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HomeMy WebLinkAbout0980 T4 PROTECT THf SECURITY ~F TNIS MORTUAGE, C30RRCWE~ft AGREE5: (1) C~nstructfon n~ lmprovemeMa. To complet~ ~n ~ood anc: warkmanliko mannQr any buildiny or impiovc~ment ar ~e~air rQtaliny tt;e~otc~ which may ~e be~un on such pro~erty or contemplated by the loan securQd hereby, to pay when due all costa ~nd I~abil;ties incurred ll~erolor, and not to permit any mechanic's lien agsinst suct~ properiy, nor any stop notice against a~y luan p~ocoods Borrower at~n aorees, anything in thls Mortgage to tho cor~t~ary no!?vilhstanding: (a) to promptiy commpnce work and to complote the proposed improvements prompily, (b) to complote same in accordance with plans and spec:iticalions as approvc~d ~y Ln~~cr, (i,) t~ attoiv L~~~:;~ r;o i~specl such property at all times during construction; (d) lo replace any work or materiats unsatistactory to Lender, within ti(teen(15) days a(ter ~vrilien notice fram Lender ot such fact, which nolice may be given to Horrav?~er by cerliiie~ or registered mail, sent to his last known address, or b~ personal delivc+ryot thesame; and(e) to pertorm all otherobligations of Borrower under any building loan agreement retating • to such property. (2) Repatr and Matntenance of Property. To keep such property in good condition and repair, not to substantially alte~, rt r~~ove or • demolish any buildings thereon; to restoro promplly and in good workrnanlike mAnnor any buildings which may be damaged ar destroyad ~ including, iiamage trom termites and ea~th movement; to pay wtien due all claims tor labor performed and materials (u~nished in con- ~ naction with such prop~rty and not to permit any mechanic's lien against such prapeny, to comply with all law aifecting such property ur rec.uiring any altarations or improvements to ba made the~eon; not to commit or permit waste ihereon; not to commit, sutter or pormit any act upon such property in violation of lawr, to cultivate, irri{~ate, fe~tilize, (umigate and pruno; and to do all otF~er acts that from the character ~r use of such property may be reasonabty necessary to keep such property in the same c~ndition(repsonable wear and tear excepted) as at the date of ihis Mortgage. (3) Fire and Casualty f nsurance. To provide and rnaintain in torce at all times fire and other types of insurance with respect to such property as may be required by Lender. Each policy of such insurancc~ shall be in amount, tor a term and ~n iorm and content and by such campanies, as rnay be satis(actory tolender, with toss payable io lender, and shall be delivered to, and rErnain in possession of, lender as furihersecuriiy for the faith(ul pertormance of this Mortgage. Bor~ower shatl also (urnish lenderwith written evidence showing payment o( all premiums therefor. A2 least thirty (30) days prior to the expiration ot any insurance poticy, a policy renewing or extending such expiring insurance shall be delivered to Lender with writEen evidence showing payment of the premium the~efor, and, in the er•ent any such insurance polie/ and evidence of payment oi the premium u~ e not so delivered to Lendsr, Borrower by executing this Mortgage specitically requests Lender to obtain such insurance. Londer, but without obligation so to do, without notice to ordRma~d upon Sorrower and without reteas~ng Borrower from any obligatinn hereof, rnay obtain such Insurance through or from any insu~ance aflency or company acceptable to it, and pay the premium therefor. ~ender shall not bo chargeablR with obtaini~g or maintaining such insurance or!or the colleetion of any insurance monies or for any insolvency Qf any insurer or insu?ance underwriler. Lender, (rom time to time, may furnish to any insurance agency or company, or any other person, any information contained in or exiracted irom any insurance policy theretotore delivered to Lender pursuanf hereto, and any intormation concerning the loan secured hereby. Borrower hereby assigns to Lender all unearne~ premiums on any such policy, and agrees that any and all unexpired insurance shall inure to the benefit ot, and pass to, the purchasero( the property conveyed at any judiciat sate held hereunder. (4) LIf~. Heslth orbccldent )nsurance. If Borrower shall maintain life, accident or healih 3nsurance and Lender shall be the o~vner or holder of any policy of such insurance as furiher security hereunder, Lender may elect to pay any premiums thereon as to which Borrower shall be in default, and any amount so paid may be secured hereby. (5) Taxes and Other Sums Due. To pay, satisty and discharge: (a) at least ten (10) days before delinquency, all general and special city and county iaxes, and all assessments on water stock affecting such properiy, (b) when due, all special assessmenis (or pubtic improvements, without permitting any improvement bond to issue for any special assessmenh a;~rl (c) on demand of Lender but in no event - later than the date such amounis become due: (1) all encumbrances, charges and liens, with interest, on such property, or any part thereof, which are, or appear to l.ender to be prior to, or superior hereto; (2) all costs, fees and expenses of this Mortgage whether or not described herein; (3) fees or charges for any statemeni regarding the obligation secured hereby in any amount demanded by lender not to exceed the maximum amount allowed by law iherefor 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 furnished at the request of Borrower or any successor in interest to Borrower, (5) if such property includes a leasehold estate, all paymenis and obligations required o( the Borrower or his successor in interest under the terms ot the instrument or instruments creating such leasehold; and (6) all payments and monetary obligatEons required of the owner of such property under any declaration of covenants or conditions or restrictions pe~taining to such property or any modification thereof. Should Borrower iail to make any such payment, Lendar, without contesting the validity or amount, may etect to make or advance such payment, together with any costs, expenses, fees or charges relating thereto. Borrower agrees to notity Lender immediately upon ~eceipt by Borrower of notice ot any increase in the assessed value of such property and agrees that Lender, in the name ot Borrower, may contest by appropriate proceedings such increase in assessment. Borrower agrees to notify Lender and appropriate taxing authorities immediately upon the happening of any event which does or may affect the vatue of such property, the amou~t ot basis oi assessment of such property, or the availabilitv of any exemption to which Borrower is or may be entitled. (6? impounds. To pay to Lender, ii Lender shall so reGuest, unless waived in writing by Lender, in addition to any other payments required hereunder, monthly advan~e installments, as estimated by Lender, for taxes, assessments, insurance premiums, ground rents or otherobligations secured by this Mortgage~her2inafter in this paragraph re(erred to as"such obligations") for the purpose of establishing a tund to insure payment when due, or before delinquency, of any or all of such obligations required to be paid as to such property. tf the amounts paid to Lender under ttie provisions of this paragra~h are insufticisni to discharge the obtigations of Borrower to pay such obtigations as the same become dueordelinquent, Borrower shall pay to Lender, upon its demand, such additional sums necessary to discharge Borrowers obligation to pay such obligations. A~I monies paid to Lender under this paragraph may be intermingled wiih other monies af Lender and shall not tear interest, except as required by faw. Lender may pay such obtigatians whether before or atter they become due and payabte. In the event of a default in the pdyment of any monies dus on the indebtedness secured 'nereby, defautt of any obligation secured hereby, or delault in thz ae~iormance of any of the covenants and obligations of this Mortgage, then any bafar.ce -remaining Irom monies paid Lender under the provisions of this paragraph may, at the optio:~ of Lender, be appiied to the payment of principa(, interest or other obtigations secured hereby in Iieu of being applied to any of the p~rposes for which the impound account is established_ Lender will make such reports oi impounds as are required by law. (7) Cond~mnation and IRjury to P~operiy. All sums due, paid or payabte to Borrcwe~ or any successor in interest to Borrower of such property, whether by way of judgment, sstttement or otherwise: (a) for injury or damage to such property; or (b) in connection with any condemnation for public use of or injury to such property, or any part lhereof, are hereby assigned and shalf be paid to Lender. All causes of action of or belonging to Borrower, whether accrued before or after ihe date of this Mortgage, tordamage or injury to such property, orany ; part ihereof, or in connection with the transaction (inanced in whote or in pa~t by the funds loaned to 8orrower by Lender, or in connection v~ith or ailecti~g said property or any part thereot, including causes of action arising in tort or contract and causes of action for (raud or concealment of material (act, a~e hereby assigned to Lender, and the proceeds thereot shall be paid to Lender who, after deducting theretrom all its expenses, including reasonable attorneys' fees, may appSy such proceeds ta the sums secured by this Mo?tgag~ or to any deficiency under this Mortgage or may release any mon;es so received by it or an~ part thereof, as Lender may elect Lender may at its option appear in and prosecute in its own name any action or proceeding to entorce any such cause o( action and may make any com- . ? promise or setttement thereof. Borrower agrees to execute any (urther assignments and other instruments as from t+me to tirr~e may be • necessary to eftectuate the forego+ng provisions and as Lender shal! request (S) Disposition of the Proceeds of any Insurance Policy, Condemnation or other iiecovery. The amount received by Lender ~ pursuant to this Mortgage under any fire or other ins~rance policy, in connection with any condemnation for public use of or injury to suc~ { property, for injury or damage to such property or in conneetion ~ith the tra~saction tinanced by the loan secured hereby, at the option of lender may be applied by Lender to any indebtedness secured hereby and in such order as lender may determine or, without reducing the indebtedness secured hereby, may be used io replace, restore, or reconstruct such property ;o a condition satisfacfory to Lender or may be ~ • released to Borrower, or any such amount may be apportioned anci aNocated in any manner to any one or more of such uses. No such application, use or release shaU cure or waive any default or notice of default hereunder or invalidate any act dane p~rsuant to sucti notice. (91 Li#igation. Borrower shall defend th~s Mortgage in 2ny actian or proceecfing purporting to aftect such property whether or not it aF(ects the Iten hereof, or purporting to affect ihe lien hereo! or purpflrting to aifevt the rights or powers of Lender, and shall fite ar.d pro- secute all necessary claims and actions to prevent or recover for any damage to ~r destruction of su::h property, and Lender is hereby auihorizsd, without ebligation so to do, to prosecute or defend any such action, ~vhether braught by or ac~ainst Sorrower or Lender, or with or vrithcut suit, to exercise ar en~orce any other right, rerredy, or pov+rsr available or conferred here~nder, whether or not judyment be entered in 3ny action ar preceeding; and lende• may appear or inteivene in any action oi oroceeding, and retain counset therein, and take such action therein, as either may be deemed necpssary or advisable, and may settie, compromise or pay the same or any otherc~a+ms and, in so cloing, may expend and advance such sums of rnaney as either may deem necessary.lNhelher or not Borrower so appears or defends, 9orrower on demand shail pay alt costs and expens~s including but not limited to reasonable attorneys tees of Lender including cosis of evidence of tit~e, in any such action or proceeding in which Lender may app~ar ~y virtue of being made a party delsndant orotherwis~, and irrespective of whether the interest ot Lender in such property or their respective rights or powers hereunder may be affected by such action, including, ~u~ not limited to any 3ction for the condemnation or partition of such property a~d any suit brought by Lender to torectose this Mortgage. .{10) Laan an 3.easehotd Estate. If such property includes a leasehold estat~, Borrower agrees to comply with all of the terms, cond~tions, aRd provisions ot the instrument or instruments creating such leasehold Borrower also aprees not to amend, change, or modify his lease!iold interest, or the terms on which he has such leasehold interest, ar to agree to do so, ~rithout !he written consent of Lender JETng first oCtained (1 1) Prepayment Charge. Should any note or obligation secured hereb~~ provide any tee for prepayment of any of the indebtedness securec! hereby, to pay said fee notwithstanding. Borrower shafl have detaulted in any obligation secured hereby end Lender, by reason - thereof, shall h~ve declared all sums secured hereby immadiatety due and payable. 2 ot a $OGK ~~9 PAGE 98~ : - - -