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200212490 including any tax levied on the debt secured hereby, when they become due and before they become delinquent. 3. Insurance. Mortgagors shall maintain hazard insurance, at least on 80% fire and extended coverage on the-. replacement value of the improvements on the premises, or its equivalent, with mortgage clause providing loss payable to the parties as their respective- interests may appear on and after the date of this Mortgage, until such time as the entire purchase price is paid in full. In the event of loss, Mortgagors shall give prompt notice to the insurance carrier and Mortgagee. Mortgagee may make proof of loss if borrower fails to make proof of loss promptly. Unless Mortgagee and Mortgagors otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damage, providing such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible, or if the security of this Mortgage would be impaired by such loss, the parties agree the insurance proceeds shall be applied to sums secured by this Mortgage, with the excess, if any, paid to Mortgagors. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payments under the Note, or cure any default under the Note or this Mortgage. Mortgagors shall furnish Mortgagee a certificate of insurance coverage at Mortgagee's request, with a provision in such certificate that the insurer shall provide Mortgagee 10 days advance notice of any cancellation of the policy at any time for any reason, or of expiration of the policy without renewal thereof. The insurance carrier providing the insurance shall be chosen by Mortgagors, subject to approval by Mortgagee, provided that Mortgagee shall not withhold approval unreasonably. 4. Tax & Insurance Escrow. If required by Mortgagee, Mortgagors shall pay to Mortgagee monthly, or periodically as required by Mortgagee, an installment of taxes and assessments levied and assessed or to be levied and assessed on the Property, and installments of insurance premiums that will become due and payable to renew required insurance, in amounts sufficient to accumulate the sums required to satisfy such taxes, assessments and insurance premiums when due. Mortgagee shall comply with all state and federal laws, rules and regulations which may at any time exist with respect to establishing the sums to be paid into escrow, the management thereof, the payment of taxes, assessments and insurance premiums, and accounting therefor to Mortgagors. 5. Compliance With law and Regulations. Mortgagors covenant with Mortgagee that on the date of execution of this Mortgage, the improvements on such Property conform with the restrictive covenant of record relating to the type of construction, occupancy and use of the Property; to all federal, state and local laws, codes, rules and regulations which relate to the construction, occupancy, and use of the Property, and specifically with respect to the Americans With Disabilities Act as such law may apply to Property occupied and used as the mortgaged Property is.