HomeMy WebLinkAbout2659 _ - 4 -
5. The Mortgagor will not voluntarily create, or permit or
suffer to be created or to exist, on or againet the mortgaged pro-
perty, or any part thereof, any lien superior to the lien of thia
Mortgage, excluaive of the lien or liena, if any, to which~this
Mortgage is expressly subject, as $et forth in the granting clause
above, and will keep and maintain the same ~r~e from the claims of
all parties supplying labor or materials which will enter into the
construction or installation of the Improvementa.
6. ~
(a) The Mortgagor will keep all buildings, otY~er structures
and improvements, including equipment, now egisting or which ma,y
hereafter be erected or installed on the land mortgaged hereby,
insured against loss by fire and other hazards, casualties and -
contingencies, in such amounts~and manner, and for such periods, ~
all as may be required from time to time by the Mortgagee. IInless '
otherwise required by the Mortgagee, all such.insurance shall be
effected by Staadard Fire and Extended Coverage Insurance policies,
in amounts not less than necessary to comply wit~ the coinsurance
clause percentage of the value applicable to the location and char-
acter of the property to be covered. Al1 such insurance shall be
carried in companies approved by the Mortgagee and all policies
therefor shall be in such form and shall have attached thereto
loss payable clauses in favor of the Mortgagee and any other parties
, as shall be satisfactory to the Mortgagee. All such policies and '
~attachments thereto shall, be delivered pramptly to.the Mortgagee,
unless they are required to be delivered to the holder of a lien of
! a mortgage or similar instrument to which this Mortgage is expressly
; subject, in w'nich lat-~er event certificated thereof, satisfactory •
~ to the Mortgagee, shall be delivered promptly to the Mortgagee.
The Mortgagor will pay promptly when due, as hereinafter provided,
any and all premiums on such insurance, and in every case in which
~ payment thereof is not made from the deposits therefor required bq
~ this-Mortgage, promptly submit to the Mortgagee for examination
receipts or other evidence of such payment as shall~be satisfactory
to the Mortgagee. The Mortgagee may obtain and pay the premium on
(but shall be under no obligation to do so) every kind of insurance .
reQuired hereby if the amount of such premium~has not been deposited
as required by this Mortgage, in which event the Mortgagor will pay
to the Mortgagee every premiwn so paid by the Mortgagee.
~(b) In the event of loss or damage to the mortgaged pro-
perty, the'Mortgagor will give to the Mortgagee immediate notice
there:,f by mail, and the i~ortgagee ma;,r make and file procf of loss
if no~ made otnerw-~se promptly by or ca behalf of the Mortgagor.
Each insuranee company issuing any such policy is hereby author~:ad
and directed to na~e payment thereunder for such loss to ~he~Mor ~agor
and the Mortgagee jointly, unleas the amount of loss is payable iirst
~174 ~265~
~ ,
~