HomeMy WebLinkAbout0796 respect to the Premises or any part thereof, which assignment
shall be in form and substance satisfactory to Mortgagee, together
with proof of due service cif a copy of such assignment on each
lessee, tenant, occupant in possession or other user of the
Premises or any part thereof. Maintenance and Re air:
Mortgagor shall maintain the Premises n good cone t on and
repair, shall not commit or suffer any waste to the Premises, and
shall comply with, or cause to be complied with, all statutes,
ordinances, rules, regulations and directives of any governmental
authority relating to the Premises or any part thereof or the use
or occupancy of the Premises or any part thereof. No part of the
Premises, including but not limited to any buildings, structures,
parking lots, driveways or other improvements now or hereafter
constructed on the land which is part of the Premises, shall be
removed, demolished or materially altered without the prior writ-
ten consent of Mortgagee. If at any time during the continuance
of the Indebtedness any addition, alteration, change, repair,
reconstruction or other work on the Premises of any nature, struc-
tural or otherwise, becomes necessary or desirable because of
damage to or destruction of the Premises or any part thereof, the
entire expense thereof, regardless of when• the same shall be
incurred or become due, shall be the sole obligation and respon-
sibility of Mortgagor, and Mortgagor shall pay the entire expense
thereof promptly when due. (7) Hazard and Liability Insurance:
Mortgagor shall keep the Premises insured against loss or damage
by fire and such other casualties and risks as the Mortgagee may
require from time to. time, with such companies, in such amounts
anc~ under such forms of policies as Mortgagee may approve. Such
policies shall insure Mortgagee's interest in the Premises, name
Mortgagee as an insured party thereunder, provide that losses
thereunder shall be payable to Mortgagee pursuant to such forms of
loss payable clauses as Mortgagee may approve and provide that no
cancellation or reduction in coverage shall be effective unless
the insuror first gives Mortgagee thirty (30) days prior written
notice. Irrespective of the insurance required and approved by
Mortgagee, Mortgagor shall assign and deliver to Mortgagee, as
additional collateral for the payment of the Indebtedness, all
policies of insurance which insure against loss or damage to the -
Premises, and Mortgagor hereby grants to Mortgagee a security
interest in the proceeds from any and all such policies.
Mortgagor shall also procure and maintain public liability
insurance coverage with such companies, in such amounts and under
such forms of policies as Mortgagee may approve, naming Mortgagee
as an additional insured thereunder and providing that no can-
collation or reduction in coverage thereunder shall be effective
unless the insuror first gives Mortgagee thirty (30) days prior
written notice. Forthwith upon the issuance of all such policies,
Mortgagor shall deliver the same to Mortgagee together with evi-
Bence satisfactory to Mortgagee that the premiums therefor have
been paid. Within fifteen (15) days prior to the expiration date
of each such policy, Mortgagor shall deliver to Mortgagee a
t renewal policy together with evidence satisfactory to Mortgagee
that the premium therefor has been paid. In the event of a
foreclosure and sale by Mortgagee of the Premises, the purchaser
a of the Premises shall succeed to all rights of Mortgagor in and to
z
such policies, including the right to the refund of unearned pre-
miums and to dividends thereunder, and Mortgagee may, at
~ Mortgagee's election, assign and deliver the policies to such
- purchaser without any warranty or representation, express or
- implied, and without recourse. In the event of damage to or
destruction of the Premises or any part thereof, Mortgagee may
adjust, settle or compromise claims under such policies, and the
proceeds therefrom shall be paid to Mortgagee. Mortgagee, at
- Mortgagee's option and in Mortgagee's sole discretion, may either
(i) apply the proceeds or any part thereof to the Indebtedness or
(ii) require Mortgagor to repair, replace or reconstruct the
. Premises or any part thereof and dishurse the proceeds to
Mortgagor to be applied against the cysts and expenses thereof as
i=
-4-
,,K3~8 ~g~
g~~~ ~ ~aGf ~ atr