HomeMy WebLinkAbout0158 Mortgagors to perform, comply with dnd abido by each and every the stipulAtions;
agreements, conditions and covena~ts of this deed, and every such payme~t shall
bear interest fran date At the'rate of 10• per a~nwn.
(c) That the Mortgagor and the Nortgagors will keep Al1 real and personal
property nov or hereafter encwabered by the lien of this mortgage insured as
may be required fraa time to time by the Hortgagee against loss by fire, vfnd-
storm and other hazards, causalties and contingencies for such periods and for
not less thaa such amounts as may be required by the Mortgagee and to pay
promptly when due all premiua?s for such insurance. The amounts of insurance
required by this liortgagee shall be the minimum amounts for which said insurance
shall be vritten and it shall,be fncumbent upon the Mortgagor and the Nortgaqors
to maintain such additional insurance as may be necessary to meet and comply
fully with all co-insurance requirements contained in said policies Eo the
end that said Mortgagor and said Mortgaqors are not co-insurers thereunder.
Insurance shall be written by a company or companies and through an agency
. approved by the Mortgagee and all policies and renewals thereof shall be held
by the Mortgagee. All detailed designations by the Mortgagor and the Mortgagors
vhich are accepted by the Nortqagee and all agreements between Mortgagor or
Mortgagors and Mortgagee relating to insurance, now existing or hereafter made,
shall be in writing and shall be a part of this mortgage agreement as fully
as though set forth verbatim herein and shall govern the parties hereto and
their successors and assigns. No lien upon any of said policies of insurance
or upon any refund or return preminm which may be payable on the cancellation
or termination thereof, shall be given to other than the Mortqagee, except by
proper endorsement affixed to such policy and approved by the Mortqagee. Each
policy of insurance shall have affixed thereto a standard New York mortgagee
i clause Without contribution, making all loss or losses under such policy payable ~
~
~ to the Mortqagee as its interest may appear. In the event any sum or sums of
{ money become payable thereunder, the Mortgagee shall have the option to receive
4 -
~ and apply the same on account of the indebtedness hereby secured, or to permit
a the Mortgagor or l9ortgagors to receive and use it, or any part therof, without
~
thereby waiving or impairing any equity, lien or right under and by virtue of
this mortgaqe. In event of loss or physical damage to the mortgaged property,
~ the Hortqagor or Mortgaqors shall give imnediate notice thereof by mail to the
~ Mortqagee and the Mortgagee may make proof of loss if the same is not made
~ promptly by the Mortqagor or the Nortqagors., In event of foreclosure of this ,
~ mortgaqe, or other transfer of title to the mortgaqed property fn extinguish-
ment of the indebtedness secured hereby, all right, tftle and interest of the
~
~ Mort a or or the Mort a ors in and to an insurance
g g g g y policies then in force
~ - shall pass to the purchaser or grantee.
~ . •
~
~ (a) To penait, commit or suffer no waste, impairment or deterioration of
~
~ aaid property or any part thereof. '
~ .
~
~
~
~ 60~_K FAG~ ~
~ ~ ° R 2~5 - 153
~ .
~
~
~
y A - - - -
~ ~ ~~~E Z `a~'
,1~~'~F~iC