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79005100
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1/13/2010 3:33:36 AM
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1/13/2010 3:33:20 AM
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DEEDS
Inst Number
79005100
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~~ ~ ~ ~4 ~ <br />79~~ (~J53.~~ <br />RIDER <br />Attached to made a part of that certain mortgage dated July Z0, I979 <br />4T _~7`TTT. ~ C T.i1THFRAN CHLT .?C'H <br />as Mortgagor <br />and LIITHERAiV BROTHERHOOD, as Mortgagee. <br />1. The Mortgagor shall obtain, maintain and keep in full force <br />and effect during the term of this Mortgage the following <br />insurance: <br />A. Against loss or damage by fire, lightning and other risks <br />customarily covered by standard extended coverage en' <br />dorsement, together with a vandalism and malicious <br />mischief endorsement, all in such amounts as may from <br />time to time be required by Mortgagee, but in no event in <br />any amount less than the full replacement cost of the <br />Improvements now existing or hereafter erected or placed <br />upon the Premises, including the cost of debris removal, <br />and of a21 Property, and, in the event, in an amount not <br />less than the unpaid principal balance secured by this <br />iortgage; <br />P. Comprehensive general public liability insurance against <br />claims for bodily injury, death or property damage, <br />occurring in, on or about the Mortgaged Property, with <br />coverage limits not less than $ 500,000.00 with respect <br />to the injury or death of a sing a person, not less than <br />$ 500,000.00 for bodily injury or death resulting <br />from any one accident or occurence, and not less than <br />$ 500.000.00 with respect to property damage resulting <br />from any one accident or occurrence. All insurance in a <br />company or companies to be approved by said Mortgagee, <br />and the policy or policies held by and payable to said <br />Mortgagee, and in the event any sum of money becomes <br />payable under such policy or policies, the Mortgagee <br />shall have the option to receive and apply the same on <br />account of the indebtedness hereby secured or to permit <br />the Mortgagor to receive and use it, or any part thereof, <br />for other purposes, without thereby waiving or impairing <br />any equity lien or right under or by virtue of this Mort <br />gege, and may place and pay for such insurance or arty <br />part thereof, without waiving oc affecting the option to <br />foreclose or any right hereunder, and each and every such <br />payment shall bear interest at the Note rate of interest. <br />2. The Mortgagor shall provide the said Mortgagee, with a full <br />copy of its annual report within a reasonable time after the <br />end of its fiscal year. This report shall include information <br />on the c;ongregation's income and expenses and such other fi- <br />nancial information as is available. Failure to provide such <br />report shall, at the option of the Mortgagee, constitute a <br />default in this Mortgage, <br />3. In the event Mortgagor conveys to any other party any interest <br />of the Mortgaged Property, or any substantial part thereof, <br />without the prior written consent of the Mortgagee, or in the <br />event Mortgagor shall sell or otherwise dispose of the <br />Mortgaged Property, or any part thereof, without the prior <br />consent in writing of the Mortgagee, the Mortgagee may, at its . <br />-elect-ion, declare the entire indebtedness hereby secured to be <br />immediately due and payable. Mor-tgagor shall not martgage, <br />pledge ar otherwise grant a security interest in any of the <br />Mortgaged Property as collateral security for any other loan <br />or forbearance without the prior eansent in writing of the <br />Mortgagee. <br />
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