HomeMy WebLinkAbout1068
term of this mortgage. The pc~~icy or policies of such insuranee
shall be delivered to Mortgagee. Mortgayor shall give Nfortgayee
prompt notice o_f any loss covered by such insurance and Mortgagee
shall have the right to join Nbrtgagor in adjusting any loss in
excess of $10,000.00. 11ny monies received as payme~it for any loss
under any such insurance shall be paid over to Mortgagee to be -
a~plied, at the option of Mortgagee, either to the prepayment of
the Note secured hereby, without premium, or to the reimbursement
of Mortgagor for expenses incurred by it in the restoration of the
improvements. .
(b) Mortgagor shall not take out separate insurance
concurrent in form or contributing in the event of loss with that
required to be maintained under this Section 1.09, unless Mortga-
gee is included thereon as a named insured with loss payable to
Mortgagee under a Standard Mortgage Endorsement of the character
above described. Nbrtgagor shall immediately notify Mortgagee
whenever any separate insurance is taken out and shall promptly
deliver to hbrtgagee the policy or pc~licies of such insurance.
(c) At least fifteen (15) days prior to the expiration
date of any of such policies, renewals thereof satisfactory to
Hortgagee shall be delivered to Mortgagee, together with receipts
evidencing the pa yment of all insurance premiums.
~ Section 1.10. (a) t~Jortgagor will keep adequate records
and books of account in accordance with generally accepted ac-
counting principles covering and relating to the properties encum-
bered hereby and will permit hSortgagee, by its agents, accountants
and attorneys, to visit and inspect the Premises and examine its
records and books of account as they relate to the properties en-
cumbered hereby and to discuss its affairs, finances and accounts
relating to the properties enciunbered hereby, with the officers
and Uirectors of ~lortgagor, at such reasonable times as may be
requested by Nlortgagee.
(b) Mortgagor, at the request of Mortgagee, will de-
liver to trbrtgagee with reasonable promptness after the close of
its fiscal year a balance sheet and statement of profit and loss
setting forth in each case, in comparative form, figures for the
preceding year. :'hroughout the term of this Mortgage, Mortgagor,
at the request of PSortgagee, with reasonable promptness, will de-
liver to Mortgagee such other information with respect to Nlort-
gagor as Mortgagee may reasonably request from time to time. All
financial statements of Mortgagor shall be prepared in accordance
with generally accepted accounting practice, shall be delivered in
dupli~ate, and shall be accompanied by the certificate of a prin-
cipal financial or accounting officer of Nbrtgago.r, dated within
five (5) days of the delivery of such statements to trlortgagee,
stating that he knows of no Event of Default, nor of any default
which after notice or lapse of time or both would constitute an
Event of Default, which has occurred and is continuing, or, if any
such default or Event of Default has occurred and is continuing,
specifying the nature and period of existence thereof and what
action Mortgagor has taken or proposes to take with respect.there-
to, and, except as otherwise specified, stating that Mortgagor has
fulfilled all its obligations under tYiis Mortgage which 3re re-
quired to be fulfilled on or prior to tl~e date of such certifi-
cate. At Mortgagee's option, the financial statements shall be
au~3ited.
(c) Mortgagor, within three (3) days upon request in
person or within five (5) days upon request by mail, will furnish
a written statement duly acknowledged of the amount due whether
- 6- ;,~;~z 3~6 Psr•E 1~s