|
<br />83- ~OV6.~_=
<br />thereof, and from time to time, upon request of Holder, to
<br />furnish to Holder evidence satisfactory to Holder of the
<br />timely payment of such taxes and assessments; (b) to carry
<br />insurance with respect to the Mortgaged Property with such
<br />insurers, in such amounts and covering such risks as shall be
<br />satisfactory to Holder, including, but not limited to, insur-
<br />ance against toss or damage by fire, lightning, hail, wind-
<br />storm, explosion, riot, hazards, casualties and other contin-
<br />gencies; provided that in the absence of written direction
<br />from Holder, the insurance shall not be less than the fair
<br />insurable value of *_he Mortgaged Property or the amount of
<br />the Secured Indebtedness, whichever is less, but in no event
<br />shall such insurance coverage be less than eighty percent
<br />(80fis) of the full insurable value of the Mortgaged Property;
<br />(c) if, and to the extent that, the Dortgaged Property or any
<br />part thereof is located within 1r. area that has been, or
<br />should such area at any time be, designated or identified as
<br />an area having special flood hazards by the Secretary of
<br />Housing and L'rban Development or by such other official as
<br />shall from time to time be authorized by federal or state law
<br />to make such designation pursuant to the National Flood
<br />Insurance rlct of 1968, as such act may from time to time be
<br />amended and in effect, or pursuant to any other national or
<br />state program of flood insurance, to carry flood insurance
<br />with respect to the Portgaged Property ir. amounts not less
<br />than the maximum limit of insurance coverage then available
<br />with respect *_o the Mortgaged Property pursuant to any and
<br />all national and state flood insurance programs then in
<br />effect or the amount of the Secured Indebtedness, whichever
<br />is less; (d3 to cause all insurance se carried to contain a
<br />standard ;^.ortgage clause and tc be payable to Holder as its
<br />interest may appear, to deliver the policies of insurance to
<br />Holder, and, in the case of all goiicies of insurance carried
<br />by each Lessee (as that term is hereinafter defined} for the
<br />benefit of Grantor, to cause all such policies to be payable
<br />to Helder as its interest may appear; (e) to pay, or cause to
<br />be paid, ail premiums for such insurance at least thirty (30)
<br />days before such premiums become due, to furnish to Holder
<br />satisfactory proof of the timely making of such payments and
<br />to deliver all renewal policies to Holder at least fourteen
<br />il4) days before the expiration date of each expiring policy;
<br />(f) not *_o permit the Mortgaged Property to be vacant or to
<br />do or permit others to perform any act that would create or
<br />result in an increased hazard cr risk of loss to the Mort-
<br />gaged Property, or any part thereon, unless and until notice
<br />of such vacancy or such increased risk or hazard shall have
<br />been given to holder and to the insurers and evidence of
<br />satisfactory insurance coverage regarding such risk shall
<br />have been delivered to Holder; (g) to comply with all valid
<br />governmental laws, ordinances and regulations applicable to
<br />the Mortgaged Property and its ownership, use and operation
<br />and to comply with all, and not violate any, easements,
<br />restrictions, agreements, covenants and conditions with
<br />respect to or affecting the Mortgaged Property, ar any part
<br />thereon; (h) at all times to maintain, preserve and keep the
<br />Mortgaged Froperty and all appurtenances thereto in good
<br />repair and condition, and from time to time to make all
<br />necessary and proper repairs, replacements and renewals, and
<br />not to commit or permit any waste on or of the Mortgaged
<br />Froperty, and not to do anything to the Mortgaged Property
<br />that may impair its value; (i) to pay promptly all bills for
<br />tabor and materials incurred in conrectic?n with the Mortgaged
<br />Property and never to permit to be fixed against the P4ort-
<br />gaged Property, or any part thereof, «ny lien or security
<br />interest, even though inferior tc~ the liens acid security
<br />interests hereof, for any such bill which may be legally due
<br />and payable, and never to permit to be created or exist in
<br />_1_
<br />
|