200504009 - Laserfiche WebLink

Browse

200504009 PROVIDED, NEVERTHELESS, that if Mortgagor shall pay and fully perform all of Mortgagor's obligations pursuant to the provisions of the Guaranty and Mortgagor shall repay to Mortgagee, at the times and with interest as specified, all sums advanced and protecting the lien of this Mortgage, in payment of taxes on the property and assessments payable therewith, insurance premiums covering buildings thereon, principal or interest on any prior liens including any payments on the First Mortgage, expenses and attorney's fees herein provided for and sums advanced for any other purpose authorized herein, and shall keep and perform all the covenants and agreements herein contained, then this Mortgage shall be null and void, and shall be released at Mortgagor's expense. AND MORTGAGOR covenants with Mortgagee as follows: 1. to pay all obligations of Mortgagor under the Guaranty; 2. to pay all taxes and assessments now due or that may hereafter become liens against the Property before penalty attaches thereto; 3. to keep all buildings, improvements and fixtures now or later located on or a part of the Property insured against loss by fire, extended coverage perils, vandalism, malicious mischief and, if applicable, steam boiler explosion, for at least the amount of the full replacement cost at all times while any amount remains unpaid under this Mortgage. Each insurance policy shall contain a loss payable clause in favor of Mortgagee affording all rights and privileges customarily provided under the so- called standard mortgage clause. In the event of damage to the Property by fire or other casualty, Mortgagor shall promptly give notice of such damage to Mortgagee and the insurance company. The insurance shall be issued by an insurance company or companies licensed to do business in the State of Nebraska and acceptable to Mortgagee. The insurance policies shall provide for not less than thirty (30) days written notice to Mortgagee before cancellation, non - renewal, termination, or change in coverage, and Mortgagor shall deliver to Mortgagee a duplicate original or certificate of such insurance policies; 4. to pay when due both principal and interest of all prior liens or encumbrances, if any; S. to commit or permit no waste on the Property and to keep it in good repair; 6. to complete forthwith any improvements which may hereafter be under course of construction on the Property; and 7. to pay any other expenses and attorney's fees incurred by Mortgagee by reason of litigation with any third party for the protection of the lien of this Mortgage. In case of failure to pay said taxes and assessments, prior liens or encumbrances, expenses and attorney's fees as above specified, or to insure said buildings, improvements, and fixtures and deliver the policies as aforesaid, Mortgagee may pay such taxes, assessments, prior liens, expenses and attorney's fees and interest thereon, or obtain such insurance, and the sums so paid shall bear interest from the date of such payment at the interest rate set forth in the Development Agreement, 2 745144v1