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HomeMy WebLinkAbout2703 -4- 5. The Mortgagor will not voluntarily create, or permit or euffer to be created or to eaiet, on or againet tbe mortgaged pro- ~ perty, or any part thereof, any lien euperior to the lien ot thie Mortgage, eaclueive ot the lien or liene, if any, to whioh thie Mortgage ie eapreeely eub~eat, ae eet lorth in tbe granting olauee above, and will keep and maintain the eame free from the alaime oY all partiee eupplying labor or materiale wbicb will enter i~to the construction or inetallation of the Improvemente. ~ 6. (a) The Mortgagor will keep all buildinge, other etructuree and improvemente, including equipment, now eaieting or which may bereaYter be erected or inetalled on~the land mortgaged hereby, ineured againet loee by fire and other hasarde, aaeualtiee and aontingenoiee, in euch amounte and manner, and for euch periode, all ae may be required from time to time by the Mortgagee. IInleee otherwise required by the Mortgagee, all eucb.ineurance ehall be effected by Standard Fire and ~ctended Coverage Ineurance poliaiee, in amounte not leee than neceeeary to comply with the cotneurance clause percentage of the value applicable to the location and ch~ acter of the property to be covered. All euch ineurance ehall be ~ carried in companiee approved by the Mortgagee and all policiee ~ therefor ehall be in euch ~orm and ehall have attached thereto loes payable clauses in favor of the Mortgagee ana any other pertiee , ae eball be eatiefactory to the Mortgagee. All euch policiee and attachmente thereto shall, be delivered promptly to the Mortgagee, . unleee they are required to be delivered to the holder o~ a lien o! li a mortgage or similar inetrument to which thie Mortgage is eapreeely aub3ect, in wKich latter event certificated thereof, eatiafactory to the Mortgagee, ehall be delivered promptly to the Mortgagee. ~ The Mortgagor will pay promptly when due, ae hereinafter provided, . ~ any and all premiums? on sucb insurance, ana in every,caee in which payment thereof ie not made fram the depoeits therefor required by thie Mortgage, promptly eubmit to the Mortgagee for eaamination receipte or other~evidence of such payment aa ehall be eatiefactory to the Mortgagee. The~Mortgagee may obtain and pay the premium on (but ehall be under no obligation to do ao) every kind oY ineurance reQuired hereby if the amount of euch premium hae not been depqeited . ae required by thie Mortgage, in which event the Mortgagor will p~y s to the Mortgagee every premiwn so paid by the Mortgagee. i (b) In the event of lose 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 Yile proof ot loee it not made otherwiee promptly by or on behal! oi the Mortgsgor.. Eacb ineuranae aompany ieeuing an~F euch policy ie hereby sutbori~ed and directed to make payment tbereunder Sor euah loee to the Kortgsgor and the Kortgagee ~ointly, unleee the amount oi'loee ie p~rsble iiret ~ ~ ~ l~~~ P~t~~;U~ - ~ _ _ _ ~ ~Y~ _