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HomeMy WebLinkAbout1254 1 . , . ~1 ~ , ~ ~ . _ 4 5. The Mortgagor ~Ji11 not voluntarily create, or permit or ' suffer t'd"b~ created' bic` to exist, on or against tbe mortgaged pro- ~ perty,~or any part thereof, any lien superior to the lien o~ thie Mortgage, excluaive of the lien or lie~s, i~ any, to which thie Mortgage ie expressly sub3ect, ae set ~orth in the granting alause above, and will keep and maintain the same ~ree ~rom the alaime o~ all parties s~plying labor or materials which will enter into the ~ conatruction or installation of the Improvemente. 6. (a) The Mortgagor will kee~ all buildinga, other structuree and improvements, including equipment, now egiating or which may . ~ hereafter be erected or installed on~the land mortgaged hereby~, insured against loss by fire and other hasarde, caeualtiea and contingenciea, in such amounta and manner, and for auch periods, all as may be~required from time to time by the Mortgagee. IInlese ' . otherwise required by the Mortgagee, all euch:insurance ehall be effected by Staudard Fire and Extended Coverage Inaurance policiee, in amounts not less than necessaxy to comply with the coinaurance clause percentage o~ the value applicable to the location and char- acter of the property to be covered. All such insurance shall be carried in companiea approved by the Mortgagee and all policies ' therefor shall be in such ~orm and ahall have attached thereto loas payable clausea in favor of the Mortgagee and any other partiee as shall be eatisfactory to the Mortgagee. AlI such policiea and ~ attachmenta thereto ahall, be delivered promptly to the Mortgagee, . unless they are required to be delivered to the holder of a lien o~ a mortgage or similar instrument to which thia Mortgage is expreeely ~ subject, in w2iich latter event certificated thereof, satisfactory i ' to`the Mortgagee, ahall be delivered promptly to the Mortgagee. I The~Mortgagor will pay promptly when due, as hereinafter provided, . any ~nd all premiums on such inaurance, and in every caee in which payment thereo~ i9 not made Yrom the depoaite therefor required by ' this Mortgage, promptly aubmit to the Mortgagee for examination receipts or other~evidence of such payment ae shall be satisfactory to the Mortgagee. The~Mortgagee may obtain and pay the premium on (but shall be under no obligation to do ao) every kind of ineurance required hereby if the amount o~ such premium has not been depoeited . ~ as required by thia Mortgage, in which event the Mortgagor will pay ~ to the Mortgagee 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 thereof by mail, and the Mortgagee may make and file proof o~ loes i~ not nade otherwise promptly by or on behalf of the Mortgagor.. . Each insurance company isauing any such policy~ie hereby authorized and directed to make payment thereunder for such loae to the Mortgagor . -~-~~and the Mortgagee 3ointly, unless the amount o~ lose ie pay8ble firet~ ~ ~ ~ - s g,. <<~ _ _ ~L` -