HomeMy WebLinkAbout0428 ~of each such policy, a new and sufficient policy to take
the place of the one so expiring shall be delivered to
the Mortgagee. The Mortgagors hereby assign to the
Mortgagee all moneys recoverable under each such policy,
and agree that in the event of a loss the amount under
any policy of insurance on said property may, at the option
of the Mortgagee, be applied by the Mortgagee upon any
indebtedness and/or obligation secured hereby. and in such
order as Mortgagee may determine; or said amount or any
portion thereof may, at the option of the Mortgagee, be
applied by the Mortgagee upon any indebtedness and/or s
obligation secured hereby and in such order as Mortgagee
may determine; or said amount or any portion thereof may,
at the option of the Mortgagee, either be used in replacing,
repairing or restoring the improvements, partially or totally
destroyed to a condition satisfactory to said Mortgagee,
or be released to the Mortgagors in either of which events
the 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. The Mortgagors hereby appoint the Mortgagee
attorney irrevocable of the Mortgagors to assign each
such policy in the event of the foreclosure of this mortgage.
3. To keep the mortgaged premises in good repair;
neither to commit-nor to suffer strip or waste on the
mortgaged premises; to obtain the written consent of the
Mortgagee before demolishing, removing or materially
altering any building, structure or improvements now or
hereafter upon the mortgaged premises or before allowing
any such building, structure or improvement to be demolished,
removed or materially altered; not to commit nor suffer
any act by which the value of the mortgaged premises may-
be impaired; and not to violate nor permit the violation
of any law, by-law, ordinance or contract affecting the
mortgaged .premises; not to violate nor suffer .the violation
of the covenants and agreements, if any, of record against
the mortgaged premises;
4. To pay all and singular the costs, charges
p and expenses, including reasonable attorney's fees, attorney's
disbursements and cost of abstracts of title, incurred or
( paid at any time by the Mortgagee because of the failure
on the part of the Mortgagors to duly perform, comply with
s and abide by each and every the stipulations, conditions
~ and covenants of said Addendum and this mortgage, any or
either.
' S. That in the event the Mortgagors fail to pay
or dishcarge said taxes, assessments, liens and encumbrances,
on said premises, other than the said first mortgage lien,
or said costs, charges and expenses, or fail to keep said
premises insured or to deliver the .policies, premiums paid,
or fail to repair the said premises, as herein agreed, the
Mortgagee is hereby authorized at its election to pay and/or
discharge said taxes, assessments, liens and encumbrances
or any part thereof, to pay said costs, charges and expenses,
to procure and pay for such insurance or to make and pay
for such repairs, without any obligation on its part to
determine the validity or necessity of any thereof and
without the Mortgagee waiving or affecting any option, lien,
equity or right under or by virtue of this mortgage; and
the full amount of each and every such payment shall be
immediately due and payable; but nothing herein contained
shall be construed as requiring the Mortgagee to advance
or expend moneys for any of the purposes in this paragraph :
mentioned. -
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