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HomeMy WebLinkAbout0998 i~ i PROTECT tNE SECURITY OF TNIS MORTGAGE. BC)pROWER AGREFS: + t 1 Construction or Improvements. To complete in good and wo~kmanlike manner ~ny buildinc~ or improvemant or repair relat~ng :~~~~~eto which may be begun on suCh property or contemplated by the loan secured hereby, to pay when due alf costs and liab~~ities ;.urred therefor, and not to permit any mechanic's lien ayainst such property, nor any stop notice against any loa~ proc~eds. Bo~rowe~ :~iso agrees, anythir.g in this Mortgage !o the conhary notwithslanding: (a) to prampUy commence work and to complete the proposed ~mp~ovements promplly, (by to complete same in accordance wilh plans and specifications as approved by Le~der; (G) to allow Lender to ~nspect such p~operty at all times during consiruction; (d) to ~eplace any work or materials unsatisiaCtory to lender, within fi(teen (15) days ,~fter writlen notice from ~endar of such fact, which notice may be given to Borrower by certified or regiStered mail, sent to his lasi known ad::ress, or by personal delivery ol ihe same; and(e) to pertQrm all other obligalio~s o1 Borrower under any building loan aflreement retating tu such proparty. 12) Repair and Maintenance of Property. To keep such property in good condition and repair, not to substantially alter, remove or ciemolish any buildings thereon; to restore promptly and in good workmanlike manner any buildings which may be damaged or destroyed ;ncluding, damafle trom termites and earth movemenh to pay when due all claims tor iabor performed and materials furnished in con- nection with such properiy and not to permit any mechanic's tien against sttch property, to comply wifh alt law aftecting such praperty or requiring any atterations o~ improvements to be made the~eon; not to commit or permit waste thereon; no1 to commit, sut(er or permit any ~act upon such properiy in violalion of taw; to cuttivate, irrigate, fertilize, tumigate and prune; and to do a11 other acts that trom the character or use o( such property may be reasonably necessary to keep such property in the same condition (reasonable wear and tear excepte~ as :~t the date ot this Mortgage. (3? F}re and Casualty Inaurance. To provide and maintain in torce a! all times tire and other types ot insurance with respect to such ~roperty as may be required by Lender. Each policy ot such insurance shall be in amount, for a term and in form and content and by such c:ompanies, as may be satis(actory to Lender, with loss payable to Lende~, and shall be delivered to, and remain in possession of, Lender as r~,rthe?securiiy for the taithtut periormance oi this Mo?tgage. Borrower shall atso lurnish Lender with written evidence showing payment of a~i premiums therefor. ~1t least thirty ~30) days prior to the expiration of any insurance policy, a policy renewing or exlending such expiring ~nsurance shalt be delivered to Lender with written evidence showing payment ot the premium therefor, and, in the event any such insurance policy and evidence of payment of the premium are not so delivered to Lender, 8orrower by executing this Mortgage specifically requests Ler+der to obtain such insurance. Lender, but without obligation so to do, without notice to ordemand upon Borrower and without releasing Borrower from any obligation hereot, may obtain such insurance ihrough or trom any insura~ice agency or company acceptable to and pay the premium theretor. Le~der shall not be chargeable with obtaining or mainta+ning such insurance or for the coltect+on of any ~nsurance monies or for any insolvency oi any insurer or insurance underwriter. Lender,lrom time to time, may furnish to any insurance agency or company, or any other person, any information contained in or extracted irom any insurance policy theretofore delivered to Lender pursuant hereto, and any intormation concerning the toan secured hereby. 8orrower hereby assigns to Lender all unearned premiums on any such policy, a~d agrees that anyand all unexpired insurance shall inure to the benefit of, and pass to, the purchaser oi the property conveyed at any judicial sate held hereundec • {d) Life, Neatth or Accident Ineurance. If Borrower shall maintain ti(e, accident or health insurance and Lender shall be the owner o? holder of any policy of such insurance as turther securiiy hereunder, lender may elect to pay any premiums thereon as to wh~ich Borrower shall be in delau!!, and any amount so paid may be secured hereby. !5) Taxes and Other Sums Dus. To pay, satisfy and discharge: (a) at least ten ~ 10) days before delinquency, all general and special aty and county.taxes, and alt assessments on waler stock atfecting such property, (b) when due, all special assessme~ts for public ~mprovements, without permitiing any improvement bond to issue for any special assessment; and {c) on demaRd of lender but in no event later than the date such amounts become due: ~1) all encumbrances, charges a~d liens, with interest, on such property, or any part there~i. which are, or appear to Lender to be prior to, or superior hereto: (2) all cosls, tees and expenses of this Mortgage whether or not described herein; (3) tees or charges for any statement regarding the obligation secured hereby in any amount demanded by lender not to ex~eed the max~mum amount altowed by !aw therefor at the time when such request is made; (4) such other charges as the le~der may deem reason- , able for services rendered by Lender and furnished at ihe request of $orrower or any successnr in interest to Borrower, (5) if such property ~ncludes a leasehald estate, all payments and obligations required of 1he Borrower or his successor in interes: under 1he lerms of the ~nstrument or instruments creat~ng such leasehofd; and (6E atl payments and monetary obligations required of the owner of such property under any declaration of covenants or conditions or rest~ictions pertaining to such property or any modification thereot. Should Borrower fa11 to make any such payment, ~ender, withou! contesting the validity or amounf, may elect to make or advance such paymen~ together with any costs, expenses, fees or charges relating thereto. Sorrower agrees to notify Lender immediately upon receipt by Borrower of notice of any increase in the assessed value of such property and agrees that Lender, in the name of Borrower, may contest byappropriate proceedings such increase in assessment. 8orrower agrees to notify Lender and appropriate taxing authorities immediately upon the happening of any eveni which does or may aftect the vatue of such property, the amount of basis cf assessment of such properly, or tfie availahility of any exempt+on to which 8orrower is or may be entitted. ~6) Impounds. To pay tu Lender, if Lender sha11 so reQuest, unless waived in writirtg by Lender, in addition to any other payments required hereunder, monthly advance i~staltments, as estimated by lender, for taxes, assessments, insurance p?emiums, ground rents or other obligations secured by this Mortgage (hereinafter in this paragraph reierred to as"such obligations") for the purpose of establishing a fund to insure payment when due, or before delinquency, of any or alI of such obligations requi?ed to be paid as to such property. If the amounts paid to Le~der under the provisions of khis paragraph are insutiicient to discharge the obligations oi Borrower to aa~ such obligations as the same becume due or delinquent, Borrower shatl pay to lender, upon its dema~d, such additiona~ sums necessary to discharge Borrowers obtigatio~ to pay such abligations. AI{ monies paid to Lender under th~s paragraph may be intermingled with other monies ui Lender and shall not bear interest, except as required by law. Lender may pay such obligations whether before or a(ter they become due and payable. In ihe event ot a default in the payment of any monies due on the indebtedness secured hereby, detault of any obligatiQn secured hereby, or detault in the periormance of any of the covenants and obligations ot this Mortgage, then any balance femaining from monies paid Lender u~der the provisions ot this paragraph may, at the option oi ~ender, be applied to the payment of principat, interest or other obligations secured hereby in lieu of being applied to any of the purposes (or which the impound acCOUnt is esta~!ished. Lender will make such reports ~f impounds as are required by law. (7? Condemnation and Injury to Property. AI! surrzs due, paid or payabte to Borrower or any successor in interest to Borrower of such property. whether by way of judgment, settlement ar otherwise: (a? for injury or damage to such property, or (b) in connection with any condemnation for public use ot or injury to such proaerty, or any part thereof, are hereby assigned and shall be paid to Lender. AN causes of action of or belonging to Borrower, whether accrued before or atter the date of this Mortgage, tor damage or injury to such prope?ty. or any part thereof, or in connection with the tra~saction (inanced in whole or in part by 1he funds loaned to Borrower by Lender, or in connection tivith or aNecting said property or any part thereo`, including causes of action arising in tort or contract a~d causes of action for fraud or conceaimenf ot ma!er~al fact. are hereby assigned tu lender, and the proceeds ihereof shall be paid to Lender who, after deducting therefrom all +ts expense& ~rcluding reasonable attorneys' fees, may apply such proceeds to the sums secured by this Morigage or to ar.y deS~ciency under this Mortgage or may release any monies so received by it or a~~y part thereof, as Lender may etect. ~ender may a! its opt~on appear in and prosecute in its own name any action or proceeding to enfarce any suCh cause of action and may make any com- promise or seitlement thereof. Bor~owe~ agrees to execute any fu?ther assignments and other instruments as from time to time may be necessary to effectuate the toregoing prnvisions and as Lender shall request (8) Dispositio~ of the Proceeds of any lnsurance Policy, Condemnation or other Recovery. The amount received by Le~der pursuant to this Mortgage under any ti?e or other insurance peiicy, in Conneclion with any condemnation for public use of or injury to such property, tor injury or damage to such property or in connection with the tfansaction financed by the loan serured hereby, at the option of Lender may be apptied by Lender to any indebtedness secured hereby ard in such order as Lender may determine or, without reducing the ind~btedness secured hereby, may be used to reptace. restore, or reconstruct such property to a condition satisfactory to Lender or may be reteased to Borrower, or any such amoun! may be apportioned and allocated in any manner to any one or more of such uses. No such apptication, use or release shall cure or waive any default or notice ot default hereunder or invalidate any act done pursuant to suCh nOtiCe. (9j Litigatiors. Sorrower shal~ detend this Mortgage in any action or pro~eeding purperting to affect such property whether or not it affecls the tien hereof, or purporting to atfect the lien hereof or purporting to afEect the rights o% powers of Lender, and shall file and pro- secute all necessary ctaims and actions to prevent or recover tor any damage ta or destruction ot such property, and Lender is hereby authorized w+thout obligation so to do, to prosecute or de(end any such action, whether brought by or aga!nst 8orrower or Lender, or with or without suit, to exercise or entorce any other right, remedy, or power available or conferred hereunder, whether or not judyment be enlered in any action or proceeding; and Lertder may appear or intervene in any action or proceed~ng, and retain counse~ there~n. and take such action the~ein. as erther may be deem~d necessary or adv+sable, and may settle. compremise or paythe same orany otherGla+ms and. m so Aoing, may expend and advanc,e such sums of money 2s either may deem necessary. Whether or not 8orrower so appears or defend& Borrower on derna~d shall pay ail costs and expenses including but not fimited to raasenable altorneys tees of Lender including costs o( evidence of !it1e. in any such action or proceeding in which Lender may appear by virtue o( being made a party defendant or otherwise. and ;rrespective of whether the interest of Lender in such property or their respective rights or pawers hereunder may be affected by such act~on, including, but not limited to any action to~ the condemnation or partit;on oF such property and any suit brought by Lender to foreclose this Mortgage. (l0i Loan on teasehold Estate. It such property inctudes a leasehold estate, Borrower agrees to Comply with ail of the terms, c~nd~tions, and provisions of the instrumen! or instruments c~eating such leasehold. 8orrower also agrees not to amend, change, or modify his leasehold interest or the terms on which he has such leasehalc! interes~ or to agree to do so, without the wii!ten consent of ~ender be~ng tirst obtained. (1 1) Prepayment Charge. Should any ~pte or obligation secured hereby prov+de any fee tor prepayment ot any of the indebtedness secured heieby, to pay said fee notwithstanding. 8orrower shall have defaulted in any obligation secured hereby and Le~der, by reason thereof. sh2ll have decla~ed all sums secured hereby immediately due and payable. z of 4 sooK 57~. 997 ~