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HomeMy WebLinkAbout0006 (b) Mortgagor wi21 pay, fram time to time, when the same shail become due, all lawful claims and demands of inechanics, material- men, laborers, and others which, if unpaid, might result in, or permit the creation oE, a lien on the mortgaged property or any part thereof~ or on the reve~ues, rents, issues, incame and profits arising there- from and in general will do or cause to be done everything necessary so that the lien hereof shalZ be fully preserved, at the cost of the Mortgagor, without expense to Mortgagee. (c) Nothi~g in this Section 1.07 shall require the payment or discharge of any obligatio~ imposed upon Mortgagor by this Section so long as Mortgagor shall in good feith and at its ow~ expense con- test the same or the validity thereof by appropriate legal proceedings which shaZl operate to prevent the collection thereof or other reali- zatio~ thereon and the sale or forfeiture of the Premises or any part thereof to satisfy the same; provided that during such contest Mort- gegor 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 fran or incurred as a resuZt of such contest; and provided, further, that if at any time payment of any obligation imposed upon Mortgagor by subgection (a) of this Section shall became necessary to prevent the delivery of a tax deed conveying the mortgeged property or any portion thereof because of non-payment, then Mortgagor shall pay the same in sufficient time to prevent the delivery of auch tax deed. Sectio~ 1.08. Mortgagor will pay any taxes except income taxes imposed on Mortgagee by reason of its ownership of the Note secured hereby or this 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 Mortgegee for the benefit of Mortgagee. Such insurance ahall be written in forms, amounts, and by companies, aatisfactory to Mortgegee, and losses thereunder shall be payab le to Mortgagee pursuant to a Standard First Mortgage Endorse- ment aubstantially equiva~ent Lo the New York Standard Mortgagee Endoraement. 1he policy or policies of such inaurance shall be deZivered to Mortgagee. Mortgegor shall give-Mortgagee prompt notice of any loss covered by such insurance and Mortgagee shall have the ~ ; right to ~oin MortgBgor in ad~usting any.and all lossess. Any monies ~ received as payment for any loss under any such insurance shall be : paid over to Mort~agee to be applied a~--the option of Mort- ' gagee either to the prepayment of the Note secured hereby, without r s premium, or to the reimbursement of Mortgagor for expenses incurred ± by it in the restoration of the improvementa. ~ ~ 3 ~ (b) Mortgagor shalZ not t8ke out separete insurance ~ concurrent in fos~n or contributing in the event of loss with that ~ required to be maintained under this Section 1.09, unless Mortgagee ~ ia included therean as a nezaed insured with loss payable to Mortgagee ' under a Standard Mortgage Endorsement of the character ebove des- cribed. Mortgagor sha11 imtnediately notify Mortgagee whenever any euch separate insurance ia taken out and shall pranptly deliver to - Mortgagee the policy or palicies of such insurance. - (c) At least fifteen (15) days prior to the expiration date y of any of auch policies, reneWals thereof satisfactory to Mortgagee ~ aha11 be delivered to Mortgagee, together ~ith receipts evidencing - the payment of alI ineurance premiume. ~ - ~ s _ • _ -6- °Q~, 2~5 Ys<< ~ 21~ ~~E 6 ~22 ~ - - i WILLIAMS. 3ALOMON, KANNEA 6 DAMIAN, ATTORNEYS AT L/~W, ouPONT BUtLDING, MIAM1, FLORIDA 3 3 ~ i' . . . - : - - ?