HomeMy WebLinkAbout0967 . ~
- 4' - -
5. The ~Iortgagor will not voluntaril~ create, or permit or
auffer to be created or to exist, on or againat the mortgaged pro-
perty, or any part thereof, any lien auperior to the lien of thie
Mortgage, excluaive of the lien or liene, if any, to which thie
Mortgage is expresely aub~ect, as aet ~orth in the granting clauee
above, and will keep and maintain the bame free from the claims of
all partiee supplying labor or materials which will enter into the
construction or inatallation of the Improvementa.
f
6. (a) The Mortgagor will keep all buildinga, other etructures
and improvementa, including equipment, now exiating or which may
hereafter be erected or installed on the land mortgaged hereby,
inaured againat losa by fire and other hazarda~, caeualties and
contingencies, in such amounts and manner, and for euch perioda,
all as may be required from time to time by the Mortgagee. IInleas
otherwiae required by the Mortgagee, all auch:insurance ahall be
effected by Standard Fire and E$tended Coverage Insurance policies,
in amounts not leas than necesaary to comply with the co~neurance
clause percentage of the value applicable to the location and char-
acter of the property to be covered. All auch 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 partiee
as ahall be eatisfactory to the Mortgagee. Al1 auch policies and
attachments thereto shall, be delivered promptly to the Mortgagee,
unless they are required to be delivered to the holder of a lien of
4 a mortgage or similar instrument to which thie Mortgage is expressly
~ subject, in which latter event certificated thereof, satiafactory
~ 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 in~urance, and in every case in which
payment thereof is not made from the deposits therefor required by
this Mortgage, promptly aubmit to the Mortgagee for examination '
s
receipts or other evidence of such payment as shall be satisfactory ~
to the Mortgagee. The Mortga.gee may obtain and pay the premium on I
(but ahall be under no obligation to do ao) every kind of ineurance
reQuired hereby if the amount of auch pr~mium has not been depQsited ~
{
as required by this Mortgage, in which event the Mortgagor will pay
to the Mortgagee every premium ao paid by the Mortgagee.
~ (b) In the event of loas or damage to the mortgaged pro-
perty, the Mortgagor will give to the Mortgagee immediate notice ~
thereof by mail, and the Mortgagee may make and file proof of loea '
if not made otherwiee promptly by or on bebalf of the Mortgagor. :
~
Each insurance company issuing any such policy is ~Zereby authorized f
and directed to make payment thereunder for such losa to the Mortgagor ~
and the Mortgagee jointly, unless the amount of loea is payable Yirat
ga~K175 P~ 964
~ , _ _ ~ ~ 4__ ~
..r~~-~ _ -~'a-~-~