3.5 EDSR 11-21-2016 - Laserfiche WebLink

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MORTGAGOR REPRESENTS, WARRANTS AND COVENANTS to and with Mortgagee that Mortgagor is the vendee under those certain contracts for deed set forth as items I and 2 on Exhibit B attached hereto (the "Contracts for Deed"); that it has good right and full power and authority to execute this Mortgage and to mortgage the Mortgaged Property;that the Mortgaged Property is free from all liens and encumbrances except those identified in Exhibit B hereto; that Mortgagee shall quietly enjoy and possess the Mortgaged Property; that Mortgagor will warrant and defend the title to the Mortgaged Property against all claims, whether now existing or hereafter arising. The covenants and warranties of this paragraph shall survive foreclosure of this Mortgage and shall run with the Land. AND IT IS FURTHER COVENANTED AND AGREED AS FOLLOWS: ARTICLE ONE GENERAL COVENANTS.AGREEMENTS WARRANTIES L l P nient of Indebtedness:Observance.of Covenants. Mortgagor will duly pay when due each installment of principal and interest on the Note, the Contract for Deed and all other Indebtedness and will perform all other agreements and covenants by Mortgagor to be performed hereunder. 1.2 Payment of Impositions. Mortgagor agrees to pay, before a penalty might attach for nonpayment thereof, all taxes,assessments,water and sewer charges,and other fees,taxes and charges of whatsoever nature levied upon or assessed or placed against the Mortgaged Property(collectively"Impositions"). Mortgagor will likewise pay all taxes, assessments and other charges, levied upon or assessed, placed or made against, or measured by,this Mortgage,or the recordation hereof, or the Indebtedness,provided that Mortgagor shall not be obliged to pay such tax, assessment or charge if such payment would be contrary to law or would result in the payment of an usurious rate of interest on the Indebtedness. Mortgagor shall promptly furnish to Mortgagee all notices received by Mortgagor of amounts due under this Section and upon Mortgagee's request,shall deliver proper receipts evidencing the payment of such amounts. In the event of a judicial decree or legislative enactment after the date of this Mortgage, providing that any such imposition may not be lawfully paid by Mortgagor, or in the event that the payment of any such imposition by Mortgagor would result in the payment of a usurious rate of interest on the Indebtedness, the Indebtedness, together with interest, shall become immediately due and payable,or,at Mortgagee's option,Mortgagee may pay any amount or portion of such Imposition as renders the Indebtedness unlawful or usurious, in which event Mortgagor shall concurrently therewith pay the remaining lawful and non-usurious portion or balance of said Imposition. 1.3 Pa ent of a ,-ratin. Costs. Prior Mort l a l es and Liens. Mortgagor agrees that it will pay, or cause to be paid, all operating costs and expenses of the Mortgaged Property; keep the Mortgaged Property free from mechanics' and material suppliers' and other liens, subject to Mortgagor's right to contest in good faith as set forth in Section 1.4 hereof; will keep the Mortgaged Property free from levy, execution or -3-