HomeMy WebLinkAbout2684~
. ~
~
policies. Each insurance company is hereby authorized and
directed to make payment for all such losses~directly to the
Mortgagee, instead of to the Mortgagor and Mortgagee jointly. In
case of loss under any such policy of ix~surance, the Mortgagee
. may apply the net proceeds to the payment of the indebtedness
hereby secured, whether due or not; or the Mortgagee may require
(i) the buildings to be repaired or replaced by the use of said
net proceeds, or (ii) said net proceeds to be used for any other
purpose or object without affecting the lien of this deed or the
indebtedness secured hereby.
Fourth: CARE OF PREMISES.
, (a) The Mortgagor will keep the~improvements
now or hereafter erected on the premises in good
condition and repair, will not commit or suffer any
waste an~d will not do or suffer.to be done anything
which will increase the risk of fire or other haiard to
the premises or any part thereof.
(b) Except as contemplated by the
Constructi_on Loan Agreement referred to in Eleventh of
this Article I, the Mortgagor will not construct,
install, remove, demolish or alter the design or
structural character of any building, fixture or
chattel on the premises without the prior written
consent of the Mortgagee.
(c) If the premises or any part thereof is
damaged by fire or any other cause, the Mortgagor will
-7- '
~
`a'~" ~ - r ~.: ~ _.. ~ '
.~ ~~~~rzt.?w'.: ~a,v~..~-'~,4n~.~.._~-_ .
~o~x3~7 eacE267?
.~ ~~ . ~
- ~~ ":
~