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HomeMy WebLinkAbout2404 . • . 7 ' . t S. Mortgagor Will procure, deliver to and maintain for the benefit of Mortgagee during the continuance of this mortgage and until the same is fully satisfied • and released, a policy or policies of insurance insuring the buildings and im- prov~ements Aow existing or hereafter erected on the said premises against loss or damage by fire, lightning, windstorm, hail, explosion, riot, civil coa~o- `tion, aircraft, vehicles, smoke, and such other hazards, casuelties, and con- tingencies as Mortgagee may designate, iricluding, but Without Iimitation, War risks (as, when aad to the extent insurance-against war risks is obtaineble from the United States of America or anq agency thereof). All policies of in- surance required hereunder shall be fn such form, companies, and amounts as may be acceptsb2e to Mortgagee, and shall contain a mortgage clause acceptable to ?Iortgagee, With loss payable to Mortgagee, Mortgagor will promptly pay when ~due anq premiums on any policy or policies of insurance required hereunder, and vill deliver to Mortgagee renevals of such.policy or policies at least ten (10) days prior to the expiration date(s) thereof; the said policies and renewals to ~ be marked "paid" by the issuing campany or sgent. ttpon Mortgagor's failure to comply With the requirements of this paragraph, Mortgagee may, in its discre- tion, effect any fnsurance required hereunder and pay the premiums due there- ~ for, and any amounts so paid by Mortgagee shall becoa~e immedistely due and pay- able by Mortgagor vith interest at the rate specified in the note secured hereby. . ~ • In the event of any loss or damage, Mortgagor Will give im~ediate notice there- of to Mortgagee, and Mortgagee may thereupon make proof of such loss or damage, if the same is not promptly made by l~iortgagor. All proceeds of insurance,~in the event of such loss or damage, shall be payable to Mortgagee, and any affec- ted insurance company is authorized and directed to matce pay~nent thereof di- : rectlq to Mortgagee. Mortgagee is authorized and empo~aered to settle, adjust, or compromise any claims for loss, damage, or destruction uuder eny policy or policies of insurance. All such insurance proceeds may, at the sole discretion • of l~iortgagee, be applied to the restoration, repair, or replacement, or re- building of the premises, or to and in reduction of any indebtedness secured by tbis mortgage. The delivery to Mortgagee of any policy or policies of insur- ance hereunder, or renewals thereof, shall constitute an assign~ent to Mortga- gee of all unearned premiums thereon as further security for the payment of the itydebtedness secured hereby. In the event of any foreclosure action or other transfer of title to the property covered hereby in extinguishment of the debt secured hereby, s1I right, title, and it~terest of Mortgagor in and Co any poli- cy or policies of insurance then in force shall~pass to the Purcheser or Grantee. - . ~ ~ ~t 6. Mortgagor will maintain the premises in good condition and repair and vill not ~ coAmit or suffer any waste thereof, reasonable ~near and tear excepted. Mortga- ~ gor Will comply With, or cause to be complied with, all statutes, ordinances, ; regulations, or requirements of any gover~unental authority relating to the pre- mises, and vill procnptly repair, restore; replace, or rebuild any part of the premises now or hereafter subject to the lien of this mortgage wnich may be damaged or destroyed by any casualty or as the result of any proceeding herein- after referred to in Paragraph 8. None of the buitdings, structures, or ia:- provements aow or her~after erecCed or located on the ebove described premises shali be removed, deraoZished, or substantially or structurally alterea in any respect without the prior ~rritten consent of Mortgagee. Mortgagee, and any person authorized by Mortgagee, shall have the right to enter upon and inspect the premises at all reasonable times. Mortgagor Will pay promptly When due ~11 charges for utilities or services, including but not limited to, electricity, gas and water, and upon failure so to pay, Mortgagee may, at its op[ion, make such payment or payments, and any amounts so paid by Mortgagee srail becoQ.e im- mediately due and payable and shall be secured by the lien of this n~rtgage vith interest at the rate specified in the note secured hereby. 7. Hortgagor ~?ill not create or suffer to be created any charge, lie-: encuc~- brance upon the prenises, or eny part thereof, excepting :he iien ~_reof, ar.d the 2ien of general and speciai taxes diily levied and assessed, v: ~~ouL the prior vritten consent of Mort~sSee. 1?:r:: in tt,e event McrtgagoY •:aluntarily . ~ ~ . R : - . 35? rac: 2338 : . 3~JOr ~~Y r.1',:~~0~ -3- . ~ ,~y ~ ~ . y ~ ` K ~ -