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' UR MMM <br />lX clause•'in favor of and in form acceptable to Mortgagee.. Mortgagor <br />shall also constantly insure -with policies'of general.:public <br />liability insurance against claims for personal injury, including <br />death,.and property damage with.such limits as Mortgagee may from <br />time to time reasonably require, but never less than;$500•,.000:00 <br />for bodily injury to any one person,-$1,000,000.00'for bodily:' <br />injury arising from any one accident, and,$3001000.00-for property <br />damage.' All policies •of 'insurance shall• be" nonassessable and <br />shall require a minimum of ten days' written notice:to Mortgagee <br />of any cancellation thereof -or any other changes thereunder <br />affecting the Mortgagee's.coverage. Mortgagor shall keep all <br />policies -of insurance constantly assigned, pledged and delivered <br />to the.Mortgagee and the amounts of all.insurance made available <br />to Mortgagee, its successors and assigns, to further secure the <br />sums'described herein. All insurance proceeds shall be payable <br />without contribution. In the event of loss Mortgagor shall give <br />immediate notice thereof to the Mortgagee, who is hereby authorized <br />and empowered to make proof of loss, if not made promptly by. <br />Mortgagor. 'Each insurance company is hereby authorized and <br />directed' -to make payments for such loss directly .to the Mortgagee <br />instead of to the Mortgagor and Mortgagee jointly, and the insurance <br />proceeds,.or any part thereof, shall be applied as the Mortgagee <br />shall direct, either in reductionof the -sums hereby -secured -or <br />in restoration and repair of the 'lost or damaged property. Until <br />the sums hereby secured are fully,paid and satisfied, Mortgagor <br />shall not permit any insurance to expire, lapse or be cancelled <br />unless in'each instance Mortgagor .acquires and delivers to the <br />Mortgagee new or replacement policies acceptable to the Mort-.' <br />gagee fully paid for In the event of a sale or foreclosure by <br />Mortgagee, all title and.interest of Mortgagor in and to such..' <br />policies,shall pass to the purchaser at such sale. <br />'4. The holder of the aforesaid promissory note shall <br />be subrogated.to the lien, though released of record, of any <br />encumbrance, mechanic's or vendor's.lien on -said premises paid <br />out of the proceeds of -the aforesaid note or otherwise advanced <br />by the holder of the note. <br />5. Mortgagor shall pay the principal.sum, interest and <br />prepayment premium as provided in the aforesaid promissory note. <br />6. The Mortgagee may -collect a late charge not to <br />exceed four cents ($.04) for each dollar ($1.00) of.each in-- <br />stallment due under the aforesaid note more than ten (10) days in <br />•.arrears.to cover the extra expense involved in handling -delinquent <br />payments. <br />7. Mortgagee may from time to time extend the time of. <br />payment of the aforesaid note or.any part thereof without notice <br />or request and any such extension of time shall not release the <br />maker from liability thereon or any person who may be personally <br />liable thereon.and that in case of any such.renewal-or extension, <br />all of the provisions of this mortgage and the lien hereof shall <br />remain in force from its date as.fully and with the same effect <br />as if it were made originally.to mature at such extended time. <br />8. In addition to the installment payments provided <br />.for under the terms of the aforesaid note'and to insure com- <br />pliance with the covenant to pay taxes, assessments and public <br />cliarges., as provided above, Mortgagor further covenants and <br />agrees',to pay to Mortgagee on the first'day.of each.,month,.one- <br />twelfth (1/12th) of -the anticipated annual taxes, assessments.and <br />