Laserfiche WebLink
in accordance with all applicable laws, ordinances,rules and regulations, and the requirements of <br /> all governmental authorities having jurisdiction, and otherwise to the satisfaction of Mortgagee. <br /> A failure to do so shall constitute a default by Mortgagor under this Mortgage. <br /> 1.10. Escrows. Upon the request of Mortgagee after the occurrence of an Event of <br /> Default (whether or not such Event of Default is subsequently cured), Mortgagor shall deposit <br /> with Mortgagee, on the first day of each and every month, commencing with the date the first <br /> payment shall be due on the Note which is after the date of such request, a deposit to pay the <br /> Impositions and insurance premiums (collectively"Charges") in an amount equal to: <br /> (a) One-twelfth (1/12) of the Impositions next to become due upon the <br /> Mortgaged Property; provided, however, that, in the case of the first such deposit, there <br /> shall be deposited in addition an amount as estimated by Mortgagee which, when added <br /> to monthly deposits to be made thereafter as provided for herein, shall assure that there <br /> will be sufficient funds on deposit to pay the Impositions as they come due; plus <br /> (b) One-twelfth (1/12) of the annual premiums on each policy of insurance <br /> required to be maintained hereunder; provided that with the first such deposit there shall <br /> be deposited, in addition, an amount equal to one-twelfth (1/12) of such annual insurance <br /> premiums multiplied by the number of months elapsed between the date premiums on <br /> each policy are last paid to and including the date of deposit. <br /> The amount of such deposits shall be based upon Mortgagee's reasonable estimate as to the <br /> amount of Impositions and premiums of insurance next to be payable. Mortgagee will, upon <br /> timely presentation to Mortgagee by Mortgagor of the bills therefor, pay the Charges from such <br /> deposits. In the event the deposits on hand shall not be sufficient to pay all of the Charges when <br /> the same shall become due from time to time, or the prior deposits shall be less than the currently <br /> estimated monthly amounts, then Mortgagor shall pay to Mortgagee on demand any amount <br /> necessary to make up the deficiency. The excess of any such deposits shall be returned to <br /> Mortgagor or credited towards subsequent Charges, at the discretion of Mortgagee. If an Event <br /> of Default shall occur under the terms of this Mortgage, Mortgagee may, at its option, without <br /> being required so to do, apply any deposits on hand to the Obligations, in such order and manner <br /> as Mortgagee may elect. When the Obligations have been fully paid, any remaining deposits <br /> shall be returned to Mortgagor as its interest may appear. All deposits are hereby pledged as <br /> additional security for the Obligations, shall be held for the purposes for which made as herein <br /> provided, may be held by Mortgagee and may be commingled with other funds of Mortgagee, <br /> shall be held without any allowance of interest thereon, and shall not be subject to the decision or <br /> control of Mortgagor. Mortgagee shall not be liable for any act or omission made or taken in <br /> good faith. In making any payments, Mortgagee may rely on any statement, bill or estimate <br /> procured from or issued by the payee without inquiry into the validity or accuracy of the same. <br /> If the taxes shown in the tax statement shall be levied on property more extensive than the <br /> Mortgaged Property, Mortgagee shall be under no duty to seek a tax division or apportionment of <br /> the tax bill, and any payment of taxes based on a larger parcel shall be paid by Mortgagor, and <br /> Mortgagor shall expeditiously cause a tax subdivision to be made. <br /> 8 <br /> 477384v3 EL185-40 <br />