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HomeMy WebLinkAbout1370 s~~~; lU~ ca~~ ~l~U ~ _ + . f~. r••~~+~Vr _ 4 ~ said Mortgagee may at any time pay the same or any part thereof without waiving or affecting any option, lien, equity or right under or by virtue of this mortqage, and the full amount of each and every such payment shall be immediately due and payable and shall bear interest from the date thereof until paid at the rate of fifteen per centum per annum and together with such interest shall be ; secured by the lien of this mortgage. 3. To place and continuously keep on the buildings now or hereafter situate on said land hazard insurance as required by Mortgagee in the usual standard policy form, in a sum not less than ONE MILLION FOUR NUNDRED TNOUSAND ~AN~ NOj100--------Dollars, $ 1,400,000_OQ in such co~any or com~anies as may be approved by said Mortgagee; and all such insurance policies on any of said buildings, any interest therein or past thereof, in the aggregate sum aforesaid or in excess thereof, shall contain the usual standard mortgagee clause making the loss under said policies, each and every, payable to said Mortgagee as their interest may appear, and `t each and evexy such policy shall be promptly ~delivered to and held by said Mortgagee ; and, not less than ten days in i i ~ advance of the exQiration of each policy, to deliver to said E ~ Mortgagee a renewal thereof, together with a receipt for ~ the p~emium of such renewal; and there shall be no such ~ insurance laced on an of said buildings, any interest ~ P Y ~ ~ therein or part thereof, unless in the form and with the loss payable as aforesaid; and in the event any sum of money becomes payable under such policy or policies said M~ortgagee shall have the option to receive and apply the same on account ~ of the indebtedness secured hereby or to perniit said Morgagor ~ ~ to receive and use it or any part thereof for other purposes ~ ~ without thereby waiving or impairing any equity, lien, or ~ . ~ right under or by virtue of this mortgage; and in the event ± ~ t ~ said Mortgagor shall, for any reason, fail to keep the said ; ~y ~ ~ premises so insured, or fail to deliver promptly any of said ` ~ ~ ~ ~ , 1~~~ fACf 4 ; - ~ . _ _ - ~ ~ ~ ; ~-L4 _ : r':~-• b r s~ b '?s K - ~ r. ' , ' . ' ~ _ _ - , ..4 ~ r . . ~_"r `"2:e""~..,.__ _n~'. . v.~'