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gagee. hiortgagor ~vill cause eac:~ insurance policy issued in connection
with this paragraph 4.5 to pro~-ide; ( and the insurer issuing such policy to
certify to D~Iortgagee) that ( i) loss payments will be payable to l~iortgagee
alone, such payin~n~s to be apptied, at the option of 11'Iortgagee, to the
restoration, repair or replacement of the biortgaged Property, or to the
payment of the Ind~btedness, ~vhether or not due; ( ii ) the interest of
~lortgsgee shall be insured regardless of any breach or violation by D4ort-
gagor of any ~vananties, declarations or conditions in such policy; (iii) if
am- sucl: insurance policy be subjec:t to cance~lauan or be endorsed or
soe:ght to be endo:secl to effect a change in co~-erage for any reason ~~~hat- -
~ soe~~er. sc_h insurer ~vi11 prompdy notii'y 111ortgagee acid such cancellation
i or change shall not h~ effective as to ~tortgagee for thirty (30) days after
i receipt by ~iortgagee of such notice; and (iv) htortgagee may, but shall
; not be obligated to, ~nake premium payments to pTevent lapse or cancel-
~ lation by reason of iion-pa} me~ii of premium, and tl~at sucn payments
~ shall be accepted by the insurer. l~iortgagor shall furnish to Mortgagee
~ the original copy of each such policy at the time of execution hereof, and
~ the original copy of each renewal policy not less than thirty ( 30 ) days
~ prior to the expiration of the ori~ nal policy or the preceding rene~val
c policy ( as the case may be together with receipts or other evidence that
~ the premiums thereon have been paid. Mortgagor shall furnish to Mort-
c gagee on or before 120 da}s after the close of each fis::al year of Aiortgagor
~
~ a st~tement certified by a duly authorized officer of 14lortgagor of the
amounts of insurance maintained in compliance with this subparagraph,
~ of the risks covered by such insurance and of the insurance company or
~ companies hich carry such insurance. In the event of enforcement of this
Mortgage by Aiortgagee or transfer of title to the hlortgaged Property in
~
w~ extinguishment of the Indebtedness, all right, dtle and interest of Mort-
ry
~ gagor in and to any insurance policies then in force ~vith respect to the
b'Iortgaged Property shall pass to the purchaser or grantee. 14iortgagor shall
; not take out separat~ insurance concurrent in form or contributing in t~e
- e~~ent of loss ~citi~ that to be required under this s.:~tion 4.5, unIess rtort-
gagee is inclu3ed thereon as a nZmed insurcd ~vith loss pa_,•able to :~tort- .
= gagee. The ~tortgagor shall immediately notify the Alortgagee «~hene~~er
any such separate insurance is taken out and shall promptI}• dc'.i~~cr to
~11ortRzbee the po~icy or poli^ics of sucf. insuranre tagcther ~sith the
~Y_
certificate of the insurer as pro~-ided in this paragraph ~.5.
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