HomeMy WebLinkAbout0958 satisfied and evidence of such satisfaction shall be given to
Mortgagee.
Mortgagee may at its option require Mortgayor to deposit
with Mortgagee on the first day of each month in addition to mak-
ing payments of principal and interest, until Note is fully paid,
an amount equal to one twelfth (1/12) o£ the yearly premiums for
~n~/nr inci~ranrP__, SUCh deposits shall not be, nor
i:ii Lurvv J
deerned to be, trust funds, bu~ may be commingled with the general
funds of the Mortgagee, and nU interest shall be payable in res-
pect thereof, Upon demand by Mortgagee, Mortgagor shall deliver
to Mortgagee such additi~~nal monies as are necessary to make up
any deficiencies in the amounts necessary to enable Mortgagee to
pay s~ch taxes or premiums when due. Zn the event of default
under any terms, covenant and conditions of the Note, this Mort-
gage or any other instrument securing the Note to be performed or
observed by Mortgagor, Mortgagee may apply to the reduction of
the sums secured hereby, in such manner as Mortgagee shall deter-
mine, any amount under this paragraph remaining to Mortgagor's
credit and any return premium received from cancellation of any
insurance policy by Mortgagee upon foreclosure of this Mortgage.
3. Government Fees and Charges; Curin4 of Violations.
Mortgagor shall prompkly pay and discharge any and all license
fees or similar charges, together with any penalties and interest
thereon, which may be imposed by any governmental authority hav-
ing jurisdiction over the Mortgaged Property. Furthermore, Mort-
gagor shall promptly cure any violation of law and comply with _
any order of said governmental authority in respect of the
~ repair, replacement or condition of the Mortgaged Property.
4. Insurance. Mortgagor will keep the improvements noW
existing or h~reafter erected on the Mortgaged Property, insured
as may be required from time to time by the Mortgagee against
! loss by fire and other hazards, casualties, and contingencies in
' si~ch amounts and for such periods as may be required by Mortga-
gee, and will pay promptly, when due, any premiums un such insur-
ance for payment of which provision has not been made herein-
before. AZ1 insurance shall be carried in companies approved by
Mortgagee and the po2icies and renewals thzreof 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 mortgagee clause without contribution
making all such losses under such policy payable to Mortgagee as
its interest may appear. In the event of loss, Mortgagor will
give irunediate notice by mail to Mortgagee, and Mort~agee may
make proof of loss if not made promptly by Mortgagor, and each
insurance ~company concerned is hereby authorized and directed to
make payment for such Zoss dzrectly to Mortgagee instead of to
Mortgagor and Mortgagee j~intly, and the insurance proceeds, or
any part thereof, may be applied by Mortgagee at its option
either to the reduction o£ the indebtedness hezeby secured or to
the r~storation or repair of the property damaged. In the event
of foreclosure of this Mortgage or other transfer of title to the
rSortgaged Property in extinquishment 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.. Condemnation. If at any time, all or any portion, c~f
the Mortgaged Property shall be taken or damaged by condemnation
proceedings under the power of eminent domain, all compensation
~warded or otherwise paid shall be paid directly to Mortgagee
and Mortgagee is hereby authorized, at its option, to commence,
- 3 -
z~~x443 P~~E 9~3
, _ ,
_