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APR -10 -2080 10:49 GRI PIN INGER & 'JONSEGGERN 1 308 381 2394 P.03 <br />200j03097 <br />3. In the event that Borrowers fail to carry out the covenant and <br />agreements set ;forth herein, the Lenders may do and pay for whatever is <br />necessary to protect the value of and the Lender's rights in the mortgaged <br />property and any amounts so paid shall be added to the Principal Sum due the <br />Lenders hereunder. <br />4. As additional security hereunder, Borrowers hereby assigns to Lenders, <br />Borrower's rent of the mortgaged property, and upon default the same may be <br />collected without the necessity of making entry upon the mortgaged premises. <br />5. In the event that any condition of this Mortgage or any senior <br />mortgage shall be in default for fifteen (15) days, the entire debt shall <br />become immediately due and payable at the option of the Lenders. Lenders <br />shall be entitled to collect all costs and expenses, including reasonable <br />attorney's fees incurred. <br />6. In the event that the Borrower's transfer ownership (either legal or <br />equitable) or any security interest in the mortgaged property, whether <br />voluntarily or involuntarily, the Lenders may at their option declare the <br />entire debt due and payable. <br />7. This Mortgage is also security for all other direct and contingent <br />liabilities of the Borrowers to Lenders which are due or become due and <br />whether now existing or hereafter contracted. <br />8. Borrowers shall maintain adequate insurance on the property in amounts <br />and form of coverage acceptable to Lenders and the Lenders shall be a named <br />insured as its interest may appear. <br />9. Borrowers shall not commit waste or permit others to commit actual, <br />permissive or constructive waste on the property. <br />10. Borrowers further covenants and warrants to Lenders that Borrowers are <br />indefeasibly seized of said land in fee simple; that the Borrowers have lawful <br />