Additional Covenants and Agreements of Borrower. Borrower makes the following additional covenants and agreements with Lender:
a. Any award of damages under condemnation or payment in lieu thereof for injury to or the taking of all or any part of the Mortgaged Premises are hereby assigned to Lender and shall be paid first, for amounts due and payable to Lender with authority to apply the award or payment to the indebtedness outstanding on the Note.
b. Any proceeds of any insurance payable by reason of loss or damage to the Mortgaged Premises are hereby assigned to Lender and shall be paid first, for amounts due and payable to Lender with authority to apply the proceeds to the indebtedness outstanding on the Note.
c. Borrower shall hold Lender harmless from all costs and expenses in connection with establishing the priority of this Mortgage, and, if Xxxxxx becomes a party to any mechanic’s lien suit or other proceeding relating to the Mortgaged Premises or to this Mortgage, Borrower shall reimburse Lender for Xxxxxx’s reasonable attorneys’ fees, costs, and expenses in connection with said suit or proceeding.
d. Borrower shall not sell, convey, mortgage, pledge, grant a security interest in, or otherwise transfer or encumber all or any part of the Mortgaged Premises or any interest therein without the prior written consent of Lender.
e. Borrower shall promptly pay when due all charges for utilities or other services to the Mortgaged Premises including, but not limited to, water, sanitary sewer, electricity, gas, telephone, and trash and garbage removal and, upon request of Lender, shall provide evidence of such payment.
f. Borrower shall use and occupy the Mortgaged Premises as Xxxxxxxx’s principal residence as long as this Mortgage is in effect, unless Xxxxxx otherwise agrees in writing.
g. Borrower shall not lease or rent provided however that this covenant shall prohibit not the Borrower from receiving payments from members of Xxxxxxxx’s family in compensation for room and board.
h. If the Mortgaged Premises is subject to declaration or restrictive covenants (the “Declaration”) for the benefit of a property owner’s association, Borrower shall:
(i) timely pay, or cause the payment of, all assessments (if any), levied by the property owner’s association against the Mortgaged Premises pursuant to the terms and conditions of the Declaration or any amendments thereto; and (ii) comply with all of the terms and conditions of the Declaration.
i. If the Mortgaged Premises is on a unit in a condominium or a plann...
Additional Covenants and Agreements of Borrower. Borrower hereby represents, warrants, covenants and agrees that at all times that Borrower has any outstanding Obligations to Lender:
(a) Borrower is and will remain duly organized and existing in good standing under the laws of the state specified in the preamble hereof and duly qualified to do business wherever necessary to perform its obligations under the Transaction Documents, including each jurisdiction in which Equipment is or will be located; (b) Borrower and each Guarantor is and will remain in full compliance with all Applicable Laws including: (i) ensuring that no Person who owns a controlling interest in or otherwise controls Borrower or any Guarantor (A) is a Person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (B) engages in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such Person in any manner violative of Section 2, or (C) is a Person on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order; (ii) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto; (iii) the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA Patriot Act of 2001); and (iv) the Bank Secrecy Act ("BSA") and all laws, regulations and government guidance on BSA compliance and on the prevention and detection of money laundering violations;
(c) no proceeds of any Loan under any Transaction Documents will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended; and (d) until Borrower’s Obligations under each Loan and the related Transaction ...
Additional Covenants and Agreements of Borrower. Borrower makes the following additional covenants and agreements with Lender:
(a) Borrower shall keep all buildings, improvements, and fixtures now or later located on all or any part of the Property (collectively, the “Improvements”) insured against loss by fire, lightning, and such other perils as are included in a standard all-risk endorsement, and against loss or damage by all other risks and hazards covered by a standard extended coverage insurance policy, including, without limitation, vandalism, malicious mischief, burglary, theft, and if applicable, steam boiler explosion. Such insurance shall be in an amount no less than the full replacement cost of the Improvements, without deduction for physical depreciation. If any of the Improvements are located in a federally designated flood prone area, and if flood insurance is available for that area, Borrower shall procure and maintain flood insurance in amounts reasonably satisfactory to Lender. Borrower shall procure and maintain liability insurance against claims for bodily injury, death, and property damage occurring on or about the Property in amounts reasonably satisfactory to Lender and naming Lender as an additional insured, all for the protection of the Lender.
(b) Each insurance policy required pursuant to Paragraph 3(a) must contain provisions in favor of Lender affording all right and privileges customarily provided under the so-called standard mortgagee clause. Each policy must be issued by an insurance company or companies licensed to do business in Minnesota and acceptable to Lender. Each policy must provide for not less than ten (10) days written notice to Lender before cancellation, non-renewal, termination, or change in coverage. Borrower will deliver to Lender a duplicate original or certificate of such insurance policies and of all renewals and modifications of such policies.
(c) If the Property is damaged by fire or other casualty, Borrower must promptly give notice of such damage to Lender and the insurance company. In such event, the insurance proceeds paid on account of such damage will be applied to payment of the amounts owed by Borrower pursuant to the Note, even if such amounts are not otherwise then due, unless Borrower is permitted to make an election as described in the next paragraph. Such amounts first will be applied to unpaid accrued interest and next to the principal to be paid as provided in the Note in the inverse order of their maturity. Such payment(s) will not post...
Additional Covenants and Agreements of Borrower. The Borrower covenants and agrees that, until the Obligations are paid in full in cash and this Security Instrument is cancelled in writing by the Grantee:
Additional Covenants and Agreements of Borrower. The Borrower hereby agrees to those Additional Covenants and other matters set forth in Exhibit B hereto.
Additional Covenants and Agreements of Borrower
