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Leases, then Lender may, at Lender's option, enforce compliance. Borrower will not sublet, modify, extend, cancel, or otherwise alter the Leases, or accept the surrender of the Property covered by the Leases (unless the Leases so require) without Lender's consent. Borrower will not assign, compromise, subordinate or encumber the Leases and Rents without Lender's prior written consent. Lender does not assume or become liable for the Property's maintenance, depreciation, or other losses or damages when Lender acts to manage, protect or preserve the Property, except for losses and damages due to Lender's gross negligence or intentional torts. Otherwise, Borrower will indemnify Lender and hold Lender harmless for all liability, loss or damage that Lender may incur when Lender opts to exercise any of its remedies against any party obligated under the Leases. The real estate, all improvements, and all rents, leases and profits shall hereafter be referred to as "the property ". BORROWER owes LENDER $420,000.00, evidenced by BORROWER'S note dated June 1, 2014, payable according to the terms thereof. 20 i5O 00€ This security instrument secures to LENDER the debt evidenced by said note, the payment of all other sums, with interest, advanced under the provisions hereafter to protect the security and the performancy of BORROWER'S covenants and agreements. BORROWER covenants that BORROWER is lawfully seized of such real estate and has the legal power and lawful authority to convey the same and warrants and will defend title to the real estate against the lawful claims of all persons. BORROWER AND LENDER AGREE AS FOLLOWS: 1. BORROWER shall pay when due, the principal and interest as provided in said note. 2. All payments received by LENDER shall be first applied to advances that may have been made by LENDER and then to interest due and last to principal due. 3. BORROWER shall pay all general real estate taxes and special assessments against the property before the same become delinquent. 4. If LENDER determines that any part of this property is subject to a lien, which is or may attain priority over this security instrument, LENDER may give BORROWER a notice identifying the lien and BORROWER shall satisfy the lien within thirty (30) days. 5. Buyer shall keep the improvements on said premises insured against loss by fire and hazards included within the term "extended coverage" for their insurable value and policies for the same shall include a standard mortgage clause showing LENDER herein. In event of loss, LENDER may make proof of loss if not promptly made by BORROWER. Insurance proceeds shall be applied to restoration or repair of the property damaged, unless both parties otherwise agree, except if restoration or repair is not economically feasible or LENDER'S security is not lessened, otherwise said proceeds shall be paid on the debt herein, whether or not then due. Unless LENDER and BORROWER otherwise agree in writing, any payments or proceeds from insurance shall not extend or postpone the due date of the payments provided in said note, or change the amount of the payments. 6. If BORROWER fails to perform the covenants and agreements herein contained, LENDER may do and pay for whatever is necessary to protect the value of the property and LENDER'S rights in the property, including the paying of any sum secured by a lien which has priority over this security instrument, appearing in Court, paying reasonable attorney fees, to the extent allowed by law and entering the property to make repairs. Any amount disbursed by LENDER under this paragraph shall become an additional debt of BORROWER secured by this security instrument, to bear interest from the date of disbursement and said amount, together with the then unpaid principal amount, shall bear interest at the highest lawful rate until refunded by BORROWER. 7. The proceeds of any condemnation avc and are hereby assigned and shall be paid to LENDER and shall be applied to the sums secured by this security instrument, whether or not then due, with any excess paid to BORROWER. 8. Any extensions or modifications of the loan granted by LENDER to any successor in interest of BORROWER shall not operate to release the liability of the original BORROWER or BORROWER'S successors in interest. Any forbearance by LENDER in exercising any right or remedy shall not be a waiver or preclude the exercise of any right or remedy.