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HomeMy WebLinkAbout0681 -4- 5. The Mortgagor will not voluntarily create, or permit or euffer to be created or to eaiet, on or againet~~the mortgaged pro- ~ perty, or any part thereof, any lien euperfor to the lien of thie Mortgage, exclueive oY the lien or liene, if any, to which tbie Mortgage ie expresely sub3ect, ae eet ~orth in the granting cleuee above, and will keep and maintain the eame ~ree from the claime oY all partiee eupplying labor or materials which will enter into tbe aonetruction or inetallation o~ the Improvemente. 6. '~a) The Mortgagor will keep_all buildinge, other etructuree and improvemente, including equipment, now eaieting or which may hereafter be erected or inetalled on the land mortgaged hereby~, ineured againet loee by Yire and other hazarde, caeualtiee and contingenciee, in eucb emounte and manner, and for euch periode, all ae may be required from time to time by tbe Mortgagee. IInleae otherwiee required by the Mortgagee, all euch.ineurance ehall be effected by Sta~dard Fire and ~ctended Coverage Ineurance policiee, in amounts not lees than neceesary to comply with the cotneurance clauee percentage of the value applicable to the location and char- acter o~ ~the property to be covered. All euch insurance ehall be ~ carried in companies approved by the Mortgagee and all ~ldliciee ~ therefor ehall be in sueh form and ehall have attached thereto lose payable clauees in pavor of the Mortgagee and any other partiee . ~ ae ehall be eatisfactory to the Mortgagee. All euch policies and attachmente thereto ehall, be delivered promptly to the Mortgagee, _ u~leee they are required to be delivered to the~holder of a lien o~ j a mortgage or aimilar inetrument to which thie Mortgage ia expresely j aub~ect, in wtiich latter event certificated there~Y, eatiefactory 3 to the Mortgagee, ahall be delivered promptly to the Mortgagee. The Mortgagor will pay promptly when due, ae hereinafter provided, any and all premiums on euch ineurance, and in every case in which }~ayment thereof ie not made from the depoaita therefor required by ' this Mortgage, promptly aubmit to the Mortgagee for examination receipta or other~evidence of such payment ae ahall be satiefactory ~ to the Mortgagee. The~Mortgagee may obtain and pay the premium on ~ (but ahall be under no obligation to do eo) every kind of insurance reQuired hereby if the amount of euch premium hae not been depQsited ~ ae required by thie Mortgage, in which event the Mortgagor will pay ~ i ~ to the Mortgagee every premium eo paid by the Mortgagee. ~ ; N' t ~ (b) In the event of loas or damage to the mortgaged pro- ~ perty, the Mortgagor will give to the Mortgagee immediate notice ~ ,thereoY by mail, and the Mortgagee may make and file proof of loee ~ if not made otherwiee promptl~r by or on behalf of the Mortgagor.. .,t ~ Each ineurance company iseuing any euch policy ie hereby authorized ~ and directed to make payment thereunder Yor eucb loee to the MortgagOr ; ~ ~ and the Mortgagee ~ointly, unlees tbe amount of loee ie peyable Yiret ~ - ~ ~ 60GK 1 ~0 PAGE 6 ~9 ~ ~ - . _ ~ ~~t~~.x~.:_ ~