HomeMy WebLinkAbout0294 dfscharged of record and the original official document evidencing such
satisfaction and discharge shall be placed in the hands of the said Mortga-
gee wfihiz~ ten (10) days next after payment. The Mortgagee shall be .
subrogated for further security to the lien of any and all liens or
encumbrances paid out of the proceeds of the loan secured by this tilortgage,
even ihough the liens or encumbrances so paid from such proceeds be
released .
3. Insurance. It will keep the improveraents now existing or
hereafter erected on the mortgaged property, together with the Collateral,
insured against loss by fire and other hazards, casualties and contingen-
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ci~s in such amounts and for such periods as may be required by tAortgagee.
All insurance shall be carried in companies approved by ?4fortgagee and
the policies and renewals thereof shall be held by Mortgagee and have
attached thereto loss payable clauses in favor of and in form acceptable to
the ~;~ortgagee. In event of loss it will give immediate notice by mail to
Ulortgagee, and i,lortgagee may make proof of loss if not made promptly by
l9ortgagor, and each insurance company concerned is hereby authorized
and directed to make payment for such loss directly to Mortgagee instead =
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of the :~tortgagor and :~iortgagee jointly, and the insurance proceeds, or
any part thereof, may be applied by '!iortgagee at its option either to the s
reduction of the interest and principal indebtedness hereby secured or '
to the restoration or repair of the property damaged . In the event of
foreclosure of this tAortgag~ or other transfer of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, all
right, title and interest of the Mortgagor in and to any insurance policies
then in force shall pass to the purchaser or grantee.
4. Condemnation . If all or any part of the mortgaged lands or
Collateral shall be damaged or taken through condemnation (which term when
used in this :-Iortgage shall include any damage or taking by any govern-
mental or quasi-governmental authority, or by any private authority, and
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8oR~210 ~.~t 2~4
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