HomeMy WebLinkAbout2622o. R. 52 E~~r55s
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4. That he will keep the improvements now existing or her~-
after erected on the mortgaged property, insured as may be required
from time to time by the Mortgagee against loss by fire, windstorm
and other hazards, casualties, and contingencies in amounts at
least equal to the amounts specified by Mortgagee, the amounts
specified, however, not to ekceed the amount of the outstanding
indebtedness, and will. pay promptly when due, the premiums on
such insurance, and will furnish premium receipts on same to
Mortgagee on or before such due date. All insurance shall be car-
ried in companies approved by Mortgagee and the policies and re-
newals thereof shall be held by Mortgagee and have attached thereto
mortgage and loss payable clauses in favor of, and in form accept-
able to, the Mortgagee. On all insurance effected on a co-insurance
p1an,~Mortgagor shall comply with the co-insurance requirements of
such policy or policies. In event of loss he will give immediate
notice by mail to Mortgagee, and Mortgagee may make proof of loss
if not made promptly by Mortgagor, and each insurance company con-
cerned is hereby authorized and directed to make payment for such
loss directly to Mortgagee instead of to Mortgagor and Mortgagee
jointly, and the insurance proceeds, or any part thereof, may be applied
by Mortgagee at its option either to the reduction of the indebted-
ness hereby secured or to the restoration or repair of the property
damaged. It is further agreed that if more insurance than is
specified herein is carried an said property the policy or policies
far said additional insurance shall have attached a standard mort-
gage clause making the loss payabl:' to the Mortgagee, and be delivered
with receipt for premium on same as above set forth to said Mortgagee.
In cast of failure to maintain and deliver such insurance as is
above provided for, the Mortgagee may effect insurance on said im-
provements to the then outstanding balance of the indebtedness, or
the insurable value whichever is lesser, and pay the premiums therefor,
and all amounts so paid shall be added to, and deemed part and parcel
of the moneys herein secured, and from time of payment thereof the
~w-ns so paid shall bear six per cent interest per annum, and said
sums shall be repaid on demand, and on failure of Mortgagor to so
repay same, the entire debt secured by this instrument sk:all at once
become due and payable at the option of the mortgagee. In event
of foreclosure of this mortgage or other tra.~sfer of title to the
mortgaged property in extinguishment of the indebtedness secured
hereby, all right, title and interest of the Mortgagor in and to
any insurance policies then in force shall pass to the purchase;'or
grantee.
5, ;hat he will permit, commit, or suffer no waste, im-
pairment or deterioration of said property or any part thereof;
and in the event of the failure of the Mortgagor to keep the buildings
on said premises and those to be erected on said premises or improve-
ments thereon in good repair, after notice thereof in wriring by
the Mortgagee, the Mortgagee may make such repairs as in its dis-
cretion it may deem necessary for the proper preservation thereof,
and the full amount of each and every such payment shall be
immediately due and payable and shall be secured by the lien of
this mortgage.
6, That he will perform, comply with and abide by each
and everyromissorpunoteoand inrthisnmortgageisetnforth,covenants
in said p Y
7, That the Mortgagee may, at any time after a default
by Mortga~or of any of the teams of this instrument, and upon
iortgagor s failure to cure such default within thirty days of
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