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<br /> Mortgagor will pay promptly , when due , any premiums on such insurance _
<br /> All insuraace shall be carried in " companies approved by the Martgagee and the
<br /> - policies and renewals thereof shall be held by' the Mortgagee and have attactied
<br /> r thereto loss payable clauses 3n favor of and in form acceptaoie to the Mort-
<br /> 1' ` gagee . In ; event of ,Loss Mortgagor 'will give immediate notice by mail to Che Mort-
<br /> gagee , who may make proof of Ioss if not made , promptly by Mortgagor , and -each ' '
<br /> insuraace company concerned is hereby authorized aad directed to make payment for '
<br /> ; ; such loss directly to the Mortgagee instead of to the Mortgagor add the Mortgagee {
<br /> � j joiatly , and the insurance , proceeds, or any part thereof , may be applied by the " -
<br /> ,' ; Mortgagee . at its optioa eithe= to the reduction of the indebtedness hereby , secured ;
<br /> or to the restoration or repair of ' the property damaged . In event of foreclosure
<br /> ' ; ' of this mortgage or bther transfer of title to the mortgaged property in ' extinguish-
<br /> ; ' ment of the indebCedness secured hereby; all ' right , title and interest of 'the Mort-
<br /> � ; ° gagor in and to any insurance policies then in force shall pass to the purchaser or
<br /> ; :grantea . - .
<br /> 5 . Mortgagor ( i) will not remove or demolish nor alter the desiga or struc-
<br /> tural character of any building now or hereafter erected upon the premises unless
<br /> *Iortgagee shall ' first consenb thereto in writing ; ( ii) will ma.intain the premises �
<br /> in good condition and repair ; ( iii) will not co�it or suf£ er waste thereof ; (iu)
<br /> will comply with a11 laws , ordinances , regulations , coveasnts , condit3ons , and
<br /> ' ' restrictions affecting the premises , and will not suf£er or permit any violation
<br /> � thereof .
<br /> 7 � : � � . . . � � . . . . . . .
<br /> 6 . Mantnly escrow payments to cover real estate taxes and insurance of the
<br /> � " premises ` will be required for the term of the loan , or in the altemaCive , such
<br /> � ' escrow will be waived , so long as Mortgagor provides Mortgagee or Servicing Agent
<br /> ;
<br /> a valid annual tax payment receipt and apprnpriate insurance verification .
<br /> � 7 . Mortgagor shall not sell , conv�y , trans£er , dispose of , or further
<br /> ' ' encumber the mortgaged ' property or aay part thereof . Should the Mortgagor sell ,
<br /> convey , transfer , dispose of , or further encumber the mortgaged property or any
<br /> part thereof , or any interest therein , either voluntarily or involuntarily , or ;
<br /> � ! agree sa to do , without the writtea consent of Mortgagee being first obtained , �
<br /> then Mortgagee shall have the right at its option to declare all amounts secured
<br /> ; hereby i�nediatelq due and payable . Consent to one such transaction shall not
<br /> i be deemed a waiver of the riglzt to require such consent to further or successive
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<br /> transactions .
<br /> • � 8 . Mortgagor shall , at its e.xpense , £urnish Mortgagee aanually , Grith " `
<br /> ' j ' ety (90 ) days a£ ter the close of each Mortgagor ' s fiscal years, an tad
<br /> � ` finan ,�atement' for such fiscal year , consisting of a bala sheet and pro£it
<br /> and loss state in such reasonable deta3l as Mortga ay request , audited and
<br /> � certiEied by a certi lic accountant or ac ants of recognized standing
<br /> ; approved by ' Mortgagee , setting'�as. the � cial condition and the income and
<br /> S �pense of bath Mortgagor and o£ �t�"'�,or such fiscal year . ' Upon Mortgagee ' s
<br /> , request , Aiortgagor shall , a e�cpense , a1so�`f`uTa-i to Mortgagee such interim
<br /> � ' balauce sheet and pro " and loss statement as may reason be required from time `
<br /> to time by Mo gee . Upon Mortgagee ` s request , Mortgagor shal sh Mortgagee
<br /> = 3 w3. th co ent facilities and all books and records necessary for an au
<br /> ,
<br /> statemeats .
<br /> 9 . It is further agreed that ia case of waste or material diminution ia
<br /> � value of the premises herein described or ia the case that said premises shall
<br /> aot be kept in good repair , or in default of the paymeat of any part of the
<br /> � ' principal , interest , taxes , or insurance when due as hereia provided , Mortgagee
<br /> shall have the right to apply to any court of competent jurisdiction for the
<br /> a�pointmen_ cf a receiver For the rents and profits of said pso�erty , to which
<br /> appaintment Mortgagor does hereby consent ; which receiver shall , when appointed ,
<br /> � take nharge of the mortgaged pre�n3ses at oace and hold possession of the sasne
<br /> until the debt is fully paid and the time oi redemption expires , and ali rents
<br /> and profits derived from said premises shall be applied on the debt . secured hereby ,
<br /> the said receiver hav3ng ` full- authority to lease said premises and collect rents
<br /> therefor , , to sake necessary repairs , insure said property and pap . taxes , and said :
<br /> ; receiver to be paid a reasonal� le compensation for his services and a11 necessary
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<br /> expeases . ;,� *.",4 '
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