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HomeMy WebLinkAbout2970 each and every such payment shall be immediately due and payable and shall bear interest ~rom the date thereof until paid at the rate of six and one-half (6~) per cent per annum and together with such interest shall be secured by the lien of this mortgage. ~ 3) To place and continuously keep on the build- ings now or hereafter situate on said land insurance in the.usual standard policy form, in such amount as may be required by Mortgagee, against loss or damage from fire, ? windstorm and such other hazards as Mortgagee may desig- ; nate, in such company or companies as may be acceptable to Mortgagee; and all insurance policies on any of said buildings, any interest therein or part thereof, shall contain or be endorsed with the usual standard mortgagee clause in favor of Mortgagee, and every such policy shall be promptly delivered to and held by Mortgagee, and, not less than thirty (30) days in advance of the expiration of each policy, to delive~.~o Mortgagee a renewal thereof, and there shall be no insurance placed on any of said buildings, any interest therein or part thereof, unless in the form aforesaid; and in the event any sum of money becomes payable under such policy or policies Mor tgagee ' shall have the option to receive and apply the same on ~ accoun~ of the indebtedness secured hereby in such man- j f ~ ~ ner as it may elect, or to repair or restoration, or to ~ permit Mortgagors to receive and use it, without thereby waiving or impairing any equity, lien or right under or by virtue of this mortgage; and ~n the event Mortgagors shall fail to perform, or comply with any one of these ~ covenants, Mortgagee may, but it shall not be obligated ~ so to do, place and pay for such insurance or any part ~ ~ thereof without waiving or affecting any option, lien, ~ equity or right under or by virtue of this Mortgage, and ~ i ~ the full amount o~ each and every such payment shall be ! ~ ~ immediately due and payable and shall bear interest from ~ ~ ~ the date thereof until paid at the rate of six and one- ~ -4- ~ _ ~ ~ ~ gooK 157 ~A~E 569 ~ ~ ~ - « . x;~ ~ s K~,~ _ R -~~z~- -