HomeMy WebLinkAbout0713 and shall perform, comply with and abide Ny each and every of
the agreements, stipulations, conditions and covenants thereof,
and of this mortgage, then this mortgage and the estate hereby
. created, shall cease, desist, and be null and void.
Mortgagor shall keep the improvements now existing
or hereafter erected on the property insured for the full insurable
value during the term of this mortgage against loss by fire and
hazards, and such policy shall show Mortgagee herein as loss
payee for the amount of this Mortgage.
Unless Mortgagor and Mor tgagee otherwise agree in
writing, insurance proceeds shall be applied to restoration or
repair of the property~damaged, provided such restoration or
repair is economically feasible and the security of this Mortgage
is not thereby impaired. If such restoration or repair is not
economically feasible or if the security of this Martgage weuld
be - imFa ired , the insurance proceeds shal l be appl ied to the sums
secured by this Mortgage, with the, excess, if any, paid to Mortgagee. j
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If the- property is abandoned by Mortgagor or if Mortgagor fails to °
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respond to Mortgagee within 30 days after notice by Mortgagee to
Mortgagor that the insurance carrier offers to settle a claim for
insurance benef its, Mortgagee is aui-horized to collect and apply
; the insurance proceeds at Mortgagee's option either to restoration
j or repair of the property or to the sums secursd by this Mortgage.
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~ And the Mortgagor hereby further covenants and agrees ~
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to pay promptly when due the principal and interest and other sums ;
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of money provided for in said note and this mortgage, or either;
to pay all and singular the taxes, assessments, levies, liabilities,
obligations, and encumbrances of every nature on said property; to
perm it, comm it or suf f er no wa s te, impa irment or deter ioration of
said land or the improvements thereon at any time; to pay all costs,
charges, and expenses, including la~~yer's fees and title searches,
~ reasonably incurred or paid by the Mortgagee because of the failure
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~ of the Mortgagor to promptly and fully comply with the agreements,
stipulations, conditions and covenants set forth in said note and
this mortgage or either.
In the event the Mortgagor fails to pay when due any ;
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