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<br />The policy shall reflect the name of the Mortgagee as the loss payee and all proceeds of said
<br />insurance policies are hereby assigned to the Mortgagee. Each insurance company is hereby
<br />authorized and directed to make payment for all such losses directly to the Mortgagee
<br />individually, and not to the Mortgagor and Mortgagee jointly. Mortgagee shall not be
<br />responsible for any failure to collect any insurance proceeds due under the terms of any policy
<br />regardless of the cause of such failure. Mortgagee shall have the option of applying the
<br />insurance proceeds for restoration of the property or to reduce the debt secured by the note and
<br />mortgage.
<br />V. CONDEMNATION. If all or a material part (which shall be determined at the sole
<br />discretion of the mortgagee) of the Mortgaged property shall be taken through
<br />condemnation/eminent domain proceedings, either temporarily or permanently, the entire
<br />indebtedness and other sums secured hereby shall, at the option of the Mortgagee, shall
<br />immediately become due and payable. Mortgagee shall be entitled to all compensation awards,
<br />damages, claims, rights of action and proceeds of, or on account of any damage or taking
<br />through condemnation and is hereby authorized, at its option, to commence, appear in and
<br />prosecute, in its own or in the Mortgagor's name, any action or proceeding relating to any
<br />condemnation, and to settle or compromise any claim in connection therewith. Mortgagor agrees
<br />to execute such further assignments of any compensations, awards, damages, claims, rights of
<br />action and proceeds as Mortgagee may require. Mortgagor shall be responsible for all of
<br />Mortgagee's attorney's fees and costs regardless of the particular nature of the proceeding and
<br />whether incurred with or without suit.
<br />VI. PROPER USE, CARE AND IMPROVEMENTS /ADDITIONS. Mortgagor shall
<br />preserve and maintain the mortgaged property in good condition and repair. Mortgagor shall not
<br />remove, demolish, materially alter or change the use of any building or structure or other
<br />improvements presently or hereafter on the subject property without the prior written consent of
<br />the Mortgagee. The Mortgagee may enter upon and inspect at all reasonable times, the
<br />mortgaged property during the life of the mortgage.
<br />VII. AFTER ACQUIRED PROPERTY. The lien of this mortgage will automatically
<br />attach, without further act, to all after acquired property located in or on, or attached to, or used
<br />or intended to be used in connection with or with the operation of the Mortgaged property in
<br />whole or in part.
<br />VIII. EXPENSES. Mortgagor shall pay or shall reimburse Mortgagee for all costs,
<br />charges and expenses, including reasonable attorney's fees, disbursements and costs incurred or
<br />paid by the Mortgagee in any threatened, pending or completed action, proceeding or dispute in
<br />which the Mortgagee is or may be a party or appears as a party plaintiff or party defendant and
<br />which affects or may affect the Mortgage Deed, Mortgage Note and any other loan document, or
<br />the mortgaged property. All these sums shall be immediately due and payable whether or not
<br />notice is given and demand made. The amount so incurred or paid by the Mortgagee, together
<br />with interest thereon at the highest rate allowable by law from the date incurred until paid by the
<br />Mortgagor, may be added to the indebtedness and secured by the lien of this Mortgage Deed.
<br />IX. MORTGAGEE'S PERFORMANCE UPON DEFAULT OF MORTGAGOR. If the
<br />Mortgagor defaults in the payment of any tax, assessment, other mortgage, encumbrance or other
<br />imposition, obligation to obtain insurance as required by the Mortgagee or in the performance or
<br />observance of any other covenant, condition or term of this Mortgage Deed, Mortgage Note or
<br />any other loan document, the Mortgagee at its option may perform on behalf of the Mortgagor
<br />and all payments made by the Mortgagor shall immediately become due and payable to the
<br />Mortgagee by the Mortgagor whether or not notice is given and demand made. The amount paid
<br />by the Mortgagee together with interest at the MORTGAGE NOTE rate from date of payment
<br />shall be added to the indebtedness and secured by the lien of this mortgage. Nothing in this
<br />paragraph shall be construed as requiring the Mortgagee to advance or pay any sums on behalf of
<br />the Mortgagor.
<br />X. EVENT OF DEFAULT. The term event of default, wherever used in this Mortgage
<br />Deed shall mean any one of the following events:
<br />a. Failure by the Mortgagor to pay, as and when due and payable, any
<br />installments of principal and interest due under the Mortgage Note, or any sums due for taxes
<br />and assessments or insurance premium or reasonable attorney's fees in connection herewith, or
<br />any other sums to be paid by the Mortgagor hereunder.
<br />b. Failure of the Mortgagor to duly keep, perform and observe any covenant,
<br />condition or agreement contained in the Mortgage Note, Mortgage Deed, or any other loan
<br />document.
<br />c. If either (A) Mortgagor or any person or persons (herein "Guarantor ")
<br />guaranteeing the obligations of Mortgagor to Mortgagee, (I) files a voluntary petition in
<br />bankruptcy, or (ii) is adjudicated as a bankrupt or insolvent, or (iii) files any petition or answer
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