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HomeMy WebLinkAbout1549 attending a~trik~, civil oommotion~ airaraft, vehiclea and smoke and auoh other hazarda as Hortgagee may from time Co time~ require~ and rental or buainess interruptio~ insurance against any sbatement of rant or other casualty in aurplu~ by a ~tandard fire and extended coveraga insurance compa~y~ all in amounts approved by Mortgagee not exceediag 100x of full insurable value; all insuranca herein provided for ~hall be in a form and issued by campanies approved by Mortgagae; and~ regardless of the typee or amount~ of inauranee required and approved by Mortgagee~ Mortgagor ahall a~sign a~d deliver to Mortgagee~ as collateral a~d further se4u~~ty for the payment of the Secured Indebtednesa, all policie~ of insu~ance which insure against any loss or damage to the Mortgaged Property~ With loss payable to Mortgagee~ without aontributio~ by Mortgagee, pursuant to the New York Standard or other mortgagee clause satisfactory to Mortgagee. If Mortgagee~ by reason of such insurance, rece~ves any money for lo~a or damage~ ~uch amount may~ at the option of Mortgagee~ be retained and applied by Mortgagee toward payment of the Secured Ynde~tedness~ or be paid over~ aholly or in part, to Mortgagor for the repair or replace~ent of the Mortgaged Property or any part thereof, or for any other purpose or ob~ect satisfaetory to Mortgagee, but Mortgagee shall not be obligated to see to the proper application of any amount paid over to Mortgagor. (b) Not less than twenty (20) days prior to Lhe expiratio~ date of each poliey of insurance required of Mortgagor pursuant to this Article~ end o£ each policy of insurance held aa additional collateral to secure the Secured Indebtedness~ Mortgagor shali deliver Lo Mortg~aee a reneWal poliey or po2lcies marked "premi~m paid" or accompanied by other evidence of pay~ent sat~sfaetory to Mortgagee. i ; (c) In the event of a Poreelosure oP this mortgage~ ~ the purchaser of the Mortgaged Property shall 9ucceed to all 4 the rights of Mortgagor, including any right to unearned ~ premiums, in and to all policies of insurance assigned and ~ delivered to Mortgagee, aith respeet to atl prop8rtjr conveyed ~ and to be eonveyed by this mortgage~ pursuant Lo the provisions of this Article. F E (d) Any prepaym~nt of the indebtedness evidenced by ~ the Note, xhether in whole or in part resulting from the applieation of inaurance proaeeda~ shall be aithout any ~ premium, eharge or expense whatsoever. ~ ` 1.08 Care of Mortga~,ed Property. Mortgagor shall mai.ntain ~ the Mortgaged Property in good eondition and repair, shall not ~ eommit or suffer any waste to the Mortgaged Property~ and shall ~ cotnp2y with, or cau$e to be complied With, all re~trictive ~ covenants, statute~~ ordinanees and requirementa of any ~ governmental authority~relat~ng to the Mortgaged Property and ~ the uae thereof or any part thereof. Mortgagor ahall proaaptly repairt restore, replace or rebuild any part oP the Mortgaged Property, now or hereafter encumbered by thi~ mortgage, r+hich ` may be affected by any proceeding of the eharacter referred to in Article 1.09 herein. No part of Lhe Mortgaged Property, includi.ng, but not limited to~ any building, atruoture, parking ! lot, 4riveWay, iand~oape aoheme~ tia?ber or other ~round ~ ia~provement~ aquipment or other prop~rty~ nox or h~reattiec ; conveyed aa se~urity by oc purauant to thia mortgege, absll be ~ recnoved~ demollahe4 or ~qaterially alt~re4 withouE tihe prior ~ Writt~n conse~t of Mortgagae. Mortgagor ehal.l comp~.ete, Nithin ~ ~ ~ € _7_ BOOK V~~ PACE~5~~7 € ~j ~ ~~~.~=~r~..~~.~e~~-.~~~~~___~~.,~~,~~ ~,:1..