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Home My WebLink About0824 _ (b) Mortgagor will pay, from time to time, when the same shall become due, all lawful claims and demands of inechanics, material- men, laborers, and others which, if unpaid, might result in, or permit the creation of, a lien on the mortgaged property or any part thereof, or o~ the revenues, rents, issues, income and profits arising there- from and in general will do or cause to be done everyth ing necessary so that the lien hereof shell be fully preserved, at the cost of the Mortgagor, without expense to Mortgagee. (c) Nothing in this Section 1.07 shall require the payment or discharge of any obligation imposed upon Mortgagor by this Section so long as Mortgagor shall in good faith and at its own expense con- test the same or the validity thereof by appropriate legal proceedings which shall operate to prevent the collection thereof or other reali- zation thereqn and the sale or forfeiture of the Premises or any part thereof to satiafy the same; provided that during such contest Mort- gagor shall, at the~option of Mortgagee, provide security satisfactory to Mortgagee, assuring the diacharge of the Mortgagor's obligation hereunder and of any additional charge, penalty or expense arising fram or incurred as a result of auch contest; and provided, further, that if at any time payment of any obligation imposed upon Mortgagor by subsection (a) of this Section shall becane necessary to prevent . the delivery of a tax deed conveying the mortgaged property or any portion thereof because of non-payment, then Mortgagor shall pay the same in sufficient time to preverit the delivery of such tax deed. ~ Section 1.08. Mortgagor will pay any taxes except incane texes imposed on Mortgagee by reason of its ownership of the Note secured hereby or thie Mortgage. Section 1.09. (a) Mortgagor will keep the improvements and personal property insured against loss by fire, casualty and such other hazards-as may be specified~by Mortgagee for the benefit ' of Mortgagee. Such insurance shall be written in forms, amounts, and i by companies, aatisfactory to Mortgagee, and losses thereunder shall ! be payable to Mortgagee pursuant to a Standard First Mortgage Endorse- ; ment substantially equivalent to the New York Standard Mortgagee ~ Endoreement. 1he policy or policies of such insurance shall be ; delivered to Mortgagee. Mortgagor shall give Mortgagee prampt notice ~ of any Ioss covered by such inaurance and Mortgagee shall have the right to join Mortgagor in adjusting any. and all lossess. Any monies received as payment for any loae under any auch insurance shall be ~ paid over to Mortgagee to be applied at the option of Mort- ~ gagee either to the prepayment of the Note secured hereby, without premitmn, or to the reimbursement of Mortgagor for expenses incurred by it in the restoration of the improvements. ~ (b) Mortgagor shall not take out separate insurence concurrent in forn? or contributing in the~ event of loss with that ~ required to be maintained under this Section 1,09, unless Mortgagee ~ is included thereon as a mm~ed insured with loss payable to Mortgagee ~ under a Standard Mortgage Endorsement of the character above des- cribed. Mortgagor ahall inmediately notify Mortgagee whenever any ~ such •eparate insurance ia taken ~out and ahall promptly deliver to Mortgagee the policy or policies of such insurance. (c) At least fifteen (15) days prior to the expiration date of any of such policies, rene~8ls thereof satisfactory to Mortgagee shaZl be delivssp~! to Mortgagee, together with receipts evidencing ~ the payment of all inaurance premivns. Y~ ~ .i4 -6- - y= °oeK ~~5 ~,~s~ ~ ~ ~ WiLL1AMS. '.iALOMON, KANNER 6 DAMIAN, /~TTORNEYS AT LAW, ouPONT BUILDINCi, MIAMt, FI,ORIDA 'T~ _r ';L E~~ ~ _ ti . . . , . E~~R; . _ . . _ . , _ ~