HomeMy WebLinkAbout1795 ~1 /2c:'90 13 ~ 13 GIJIJSTER-BOCA 011
(vii) Insu~rance under the Fedexal Flood
In~~rance pro~ram shall 1~~ maintsineQ at all times with3n the
minimum requirecncnts undcr aeid program for feder8~lly tinancea
or a~~i3ted loana under the F'l~ov DisaBteZ ProteCtioil ~Ct O!
1973, as amond~ed, unlosa spec;ifically weived 1A writing by the
Mortgagee. The emount of flood in~surance ehOU1Q be the leaaer
of thQ amount of the NoLe or~ the maximum ampupt of fl0od
ingurancp obt~ineble; and
(viii) Such other insurance with ~espeCt to the
Martyagcd Froperty in such a~?~~unts and aQainst suCh insurahle
hazards as mey be required }~y th~: r~ortgagee.
All policies of insurance required by the t~rms oi this
Mortqaqc shall contain an enc~arsement or agre~ment by the
insurer that eny loa~ sh~ll be payabie in accordanCe With th8
tcrm~ of auch policy notwithstanding any act or neqligence of
~ thE Mortgagor which miyht otherwise re~ult in totf8ltur@ Of
said insurence and l.h~ further ~qrc~e~~i~nt of the insurer wsiviqg
~ all riqhts of s~toff, counterclaim or deductions aqainst the
; Mortqagor. The Mortgagor may effect for its own account any
` insurance not requited under thi~ Section but any such
§ i~~aurancG e[[rutrd by the Mortqayox on th0 Mortgaged Property,
whether or not so required, shall be for the mutusl benefit of
~ the Mortgagar and the Mortgagee and shell be subject to the
~ other provisions of this Mortgage.
~b) D~livery _ot Poli es : p~p~~ of premitirns - Al l
~ policies of insurance shall be issued by c~pmpanies and in
E amounts in each compnny satiafactory to the Mortgeqee. R11
a polic3es of insurance shall have attached thereto a lender's
~ loss payment endoraement for the bensfit of the Mortgaqee in
c form satisfactory to the Mortgayee. The Martgaqor sha~l
furnish the Mortqagee with an original policy of nll policies
~ of required insurance. If the Mortgaqee conaenta t~o the
~ Morfigagor providinq any of the required inaurance through
c blanket policies carried by the Mortqagor and coverinq more
; than one loc~tion, then the Mortgaqor shall furnish the
` Mortgagee with a certificate of insurance for each such policy
` settinq forth the coveraqe, the limits of liability, the n~me
~ of tihe carrier, the policy number, and tbe expiration date. At
least thirty (30) days prior to the expiration of esch such
palicy, the Mortgaqee shall furnish the Mortgaqee with evidence
satisfactory to the Mortgaqee of the paymQnk of premium and the
reissuance of e policy continuing insur~nce in force ~t~
required by this Mort9age. AS1 such policies shall contain a
provision that such policies will not be cancell~d, kerminated
_ or modified adversely, which ~erm shall include any recluction
in the scope or limita o~ coverage, without at least thirty
_ (30) days' priox written natice to tht Mortgayee. In the avent
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