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87� 106001 <br />3. To procure, deliver to, mid maintain for the benefit or Mortgag. <br />during the life of this mortgage, original policies and re is thereof, <br />delivered at least thirty (30) days before the expiration of any such policies, <br />insuring against fire and such other insurable hazards, casualties, and <br />contingencies as Mortgagee nay require, in amounts and in companies acceptable <br />to Mortgagee, with loss payable to Mortgagee. The coverage under such policies <br />shall be limited to the improvements now or hereafter erected on tt.a premises. <br />In the event any policy is not renewed at least thirty (30) days before its <br />expiration, Mortgagee may procure insurance on the improvements, pay the <br />premiugn therefore, and such sum shall become immediately due and payable with <br />interest at the rate of Fifteen Percent (15 %) until paid and shall be secured <br />by this mortgage. Failure on the part of Mortgagor to furnish such renewals as <br />are herein required or failure to pay any sums advanced hereunder shall, at the <br />option of Mortgagee, constitute a default under the terms of this mortgage. <br />The delivery of such policies shall, in the event of default, constitute an <br />assignment of the unearned premium. <br />Any sums received by Mortgagee by reason of insurance against loss or <br />damage may be retained by Mortgagee and applied toward the payment of the debt <br />hereby secured, or, at the option of Mortgagee, such sums either wholly or in <br />part may be paid over to Mortgagor to be used to repair such buildings or to <br />build new buildings in their place or for any other purpose or object <br />satisfactory to Mortgagee without affecting the lien hereof for the full <br />amounts secured hereby before such payment ever took place. <br />4. To promptly repair, restore, or rebuild any buildings now or hereafter <br />on the premises which may become damaged or destroyed; to keep the premises in <br />good condition anti repair and free from any mechanic's or other lien or claim <br />of lien not expressly subordinated to the lien hereof; not to suffer or permit <br />a <br />s <br />f <br />U <br />J <br />