HomeMy WebLinkAbout0065 damage~ by fire, windstorm, extended coverage and other fonas ,
of casualty in sums sufficient to prevent any party in~fnterest
from beirg or becoming a co-insurer of any part of the risk, _
and with the policy or policies having attached thereto an
appropriate mortgagee clause naming M~rtgagees as such, and
said policy or policfes shall be delivered to Mortgagees with
evidence that the premiums therefor have been~paid. If any -
sum of m~ney becomes payable under such policy or policies,
Mortgagees shall have the option to receive and apply the same
on account of the indebtedness hereby secured, or to permit ~
Mortgagors to receive and use it or any part thereof for-other ~
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purposes, without thereby waivimg or impairing any equity, lien ~
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or~right under or by virtue of this nartgage. If Mortgagors
fail to cause such insurance to be continuously carried and/or ~
the policies delivered to the Mortgagees with evidence of pay-
I ment of the premiums therefor, Mortgagees may place and pay _
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for such insurance or any part thereof without waiving or
affecting the option to foreclose or any right hereunder, and ~
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every paym~ent made by Mortgagees for the placing of such ~
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insur•ance shall become part of the indebtedness•secured hereby
and ahall bear interest from the date of payment Chereof at ;
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the rate of 8~' per annum. The right of Mortgagees to receive i
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said insurance proceeds will be subject to the rights of _
the Mortgagee of the mortgage to which this uartgage has been
subordinated pursuaat to Paragraph 7. .
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WlILtAY~. ~oN ~ x~u+~r wrro~sw wt u?w..wo~r su~~a~MS. ~uw~. ~wa~ow
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