HomeMy WebLinkAbout1888 .
:'hr ::c•:'t~;a~~~~r will nc~t volani~:rily c•~eAte~ o: per~•~it or suffer to be -
creaCec~ or ~o ~~xist, o~ or .+~;Ains~ lh~• mort;;.~~a~ property, or ~ny part thereo£,
a~v ?i~c? suncrior to the lien o[ ~his Mortgage, exclusive of the lien or liens,
an;~, to which this Mort~a^e ia expressly subject, as set forth in the ~;rantin~
cla~~s.• :~hove, and a~ill keep an~! main~nin the same fr~e frar~ thc clairas oF~all
E~Trt' s~~pplying labor or roat~~rials which will enter into Che construction or
in~l:~llai.lt~l~ oC tiic lmprav~mc:ni.s.
f. (a) i'i~c ?~surt~agor will %ccer~ a 11 bui l~iings, other struct~ires and improve-
r~e~ies. i~~clu-'ii~:, equipment, n~w existi+,~; ~~r which may hereAfter be erected or
insta)led ou ti~e land mort~a~ed her~by, insurccf against loss by fire atxi other
hazards, c.asualties and contin~encies, in such amounCS and r.sa~tner, and for such
periocis, all as may be requir<<1 fr~~m tiMe to time by the ltortgagee. Unless
otheYwise requireci by the Mortfapee, all such insurance shall be effectecl by t
Standard Fire and F.xtende~~ Cevera~~• insurance policies, in amounts not less
than necessar~~ to comply witli the coinsurance clause ~ercentaFe ef thc value
.~pplicable to ~he locatio~ a~~~i character of the property to be covere~l. All i
~uci~ insurance shall be r.arricd It~ companies appr~ved by thc 1?tortgagee and all
policies therefare shall be in such fottn and sh~ll have attached thereto loss
payaUle :lauses in favur o: ttie Plort~agee and any other parties as shall be
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iiSiiaaal;i.(i~~ ~u ~i:c: rtui ~t>d ;c~. nii ~u~i~ F717~1L1CD siii~ .i~Zai:iucic~~~~ ~~1~i~~iv ~i:dt~
1•~ ~1~~ ivcred promptly t~ the Mortna~;ee, unless they ar~ requirecl to be delivered
eo t1~e ~ulder of a lien of a r~ort~z^e or silnilar instrument to wliich this
Morl~;a,:c is expressly :,ubject, in ~~hich latter event, certiEicates thereoC, 1
satisfar.tory to the Mc~rr;;as;ec, si~all 1,~ delivered promptly [o the Mortgagee.
Thc Mort~,a~or will pay promptly wiicn ~i~~e. as hereinafter provi~ed, any and all
pr~~niu~s on such insurance, and in evc•ry case in which payment thereof is not
madc from the deposi[s theretor rc•qui~-ed hy this Hort~Fge, promptly submit to
the Mortra^ee for exa:ninati_on rec:eif~ts or other evidence of such payment as - _
shall be satisf~+ctory t~[he 'r:~}rt;~a,;ec. The Mortgagee may obtain and pay the ~
l~remi~1~ on (hut shall be un~~~~r no obli ;ation to do so) every kind of insurance ~
required hercby is thc amount of such premiwr, has not been depositecl as requirec': ;
t~y this Fbrtgahe, in which event ti~e Piortgagor will pay to t~~e Mortgagee every 9
premium so paid by the Mort};n;;ee.
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(b) in the event oI losy a: da~n:?;;e to the mort~a~ed property, the _ ~
i '~~rt~;a~:or Nill ;;ive to the i~iort~~a;;ee immediate notice thereof by mail, and thc
E i~!o~•t~;a~ec may :nake and fi le prnof ot loss if not made othcrwise promptly by or
; ~~n l,e'~al[ of the '~ortra;~ar. Eacl~ in::urance campany issuin;; any such policy is ~
i I~erc-1>>~ aut~wri~.ed and directed co r.~ake , ayme?it thereunder for such loss to the j
y 'tortg~gor and tl?e ~tort~a~;ec ~ointly, unless the amc~unt of loss is payable first {
~ ~o the holder of a liPn und~•r a no*toage or similar instrument to Which this ~
F ::ort;a;.e i:: expressly subject; sr.3 tHe insurance proceeds, or any part thereof, t
i f rec~i ;~e~! hy t,ie T:ortg.;~c~ ,,*~ay bc applied by the Mort~a~ee, at its option, ~
eithe: in r~Kluction o[ ti~e irxiebtedness hereby secured, or to the restoration ~
OI' 1'B~$1:' of the rnortga~ed property daina~ed . In the event of foreclosure of ;
~ this ;toT-*.;a: e, or of any transfer ot title to [he r.2orttisged property in extin- ~
:;uisEi~:~nt of such in~iebtednc~ss, all ri~;hl-, title and in[erest of tl~e ~fortga~o~- ~
i n and L-o e~-er~ suci~ insurance pc,l icy thcen in foree, sub jec[ to the riohts anc; ~
. ,
interests of thc holder of any suc}: pri~r lien, shall gass to the grantee ~
acqu~.rinc; title to the r;c.rtc;~~ed ~•ror~•rty together witii scich policy and appro- ~
;
t~riate assi~nment of s~~c~: ri,^,hc, t~tle and interest ~ihicii shall be made bv th~• ~
.'•1c+rt ~;a,';c~ r •
~
(a) Tri orde: ~~~~rc fuil~ to prote~•t the security of this Mortgage, the
Mor t~aoor s~ial l de~os it F; i tl? tlic t•;or~~;agee together a~itti, asi:~ in add ition to,
t?~e ;~a}-T~n~ o: principal and irsterest monthly on account of the :lote secured
~ ;:er~i:y, unt;l the Note is paid in full, an amount of naney equal to the total
- a::iount uf (i) ~;rourx: rcnts, : f say, ne::l becoming due, (ii) the prer.~iums ne:;t
~ LC'COR?lR•~ .~ue on the Folicic~ :?f firr an~! all other hazard insurance required
~
,~y [his :'orr_ ;aoe wi th resoect r~ the mort~a ;ed properC~; (iii) taxes, asscss-
~y ments~ ~:ater rates and ut~ier .;overnmer.tal ~tiarges next bec~mi.ng due on the
~r
~ mort ;a~ c<S rruPerty (a12 the fere~o: n~ a~nnunts as estir~ated hy the Mortoagce ~
~ an•l set fortt: in a wri[ten n~~tice ~f su~h c~timate by thc Mort,^.,agee to the ~
~ :•7ort~a;,or ~ror~ time to ti~~), l.css all amo~ints that may alrea•ty have been paid ~
~ therc~`o:•, ~livi•ied by the n~~;~'~er of calendar ::~onths to elapse before one cal~n~~ar
r*~ont~~ r•r:~: to !I~e daCe w~~en such ••ro~~nd renCS, Qremiums, taxes, assessments,
~ :rater rat~s an~ othPr ~,-~vernm~nta? char~es, respectively, witl become du~ and
~ ,,ayahlc. I: an~ amount referred to in clauses (i) throu.^,h (iii) hereof is
~ re~e~irc~l to ~e deoos;tecl by the rlort~a~or under a r~wrtga~e or simila: irstrument
~
~ ;'ii ~ ~ , t l~'~~ ~ ~ - 3 - a0 K~~?W PACEIS
, 87
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