201. Covenant to insure the security.

201.     Covenant to insure the security.

A mortgage deed usually includes a covenant to insure the security. A mortgagee1 by deed has power2 at any time after the date of the deed to insure, and keep insured, against fire any building, effects or property of an insurable nature comprised in the mortgage3, and the premiums paid are a charge on the mortgaged property, in addition to the mortgage money, with the same priority and so as to carry interest at the same rate as the mortgage money4. The amount of the insurance effected must not exceed the