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HomeMy WebLinkAbout0944 . ' ~ ..~i~~~. - 4 - 5. The Mortgagor wi11 not voluntarily create, or permit or ' suffer ~d" b~ created' b!C' to exiat, on or againat ~~ie mortgaged pro- ~ perty, or any part thereo~, any lien euperior to the lien of this Mortgage, exclusive of the lien or liena, i~ any, to whiob thie Mortgage is expreasly sub3ect, as aet forth in the granting olause . above, and will keep and maintain the same free from the aiaime o~ all parties s~plying labor or materials which will enter into the ~ conatruction or inatallation of the Improvementa. 6. (a) The Mortgagor will keep all buildinga, other structuree and imp~^~vementa, including equipment, n~w existing or which may . hereafter be erected or installed on~the land mortgaged hereby~, insured againat loss by fire and other hazarde, casualties and contingencies, in auch amounts Rnd manner, and for such periods, all as may be~required from time to time by the Mortgagee. IInleas . otherwise required by the Mortgagee, all such,ineurance ahall be effected by Standard Fire and Extended Coverage Insurance policiea, in amounts not les9 than necessary to comply with the coinaurance clause percentage of the value applicable to the location and char- acter o~ the property to be covered. All such inaurance ehall be carried in companiea approved by the Mortgagee and all policiea ' therefor shall be in such form and ahall have attached thereto loss payable clausee in favor of the Mortgagee and any other partiee . ? as shall be satiafactory to the Mortgagee. All such policies and attachmenta thereto shall, be delivered promptly to the Mortgagee, . unless they are required to be delivered to the holder of a lien ot ~ a mortgage or similar instrument to which this Mortgage is expreealy j i subject, in wKich latter event certificated thereof, eatisfactory ~ to the Mortgagee, shall be delivered promptly to the Mortgagee. The Mortgagor will pay promptly when due, ae hereinafter provided, k any and all premiums on such inaurance, and in every case in which ~ payment thereof ~s not made from the depoaita therefor required by ' this Mortgage, promptly submit to the Mortgagee for examination receipts or other~-evidence of such payment as shall be satiafactory to the Mortgagee. The~Mortgagee may obtain and pay the premium on (but shall be under no obligation to do eo) every kind of ineurance reQuired hereby if the amount of such premium hae not been depoaited . as required by this Mortgage, in which event the Mortgagor will pay to the ~ortgagee every premium so paid by the Mortgagee. (b) In the event o~ loss or damage to the mortgaged pro- perty, the Mortgagor will give to the Mortgagee immediate notice thereo~ by mail, and the Mortgagee may make and file proof of losa if not made otherwise promptly by or on behalf oY the Mortgagor.. . Each ineurance company issuing any such policy•is hereby suthorized and directed to nake payment thereunder Yor euch loae to the Mortgagor _ and the Mortgagee ~ointly, unlese the amount of loss ia peyable ~irst~ _ ~17? ~ 944 .a.~- ~~:.w.~. . { i r { d ~ ~ , .