HomeMy WebLinkAbout1299 . ~ 1 i '
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~ 5. The Mortgagor ~311 not voluntarily create, or permit~or '
euffer ~d"b~ oreated'bic'to eaiet, on or againet ~he mortgeged pro- '
perty,.or any part tbereoY, any lien euperior to the lien oi thie ~
Mortgage, ezclueive oP the lien or liene, if any, to whioti tbia
Mortgage ie eapreeely eub3eot, ae eet Yorth in the granting olauee
above, and ~rill keep an8 ma~intain the eame iree irom tbe clsime oi
all partiee eupplyfng labor or materiala whiab will enter into the ~
conetruction or inetallation of the Improvemente.~
6. (a) The MortgAgor will keep all buildinge, other etructuree
and 3mprovemente, in~luding equipo~ent, now eaieting or which may .
hereaYter be erected or inetalled on-tbe land mortgeged hereby,
ineured againet loes by ~ire and other hasarde, caeualtidd and ~
contingenoiee, in such amounts and manner, and ~or~euch periode,
all ae may be~required from time to time by tbe Mortgagee. IInleee
. otberwise required by the Mortgagea, all auch=ineurance ehall be
effected by Star~dard Fire and Tatended Coverage Ineurance polioiee, _
in amounte not leee t3~an neceeeary to comply with the cotneurance
clauee percentage oY the value applicable to tbe location and ahar~
acter of' the property to be covered. All euch ineurance ehall be
carried in companiee approved by the Mortgagee and all policiee "
there~or ehall be in euch ~orm and ehall have attached thereto
lose payable claueee in ~avor of the Mortgagee-and any other partiee "
~ ae ehall be eatiefactory to the Mortgagee. Al1 euch policiee and ~ -
attachmente thereto ehall, be delivered promptly to the Mortgagee, .
unleee they are required to be delivered to the holder oY a lien ot
a mortgage or eimilar inetrument to wbich thie Mortgage ie eapreeely
eub~ect, in w2iich latter event certi~icated thereof, eatiefactory
to the Mortgagee, shall be delivered promptly to the Mortgagee.
The Mortgagor will pay promptly when due, se hereinaYter provided, _
any and all premiume on eucb ineurance, and in every caee in which
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payment thereo~ ia not made ~rom the depoeite therefor required by
tbfs Mortgage, promptly aubmit to the Mortgagee for easmination ~
, receipte or other-evidence o~ euch payment as ehall be satis~actory ~
to the Mortgagee. The~Mortgagee may obtain ~nd pay the premium on
(but ahal~l be under no obligation to do eo) every kind ot ineuranae '
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required hereby iY the amount oP euch premium hae not been depQeited ~ .
as required by thie Mortgage, in which event the Mortgagor will p~y
to the Mortgagee every premium so paid by the Mortgagee.
(b) In the event of loee or da~a4age to the mortgaged pro-
perty, the Mortgagor will give to the Mortgagee immediate notice
thereof by mail, and the Mortgagee may make and Yile prooY o~ lose
~ if not made otherwiee promptly by or on behalY oi the Mortgagor.. ,
8ach ineuranae eompany iseuing any euch poliay~ie hereby suthori~ed
and direated to make payment thereunder Yor euah lose to the Mortgagor
and the~Mortgagee ~ointiy, unleee the smount of loee ie psy~ble liret~
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