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F1 'f r I 89._ 1.04217 made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment to Mortgagor and the Mortgagee jointly. The insurance proceeds, to the extent required, shall be applied, at the option of the Mortgagee, in restoration and repair of the property damaged and any insurance proceeds remaining after completion of such restoration and repair shall be applied in reduction of the sums hereby secured; or, the entire sum may be applied, at Mortgagee`s option, to the reduction of the indebtedness hereby secured. Until the sums secured by this Mortgage are fully paid, Mortgagor shall not ;permit any insurance to be cancelled. or to ezpire, unlegs, : i#'-'.`each instance, new or replacement . policies acceptable::: i trgagee, fully paid for, have bpM , delivered to Mort r :' "::gt least ten (10) days prior to cancellation or - ezpfir4ti In the event of fo=itlosure hereunder, all title an&,-'fhterest of the Mortgagor ift`and to Fall policies of insurance-" then in-force upon the premisies .aimd improvements, and any refund of' ''any premium therefor; - shall pass to the purchaser at such foreclo*ure sale, .pXavided, however, thitr" paragraph shall be subject. to the rights of any presently existing, mortgagee whose lien is superior to this Mortgage. 4. That the holder.- of the aforesaid Note shall be subrogated to the lien,..though released of record of any encumbrance, mechanic's or vendor's lien on said premises paid out of the proceeds of the aforesaid Note or otherwise advanced by the holder of the Note. 5. To guarantee that the Obligors shall pay prom*tly the Principal and any other aLnnounts, as provided iML'.,the aforesaid Note, and any outer sum now or hereafter sf;ecured by this Mortgage. 6. That Mortgagee may, from time to time, extend 'ihe time of payment of the aforesaid Note, or any part thereof, without notice of or request for the same and any extension of time shall not release the maker from liability thereon or any other person liable thereon and that, in the event of any such renewal or extension, all of the provisions of this Mortgage and the lien hereof shall remain in force as fully and with the same effect as if it w-cre made originally to mature at such extended time. 7. That the Mortgagee, and any persons authorized by Mortgagee, shall have the right to enter and inspect the premises at all reasonable times. 6. That if default be made in the payment of the aforesaid Note, or any paint thereof, or any other sums due in accordance with the terms hereof, or in the performance of any -3- L t� ....J