3.5. EDSR HANDOUT 10-17-2016 - Laserfiche WebLink

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0, To pay the indebtedness as herein provided. (,_) To pay all r,axes and special assessments due on the Mortgaged Premises. (d) To pay the principal and interest, when due, on prior mortgages and other similar encumbrances relating to the Mortgage Premiums, and to abide by the terms and covenants contained therein. (e) To keep all buildings insured against fire for an amount not less than the full replacement cost, but in any event not less than the unpaid amount of the Note and the Permitted Encumbrances for the protection of Mortgagee, and shall name Mortgagee as loss payee under the so-called standard mortgage clause. Mortgagor hereby indemnifies Mortgagee for all claims, actions, liability, and damages related to the Mortgaged Premises, including attorneys' fees, court costs, and mechanic's lien claims. Mortgagor shall obtain and maintain during the term hereof liability insurance against claims for personal and property damage occurring on or near the Mortgaged Premises in commercially reasonable amounts, naming Mortgagee as an additional insured. All such policies shall provide for not less than thirty (30) days' notice to Mortgagee of cancellation, nonrenewal or alteration of said policy, and shall be written by insurance carriers approved by Mortgagee. (f) That the Mortgaged Premises shall be kept in good repair and no waste shall be committed. (g) That the whole of the principal sum shall become due after an Event of Default (as defined below), at Mortgagee's option. 3.) Additional Covenants and Agreements of Mortgagor - Mortgagor makes the following additional covenants and agreements with Mortgagee: (a) Subject to rights of prior mortgagee(s), any award of damages under condemnation or payment'in lieu thereof for injury to or the taking of all or any part of the Mortgaged Premises are hereby assigned to Mortgagee with authority to apply the proceeds to the amounts outstanding on the Note. All such proceeds shall be applied first to accrued interest, if any, and then to the principal amount outstanding on the Note. (b) Subject to rights of prior mortgagee(s), any proceeds of any insurance payable by reason of loss or damage to the Mortgaged Premises are hereby assigned and shall be paid to Mortgagee with authority to apply the proceeds to the 2.