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TO PROTECT THE SECURITY OF TN13 MORT(3A0~, 80RROWER AOREES: ~
(1) Con~truction or improv~ments. To complete tn yood and woricmenlike mannar any buildinq or improvemen! or ?epair relaUng
thereto which may be begun on auch property or contempleted by the loan secured he~eby, to pay when due all coats and liabiliilea
incurrsd therefor, a~d not to permit any mechanic's Hen aflalnai auch property. nor any stop notice aqainsi any loan proceeda Bo~rower
also aQrees, anylhlnp In this Mortgafle to the conitary nolwithatandinq: to promptty commence work and to complete the proposed
Improvements promptiy, (b) to complete same ln accordance with plens a~d apecifications aa approved by lender, (c) to allow Lender to
inapect such property at atl times durinq conatrucUon; (c~ to replace any work or meterials unaatistactory to Lenddr, within iffteen (t 5) days
after w~itten notlce trom Lender of auch fecf. which notice may be qiven to Borrower by certlfted or ~eQiatored mall, 8ent to his lest known
addrea~orbypersonaldel)veryoftheseme;and(e~toperformatlothe~oblbelionsofBorrowerunderanybuildinqloaney~eementrelating ~
to such property.
(2) Repalr s~d M~tntenance oi Proparty. To keep such property in good concliiion a~d repalr, not to 8ubstantialy alter, remove or ~
demoliah a~y bufldinQa thereon; to restore prpmptly a~d tn 9ood woricmanlike manne~ any buildinga whkh may be damaged or destroyed ,
inciudinQ damape irom termltea and earth movement; to pay when due eil cleima fo~ labor performed and materials turnta hed in aon- ~
nection with suah property and not to permit any mechanlc'a Uen agalnat auch property, to comply with a!1 Iaw affectinp such property o~ ~
requl?InQ any eltsrettona or improvements to be made the~eon; not to commit or permit waste thereon; noi to oommt~ auffet or permit eny
act upon such property In violation of law, to cultivate, irrigate, fertiltze, fumiyate and prune; and to do alt othe~ acts that irom the character ~
or use of such property may be reasonably necessary to keep such property in the same condltion (reasonable wear and tear exceptecQ as ~
at the date ot this Mongafla
(3) Firo and C~suelty insunnc~. To provide and ma!ntain in force at all timea ifre and other types ot inaurance with respect to such
property as may be ~equired by Lender. Each policy ot such Insurance shall be in ~mount, lor a term and In torm and content and by such
companiea~ es may be setisiactory to Lender, with losa payable to lender, and shall be delivsred to~ and rematn in possession of, lende~ as
lurther secu~iry tor the teithtul per(ormance of thia Mo?tgage. Bor~ower shali also fumish Lenderwith written evidence showin9 payment of ~
. aii premiums therefor. At least thirty{30) days prior to the expiralion of any inaurance policy, e policy renewing o~ extending su~h expiring ~ i,
insurance shall be delNered to Lender with whtten evidence showing payment ot the premium therefor, andr In the svant any auch "
insurance pollcy and evidance of payment of the premium are not so deitvered to Lertder, Bonower byexecuting thia Mortgage speciflcally
requesta Lende~ to obtain such Insuranca~ lender, but wlthoui oblipation so to dq, without notice to or demand upon Borrower and without
releasing Borrower from any oblfgatio~ hereof~ rney obtefn such irisurence through or irom any (nsurance ayency or company aa:eptable
to it and pay ihe
premium therefor. Lender shall not be chargeablewtth obtatning or maintaining such fnsurance orfor ths collectlon otany
Insurance monles or for any inaolvency of any insurer or Insuraoce underwriter. Lender~ from time to time, may furnish to any int:urence ;
agency or cOmpany. o~ any other person, any information contained in or extracted from any inaurance poiicy theretofore delivered to ~
Lender pursuant he~eto. and any information concerntn~ the loan secured hereby. Borrowe~ he~eby aasigns to Lender all uriea?ned ~
premlums on anysuch poltcy, and agrees that anyand all unexpired insurance shall i~ure to the benetit of, and pass to, the purchaser of the ~
p?operty conveyed et any ]udicial sale held hereunder.
(4) l.ifs, Heaith or Accident Insuraec~. It 8arrower shatl matntain iife, accident or health Insurance and Lender 8hafl be ths owner or
holdero! any potfcy oi such insurance as further security hereunder. Lender mey eleCt to pay any premiums ihereon as to which BoROwer
shall be in deiaul~ and any amount ao pald may be secured hereby.
(5) Tsxes and Other Sums Cu~. To pay, satisiy and discharge: at least ten (f 0) daya before delinquency, aU general and special
ctty and county taxes, and all assessments on water atock aftecting such ptoperty, (b) when due, all spectal assessments for public
improvements, without permitting any improvement bond to issue tor any apecial assesamen~ and (c) on demand of Lender but in no event
later than the date such amounta become due: (1) ail encumbraneea~ charges and liana~ wlth interest, on such property, or any part ther8of,
whlch ar~, orappear to Lender to be prior tq or superior hereta; (2y all costa, tees and expenses of this Mo~tgage whether or not dsscribed
herein; (3) tees or charges for an~ statement regarding the obligation secured hereby in a~y amount demanded by Lender not to exCeed the
~ maximum amount allowed by taw theretar at th@ time when such request ts made; (4) such other charges as the Lender may deem reason-
~ able tor services rendered by Lenderand fumished at the request of Borroweror any successor in tnterest to Borrower, (6) if auch property ~
~ includes a leasehold estate, all payments and obiigations required of the Borrower or his successor in interest under the terms of the ~
instrument or tnstruments creating such leasehotd; and (6) alf paymertts artd monetary obligations ~equlred of the owner of suCh property ~
under any aeclaration of cavenants or conditions or restrictions penaining to suCh property or any modification the~eof. Should Borrower ~
' fail to make any such paymen~ Lender, without contesting the validity or amount, may elect to make or advance such payme~t, together
' with any costs, expenses, fees or charges relating thereta Borrower agrees ta notify Lender immediately upon receipt by Borrower of }
~ notlce of any increase in the assessed value of such property and agrees that Lender. in the name oi Borrower, may contest by appropriate
~ proceedings such increase in assessment Borrower agrees to notify Lender and appropriate taxtng authorittes immediatety upon the ~
1 happening oi any event which daes or mey aNect the value of such prOperty, ihe amount of basis of assessment ot such property, or the ~
` availabiliry of any exemption to which Bonower is or may be entitled.
. (6) Impounds. To pay to Lender, if Lender shall so request, unless waived in writing by Lender, in addition to any other payments ~
~ required hereunder, monthly advance installments, as estimated by Lender, for taxes, asaessments. insurance premiums, ground rents or
other obligations secured by this Mortgage(herefnafter in this paragraph referred to as"such obligatbns'~j for the purpose of establishing ~
~ a tund to insure payment when due, or before delinquency, Of s~y or atl of such obligations required to be paid as to such property. If the
~ amounts paid to Lender ur~cler tha provisions of this paragraph are insufficient to discharge the obligations oi Borrower to pay such '
obligations as the same become due or dellnquent, @orrower shall pay to Lender, upon ita demand such additional aums necessary to ~
discharge Borrowers obligation to pay such obiigationa All monies paid to Lender under thia paragraph may be intermingled with other
monfes of Lender and shall not bear interesR excep! as requl?ed by law lender may pay such obligations whether before or after they
~ become due and payable. in the event of a detault in the payment of any monies due on the indebtedness secured hereby, default of any
~ obligation secured hereby, or detault in the performance of any of the covenants.and obtigations of thts Mortgage, then any balance
remair~+ng trom montes paid Lender under the provisions af ihis paragraph may, at the option of Lend~gr, be applied to the payment of
principal, interest or other obHgations secured hereby in lieu of being aRR~~ed to any of the purposes for which the impound account is ;
; established Lender wiil make such repo?ts ot impounds as are required by taw. ~
' (7) Condsmnation and IaJury to Property. Al! sums due~ paid or payable to Borrower or any successor in interest to 8orrower of such ;
property, whett?ar by way of judgment, settiement or otherwise: (a) for injury or damage 4o such property, or (b) in connection with any
condemnation tor pub(`ic use of or inJury to such property, or any part thereof, are herebyassigned and shali be paid to Lender. All causes of
{ actiort of or belongtng to Borrower, whether accrued before ar after the date ot thts Mortgage, for damaga or injury to such property, or any
~ part thereof, or in connection with the transaction financed in whoie or ir~ part by the funds loaned to Bor~ower by Lender, or in connection
j with or affecting said property or any pait thereof, inciuding causes ot action arising in tort or contract and causes of action for traud or
f concealment ot material laci, are hereby assigned to Lender, and th~ proceeds thereof shall be paid to Lender who, after deducting
~ theref rom al! its expenses~ inciuding reasonable attorney~ fees, may apply such proceeds to the suma secured by this Mortgage or to any
j deficiency under this Mortgage or may release any monies so receiveQ by it or any part thereof, as Lender may elect ~ender may at i4s
optiort appear in and prosecute in ita own name any action or proceeding to enforce any such cause of action and may make a~y com- ;
~ _ promise or settlement thereof. Borrower agrees to execute any turther assignments and other instruments as from time to time may be ~
! necessary to eKectuate the foregoing provisions and as ~ender shafl request
(8) Dlspositlon o! ths Proceeds o} sny Insurance Policy, Condsmnetion or other Recovery. The amount received by ~ender •
pursuant to this Mortgage under any fire or other insurance policy, in connection with any condemnation ior public use of or injury to such
i property, for injury or damage to auch property or in connection with tha transaction fFnanced by the loan secured hereby, at the option of
i LendermaybeappliedbyLendertoanyindebtednesssecu?edherebyandinsuchorderasLendermaydetermineor.withoutreducingthe
; indebtednesssecuredhereby,maybeusedtoreplace,restore,orreconatructsuchpropertytoaconditionsatis(actorytoLenderormaybe
} released to 8orrow~+r, or any such amount may be apportioned and allocated in any manner to any one or more of such usea No such
~ applicalion~ use or release shali cure o~ waive any default or notice of default hereunder or invalidate any act done pursuant to
such notica •
~ (9) Litiystion. Borrower shati defend this Mortgage in any action or proceeding parporting to aNect such property whether or not it ,
aNects the lien hereof, or purporting to affect the lien he~eof or purpo~ting to affect the rights or powers of Lender, and shall fiie and pro-
# secute all necessary claims and actions to preve~t or recover for any damage to or destruction oi such property, and Lende~ is hereby
~ authorized without obligation so to do, to prosecute or detend any such actbn, 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 conterred 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 necessary or advisable, artd may setUe, compromise or pay the same or any other ctaims and
in so doing, may expend and advance such sums oi money as either may deem neceasary. Whether or not Borrower so appears or detends,
Borrower on demand ahall pay alt costs and expenses inciuding but not limited to reasonable attorneys tees oi Lender including casts of
evidence of titfe, in any such action or proceeding in which Lender mayappear by virtue of being made a party dei~~ndant or otherwise, and
irrespective ot wheiher the inlerest of ~ende~ in such property or their respective !ights or powers hereunder may be aI(ected by such
action, including, but not limited to any action for the condemnation or partition of such property and any suit braught by Lender to
forectose lhis Martgage.
~ (10) loan on Leasehold Estat6. If such propeny includea a leasahold eatate, Borrower agrees to comply with all of the terms, .
~ conditions, and provlsion8 ot the inatrument or instruments creating such leasehold Borrower atso ag~ees nof to amend, change, or modity
bis leeseJ~old interest or the ierms on which he has auch leasehold interest, or to agree to do so, without the written consent oi Lender
being firet obtained
(11) Pnparm~nt Charys. Should any note or obligation secured hereby provide any tee for prepayment oi any oi the lndebtedrte3s
secured hereby, to pay said fee notwithstending, Bonower shall have defaulted in any obligation secured hereby and Lender, by reason
thereot, shall have declared all suma secured hereby immediatbly due pnd payabla "
2°` 4 8°aox ~64 PACE 91J
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