HomeMy WebLinkAbout1990 to remove, any part of the mortgaqed property. In the
event Mortgagor shauld violate any one of these covenants,
Mortgagee may, at its option, declare the entire balance of
the indebtednesa immediately due and payable. The Mortgagor shall have the
in~h~heo~rtkaaedise~ve~t~estan~inin the normal course of business, provid-
FOU~T~: The M~rtqaqor her~~n further aqrees to keep
said buildings and equipment on the above described property
unceasingly insured against loss by fire and windstorm and any
other loss included in extended coverage in form and amounzs
satisfactory to the Mortgagee, until the indebtedness hereby-
secured is paid in full; all policies shall bear eighty (8096)
percent co-insurance clause and New York Standard Mortqagee clause; all
policies to be deposited with the Mortgagee and the loss. if
any, to be payable to the Mortgagee as its interest may appear.
T'he Mortgagor shall, if required by the Mortgagee, deposit with
the Nbrtgaqee on each installment payment date as set forth
in the note secured hereby, one-quarter of the reasonably ~stimated
amount of the premiums for insurance, as above, for the follawinq
year. Such monies, if required to be deposited shall progressively
and at proper times be returned to the Mortgagor for use in
actual payment of said insurance premiums or at the election
of the lrbrtgaqee, it may use said moneys in actual payment
of such insurance premiums, but nothinq in this paragraph shall
release the Mortgagor of its obligation to pay said insurance
premiums as the same become due and payable. Such deposits
as so made under this paragraph may be commingled witTi the
Mortgagor's general funds and the Mortgagee shall be and is
without liability to the Mortgagor for any interest on each
deposit.
The Mortgagor also agrees to deliver all original and
; renewal policies, or duplicate originals thereof, premiums
paid, to the Mortgagee at its office at least ten (10) days
~ before the expiration of the old policies. In case of loss
l and payment by any insurance company, the amount of the insurance
money paid shall be applied either on the indebtedness secured
hereby or in rebuilding or restoring the damaged building as
the Mortgagee may elect, or as may be determined at the time
by special aqreement between the Mortgagor and the Mortgagee. It
is understood that if any insurance is carried in excess of the
amounts required herein, all policies shall contain the same
protective clause in favor of the Mortgagee and the Mortgagor
shall deposit same with the Mortgagee under the provisions
of this paragraph. All prepaid insurance premiums on all ~uch
policies are expressly assigned to the Mortgagee as additional
security for the payment of the Note and the perforn~ance of the
cavenants hereof .
FIFTH: And in the event the Mortgagor fails to keep
said abovedescribed property insured or to deliver the policies, ~
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