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HomeMy WebLinkAbout1959 .to said buildings or improvements, insured against loss or damage i by Fire and such other hazards as the mortgagee may from time to i time require, all such insurance to be in forms, in companies and in sums (not less than sufficient to avoid any claim on the part of ~ the insurers for co-insurance) satisfactory to the Mortqagee; that _ all insurance policies shall be held by and shall be for the benefit ~ of and first payable in case of loss to the mortgagee, and that ~ at least fifteen days before the expiration of each such policy, a new and sufficient policy to take the place of the one so expiring shall be delivered to the morcyQy~~. mhe mortgagors hereby assign ; to the mortgagee all moneys recoverable under each such policy, and agree that in the event of a loss the a~nount under any policy of insurance on said property may, at the option of the mortgagee, ' be applied by the mortgagee upon any indebtedness and/or obligation ; , secured hereby and in such order as mortgagee may determine;__or said ' ' amount or any portion thereof may, at the option of the mortgagee, either be used in replacing, repairing or restoring the improvements, partially or totally destroyed to a condition satisfac}ory to said mortgagee, or be released to the mortgagors in either of which events the mortgagee shall not be obligated to see to the proper application thereof; nor shall the amount so released or used be deemed a payment on any indebtedness secured hereby. The mortgagors hereby appoint the mortgagee attorney irrevocable of the mortgagors ( to assign each such policy in the event of the foreclosure of this ~ mortgage; < 4. To keep the mortgaged premises in good repair; neither to o commit nor to suffer strip or waste on the mortgaged premises; to : obtain the written consent of the mortgagee before demolishing, g removing or materially altering any building, structure or improve- ; ments now or hereafter upon the mortgaged premises or before allowing o any such building, structure or improvement to be demolished, ~ rem~ved or materially altered; not to commit nor suffer any act by o which the value of the mortgaged premises may be impaired; and : not to violate nor permit the violation of any law, by-law, Y ordinance or contract affecting the mortgaged premises; not to violate ` Z nor suffer the violation of the covenants and agreements, if any, o of recor~ against the mortgaged premises; ! ` ~ 5. To pay all sums, the failure to pay which may result in the ; Y acquisition of a lien prior to the lien of this mortgage, before such ; < a prior lien may attach; F 0 t Z ~ ` 6. To pay all and singular the costs, charges and expenses, ~ ' including reasonable attorney's fees, attorney's disbursements and ~ ~ cost of abstracts of titie, incurred or paid at any time by the - Mortgagee because of the failure on the part of the Mortgagors to ~ duly perform, comply with and abide by each and every the stipulations, ~ conditions and covenants of said promissory note and this mortgage, any or either; 7. That in the event the Mortgagors fail to pay or discharge ;1 said taxes, assessments, liens and encumbrances, or said costs, ~ cha~ges and expenses, or fail to keep said premises insured or to ~ deliver the policies, premiums paid, or fail to repair the said ~ ` premises, as herein agreed, the Mortgagee is hereby authorized at its ; ~ C~ election to pay and/or discharge said taxes, assessments, liens ~ 4 and e ncumbrances or any part thereof, to pay said costs, charges and ~ expenses, to procure and pay for such insurance or to make and pay ~ for such repairs, without any obligation on its part to determine ' the validity or necessity of any thereof and without the Mortgagee ~ ~ waiving or affecting any option, lien, equity or right under or ~ ~ _3_ ~ ; ~ ~ r C k ~ ~1~~ _ - - _ . . . _ ~=tia;