HomeMy WebLinkAbout0923 Mortgagee, Mortgagor shall place new insurance on the Mortgaged
Property, satisfactory to Mortgagee. All renewal policies, with
premiums paid, shall be delivered to Mortgagee at least forty
(40) days before expiration of the old policies. In the event of
loss, Mortgagor will give immediate notice thereof to Mortgagee,
and Mortgagee may make proof of loss if not made promptly by
Mortgagor. Each insuranc~ company concerned is hereby authorized
and directed to make payment under ~such insurance, including
return of unearned premiums, directly to Mortgagee instead of to
Mortgagor and Mortgagee jointly, and Mortgagor appoints
Mortgagee, irrevocably, as Mortgagor's attorney-in-fact to
endorse any draft therefor. Mortgagee shall have the right to
retain and apply the proceeds of any such insurance, at its
election, to reduction of the indebtedness secured hereby, or to
restoration or repair of the property damaged, at Mortgagee's
sole and absolute option. All such policies herein are hereby
assigned to Mortgagee as additional security for ~he payment of
the indebtedness-hereby secured. If Mortgagee becomes the owner
of the Mortgaged Property or any part thereof by foreclosure or
otherwise, such policies, including all.right, title and interest
of Mortgaqor thereunder, shall become the absolute property of
Mortgagee.
5. Taxes and Other Charges: Mortgagor shall pay when due
and payable and before any interest, charge or penalty is due
thereon, without any deducti.on,~ defalcation or abatement, all
taxes, assessments, levies, liabilities, obligations, encum-
brances, water and sewer rents and all other charges or claims of
every nature and kind which may be imposed, suffered, placed,
assessed, levied, or filed at any time against Mortgagor, the
Mortgaged Property or any part thereof or against the interest of
Mortgagee therein, or which by any present ar future law may have
priority over the indebtedness secured hereby either in lien or
in distribution out of the proceeds of any judicial sale, without • _
regard to any law heretofore or hereafter to be enacted imposing
payment of the whole or of any part upon Mortgagee; and insofar
as any such tax, assessment, levy, liability, obligation or
encumbrance is of record, the same shall be promptly satisfiea
and discharged of record and the original official document (such
as, for instance, the tax receipt or the satisfaction paper
officially endorsed or certified) shall be placed in the hands of
Mortgagee not later than such dates; provided, however, that if,
pursuant to this Mortgage or otherwise,- Mortgagor shall have
I deposited with Mortgagee before the due date thereof sums suffi-
! cient to pay any such taxes, assessments, levies, water and sewer
rents, charges or claims, and Mortgagor is not otherwise in
~ default, they shall be paid by Mortgagee; and provided further,
~ that if.Mortgagor in good faith and by appropriate legal action
€ shall contest the validity of any such item or the amount there-
~ of, and shall have establisr.ed on its books or by deposit of cash i
~ with Mortgagee, as Mortgagee may elect, a reserve for the payment
thereof in such amount as Mortgagee may require, then Mortgagor
j shall not be required to pay the item or to produce the required
fi receipts: la) while the reserve is maintained; and (b) so long
~ as the contest operates to prevent collection, is maintained and
prosecuted with diligence, and shall not have been terminated or
~ discontinued adversely to Mortgagor.
~ 6. Installments for Insurance Taxes and Other Char es: {
~ Without limiting t e e ect o Paragrap s an 5 ereo , Mort-
gagee may require Mortgagor to pay to Mortgagee, monthly with the
monthly installments of interest, an amount equal to one-twelfth
(1/12) of the annual premiums for the insurance policies referred
to hereinabove and the annual real estate taxes, water and sewer
rents, any special assessments, charges or claims and any other
item which at any time may be or become a lien upon the Mortgaged
Property prior to the lien of this Mortgage; and on demand from
~ time to time Mortgagor shall pay to Mortgagee any additional sums
; necessary to pay the premiums and other items, all as estimated
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