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Home My WebLink About0577 i ~ ; ~ . ~ ~ ' security of lien hereof to accrue or be created, or do or allow any act or + ~;thing whereby the security hereof may be diminiahed or impaired, and will i ~i ~ ;~keep the said premises in good condition and repair. ~ ; , ' The Church will keep all buildings and movable property herein ~ ~ ~ ;'mortgaged or which may be at any time upon the said premises, insured ~ ~against loas by fire and extended coverage in a company or companies in an ~ ~ j'amount at least equal to the principal of such bonds for the time being out- ~ I~ :~standing, depositing the policies with the Trustee with standard mortgage ~ ~'clause payable to the Truatee. i ~ In case or loss or damages to any of the propertq of the Church ~ ;;covered by the lien of this indenture, whereby the awa of $5,000.00 or more, ~ j;shall be collected or received under any policy or policies of insurance on ~ ~~account of any one loss, the proceeds of any such insurance shall be promptly ~ ''deposited with the Trustee for the equal benefitrof the holders of the out- s _ ~ ';standing bonds, and shall be held by him in trust, sub~ect to the terms and ~ '1 ~ ;=conditions of this indenture, and shall be paid out by him, from time to time, ~ _ :~to or upon the Written order of the Church, signed by its Treasurer and Church ~ ,;Clerk, but onlq for the purpose of being applied to reimburae the Church for ~ ;~expenditures actually made by him, or to defray or pay expenses actually ~ ~~incurred by him in the repair, restoration or replacement of the property lost or damaged, or in the conatruction or acquisition of substitutes therefor or additional properties; provided that any propexty so constructed or acquired ~ j i ~ :~shall be subject to the lien of this indenture and ehall be free from any and ~ ~ i ~ ~`all liens or encumberances which are or might be prior to the lien of this ~ s , s ~ ''indenture; and provided, that any portion of the proceeds of aay such insuraace ~ ~ ~ which shall not have been so paid out within the period of twenty-four (24) ~ ~ ~ ! ~ ' months after the deposit thereof with the Trustee, or which within said period 's} ~ i ~ shall not have been definitely appropriated by the Church to one or more of i ~ { ~ !:the purposes for which such proceeds may be paid out hereunder (written notice i ~ ; thereof being given to the Trustes), shall~ at the expiration of such period ± ~ ~ i ~ ,(or prior thereto, at the written request of the Church, signed by the officials ~ ~ ~ ~ ~ ` of the said Church) be transferred to and become a part of the Sinking Fuad ~ ~ i ~ ~ : ~ ~ ~ i ~ ~ ~ -9- j ~ ~ ~ i ~ ~ - Y - ~ ~:F