201508262 - Laserfiche WebLink

Browse

2� 15�82�2 imposi�ion or any Ii�n so long as the Mortgagor s�all, in good fa�th, contest the sarne �r the va��dity �here by appropriate 1ega� proceed�ngs which shall operate to pre�ent the col�ectian af the �ien, or imposition so cnntested and the sa�e af th� Premis�s, or any par� there�f, to sa�isfy tihe same, provided that the Mortgagor shall, prior to the dat� such lien or impositi�n �s due ar�d payabl�, ha�e given an amaunt equal ta ��°/a of the amount being cont�s�ed ta the Mar�gagee to insure such payments, plus interest and penalties thereon, and attorneys' fees and costs assaciated therewith, and prevent any sale or forfe�ture of the Premises by reason of such nonpayment. Any suCh cantest sha�l be prosecuted w�th due dil�gence and, af�er final determination thereof; the Mar�gagor sha11 promptly pay the amoun�t of any such lien or imposition sa de�ermined, tagether vvith all interest and pena�t�es which may be payable in connection therew�th. No�withstanding these pravis�ans, the Mortgagor shall �and, zf the Mor�gagor shall fai� ta do so, the Mor�gagee may, bu� shall nat be required to�pay any such �ien ar imposition, natwithstanding su�h cantest if; xn the reasonable opinion of th� Mortgagee, the Premises shali be in j eopardy�r in danger of being forfeited or foreclosed. 4. PR�VISI�N�F INS �E��VERA�E: Ta pro�ide and maintain insuranc�covering: �a� all bui�dings, fixtures, structures and �mprovements, na�u situa�ed ar vvhich hereafter may be erec�ed or placed upon the Premises; and �b} all pers�nal property in which Mortgagee has a security interest pursuan� to ` the terms of this ins�rument, against �ass ar damage hy fire and such ather casualties as the Mortgagee may from time �o time require and against which insura.nce �s written at �he time of such requirement, whether or no� suCh insurance is now written, A�1 of su�h�nsuranc�is�o be in forms, with compani�s and in sums (not less than sufficient to avoid any claim on the part of the insurers for ca-insurance� satisfac��ry to Mor�gagee; and the origina� of each policy is to be he�d by Martgagee and be for the benefit of and first payable in case of loss to said Mortgagee. At least fifteen �15} days befare the expirat�on of each such policy, Mortgagar �s t� deli��r ta the Mortgagee a new and sufficient pv�icy to�ake the place�f the�ne sa expiring, It is fur�her agre�d tha� in th� event of a 1oss, th� amount so collect ed under any policy of insurance on the Premises may, at the option of�he Mortgagee: �a� be app�ied by Mortgagee upon any indebtedness ar obligatian secured h�reby in such arder or manner as Mortgagee may de�ermine; �b� be used in said amount or any p�rtion thereof in par��ally or tota�Iy replacing �r restoring the Premises to a condition satisfactory to Mortgagee; (c� be used hy Mar�gagee t� fulf 11 any of the covenants contained h�rein as M�r�gagee may determine; �d� be released ta Mortgagor. In any �f the foregoing events, the Mortgagee shall not be obligated �a see to the proper app�ication �hereof, �he amount, sa used or reieased sha11 nat be deemed a payment �n any indebtedness secured hereby, and such applica�ion, us� or re�ease shal� n�t �ure ar vvaz�e any default, Mortgagor hereby appoints Martgagee � irrevocable attarney-in-fact af Mortgagor, to ass�gn each such pal�cy in the event af the foreclasure af this Mortgage or other transfer of the tit�e to �he Premises in . extingu�shment, in uThale or in part, of�he debt secured hereby.