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r Mortgagor covenants and agrees: 1. They will pay the indebtedness as hereinbefore provided. 88- 1 01 755 2. They are the owners of the property in fee sirrple and have good right and lawful authority to sell and convey the saIOO; the 5aIre if free and clear of any lien or encumbrance; they will warrant and defend the title to the premises against the claims of all r-ersons \1nomsoever. 3. To procure, deliver to, and maintain for the benefit or Mortgagee during the life of this IOOrtgage, original policies and renewals thereof, delivered at least thirty (30) days refore the expiration of any such p:>licies, insuring against fire and such other insurable haz:ards, casualties, and a:mtingencies as t-brtgagee may require, in aroounts and in coopani.es acceptable to Mortgagee, with loss payable to Mortgagee. The coverage under sucn ; ,,) lieies shall be limited to the iuprovem:nts now or hereafter erected on the pr ,->rlises. In the event any policy is not renewed aL ' '.ast thirty (30) days before its expiration, ~rtgagee nay procure insuran...A.:_'Il the inproveIreJlts, pay the premium therefore, and such sum shall bec~ imnediate] lue and payable with interest at the rate of Fifteen Percent (15%) Wltil paid and shall be secured by this roortgage. Failure on the part of Mortgagor to furnish such renewals as are herein required or failure to pay any sums advanced hereunder shall, at the option of Mortgagee, constitute a default wlder the tenns of this IOOrtgage. '!he delivery of such policies shall, in the event of default, oo~ti:tute an assiCjl'llrellt of the unearned premium. Any sums received by f.k)rtgagee by. reason of insurance against loss or damage may be retained by ~rtgagee and applied toward the pa.yroont of the debt hereby secured, or, c1t the option of Mol~gagee, such sums either wholly or in part may be paid over to Mortgagor to be used to repair such buildings or to build new buildings in their place or for any other purpose or object u L ~ ~ L