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HomeMy WebLinkAbout0621 4. Insurance: Mortqaqor shall keep the Mortgaged Property continuously insured aqainst loss or damaqe by fire, with extended coveraqe, and aqainst other hazards as Mortqaqee may reasonably require, with public'liability insurance and property damaqe insurance, in an insurance company, or companies satisfactory to Mortgagee, and in such total amounts as Mortqaqee may require from txme to time. All policies, includinq policies for any amounts carried in excess of the required minimutn and policies not specifically required by Mortgaqee, shall be in form satisfactory to Mortgagee, shall be maintained in full force and~effect, shall be assigned and delivered to Mortqaqee, with premiums prepaid, as collateral security for payment of the indebtedness secured hereby, shall be endorsed with a standard mortqaqee clause in favor of Mortqaqee, not subject to contribution, and shall provide for at least thirty (30) days' notice of ° cancellation to Mortqaqee. If the insurance, or any part thereof, shall expire, ot be withdrawrr, or become void or unsafe by Mortqagor's breach of any condition thereof, or become void or unsafe by reason of the failure or impairment of the capital of any company in which the insurance may then be carried, or if for any reason whatever the insurance shall be unsatisfactory to Mortgagee, Mortgagor shall place new insurance on tlie Mortgaged Property, satisfactory to Mortgaqee. All renewal policies, with premiwns paid, shall be delivered to Mortgagee at least twenty t20) days before expiration of the old policies. In the event of Ioss, Kortgagor will give immediate notice thereof to Mortgagee, and Mortqagee may make proof of loss if not made promptly by Mortgaqor. Each insurance cvmpany concerned is hereby authorized and directed to make payment under such insurance, including return of unearned premiums, directly to Mortgagee instead of to Mortgagor and Mortgaqee jointly, and Mortqagor appoints Mortgaqee, irrevocably, as Mortgagor`s attorney-in- fact to endorse any draft therefor. Mortgagee shall have ~ the riqht to retain and apply the proceeds of any such insurance, at its election, to reduction of the indebteCness secured hereby, or to restoration or repair of the property damaged. If ~iortgagee becomes the owner of the Mortgaged Property or any part thereof by foreclosure or otherwise, such pvlicies, including all right, title and interest of the Mortgaqor thereunder, shall become the absolute property of Mortgaqee. S. Taxes and Other Char es: Mortgaqor shall pay when due and paya e an e ore interest or penalties are due thereon, without any deduction, defalcation or abatement, all taxes, assessments, levies, Iiabilities, obligations, encumbrances, water and sewer rents and all other charges or ciaims of every nature and kind which may be i.mposed, suffered, placed, assessed, levied, or filed at any time against Mortqagor, the ~iortgaged Property or any part thereof or against the interest of ~Iortgagee therein, or which by any present or future law may have priority over t:~e indebted- ness secur~d hereby either in lier. or in distributior. out of the proceeds of any judicial sale, without regard to any iaw heretofore or hereafter to be enacted imposing payment of the whole or of any part upon Mortgagee; and insofar as any such tax, assessment, levy, ~iability, obligation or encumbrance is of record, the same shall be promptly satisfied and discharged oi record and the original official document -4- su~~c ra~;~ b21 - - ~ } ~ ~ _ , ~ ' I ~ °~-g.~ - ~ _ ~ ~ _ ~.~u.r ~ ~ ~ -z- ,+a ..~e+.__.=::. , ~ `.c is ~.fi~ss~.-~a?'>^~~'"^w'~'