HomeMy WebLinkAbout1657 reeuit of sucY~ contest; and provided further, that if st a~y tine
p~aent of any obligation iepoaed upon the Mortgagor by eub-
parsgraph (a) hereo! 3ha11 beco~e~necessary to prevent the
deliver~ of a tax t~eed conveying the Mortg~ged Propert3? or any
portion thereof because o! nonp~rment, than the Mortgagor ahall psy
~ the same in sufficient time to prevent the delivery of such tax
deed.
SECTION 1.08. The Mortga~or ~ill pey at~y taxes except
income teucee imposed ~an the Mortge~gee by reason of its oxnerBhip
of the Fote, or t2iis ~~iortgage.
SEC'PIOX 1.09. (s) The Mortgagor xill keep the Im-
provemente snd Chattels insnred against loas by fire, casualty
and such other hassrds as may be specified by the Mortgagee Por
the benefit of the Mortgagee. 3uch insurance shall be Mritten
in forms, amounts, and by companiea, satisfactory to the Mor*.;-
gsgee,. snd losses thereunder ehsll be peyable to the Mortgagee
i
i purauant to s standsrd first mortgage endorsement substantially
~ .
~ equivalent to the Ae~ York standard mortgagee endorsement. The
policy or policies oP such insurance ehall be delivered to the
Mortgegee. The Mortgegor-$hall~give the Mortgt~gee prompt notice
of any lose covered by such inenrance and the Mortgagee shall
hsve the right to ~oin the Mortgagor in ad~usting loss in
excees of ~50,000. A~y moneys received as pdyment for any loas
nnder a~y euch inaurance shall be paid over to the Mortgagee to
be applied at the option of the Mortgagee either to ~~Y.e pre-
~ pe~rment of the l~ote, t~ithout preoint, or to the reimbursement
of the l~ortgagor for a~cpenses incurred by it in the restorstion ~
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of the Iaprovemente. ~I
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