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HomeMy WebLinkAbout1934by said lbrtgagee, its suaoessors or assigns, because of the failure on the part of said lbrtgayor, his heirs, legal representatives or as- signs to perfotim, ooeply with and abide by each and every of the stip- ulations, agreements, conditions and covenants of said Promissory Note, this Mortgage, and any other instrument executed in connection with this transaction. 4. If the lbrtgagor shall fail to pay any premium for any insurance below ®entioned when due, the [~brtgagee may, at its option, make such payments and in such case the amounts so paid shall immedi ately become debts due bo the Mbrtgagee by the Mbrtgagor and shall bear interest at the rate of [burteen percent (148) per annum until paid, and shall be secured by this Mbrtgage do the same extent as the Abte hereinaboNe described. 5. 1b ooamit, permit or suffer ro waste, impairmelt, or deterioration of said property or any part thereof. 6. Zb perform, comply with and abide by each and every stipulation, agreement, condition and covenant in said Promissory Note, in this lbrtgage, and in any other instrument executed in eon- -section with this transaction. ' 7. Zb keep the buildings maw or hereafter on said lands (and any personal property, if required) insured against loss by fire, lightning, windstorm, hurricane, tornado, vandalism, malicious mis- chief or such hazards as may be now or hereafter required by the Mortgagee far rot less than 908 of the full insurable value of said inQrwements, in a coaQany or canQanies to be approeed by said Mortgagee and said policy or policies to be approved by said lrbrtgagea and the policy or policies to be held by and payable to said Mortgagee, its ,legal representatives, or assigns. (a) In ca.9e of loss covered by policies of insurance, the lbrtgagee {or, after entry of decree of foreclosure, the Purchaser at the foreclosure sale or decree creditor, as the case may be) is hereby authorised at its option either (i) do settle and adjust any clai~a under such policies without the consent of the [~brtgagor, or (ii) allow the I~brtgagar to agree with the insurance axnpany or cenQanies on the amoKnt to be paid upon the loss; provided, that the Mortgagor may itself adjust losses aggregating rot in excess of Five 7housard Dollars ($5,000.00), and prwided further that in any case the ibr•tgagee shall, and is hereby authorised tA, o~llect and receipt for any such insurance proceeds; and the expenses incurred by the Mortgagee in the adjustment and collection of insurance proceeds shall be so much additional Irdetibedness Hereby Secured, and shall be reimbursed to the lbrtgagee upon demand. (b) In the event of any insured damage m or destruc- tion of the Premises or any part thereof (herein called an "Insured Casualty"), and: (i) If , in the rea.9onable gages, the Premises can be restored to an valuable than the same was prior to the adequately securing the outstard ing balan Hereby Secured, ar judgment of the Hbrt eoonamic unit rot less Insured Casualty, and ~e of the Indebtedness (ii) If , order the terms of any lease or leases the Irbrbgagor is obligated to restore, repair, replace or rebuild the Premises or any part thereof so damaged or destroyed, and such Insured Casualty does rot result in cancellation or termina- tion of such lease ar leases and the insurers do rot deny liabil- ity bo the insureds, then, if the loan has rot been in default as to principal and interest payments and the lbrtgagor shall rot be in default hereunder, the pro- -3- X344 P~~1934 iEWtS_ VEGOSEN ANO ROSENBACM, PA.,ATTORNEYS AT lAW