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HomeMy WebLinkAbout1126 Article 9~ Insurance The 1?tortgagor will keep the Premises, including the Improvements and Chattels, insured against loss by f ire, casualty (including rent insurance for the full rental value of the Pxemises) and such other hazards as may be specified by the Mortgagee for the benefit of the Mortgagee. Such insurance shall be in accordance with policies, in amounts and by companies satisfactory to the Mortgagee, and losses thereof shall be pay- able to the Mortgagee. The original policy.or policies of such insurance shall be delivered to the Mortgagee. In case of loss under such policy or policies, the I~ortgagee is authorized to adjust, collect and compromise, in its discretion, all claims thereunder and to execute and deliver on behalf of the Mortgagor all necessary proofs of loss, receipts, vouchers, releases and - acquittances required by the insurance companies, and the Mort- gagor agrees to sign, upon request of the Mortgagee, all re- ceipts, vouchers and releases for such purpose. The Mortgagee is authorized to apply the proceeds of any insurance claim, at its option, in whole or in part, to the restoration of the Im- provements or to the payment of the indebtedness secured hereby, notwithstanding that the amount owing thereon may not then be due and payable. The Mortgagor agrees, immediately after such loss or damage, to comcnence and promptly complete the rebuilding and restoration of the Improvements, unless the Mortgagee elects to apply the proceeds of insurance with respect to such loss or damage toward payment and reduction of the indebtedness secured hereby. , ~ The Mortgagor shall not take out separate insur- ~ ance concurrent in form or contributing in the event of loss ~ with that required to be maintained under this Article unless the i Mortgagee is included thereon as a named insured with loss payable ; to the Mortgagee. The Mortgagor shall immediately notify the ~ Mortgagee whenever any such separate insurance is taken out and ~ shall promptly deliver to the Mortgagee the policy or policies ~ of such insurance. ArticZe 10. Deposits for Impositions and Insurance Premiums ~ In order to more fully protect the security of ; the Mortgage and to insure the payment of Impositions and insurance ; ~ premiums, the Mortgagor agrees to pay to the holder a sum equal } ~ to one-twelfth (1/12th) of the annual Impositions and insurance ~ premiums on the first day of each and every month, together with } ~ the monthly principal and interest payments due hereunder. The Mortgagor shall also pay to the Mortgagee such additional amount as may be determined by the Mortgagee from time to time in order ~ to provide the Mortgagee with a fund at least thirty (30) days ~ prior to the due date for the payment of the next installment of - ~ said Impositions and insurance premiums sufficient for payment of same. If on a date thirty (30) days prior to the due date for .u the payment of any of said Impositions or insurance premiums ' ~ i - 6- ~ BOOK ~JO PAGE 1125 E P= ~ ~ ~ ~_i ' . . `a ae S r`'`.s "R Z3u:~-~K S 4. ~ ` d'' :~i~kir~ . ``"a~ ~.--.~.`~Yv~-s ~s.,~~,.. ~ er,:: _ . z" _'..cy~:' _ . . . . .