|
3. To promptly pay when due the principal of and interest on the indebtedness evidenced by the
<br />Note, late charges as provided in the Note, and the principal of and interest on any future advances secured
<br />by this Mortgage. Privilege is reserved to prepay at any time, without premium or fee, the entire
<br />indebtedness or any amount thereof.
<br />4. To pay all ground rents (if any), taxes, water rates, public or private utility charges, and other
<br />governmental or municipal charges, fines, impositions, assessments, of any kind levied or imposed against the
<br />Property, and, upon request therefor, to promptly deliver the official receipts thereof to Lender or its
<br />designated agent. Tax receipts are to be delivered semi - annually and within 30 days after payment.
<br />5. To keep the Property fully insured for the benefit of Lender in insurance companies acceptable
<br />to Lender or its designated agent, to deposit the policies of insurance with Lender or its designated agent, and
<br />to name Lender as a beneficiary on the face of said insurance policy. Receipts for payment of such insurance
<br />premiums are to be delivered not less than annually.
<br />Provided that; paragraphs 4 and 5 shall be deemed as properly performed by Mortgagor to the extent
<br />the Senior Mortgage is in effect which makes full provisions for the fulfillment of all such obligations of
<br />Mortgagor, so long as the Lender is added as a named beneficiary of said insurance policies, and receipts are
<br />promptly delivered to Lender or its designated agent.
<br />6. To assign to Lender (subject to the Senior Mortgage and any senior lenders rights), the
<br />proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or
<br />other taking of the Property, or any part thereof, or for conveyance in lieu of condemnation. Said proceeds
<br />shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Mortgagor. In the event
<br />of a partial taking of the Property, there shall be applied to the sums secured by this Mortgage such
<br />proportions of the proceeds as are equal to that proportion which the amount of the sums secured by this
<br />Mortgage immediately prior to the date of the taking bears to the fair market value of the Property
<br />immediately before taking, with the balance of the proceeds paid to Mortgagor.
<br />Unless Lender and Mortgagor otherwise agree in writing, any such applications of proceeds to principal
<br />shall not extend or postpone the due date of the monthly installments referred to in the recitals above, or
<br />change the amount of such installments.
<br />7. To pay to Lender or its designated agent the total amount due under this Mortgage upon
<br />demand, should Lender accelerate the indebtedness pursuant to paragraph 12 below.
<br />8. To keep the Property in as good order and condition as they are now, together with any
<br />improvements thereon, reasonable wear and tear excepted, and will not commit or permit waste and shall
<br />make all necessary or appropriate repairs, replacements and renewals thereof, interior, exterior, structural and
<br />non - structural, ordinary and extraordinary, foreseen and unforeseen. Mortgagor shall not do, or permit to be
<br />done, any act or thing which might materially impair the value or usefulness of the Property or any part thereof,
<br />shall not commit or permit any waste of the Property or any part thereof, and shall not permit any unlawful
<br />occupation, business or trade involving the Property to be conducted. Lender may make or cause to be made
<br />reasonable entries upon and inspections of the Property, provided that Lender shall give Mortgagor notice
<br />prior to any such inspections specifying reasonable cause therefor related to Lender's interest in the Property.
<br />
|