86101708 - Laserfiche WebLink

Browse

5. Mortgagor shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included with in the term "extended coverage," rent loss and such other hazards, casualties, liabilities, and con- tingencies with insurance carriers approved by Bank. Such insurance shall be maintained in the amount of at least 80 per- cent of the insurable value of such improvements and for such periods as Bank shall require. All insurance policies and renewals of such policies shall be in form reasonably acceptable to Bank and shall include a standard mortgagee's clause in favor of and in form reasonably acceptable to Bank. At .least 15 days prior to the expiration date of the policies, Mortgagor shall deliver to Bank renewal policies acceptable to Bank, and Mortgagor shall promptly furnish to Bank all receipts of premiums relating to such policies. In the event of loss, Mortgagor shall give ivaediate written notice to the insurance carrier and Bank.. Mortgagor authorizes Bank, at Bank's option, as attorney in fact. 141708 (a) Mortgagor will promptly pay when due and payable the installments of interest and principal and other such sums and charges mentioned in and made payable under the Senior Encumbrance) (b) Mortgagor will promptly perform and observe all of the terms, covenants, and conditions required to be per- formed and observed by Mortgagor under the Senior Encumbrance within the periods provided in the Senior Encumbrance, and will do all things necessary to preserve and keep the Senior Encumbrance free from default; (c) Mortgagor will furnish to Bank promptly after receipt copies of all notices, demands or other statements given to Mortgagor by the holder of any Senior Encumbrance; (d) Mortgagor will furnish to Bank, upon demand, proof of payment of all items which are required to be paid by Mortgagor pursuant to the Senior Encumbrance, and proof of payment of which is required to be given to the holder of any indebtedness secured by the Senior Encumbrance; and (e) Mortgagor will not permit any liens of any kind to accrue or remain on the Property which might take prece- dence over the lien of this Mortgage except the Senior Encumbrance. The generality of the provisions of this Paragraph relating to the Senior Encumbrance shall not be limited by other provisions of this Mortgage setting forth particular obligations of the Mortgagor which are also required of the Mortgagor under they Senior Encumbrance. 4. Should any default occur in the payment of any installment of principal or interest on, or any other amount required to be paid under the Senior Encumbrance, and should any such amount remain unpaid for 15 days from the date when due (or for any longer grace period expressly provided in the Senior Encumbrance), or should any action be commenced to foreclose the Senior Encumbrance, then all or part of the amount of the Obligation secured by this Mortgage shall become due and payable at any time thereafter at the option of Bank. Should any default be made in the payment of any installment of principal or interest or of any other amount required to be paid under the Senior Encumbrance, or if Mortgagor should fail to perform any requirements under the Senior Encumbrance, Bank may at its option pay or perform the same, and all sums hereafter advanced by Bank for such payments or for expenses incurred in such performance, together with interest at the default rate set forth in the Note from the time such payment was made or expense incurred, shall be payable by the Mortgagor to Bank on demand and shall be added to the Obligation and deemed to be secured by this Mortgage, and such amount may be collected under this Mortgage. 5. Mortgagor shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included with in the term "extended coverage," rent loss and such other hazards, casualties, liabilities, and con- tingencies with insurance carriers approved by Bank. Such insurance shall be maintained in the amount of at least 80 per- cent of the insurable value of such improvements and for such periods as Bank shall require. All insurance policies and renewals of such policies shall be in form reasonably acceptable to Bank and shall include a standard mortgagee's clause in favor of and in form reasonably acceptable to Bank. At .least 15 days prior to the expiration date of the policies, Mortgagor shall deliver to Bank renewal policies acceptable to Bank, and Mortgagor shall promptly furnish to Bank all receipts of premiums relating to such policies. In the event of loss, Mortgagor shall give ivaediate written notice to the insurance carrier and Bank.. Mortgagor authorizes Bank, at Bank's option, as attorney in fact.