HomeMy WebLinkAbout0831 :hr ::u~•. ;a;-or ~+i 11 nc~t ~~~luiit.~ri ly c~.~~te, o: pen~it or SyfEer to be
~rcate~! c~r co rxist, on oi a.;ainst t1~~• mort;;a~e~i propPrty~ or ~~y part thereu'_',
:~n.~ li~n suncrior to thc 3;L~? ~C ~l~is Mortga_^,e, excly$ive pf ~he Iien pr liert~,
an;•, to ~+hicl: this Mort~a;~e is e~cpressly subject, as set fOrth in the ~;rantin;;
~_la~~s~• ahove, arxt will keep a:~~! ~uin~rin the same free fcc~r.t ~he claims of all
,~:+rL: :~~(`Plyint; labor or ~nat~_•rials »hich Will enter into the construction or
install~~;~~n of thc Improvecncnt-s.
t., (a) :{•r Fi~~rtt;ag~r wf 11 '-_ec•~~ a t 1 h~~i l~iin~s, ot~?er struct~~res and improve-
;:~ene,;, i~~~lu~'in:, equi~xnen~, rn?~,; cxisti~~; or which may i~ere~fter be erected or
installed ou the land mort,a;c~ hereby, insurecl a~ainst ]oss by fire anct other
I~a~ards, casualties and contia+~ercics, in such 8mo~ints aad r.tdRn~t', and for such
pericxls, all as may be requii-LCl fr~~~n tin•~ to titne by the Nur.tgagee. Unless
otherwise required by ~he Mortt;a~ee, all such insuranci: shall be effectecl by
Standard Fire and F.xtende~~ Cov~ra~~c• Tnsurance policies, in amounts not less
than necessar;~ to comply witt~ Chr cuins~~rance clause percenta~e of t`?e value
:~pplicable to ~t~e :ocation a~~~l cl~aracter of the property Co Ue covered. All
~uci~ insuranc~ shall be carricd i:~ rompanies sppr~ved by the M~ortgagee and all
policies theret~r~ shali he i~~ suci~ torr.i and shall havc attached Chereto loss
fiayablc clauses ir+ tavor the :ioit,a,agee and any other parties as shall be
s.~tisfactury to the Morts;a~?ee. ~111 such policies and Rttachnents thereto sha21
s~~~ ~t~livcred pro~ptly t~ the ;•brt~~a~ee, unless they are required to be delivcrecl
t~ thc• ~~older of a 1 ien c:!' d r.?ori~ta;;e or simi lar instrumertt tu wl~ich this
Morl~~a,:~ is expressly subj~,_t, ~n :~hich latter event, certiEi~ates thereot,
sati sf:.^tor~~ to the Mort;;a~-a•_, ::ha 1,~ delivered pr~x~?ptly to thc ~iortga~ce.
The Murt~,ar~or Will pa~~ ti~rocst~tty wiien d~~c~._a~ hereinafter provided. any and all
pr~~~iu~~s uit such insurance, an3 in evc•tw case i~ uhich payment thereof is not
ma:ic [rom the deposits tl~ercior requio-e~l by this MortEfge, promptly submit to
the Mort~a~e~ for examination receints us other evidencN uf such payment as
shall be satisfac~or~• t~ the ;:~r~.~~;«•. The I+Io=tgagee may obtain and pa~ the
j~re~iei~ c.n (but snall hc un~le; ne ~bli;;ation to do so) every kind of insurance
requi r••d hcreb.~ is thc amounc of. such premium has nat been depo~ite~l as re~uirc.:
t~y this Pbrtn,a~c~ in ahich ~veni t}~e Mortgagor wtll pay to t~ie rbrtgagee ever}
premiu~: so paid by ttr4 :'ort~;a-:ec~ .
(h) In tl~~ event ot ]oss or •:a~a.~;;e to the mort~aEeJ property, the
`!=~rt~ at:or will ;ivc t~ the i~torL;~a~•ce immediate notice thereac by mail, and the
'!ue-t~:a~;cc may m~ke an-i fzle pr~n!- nf loss if not ma.ae othcrwise promptly c~r
be7sali o~ the '~1ortF.a;~or. E:.r?: iz~~~rance cor~pany issuin; any such policy is
iirr~~~~; ~.ue3io: i~~.•d acx: direcced to ~aak: , ayment thereunder for suc:~ lass to the
'iortg~g~r ~t~d the :lort:;agec ~vin~2•:, unlrss the a*.~ount of loss is payable first
~ ~o t!-~e `ioldrr o: a l~er. u~~l~-i *-o~t~a~;e or sir~ilar instrument tc• which this
!:ort;a~-e i:: e~presslv suh;.:-r; the insurance proceeds, or any part thereof,
~ i t rec~i~~e~~ hy c_h•~ P:ortba~;?e, ma_y hc app3ied by the Mortga~ee, at its optio~i,
eitt?e: in reduc*_ion ~f th~ in:l~t,tc~lness hereby securecl, or to the restoration
or regair of tt~~ ;nurtba;;cd proi erty dar~a~ed. In the ev~~nc of fore~lOSUl'P of
this .'•lv-'...a.-e, oi- a; anv trlnsft~r of tirle to [he ~ort~;a~e3 prc,perty in extin-
;;uisiv.:•~nt o:` suci: in:sehie~incss, all ri,.^,ht~, title acxl interest of the :Sortgabo-
in an~l ~o every suc!~ insurai~re f.olicy thEen in force, subject to the rights an:~
interc•sts oi tnc hol:fer a. a~;~ su~-!: ior lien, shall rass to [he grantee
acqui ri n~; t i•_le to the- r~~~rt~:a~~ed ~~ro; ~•rt y together with such policy and appro-
~~riaCe a::si^nric-nt ui s~t~_i: ri;;hl-, t~tie ancf interest i.hich shall be made b;r tht•
'•1c~ r t ,,a..~, ,
(a) 1n ordcr ~orc tuily t~ protc~-t the security of this Mortoage, tne
Fto*t^a~or s:~all den,sit a~i;ii th.~ ;;orC~;a;;re to~ether with, auc' in addition to,
,'~e ;,a•:Ten: u: ~ri~.c:nal a^•'. ?r:tcresC :•~ont!:ly on account of the ,1ote secured
'.ie:~::y, unt:l the ;:o:~ is naid in full, an amount of tn~ney equal to the total
ac~outi[ (i) s;rourr, rents, i f any, nc::t becoming due, (ii) the premiur:es next
:~ecw!ir.•• ~~ue on ~he ; oli~ ie~ r~f fi re an~! all other hazard insurance required
`~y c'.ii; :*ort^aQC th resaect to ttie :norc ;a~ ed pro~~ert~; (iii) Caxes, ass_ss-
~ ment:.~ e;azer rates and uther -;ov~rnnental charges next bec~ming due on the
~ :^.OI'C•;.1' C~i Pi'pi erty ~811 C~IEc ~OC2'?OiR~ a~~unts aS estir!~ated ti~i t~1C M~rtoance
an~l sc: fort!i in a wri.tten n~~tice o? s~~ch ~stimace by the Mortgagee to the
:;~rc~a;.ar ~ro~i ~ime to tin~), lc~ss all anounts that may al:eady heve been paid
there'~:, ~iivi~ie~! Ej_y ci:e ~~~,r.',er ~alendar ;nonths to elapse before one calen~~ar
:~,onth r r:~: t~~ the date uhcn s:~ch -~ro„nd re~~ts, nremiums, Caxes, assessments,
:ra,rr rat~s and other ;~n.~t~rnm~,it~-~? char~es, respectively, will become du~ and
_,a.v,'~lc. i.. ar.y amount -eEcrred to in clauses (i) throu~h (iii) hereof is
.~~:~i c~~-1 co bc ~'eposi ce~~ bv the ~k~rt~a~or under a:nortga;e or similar instrumertt
- - s - 600K ~~9 PACE $J~
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