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200305407 <br />clause with loss payable to MORTGAGOR and MORTGAGEES, as their <br />interests appear. Insurance proceeds received may be used to pay <br />for reconstruction of the destroyed improvements, or, if not <br />applied for this purpose, may, at the option of the MORTGAGEES, be <br />applied in payment of all or any part of the unpaid indebtedness <br />secured by this mortgage. If MORTGAGOR fails to carry the <br />insurance required by this paragraph, MORTGAGEES may purchase the <br />insurance and are given a lien secured by this mortgage for the <br />amounts advanced for payment of premiums with interest at the <br />highest legal rate. MORTGAGOR is to furnish MORTGAGEES with a <br />certificate from the insurance company insuring the improvements of <br />the real estate for evidencing MORTGAGOR has acquired the insurance <br />to be carried on the improvements of the real estate, the <br />certificate to contain a clause the insurance policy cannot be <br />cancelled without at least thirty (30) days' prior written notice <br />to MORTGAGEES. <br />If the MORTGAGEES bring an action to foreclose this mortgage, <br />the court may appoint a receiver to take possession of the real <br />estate, as provided by law. <br />Any failure or delay of MORTGAGEES to exercise any of <br />MORTGAGEES' rights or privileges under this mortgage shall not be <br />construed as a waiver of such right or privilege. Any act of <br />MORTGAGEES waiving any specific default of MORTGAGOR shall not be <br />construed as a waiver of any future defaults. <br />MORTGAGOR covenants with MORTGAGEES that MORTGAGOR will not, <br />directly or indirectly, mortgage, pledge or incumber the real <br />estate or assign or attempt to assign the rents and profits from <br />the real estate other than the lien of this mortgage. MORTGAGOR <br />agrees MORTGAGOR will not in any other manner impair or threaten <br />the value of the real estate for the security of the MORTGAGEES. <br />3 <br />r <br />