Agenda - Council - 09/26/2017 - Laserfiche WebLink

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payable the principal of and interest on the Loan made to the Mortgagor pursuant to the terms of the Loan Agreement and the Note, and shall also pay all other sums, with interest thereon, as may be advanced by Mortgagee in accordance with this Mortgage, and shall also keep and perform each and every covenant and agreement of Mortgagor herein contained, or contained in the Loan Agreement and the Note, then this Mortgage and the estate hereby granted shall cease and be and become void and shall be released of record at the expense of the Mortgagor; otherwise this Mortgage shall be and remain in full force and effect. The Mortgagor represents, warrants, and covenants to and with the Mortgagee that it is the fee simple owner of the Mortgaged Property and that it has good right and full power and authority under all applicable provisions of law to execute this Mortgage and to mortgage the Mortgaged Property; that the Mortgaged Property is free from all liens, security interests, and encumbrances except as listed in Exhibit B attached hereto and incorporated herein by reference; that the Mortgagor will warrant and defend the title to the Mortgaged Property and the lien and priority of this Mortgage to the extent of its interest against all claims and demands of all persons whomsoever, whether now existing or hereafter arising, not listed in Exhibit B: and that all buildings and improvements now or hereafter located on the Land are or will be located entirely within the boundaries of the Land. The covenants and warranties of this paragraph shall survive foreclosure of this Mortgage and shall run with the land. The Mortgagor further covenants and agrees as follows: ARTICLE ONE MORTGAGOR'S COVENANTS Section 1.01. Payment of the Loan. The Mortgagor will duly and punctually pay the Loan in accordance with the terms of the Loan Agreement and the Note. The Loan is due and payable on December 31, 2057. Section 1.02. Application of Payments. All payments received by Mortgagee from Mortgagor with respect to the Loan under the Loan Agreement or this Mortgage shall, until an event of default under the Loan Agreement or foreclosure of this Mortgage, be applied by Mortgagee in the following order or priority: (a) interest payable on advances made pursuant to Section 3.03 hereof; (b) principal of advances made pursuant to Section 3.03 hereof; (c) any other sums secured by this Mortgage not listed in this section, in such order of application as Mortgagee may determine; (d) interest payable on the obligations of the Mortgagor pursuant to the Loan as provided in the Loan Agreement and the Note; (e) principal due on the obligations of the Mortgagor pursuant to the Loan as provided in the Loan Agreement and the Note. Section 1.03. Payment of Taxes, Assessments and Other Charges. (a) Subject to Section 1.07 relating to contests, the Mortgagor shall pay before penalty might attach for nonpayment thereof, all taxes and assessments and all other charges whatsoever levied upon or assessed or placed against the Mortgaged Property, except that assessments may be paid in installments so long as no fine or penalty is added to any installment for the nonpayment thereof. Mortgagor shall likewise pay any and all governmental levies or assessments such as US.113578590.01 B-2-3