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HomeMy WebLinkAbout0933 to Mortgagee such addi tional monies as are necessary to make up any deficiencies in the amounts necessary to enable Mortgayee to pay such taxes or premiums when_ due. In the event of default under any tenas, cavenant and conditions of the Note, this Mortgage or any other instrumeht securing the Note to be per fonaed or observed by Mor t~gagor. Mor tgagee may apply to the reduction of the s~nas secured hereby, in such manner as Mortgagee shall determine, any amount under this paragraph remaining to Mortgagor's credit and any return premium received from cancel- lation of any insurance policy by Mortgagee upon foreclosure of this Mortgage. 3. Gover~ent Fees and Cha es= Curi of Violations. Mor tgagor s ha 1 promp y pay an di sc arge any an a cense fees or similar charges, together with any. penalties and interest thereon, which may be imposed by any governmental auttarity having jurisdiction aver the Mortgaged Property. Furthermore, Mortgagor shall promptly cure any violation of law and comply with any order of said governmental authority in respect of the repair, replacement or condi tion of the Mortgaged Property. . 4. Insurance. Mortgagor will keep the improvements now exi s ting or herea f ter erec ted on the Mor tgaged Proper ty , insured as may be required from time to time by the Mortgagee against loss by f ire and other hazards, casual ties, and con tinyencies in such amounts and for such periods as may be required by Mort- gayee, and will pay promptly, when due, any premiums on such insurance for payment of which provision has not been made here- inbefore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in a form acceptable to the Mortgagee. Unless otherwise consented to by Mortgagee in writing, all policies shall have affixed thereto a standard morbgagee clause without con tribu tio~ mak ing all suc h losses under suc h pol icy payable to Mor tgagee as i ts interes t may appear. Yn the even t of loss, Mortgagor will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mort- gagor, and each insurance company concerned is hereby authorized ~ and direc ted to make paymen t for suc h loss direc tly to Mor tgagee instead of to Mortgagor and Mortgagee jointly, and the insurance t proceeds , or any par t the reof , may be appl ied by Mor tqagee a t i ts f option either to the reduction of the indebtedness hereby secured ~ ~ or to the restoration or repair of the property damaged. In the even.t of foreclosure of this Mortgage or other transfer of ti tle ~ to the Mor tgaged Property in ex tinquis tment of the indebtedness secured hereby, all right, title, and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 5. Conde=na tion, Z f a t any time , al l or any por tion , o f the Mortyaged Property shall be taken or damaged by condemnation proceedinys under the power of eminent domain, all compensation awarded or otherwise paid shall be paid directly to Mortgagee and Mortgagee is hereby authorized, at its option, to conunence, appear and to prosecu t,e in i ts own or Mor tgagor' s name any ac tion ~ or proceeding relating to any condemnation or to settle or com- prise any cla im in connec tion therew i th. Al l suc h compensa tion awards and any other payments or relief and the right thereto are ~ hereby assigned by Mortgagor to Mortgagee and Mortyayee, after ~ deducting therefrom all of its expenses including attorney's " fees, may release money so rece ived w i thou t i t a f fec ting the 1 ien ~ of this Mortgage or may apply the same in such manner as Mort- gagee shall determine, to the reduction of the s~n secured ~ i ; x r ~ ~ ~ - 3 - ~ . ~ a~;~ 4Z$ P~cE 933 ~ ~ ~ ~ aM.n s,.~,, ~ - - t'~