HomeMy WebLinkAbout0954 rents next due, and Mortyayee shall pay said chary~:s to th~
amount of the then unused credit there~oc as and when they become
severally due and payable. An ofFicial receipt Cherefor shall be
conclusive evidence of such payment and o~ the valiciity ot such
charyes. Mortyayee may, at its option, pay any oE these charges
when payable, either before or after they become past due,
~aithout notice, o~ Tiak~ advances th~r~E~r in `xce~s of thQ then
amount oE credit Eor said charyes. 'The excess amount advanced
st~all be immediately due and oayable to Mort~3ayee and shall
become part ot the Secured Indebtedness and bear interest at the
highest rate oE interest allowable by la~a From date oE
advancement. tfortgayee may aPply credits held by it Eor the
abov~ charges, or any part thereof, on account of any delinquent
installments of interest or any other payments maturiny or due
under this instrument, and the amount o£ credit existii~y at any ~
Ci:^~.^. S:2u2~ ~°;3!2^nri h1 thc: amn~~rZt t~[~~'F?(lf D~1(j~ nC dDD212a~ dS
herein provided, The amount of the existing credit hereunder at
t~~ ri:nn .~F a•+~~ #-t-a!?efo~' nF t-ha PYPl~11SP$ Sh~l l, without
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assignment thereof, inure to the benefit of the successor-owner
of the Premises and shall be apalied under and subject to all of
tize provisions hereof. Upon payment in full oi the Secured
Indebtedness, the amount of any unused credit shall 'oe puid over
to the person entitled to re~eive it.
In the event oF the ~assage, after the ciate o~ this
instrument, oF any law or ordinance of the United States, the
State or any political subdivision thereoF, wherein the Premises
are situated, or any decision by a court oE comneten~
jurisdiction, creating or oroviding for any tax, assessment or
charye against the Premises, this instrument or tne Sec~red
Indebtedness or any interest of the Mortg agee in the Premises or
the obligations secured hereby, that is to be paid by ~iortgagee,
the Secured Indebted ness shall, at the option of Mortgagee,
become immediately due and oayable and, in the event payment
thereof is not m~c3e bv Mortqa~or forthwith, +;ortqagee may take,
or cause to be taken, such action or proceediny as ~~ay oe taken
hereunder in the case oF any other default in the payment of the
indebtedness.
3. ~lortgagor shall keep the Premises insured, at their
expense, For the beneFit oF ~•tortgagee with a standard New York ~
~ tdortgaye clause, against loss or damag'e by fire, lightning, ~
~ windstorm, hail, explosion, riot, riot attending a strike,
~ vancialisn and malicious mischieF, civil coramotion, aircraft,
~ vehicles and smoke and such other hazards, including b~siness .
~ interruptions insurance covering leases, franchises, concessions
or licenses of or on any part of the Premises, or as t9ort~agee
may from ti.me to tir~ie require, all in an amount equal to the full
replacement cost of the Premises, and in all events ~nust comoly
with any coinsurance clause contained in the insurance policy;
all insurance herein provided for shall have mortgagee clauses
attached and shall be from a company or companies reasonably
satisfactory to Mortgagee; and, reyardless of the types or
a~nounts of insurance reguired and approved by Mortgagee,
c~lor tgaqor shal l ass ign al l pol ic ies oF insurance and del iver to
i~lortgagee, as collateral and further security for the payment of
th~ Secured Indebtedness, certificates of insurance to~ether with
certified copies of insurance policies attached which insure
against any loss or damage to the Premises, with loss payable to '
slortyagee, without contribution by Mortgagee, pursuant to the New
York Standard or other mortgagee clause satisfactory to Mortgagee
and any such mortgagee clause shall cequire insurance company to
~ yive ~~fortgayee at least thirty (30) days written notice prior to
cancellation of the policy or change in coverage thereof. The
delivery of the insurance policies shall constitute an
assignment, as fur ther secur ity, of all unearned premiurns
existing from time to time thereon. IF ~~lortgagee, by reason of
such insurance, rECeives any money for loss or damage, such
amount may, at the option of hiortqayee, be retained and applied
by hortyagee toward payment of the Secured Indebtedness, or be
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, ~ooK572 Fac~ 954
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