HomeMy WebLinkAbout0957 insured as may be required f.rom time to time by the Mortgagee
against loss by fire, windstorm and other hazards, casualties and
contingencies for such periods and for not less than such amounts
as may be required by the Mortgagee and to pay promptly when due
all premiums for such insurance. The amounts of insurance
required by the Mortgagee shall be the minimum amounts for.~which
said insurance shall be written and it shall be incumbent upon
the Mortgagor to maintain such additional insurance as may be
neccessary to meet and comply fully with all co-insurance
requirements contained in said Qolicies to the end that the said
Mortgagor is not a co-insuror thereunder. Insurance shall be
written by a company or companies approved or designanted by the
Mortgagee and all policies and renewals thereof shall be held by
the Mortgagee. All detailea desiqnations by the Mortgaqor which
are accepted by the Mortgagee and all agreements betwPen t
Mortgagor and Mortgagee relating to insurance, now existinq or
hereafter made, shall be in writing and shall be a part of this `
Mortgage Agreement as fully as though set forth verbatim herein
and shall qovern both partiies hereto and their successors and
assigns. No lien upon said policies of insurance or upon any ;
refund or return premivm which may be payable on the Cancellation
or termination thereof, shall be qiven to other than the ~
Mortgagee, except by proper endorsement affixed to such policy =
and approved by the Mortgagee. Each policy c~f insurance shall ~
have affixed thereto a Standard New York Mortgagee Clause without
Contribution, making all loss or losses under such policy payable
to the Mortgagee as its interest may appear. In the event any sum
or sums of money become payable thereunder the Mortgagee shall i
have the option to receive and apply the same on a.ccount of the
indebtness hereby secured, or to permit the Mortgagor to receive ~
and use it, or any part thereof, without thereby waiving or ;
impairing any equity, lien or right under or by virtue of this
Mortgage. Zn event of loss or physical damage to the mortgaged
property the Mortgagor shall give immediate notice thereof by ~
mai? to the Mortgagee and the Mortgagee may make 4roof of loss if ;
the same is not made promptly by the Mortqagor. In the event of
foreclasure of this Mortgage or other transfer of title of the ~
mort-qaged property in extinguishment of the indebtness secured ;
hereby, all right, title and interest of the Mortgaqor in and to ~
any-insurance policies then in fQrce shall pass to the purchaser ~
or grantee. ~ ;
,
(8) To perform, comply with and abide by each ancl every
the stipulations, agreements, conditions and covenants in said ~
Promissory Note and in this Deed set forth.
s
(9) That if any of the said sums of money herein f
referred to be not prompkly paid within 30 days days next after =
~ the same severally become due and payable, or if each and every ~
i the stipulations, agreements, conditions and covenants of said
Promissory Note and this Deed, or either, are not fully performed ~
~ complied with and abided by, or if paymentsd are allowed to ~
` become delinquent upon any prior encumbrance affecting the pro-
~ perty herein concerned, the said aggregate sum mentianed in said
~ Promissory Note shall become due and payable forthwith or
~ thereafter at the option of the Mortgagee a~ fully and completely
as if the said aggregate sum of said Promissory Note was origi-
~ nally stipulated to be Qaid on such ~day, anything is said
~ Promissory Note or herein to the contrary notwithstanding.
' (10) That in order to accelerate the maturity of the
M indebtness hereby secured, because of the failure of the
Mortgagor to pay any tax, assessment, liability, obligation or
emcumbrance upon said property, as herein provided, it shall not
be neccessary or requisite that the Mortgagee shall first pay the
same.
The Mortgagee may, at his option anc~ without waiving his riqht to
accelerate the indebtness hereby secured an@ to foreclose the
same, pay either before or after delinquency any or all of those
certain ~bligatzons required by the terms hereof to be paid bv
the Mortgagor for the protection of the Mortgage security or for
3 g001~ J~~ FAf,~ J5~
- .-----r,~-----~,.e..ir~r s