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008870
<br />4. To procure, deliver to, and maintain for the benefit of Mortga= :.
<br />gee during the fife of this,Mortgage, original policies and renewals
<br />thereof, delivered at least ten (10) days before the expiration of:any
<br />such policies,, insuring against fire and such other insurable hazards,.
<br />casualties, and contingencies as Mortgagee may require, in -amounts and
<br />,in companies acceptable to Mortgagee, with loss payable to;Mortgagee.
<br />The coverage under such policies shall be limited, to the improvements now
<br />or hereafter erected on the premises. 'In the eventiany policy is not re
<br />newed at.least ten (10) days before its expiration',Mortgagee may procure
<br />insurance on the improvements, pay the premium therefor, and such sum
<br />shall become immediately due;and payable with interest at'ihe rate pro
<br />vided for in the aforementioned note, until paid, and shall be secured'"
<br />by this,Mortgage'. Failure on the part;of Mortgagorito furnish such re
<br />newals as are herein required.or-failure to pay anyisums advanced here
<br />under -.shall, at the option of Mortgagee, constitutela default under the'--,
<br />terms'-of'this'Mortgage. The delivery of such policies shall,: in the
<br />event of default, constitute an assignment of the unearned,premium. Mort
<br />gagor agrees that there shall:be added to each monthly payment required:'
<br />hereunder or under the evidence of debt secured hereby, 'an,amount'esti
<br />mated by Mortgagee to be -sufficient to.enable Mortgagor to;pay, as they:.
<br />become due, all premiums or!similar charges on the aforementioned poli=
<br />cies and renewals; any deficiency because of the insufficiency of such'
<br />additional payment shall be forthwith deposited by Mortgagor with Mort-',
<br />gagee on;deman;d by Mortgagee. Any default under this paragraph shall
<br />be deemed a default in procurement, delivery and maintenance of the
<br />policies ;and renewals required hereunder.
<br />The foregoing shall include Commercial Loan!Insurance Corporation
<br />.(referred'to a's CLIC) insurance coverage for Mortgage Insurance and should.
<br />the Mortgagor herein fail to'pay'any premiums due therefor,; such failure'-
<br />-. shall constitute.an actionable default hereunder.. '
<br />Any sums received by Mortgagee by reason of;insurance against..
<br />loss or"damagelmay be retained by Mortgagee and applied t614ard the payment °
<br />of the debt secured hereby;;or, at the option of Mortgagee; such sums-;
<br />either ivholly or in part may be paid over to Mortgagor to;be used to re-
<br />pair such buildings or.to build new buildings,in their place or for any
<br />other purpose or object satisfactory•to Mortgagee withoutlaffecting the.
<br />lien hereof for the full amount secured hereby before.-such,payment took.
<br />place. ;
<br />S. Payments made b the Mortgagor under the-aliove paragraphs ma
<br />Ym Y, , p ... gr P Y,:'
<br />at the option of the Mortgagee, be held by it and comingled with other,'
<br />such funds or its own funds:for the payment of such items; !and until so''
<br />applied, ;such payments are hereby pledged as security for;the unpaid bal
<br />ance.of the Mortgage indebtedness.
<br />6. To promptly repair,'restore, or rebuild anybuildings now or °
<br />hereafter.on the premises which may become damaged or destroyed; to keep
<br />the premises in 'good condition and repair and free from any,mechanic'si•
<br />or other lien or -claim of lien not expressly subordinated to the lien :
<br />hereof; not to'isuffer or permit any unlawful use of'or'anynuisance to:
<br />exist..on the property nor to permit waste on the premises;por to do any .
<br />other act whereby the property hereby conveyed shall become less.valu
<br />able, or to diminish or impair its value by.any act !or *failure to act,
<br />to comply with,n,all requirements of lawwith;respectjto'the mortgaged
<br />premises and the -use thereof.
<br />7. Should the premise's. or any part thereof betaken'or damaged
<br />by reason of any public improvement or condemnationproceeding, or under
<br />right of eminent domain, or in any other manner, Mortgagee'shall be en
<br />titled to all compensation,;.awards and any other paymentlor' relief
<br />therefor, and shall be entitled at its option to.commence,;appear in.,
<br />and prosecute in,its own name any action or proceeding, or 'to make any.
<br />compromise or settlement in'connection with such tak;i-hg or damage. All'
<br />such -compensation, awards, damages, right of action,, 'and proceeds are
<br />hereby assigned .to Mortgagee, who may, after deducting therefrom all its'.,,.
<br />expenses, release any money.so received by it or"apply the same on any
<br />indebtedness secured hereby: Mortgagor shall execute succi: further as-`
<br />signments of any compensation, awards,, damages, righ't's of,action and
<br />proceeds as Mortgagee may require.
<br />8; •In case of failure*,to _
<br />t perform a
<br />. p x any of the 'covenants herein, Mort
<br />gagee may do on.Dlortgagor's.behalf everything so covenanted; Mortgagee
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