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HomeMy WebLinkAbout2338 required by Mortgagee and to deposit with Mortgagee concurrently with the payments of installments due under the note one-twelf th of the premiums for such insurance. All such insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be deposited with and held by Mortgagee without interest thereon, and have attached thereto the standard non-contributing mortgagee clause (in favor of and entitling Mortgagee to collect any and all proceeds payable under all such insurance) as well as the standard waiver of subrogation endorsement, all to be in form acceptable to Mortgagee. Mortgagor shall not carry separate insurance, concurrent in kind or form or contributing in the event of loss, with any insurance required hereunder. In the event of a change in ownership or of occupancy of the said premises, immediate notice thereof by mail shall be delivered to all insurers and in the event of loss, Mortgagor will give immediate notice to Mortgagee. Mortgagor hereby authorizes Mortgagee, at its option, to collect, adjust and compromise any losses under any of the insurance aforesaid and after deducting costs of collection to apply the proceeds at its option as follows: (a) To restoring the improve- ments if in the opinion of Mortgagee such restoration is reasonably practical, in which event Mortgagee shall not be obligated to see to the proper application thereof, nor shall the amount so released or used be deemed a payment on any-indebtedness secured hereby, or (b) As a credit, in the inverse of maturity, upon the indebtedness secured hereby, or (c) To deliver same to the .owner of said property. None of such actions shall result in the waiving or impairing of any equity, lien or right under and by virtue of this Mortgage. In the event of foreclosure of this Mortgage, or other transfer of title to the property covered hereby in extinguishment of the indebtedness secured hereby, all right, title and interest of Mortgagor, in and to any insurance policies then in force, shall pass to the purchaser. In the event Mortgagor shall at any time fail to effect such insurance or to pay the premiums therefor or to deliver such policies with premiums paid as aforesaid, then Mortgagee may cause the same to be insured and/or pay such premiums, and any premium paid or expense incurred in so doing with interest at the highest rate permissible under the laws of the pertinent jurisdiction (and if no maximum rate has been promulgated, then at a rate six per cent higher than the interest rate first set forth in the Note) shall be immediately due and payable by Mortgagor to Mortgagee, and until paid shall be secured hereby. No ~ such right of the Mortgagee to cause the same to be insured and/or to pay any such premium shall prevent it from exercising its option to cause ~ the whole indebtedness hereby secured to become immediately due and payable for such default. All policies of any kind must be assigned and endorsed to Mortgagee in a manner satisfactory to the Mortgagee. 5. To carry and maintain such liability and indemnity insurance (including the so-called assumed and contractual liability coverage where required under any leases of said premises) as may be required from time to time by Mortgagee, in forms, amounts and with companies satisfactory to Mortgagee. Certificates of such insurance, premiums ~ prepaid, shall be deposited with Mortgagee and. shall contain provisions for ten (10) days notice to Mortgagee prior to any cancellation or modification thereof. 6. That no building or other improvements on the premises shall be altered, removed, or demolished nor shall any fixtures or appliances on, in or about said buildings or improvements be severed, removed, sold or mortgaged without the consent of Mortgagee, except that such consent shall not be required for the severance, removal or sale of any fixtures of appliances which are being replaced in the ordinary course of business with fixtures or appliances of equal or greater value and quality; to permit, commit or suffer no waste, impairment or deteriora- tion of said mortgaged property or any part thereof; to keep and maintain said premises and every part thereof with buildings, fixtures, machinery and appurtenances in good repair and condition; to effect such repairs as Mortgagee may reasonably require, and from time to time to make all - 3- i f~- ' ~ _ ~ ~ w ~ x ud.