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Home My WebLink About0676 _ . n - tu 1'n,tr~t tLr k.urin~ uf Ttii~ ~t:m~a~z• t)crc1. \lurt~;:t~;ur r1~;rrr~. . • . 1. PFtE~~N\'ATiU~ OFTiIE PRONER7Y. Munkak~~r (a).tt:~li kerp S C1Al~iti, [)~\1~1IV1)ti ~Vvl~ ~~C7'IONti. \furtKa~~~r ~h~lt (:t) .ip ihe pruprm• in g~x~ci a~nditiun and rrp:?ir. (b) ~hall ncx rrme~vr. ~x~ar in an~i defrnd an~~ aaiun ur pnxeeelinK purjxini~~~; tu al(e~c-~ .Irmuli,h or ,ubstantiall}• alter an~• building, struaure ur improvr- the x-~urit~• herct~f ur the rikh~+ ur Ew«ers of Nurtf;aKrr: lb) at thr mcnt thrreY~n, lc) shall c~?mplrte or rc~uxe prum~xl~~ and in g~xxi ~~tiun uf ~tortKaRee, :usign tu More~;agrr. [u thr r~cent uf ~~:~rkmanlike nun~~rr an~• buiWing which may he cun,truac~l, ~fongagt~c's interest. any claims, demanci, or rause~ of •raiun e~f any ~l_im:?geel ur dc~tn~~•eci thereem and will p:+~~ N~hen dur all clai~ru fur kind, including an~~ award, awn judgment or pnxc~ ~~C,c~tdemrnt I~tx~r ~rfornx~d and n~trrial furnishc~l therrfc~re, (d) sf~all comply uf any such claim, cirnwnd ~~r c~~tir of acYic,n uf any kind ~~•hich «ith the provi~k>ns of all insura~ice Ex~liries cYn•ering uid with all ;~fung.?gur iww h:~s or nu~}• here:?fter acyuire arising ~~ut uf acyuisi- -Li~~s and re~ul3tiua, al~ec~ting the pn>perty ur reyuiring an~• altera- tiun or ownership of the property. Vvith~x,t limiting the generaliq~ iiuns, re~airs or impru~~emrn~.c thereon, (e) sh:?II na commit or of the forc~oing, anp such etaim, demand or rause uf' acYion arising ~uffer an ~ wa.ste thereon, (n shall rnx cammic or suffer an~• act uEw~i uut uf acyuisitiun or oH~ienhip uf the propertp ma~• includr (i) uny ) ~he propert~~ in ~~ic~latii~n uf an~• pnn•ision of an~~ insurance polic~• such injur~~ or clamage to the prc~erty or :ui~~ struaure or improce- ur law ur regulaticm, lK) sh:+ll ~int, decurate, culti~atr, irrigate, ment situated thereon, or (ii) an~• claim or cau,e of aaiun in fa~~ur Irrtilue, fumig,ate and prune the propert~~, :ind (h) consutent with of Aiartgagor which shall have arixn out ~~f the transaction financed ihr use thereof, cio all other acv ~t~hich the char.~~~ter or use of ~he m wtx~le or in part hy the mal:ing of die twn sc~cur~~ci hereb~~ ur 4uupert)• ma~~ reawnably require. (iii) an~• rlaim or cause wF action in fa~^or of Mong,:~gor (exceEx for a. 1NSURn~~CE. Mor~:~;~>r shall, :u ~1un~ur's expe~ur, pro~~i~ie txxlil~• injun~) which arises as a result of any negligent ur improprr .~nd maincain in (orce at all times wi~h respect to the propert}•, fire construction, installaticxi or repair of ti~e prc~erq~, including die :ui~i ~xher qpes of insurance as may he requireci b}~ Mortgagee. A1! surfacc ur subsurface thereof, ur of' :uip building ur ~waure ~>f such insurance policies shall ha~~e a loss pa~.~ble enciorsement in thereon. f?tortgagee may apply, use or release such monies so re- fa~~~r e~i Murtg:~ee and ~hall be fur a terni anJ in furm, cuntent, ceived b~• it in the same manner a~ in ParaRraph 2 pro~•ided for the amount, and with such insurance companies, a~ may be satisfaaory• proceeciti oF fire ur other insurance. u~ ~tortgagee. Sucfi policies shall be cielivereci to Murtgagee upon thr mal:ing of this MonKage upon the request c~f the Moctgagee. 6. DEFENDING ~t0(tTGAGE. Notwithstanding the pruvisions ~f ~lc~n~agor shall al.u~ cieliver at such times c~~icience that ihe full Paragraph 5. Mortgagee may (a) commence and prasecu~e or appear premiusn for any surh polic}~ has been paid. Murtg:~ee at its c~tion in and defend any actiun or procec~ciing purponing to ;~'ect the may retain pcusession c~f the original policy or ma}• release it to the ,c~-uriq• herec~f or the rights or pon~era of tilonp,aRee; (b) pay, pur- ~x~~.sc~sion of atie ;?tortgagor. If the Mortgagee retains p«ssession e~f ch:i.e, contest or comprumise any encumbrance, charge or lien ,uch policies, at tea.u thirt~• (30) cia)s before the expirativn of an~~ which in the judgment of Mortgagee appear to be prior or superiur .uch insurance polic~', a p:~lic.• or policies renew7ng, extending or hereto; and (c) in exercising any such right, incur any liabiliq• and replacing such expi~ing iacur.~~ce shall be deliverecl by Mortgagor expend what~~ r amoun~c :Nortgagee deems re:~svnably nece~.san~, w Mongagee. If any such insurance pc~lic~~ is not so delieered to induding eu~t of e~7cience of title and rea.~emahle atturne}s' fees. ~furtgagee or in thr rti~ent :uiy such insurancr polic~• is rancelleci, «•hether the Mortgagee h~s in its possession the palicies or not, and 7. PROTECTION OF SECURI7Y BY ~101tTGAGEE_ Should n~> reiRtcatement or replacement polic?~ is received prior ro termina• hlongagor fail to mal:e an~~ pa~•ment or do an~~ aa pro~~ded in chis ciun of insurance Mortgagee, R'1[tlOUl n~xice to or demand upon ~~~R~Re, then Mongagee, but a•ithout oblig:itiun so to du, and ~turtgagur, ma~• (but shall ncx be obligateci to) c~txain such iasurance v~~thout ncxice to or demand upon Dtortgagor, and without rele~.uing i. ~.~ith such compan~~ as Atort~ee may deem satisfactory, and pa}' the ~~~rt~~r from any obligation hereof, may make any such pa~ment ! ~~remium therefore, and the amount of any premium so paid shall or do an}~ such act in such manner and to such extent as it deems ' he chargeti to and promptl~~ paid b~• ~furtgagor or at the option of Protect the ,ecuriry hereof. Mortgagee is authorizeci ~1~.~rtKaKee• ma~• tx added tu the indebteclnc~s securecf hereh~•. enter upon the propertt at an~• time for surh purpate. In the e~~ent hiortgagee c~tains an~• such insurance poli~~~, ~t<~rtg,agor, for his oa~n benefit and for the procection ~f this eyuiq• 8. REItiiBUR.tiEb1ENT. ~turtgsgor shall pa}• imnzeciiately upem interest in the ~roperty, hereby reyuests and authorizes Atortgagee, demand all cwt~s, fees or expens~s incurred and sunu expendecl or hu? without liabilin~ on the pan of hturtgagee for faifure ~ to cfe~, ad~anced under the terms of ti~is htortgage b}• Mortgagee, w~7th in- tu ot~in such ~lic~• for such term and in such form, content and terest thereon at a rate equal to the rate pro~7ded for in the note : mount and a•ith such insurance companies as ma~~ be satisfactor}• secureci hereb}•, and the obligatiun of Mortgagur to Era~~ such sums u~ ~tortgagee. Sho~ld an~~ Fx~lic~• thus c~txained b}• Mortgagee there- and interest as aforesaid shall be secured hereb}'. If htortgagee shall aftrr be auicelled, ~i~~rtKage~r shall pa~~ tu Mongagee an)~ eamed make such pa~Tnent or expend such sums, rtong,agor shall pay a Exemiums on ~id pe~lic~~ and a rc.~u~nable charge for its services in sentice charge in an amcwnt eyual to ten per cent (10%) of the ~,htaining such polic~~. pa~-ment made vr the sum ea+pendrel. ~tungagee sh:ill n~x be rc~punsible for che collection oE am• intiurance monies, or for an~• inx~lvenc}~ of anp insurer or insurance 9. LFASEHOLD ESTATE.S. if the secvrin~ for this ;~lortgage is a I~ unde~~riter. Am~ part or all of [he :unount callected under an}• fire leasehold estate, ~iortgagor shall not moclif~• or terminate the lease c,r cxher insurance pulic}• ma~• be applied bJ• Mortgagee upon an~• ur leases creating the le~a~;ehoW e.5[:ite, and shall compl~• w•ith all eif indehteclnecs secureci h~• this ~lortgagr at such time and in the man- the m~~enan~s and conditions requirecl of the Lecsee or his succes.ax ' ner :?nd am~unt :~y ~tortgagee ma~• determine, or at the e>ption of in interest to be performed under the lease or leaties creating said ~ ~t~~rtgagee, without reciucing the indetxedness secureci hereb?~, ma}~ leasehold estate, including but not limitecf [o pa~•ing a•hen due rent either be usecf to replace, restore or reco~~.uruct the propert}• to a an~ uther charRes impuseci u4xm such Lrs,c^r. ~ c~inditiun ~tisFactor~~ to ~tortgagee or be releasecl to Mortgagor. ~ Am~ appliration, use or relea5e stu~ll ncx cure or wai~~e am• default 10. ESCRO~X' (Ih1POUND) ACCOLNT. Mortgagor shall pay to ~ {~r ncxice of default hereunder or imaliciate an~~ aa done pursuant ~tortgagee, if btor[p,agee sh:ill so demand, in addition to ant~ cxher ~ tc~ such notice. titortgagoc shall pay Alortgagee inspection fees and pa}~ment requireci liereunder, monthly instaltments for the purpc~se <xher ce~es resulting from or connected a•ith the casualty lcxs to of creating and maintaining a fund to pro~~ide pa~~ment when due ! ~ti~hich such inSUrance relates. of an~• taaces, encumbrances, a~sessmencs, leasehotd paJ•ment~ relat- ` 3. LIFE, ACCIDEN'I' OR HFAI TH INSURANCE. If ~{ortgagor ing to the propert}•, premiums for an~• policies of insurance insuring ~ >hall a~.sign or de(i~•er a polic}~ of life, accident or he~alth the propem•, the Mortgagc>r or the lexin, me>rr s~cifir311~~ referreci ~ in~urance to ~1ort~gee ati further secvrit}• hereunder, then if t~~ in Paragraphs 2. 3. 4 and 9. ~tongagor shall deli~•er promptl~~ to ~tortgagor fails to pa~~ am• premium therec>n, ~iongagee shall be '~~~~ttKaKee all bills and ncxices thereof. Said installmen~s shall he in ~ c°ntitled, but not obligateci, tu pay am• such premium. An}• such amounts at ~tortgagee sha11 estimate from time to time to he :imc~unt x~ paid SIl'3II IJC chargeci to and promptl~~ paid b}• neces.,,an~ to pru~•ide sufficient monies in said fur~d to pa~~ such ~tortgagor ur, at the option of ~tortga~ee, ma~~ he added ta the 4u+es. encumbrances, assessmen~s, leasehold paymerns and pre- indebtedness secured hereby. miums when the}~ become due and shall be pa}able concurrently w~ith the installment under the nae. If the amouncs paid to 4. TAXES ~?ND E~3Cl'MBRA,'VCES. 1longagor shall pa~• (a) at ~~~n~g~ under the pre~~isions of this paragraph are insufficient to € leitit tv~~enn• (20) da}•s before delinyuenc~~, all general and special such taxes, a.~.cessmen~s, leasehold paymenGS and premiums a~ tares and assestimencs nov?~ <~r hereafter affecting the propem•, chey~ t~ea~me due, ~fortgagur shall pay to ~tortgagee promptl~~ upon includinR any~ a~.se;sments cm appurcenant w~ater stock; (b) a~hen ~~~nd the amount of the deficienc~•. ciue, all special atisetisment4 for public improvements withvut permittinR an~• impro~ernent bond to is5ue for an}• special assess- ~n the e~~ent of default of am~ obligation hereb~• ~ecured, then i menc; (c) on demand of titortgagee, al! encumbrances, charges an~~ funds in the poasession of Mortp,agee under the procisiczns e~f ` ancl lirns cm the prupem~ or anp part thereuf, which are ur ma~~ this paragraph ma}•, at the option of ~1c~rtp,aKee, be applieci u~~n ¢ t~e prior or superior hereto; (d) when due, all fees and charges ~ndehteciness secured hereb}~. ~ incidental to ownership, occupanc?~ or beneficial use of the prop- ~rty; and (e) if the propert}~ includes a ccmde,minium, comnw- 11. FINA:\CW. STATE.ti1EVT5. ~ ithin diirt~• (30) da}s aher ~ti•rit- nit}~ apartment or part of a planned development, all paymen~5 ten demand by Mongagee (but ncx more frequentlp than semi-annu- reyuired of the owner thereof under any declaration of coven- aUy), Mortgagor shalf deliver ro Mort~ee ~~erifieci financial uate- ~ antti e~r cunditions or reurictic~ns pertaininR tv such project, ments, prepared in accorciance with acceptable accountinR practices, ~ Should blonp,agor fail to make any payment under this Paragraph fc~r such annual or cxher pericxl as Mortgagee ma}• designate. Such ~ 4. `lortp,agee ma~•, but shall not be obligated to, make such pa}~- financiab statements shall inclucie balance sheets, operating state- ~ ment and am• amount so paid shall be chargetl w and prompdy ments, and uarements of sources and application o( funds. In addi- paid by Mortp,agor or, at the option of Mortgagee, shall be added cion, Mortgagor shal( deliver to ~tortp,aRee on demand, copies of all te~ the indebteclne~.s secured hereb}~, without reRard to the ~alid- ~ea~es. a$reemen4c, ~•uuchers, receip~s and other dexumen~s sup- in~ or IeKalin~ of such a~.5essments, liens or charRes. porting any of the item5 shown in such statements. Mort~g~~r shall € • PAGE 1 - AD1L'STABIE MORi'GAG£ D~F11 ~ ~ }"~T ~ ~r ~ ~1 ~o~ lJ r1a~ 5j' v - ~ - ~ ~ . . . -