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official receipts showinq payment of all taxes, asaessments
and charqes which Mortqaqor is required or elects to pay
hereunder.
~ 6. (a) Mortqagor agrees to maintain in force at
all times fire and extended coverage insurance (includinq,
without limitation, windste~m, earthquake, axplosion and
such other risks usually insured against by owners of like
properties) on'~the Premises in an amount equal to one
- hundred percent (100;) of the full insurab~e value of the
mortqaged Premises.
- (b) Mortgagor will aiso maintain Flood Insurance,
if required, pursuant to a desiy-~ation of•the area in which
the mortqaqed Premises are located as flood prone or a flood
risk area, as defincd by the Flood Disaster Protection Act
of 1973, as amended, in an amount to be detenained by the
Mortqaqee from time to time, when appropriate, as well as -
comply with any additional requirements of the National ~
Fiood Insurance Proqram as aet forth in said Act.
(c) Al1 such insurance shall be written by com-
panies and on fonas wit2i endorsements satisfactory to Mort-
qaqee, all with auitable loss-payable and standard non-con- ~ •
tributioa mortgagee clauses in favor of Mortqagee (or, in
case of a foreclosure sale, in favor of the owner of the
certificate of sale) attached, and certified copies of the
policies evidencing the same shall be'kept constantly
deposited with Mortgaqee. All said policies shall prov~de
for, among o~'~er things, written notice to Mortgaqee of
their expiration or.any anticipated cancellation at least
- thirty (30) days prior to such event occurrinq. Not less
than thirty (30) days prior to the expiration of any such
policy, a certified copy of an appropriate renewal policy
shall be deposited with Mortgaqee. In case of loss, Mort-
qaqee is authorized to collect all insurance proceeds and
apply them, at its option, to the reduction of (a) the
indebtedness evidenced by the Loan A~qreement, whether or not
~ such indebtedness is then due and payable, and (b) any other
; Liabilities hereby secured which are then due and payable,
or, at Mortqaqee's option, to allow Mortgaqor to use such
~ money, or any part thereof, to repair~the damaqe or restore _
~ the improvements. .
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~ (d) Mortqaqor shall notify~Mortqaqee, in writinq,
~ of any loss to the Premises cover~d by insurance and ~+Iort-
~ qagor hereby directs each insurance company to make payment
for such loss directly and solely to Mortqaqee; and Mortqagor
aqrees that any payment which is delivered, for any reason,
to Mc-r~3aqor shall be held in trust for Mortqaqee and promptly
~ delivered in the form received (except for any necessary
a endorsements thereonj to Mortgaqee.
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~ 7. Mortqaqor aqrees that it will comply with all
~ rastrictions affectinq the Premises and with all laws,
~ ordinances, acts, rules, regulations arid orders of any
~ legislative, executive, administrative or judiCial body,
~ commission or o:ficer (whether federal, state or local)
~ exercising any power of requlation or supervision over
Mortqagor, or any part of the Premises, whether.the same be
dirscted to the repair'thereof, manner of use thereof,
~ st:uctural alteration of buildinqs located thereon, or
E otherwise.
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-6- goox426 P~~~ 923
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