HomeMy WebLinkAbout0955 pai~3 over, wholly or in part, to ~fort~a:~or £or the repair or
replacement og t:~e Pre~nises or any part thereot, or for any other
~urpo5e or object satisfactory to t4ortyagee, but t4ortaayee shall
not be obligated to see to the proper application of any amount
paid over to Mortgagor.
~tortyagor shall, at all times duriny the term of this
Kortgaye, maintain a general policy of public liability insurance
insuring the Premises in an amount of not less than One Million
Dollars ($1,000,000.00) per occurrence Eive Hundred Thausand
Dollars ($500,000.00) for each oerson, and Three Hund~ed Thousand
($300,OO~.UO) for property ciamage, issued by an insurance company
reasenably acceQtable to Mortgagee, ~vhich insurance policy will
further require the insurer to give Mortgagee written notice at
le~~t thirt}~ (30) days prior ta cancellation or change in
coveraye thereof.
If the Premises are in a flood plain or special flood ~
hazard area, as defined by the Federal Einergency ~~ianagement -
Agency or its successors, the ;~lortgagor shall provide flood
insurance coverage in an amount at least equal to the outstandiny
balance of the loan or to the maximum limit of coverage inade
available with respect to tne particular type oF property,
wnichever is less.
~ot less than 10 days pr ior to th` expiration date of
each oolicy of insurance required ~f idortga~or pursuant to this
Article, and of each policy of insurance held as additional {
collateral to secure the Secured Inciebtedness, t~fortyayor shall
deliver to [9ortyagee a renewal policy or policies marked "premium '
paid" or accompanied by other evidence of• payment satisfactory to ~
hlortyayee.
In the event of a foreclosure oF this mortyaye, tne
purchaser of the Premises shall succeed to all th2 riyhts of
~
~tortgagor, 1RClUC1111c3 dnY riync Lo URearneti pieiiiiuii~5~ iil di?u ~O
all policies oE insurance assigned and delivered to t4ortgayee, ~
with respect to all pro~erty herein encurnbered.
4. ~tortgayor snall maintain the Premises in good s
condition and re~air, shall not commit or suffer any waste to the =
~ Premises, ano shall comply with, or cause to be com;~lied witn, '
~ all laws, statutes, ordinances, zoning ordinances and ~
~ requirernents or regulations of any governmental authority =
rzlating to the Premises or any part thereof. Fiortgagor shall
a promptly repair, restore, renlace or rebuild any part of the
~ Premises, now or hereafter encumbered by this mortqaqe which may
be affected by any proceeding oE the character ceferred to in
Article 8 herein. No part oF the Premises including, but n~t
limited to, any building, structure, par'r.ing lot, driveway,
landscaQe scheme, timber or other ground improvement, equipment
or other property, now or here~fter mortgaged, shall be removed,
~er~iolished or rnaterially altzred witnout the prior written
consent oF i~i~~rtgagee, which consent l9ortyagee will not
unreasonably withhold. Mortgagor shall complete, within a
1
reasonable time, and pay for any buildiny, strueture or other ;
irnprovenent at any time in the process of construction on the ~
prooerty herein mort~aged. rlortgagor shall not initiate, join in ~
or consent to any change in any pr ivate restr ictive covenant, ;
zoning ordinance or ott~er public or pr ivate restr ictions ~ i,ritiny I
or defining the uses which may be made of the Premises or any
part tnereof. ;~lort~ayee and any persons authorized by ~7ortgagee
~ shall have the rig~t to enter and inspect the Premises at all i,
reasonaole tirnes anc~ access tnerPto shall be perrr~itted for that
purE~ose.
S. Mortyagor shall faithfully perform the covenants of
tilortyayor as lessor under any bresent ar,d Future leases,
affecting all or any portion of the Premises, and neither do nor
ne:~lect to ao, nor permit to be dane, anything whicn may cause
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« k 572 F~~E 955
- 600K
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