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HomeMy WebLinkAbout1386 • , ~ 1 - _ 4 _ 5. ihe Mortgagor ~if11 not voluntarily create, or permit or ' suffer t'd"b~ created'br'to exist, on or againat ~he mortgaged pro- ~ perty, or any part thereof, any lien superior to the lien of thia Mortga~;e, exclusive of the lien or liens, if any, to which this Mortgage is expressly subject, as set forth in the granting clauae above, and will keep and maintain the same free from the claime o~ all parties s~Spplying labor or materials which will enter into the construction or installation of the Improvements. 6. (a) The Mortgagor will keep all buildings, other structuree and improvements, including equipment, now existing or which may hereafter be erected or installed on the land mortgaged hereby, insured against loss by fire and other hazards, casualties and contingencies, in such amounts and manner, and for such periods, all as may be required from time to time by the Mortgagee. IInless . otherwise required by the Mortgagee, all such.insurance shall be effected by Standard Fire and Extended Coverage Insurance policies, in anou:~ts not less than necessary to comply with the coinsurance clause percentage of the value applicable ~o the location and char- ac~er o~ the property to be covered. All such insurance shall be carried in companies approved by the Mortgagee and all policies ~ ~herefor shall be in such form and shall have attached thereto loss payable clauses in favor of the Mortgagee and any other partiee as shall be satisfactory to the Mortgagee. All such policies and attachments thereto shall, be delivered promptly to the Mortgagee, . ' unless they are required to be delivered to the holder of.a lien of a mortgage or similar instrument to which this Mortgage is Pxpressly sub~ect, in ~vYiich latter event certificated thereof, satisfactory ~ to the ~+Ior~gagee, shall be delivered promptly to the Mortgagee. ~ ~ The Mortgagor will pay promptly when due, as hereinafter provided, ~ any and all premiums on such insurance, and in every case in which ~ payment thereof is not made from the deposits therefor required by ' this Mortgage, promptly submit to the Mortgagee for examination ~ receipts or other evidence of such payment as shall be satisfactory ~ to the Mortgagee. The~Mortgagee may obtain and pay the premium on ~ (but shall be under no obligation to do so) every kind of insurance ~ reguired hereby i~ the amount of such premium has not been deposited . ~ as required by this Mortgage, in whicr, event the Martgagor will pay ~ = to the Mortgagee every premium so paid by the Mortgagee. ~ ~ ~ (b) In the event of loss or damage to the mortgaged pro- ~ ~ perty, the Niortgagor will give to the Mortgagee immediate notice ~ t'nereof by mail, and the Mortgagee may make and file proof of loss ~ i~ not nade otherv~ise promptly by or o~ behalf of the Nortgagor. . ~ ~.ach ir.surance co~pany issuing any sueh policy~is hereby authorized ~ and directed to make payment thereunder for such losa to the Mortgagor . ~ ann the Mortgagee jointly, unlesa the a.mount of loss is payable ~irat ~ ~ ~ ~ ~~78 ~?~13~5 ~ - ~ ~ _ ~ ~ ~ N ,a ~ _ . r_~.~ ~~w~:~