If tt?e amounts paid to Mortga~gee under
4. TAXES AND ENCUMBRANCES. Mortgagor shalf pay (a) a! leasc ~ Pmvlsions of this paragraph are insufl9dent co pay such taxes,
twenty (20) days before cieli u all nerdl and taxes ~nts. leasehold payments and premiums as they bec~orne due,
~ M~octgagor shall pay to Montgagee prompdy upon ~nd the amount
and asxssments rx~w or fier~fter a@'ecting the property~ induding n~Y
any a~ments on appurtenant water stodc: (b) when due. all special
assessments for pubUc impmvements without permialilg any im- ln the event of default of arry obligation hereby secured. chen
_ provemenc bond tc Lssue for any special assessmenr, (c) on demand anY funds in the possession of Mongagee under che pr+ovisions of
oF Mortgagee~ alt encumbrances. chaBes and lieru an the PropertY P0~8~ ~Y at the option of Mortgagee, be applied upon any
or arry part thereof, whkh are or may t,e prior or superior hereto: inciet~tecine.ss secured hereby.
(d) when due, all fees and charRes incidenta! to ownershlp, oecu-
Pancy or beneficial use of the property~ and (e) if the Prc~pectY l]. FlNM1ClAL STA7FINF.N7s. ~thin thirty (30) days after wriaen
includes a condominium, rnmmuntty apartment or part of a planned demand by Mortgagee (twt not more frequently than semi-annually),
devefopment, all payments requimd of the owner ther~eof under any Mort~gor shal) dellver to Mortgagee verified flnancial statements,
c1ecL~ratlon of oavenants or conditions or re.urlctions pectalning to prepared in amordance with acoeptable acc~unting praalc~es, for
such pro~ect. Should Mortgagor fall to make arry paryment under thts such annual or other period as Mo~tgagee may designate. Such finan-
ParaSrapt? 4. Mort&'+See r~?Y~ but shall nat be obUgued to, m~ke cial statements shall Incituie bal~nce sheets. operatin8 statements. !
such payment and any amount so pald shall be charged to ansf and stacemencs of soumes and applkatlon of funds. !n addiclon, ~
PromP~Y I~aid b'Y Moc~a or, at the option of Mortgagee, shall be Moctgagor sl~ll deliver to hsort&ag~ee on demand. ooples of all leases. I
adcied to the indebtedness secured hec+eby. withouc rc~gard co the a~gre~e~. wuchers. rec+eipts arxi aher documents supporting any
validity or legality of such assessments, (lens or charges. oF the itemg shown in such stuements. Moctg~gor ~~i~ep and
rtice 2- ~n~srna~HO~rtr~ce nem d R~S~ PAGE O
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