HomeMy WebLinkAbout0898 reeult of auch conteat; and provided further, thst if at ar~y time
p~ysent of sny obligation i~posed upon the Mortgagor by sub-
parsgraph (a) hereot~8hall become necessary to prevent the
deliver~? oP s tax tteed conveying the Mortgeged Property or any
portion thereof becauae of nonpayment, then the Mortge~gor ahall pay
° the same in sufficient time to prevent the delivery of auch taac
deed.
SECTIOF 1.08. The Mortgagor ~ill pay a~q tsxes except
income teuces impoeed on the Mortgegee by reason of its oNnership
of the l~ote, or thia Mortgage.
SECTION 1.09. (a) The l~ortgagor xill keep the Im-
provementa nnd Chsttels insnred against loss by fire, casualty
and such other hszarda as ma.y be specified by the Mortgagee for
the benefit of the Mortgagee. 3uch insurance shall be Mritten
in forms, amounta, and by companies, sstisfactory to the Mort-
; gegee, snd losses thereunder shall be payable to the Mortgagee
pureu~t to s atandard firat mortgsge endorsement substantially
equivalent to the Fex York standt~rd mortgngee endorsement. The
;
~ polic~ or policles of auch insurance shall be delivered to the ~
i
Mortgagee. The Mortgegor shsll~give the Mortgagee prompt notice ~
of aqy loss covered by such insurarice and the Mortgagee shall
have the right to ~oin the Mortgagor in ad~usting ar~y loss in
eaceas of $50,000. An~? moneys received ss payment for any loss
under an~y such insurance shall be paid over to the Mortgngee to
be applied at the option of the Mortgagee either to ~Y,e pre-
p~rment of the Xote, ~ithont preminm, or to the reimbursement:
of the l+~ortgagor for expenses incurred by it in the restor~tion
of the Improvements.
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gooK 174 895 ~
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